NCLT orders Manaksia shareholder meeting for demerger approval

The National Company Law Tribunal (NCLT), Kolkata Bench, has issued an order dated November 17, 2025, concerning the Scheme of Arrangement between Manaksia Limited (ML), the "Demerged Company," and Manaksia Ferro Industries Limited (MFIL), the "Resulting Company." This order facilitates the demerger of Manaksia's Metal Products Business Undertaking.

A meeting of Manaksia Limited's equity shareholders is scheduled for Saturday, January 10, 2026, to consider and approve the proposed Scheme. This meeting will be conducted via video conferencing or other audio-visual means. The NCLT has dispensed with the need for meetings of secured creditors of Manaksia Limited and unsecured creditors of Manaksia Ferro Industries Limited, given their consent by affidavit. Meetings for the equity shareholders of Manaksia Ferro Industries Limited were also dispensed due to 100% written consent.

The order also outlines key logistical details, including the appointment of Kuldip Mullick as chairperson, who will receive a consolidated sum of ₹100,000, and Barksha Dikshit as scrutinizer, receiving ₹60,000. Electronic voting will commence on January 7, 2026, at 9:00 AM (IST) and conclude on January 9, 2026, at 5:00 PM (IST), with a cut-off date of January 3, 2026, for determining shareholder eligibility.