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NCLT withholds approval to Embassy Group's merger with Indiabulls Real Estate
NCLT withholds approval to Embassy Group's merger with Indiabulls Real Estate
NCLT withholds approval to Embassy Group's merger with Indiabulls Real Estate
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|BusinessLine|2 years ago

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.

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