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NCLAT Waives Shareholder, Creditor Meetings for Info Edge Merger With Four Subsidiaries

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Info Edge (NSE:NAUKRI, BOM:532777) said the National Company Law Appellate Tribunal (NCLAT) has waived the requirement to hold shareholder and creditor meetings for its proposed merger with four wholly owned subsidiaries.

The appellate tribunal ruled that the meetings were unnecessary because the scheme does not involve the issuance of new shares or affect the rights of shareholders or creditors, according to the NCLAT filed with the Indian bourses on Tuesday.

The decision overturns an April order by the National Company Law Tribunal (NCLT), New Delhi Bench, and clears the way for the merger of Allcheckdeals India, Axilly Labs, Diphda Internet Services and Zwayam Digital into Info Edge.

Shares of the company rose nearly 2% in recent trade.

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