

The National Company Law Tribunal (NCLT) has withheld its approval to the merger of Embassy group companies, NAM Estates and Embassy One, into Indiabulls Real Estate (IBREL) due to objections raised by the Income Tax department. The objections were related to the share swap ratio and the methodology used to arrive at it. IBREL said it would explore all options including filing an appeal against the order with the National Company Law Appellate Tribunal. Post the merger, the Embassy group would be holding 45% stake in the merged entity.


The National Company Law Tribunal (NCLT) has withheld its approval to the merger of Embassy group companies, NAM Estates and Embassy One, into Indiabulls Real Estate (IBREL) due to objections raised by the Income Tax department. The objections were related to the share swap ratio and the methodology used to arrive at it. IBREL said it would explore all options including filing an appeal against the order with the National Company Law Appellate Tribunal. Post the merger, the Embassy group would be holding 45% stake in the merged entity.
•The Income Tax department raised objections related to the share swap ratio and the methodology used to arrive at it.
•The merger has already been approved by the NCLT, Bengaluru bench, and the shareholders of Indiabulls Real Estate.
•Indiabulls Real Estate said it would explore all options including filing an appeal against the order with the National Company Law Appellate Tribunal.
•Post the merger, the Embassy group would be holding 45% stake in the merged entity.
•The merger was approved in FY21 with the intention of creating a pan-India real estate platform with both residential and commercial assets.







