The Delhi bench of the National Company Law Tribunal (NCLT) has recently allowed the first motion application filed by Jakson Limited and Jakson Powergen Limited for a proposed demerger.
Under the scheme, Jakson Limited is the demerged company, and Jakson Powergen Limited is the resulting company. The bench directed Jakson Limited to convene meetings of its secured and unsecured creditors
The bench comprising Judicial Member Jyotsna Sharma and Technical Member Anu Jagmohan Singh dispensed with equity shareholder meetings after noting that all shareholders had filed consent affidavits representing 100% voting share.
Jakson Limited, incorporated on July 13, 1997, is a public company with three businesses. These include manufacturing silent…