Kanakia Group has sought National Company Law Tribunal approval for the demerger of Kanakia Spaces Realty Pvt Ltd and Transparent Developers Pvt Ltd. It plans to demerge its real estate division from other businesses.
The group has approached the Mumbai bench of the National Company Law Tribunal (NCLT). This restructuring is aimed at segregating the group’s real estate activities from its other ventures.
The companies, believes the scheme will provide greater operational and financial flexibility to the companies in raising capital and emphasised that the proposed structure would enhance access to a broader pool of potential investors.
During the recent hearing, the division bench of Justice V.G. Bisht and technical member Prabhat Kumar directed the companies to submit additional documents before the next date of hearing, including a list of contingent liabilities, details of any pending legal proceedings against both companies, and comprehensive information regarding letters of credit, such as sanctioned amounts, amounts utilised, and margin money furnished in relation to those credits.
The first applicant company (Kanakia Spaces Realty) has received consents in the form of affidavits from its unsecured creditors. The majority of the creditors have given consent for approval of the scheme, as per Kanakia Group.
