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.
Related News Articles
Maharashtra Takes a Giant Leap in Semiconductor Manufacturing with RRP Electronics Ltd's New Facility
RRP Electronics Ltd launches Maharashtra's first OSAT/ATMP semiconductor manufacturing facility, marking a major milestone in India's semiconductor mission.
Diwali 2024: Are Festive Discounts Significant for Mumbai's High-End Homebuyers?
The Mumbai real estate market has observed a 10% drop in property registrations during the Ganesh festival. New projects priced above ₹5 crore are being launched, and luxury homebuyers show a unique approach towards festive offers.
Donald Trump Appoints Basketball Team Owner Tilman Fertitta as US Ambassador to Italy
Tilman Fertitta, the billionaire owner of the Houston Rockets, has been nominated by President Donald Trump to serve as the next US Ambassador to Italy. Fertitta’s extensive business acumen and community involvement make him a strong candidate for the dip
Evolving Legal Framework in Maharashtra's Real Estate Sector
The real estate sector in Maharashtra is experiencing a transformative phase, driven by a series of legal changes and regulatory measures. These developments are reshaping the landscape and offering new opportunities and challenges for stakeholders. By Ad
House of Abhinandan Lodha: Expanding Plotted Development in Real Estate
The House of Abhinandan Lodha is making significant strides in the plotted development sector, carving a niche in the competitive real estate market with innovative projects and a focus on customer satisfaction.
Mumbai's Real Estate Market Booms: Macrotech Developers Sells Luxury Apartment for ₹187 Crore in Worli
In a significant transaction that underscores the robustness of Mumbai's luxury real estate market, Macrotech Developers has sold a luxury apartment in Worli for a whopping ₹187 crore. This deal highlights the enduring appeal of prime locations and high-e