NCLT Gives Thumbs Up to Ajmera Realty's Demerger Scheme with Radha Raman Dev Ventures
The National Company Law Tribunal (NCLT), Mumbai has approved the demerger scheme of Ajmera Realty and Infra India Limited (ARIIL) and its subsidiary Radha Raman Dev Ventures Private Limited (RRDVPL)
NcltAjmera RealtyRadha Raman Dev VenturesDemerger SchemeReal EstateReal Estate MumbaiJul 08, 2024
As per the proposed scheme, ARIIL will allot its equity shares of face value of INR 10 each fully paid up to the equity shareholders of ARIIL. The scheme document dated January 13, 2020, states that all the shareholders of ARIIL are and will, upon the proposed demerger, remain the ultimate beneficial owners of RRDVPL in the same ratio (inter se) as they hold shares of RRDVPL through ARIIL, prior to the Proposed Demerger.
Ajmera Realty and Infra India Limited (ARIIL) is a major player in the real estate business with a strong presence in Mumbai and several other cities. The company is also engaged in an international project in Bahrain. ARIIL is proposing to develop a project on a land parcel situated in Wadala, measuring 28,113 sq.mts. of area, which will be developed into a commercial project.
The demerger scheme aims to segregate the business of development of the commercial project (6.5 acres) into a separate company, resulting in a focused approach to exploit the growth potential of the project. This will also provide flexibility to attract fresh set of investors or strategic partners to participate in the project, unlocking the value of each of the projects. The NCLT, after going through the scheme, held that since all the requisite statutory compliances are being fulfilled, the Scheme was thus sanctioned.
Information
Ajmera Realty and Infra India Limited (ARIIL) is a leading real estate company with a presence in Mumbai and other cities. Radha Raman Dev Ventures Private Limited (RRDVPL) is a wholly-owned subsidiary of ARIIL.
Frequently Asked Questions
What is the purpose of the demerger scheme?
The demerger scheme aims to segregate the business of development of the commercial project (6.5 acres) into a separate company, resulting in a focused approach to exploit the growth potential of the project.
What is the benefit of the demerger scheme?
The demerger scheme will provide flexibility to attract fresh set of investors or strategic partners to participate in the project, unlocking the value of each of the projects.
What is the current business of Ajmera Realty and Infra India Limited (ARIIL)?
ARIIL is majorly into the real estate business and has a strong presence in Mumbai and several other cities. The company is also engaged in an international project in Bahrain.
What is the size of the land parcel to be developed in Wadala?
The land parcel to be developed in Wadala measures 28,113 sq.mts. of area.
What was the decision of the NCLT regarding the demerger scheme?
The NCLT sanctioned the demerger scheme, holding that it appears to be fair and reasonable and is not in violation of any provisions of law and is not contrary to public policy.
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