Triveni Engineering & Industries Limited has received a Rectification Order from the Hon’ble National Company Law Tribunal (NCLT), Allahabad Bench, concerning the previously sanctioned Composite Scheme of Arrangement. The rectification addresses specific inadvertent clerical errors in the original order dated May 7, 2026. These corrections streamline the legal and administrative procedures for the amalgamation and demerger, ensuring full alignment with the terms of the approved Scheme.
Correction of Clerical Errors
Following the initial sanction of the Composite Scheme of Arrangement, the company sought a clarification from the NCLT to rectify minor discrepancies. The Rectification Order dated May 18, 2026, has been issued to be read as an integral part of the original sanction. These adjustments confirm the correct operational standing and administrative obligations of the involved entities, ensuring a seamless implementation of the Scheme.
Key Administrative Adjustments
The NCLT has confirmed several important clarifications regarding the entities involved:
- Shareholding Status: Specific directions regarding the existing equity shares of the demerged undertaking were clarified to align with the original Scheme.
- Fee Compliance: The Tribunal clarified that fees payable on authorized capital are linked to the Amalgamated Company, ensuring the proper entity fulfills the financial obligations post-merger.
- Regulatory Filings: The order removed redundant requirements for filing revised memorandum and articles of association for the Resulting Company, as no enhancement in authorized capital was necessary for that entity.
Operational Continuity
The Scheme of Arrangement, which facilitates the amalgamation of Sir Shadi Lal Enterprises Limited into Triveni Engineering & Industries Limited and the demerger of the PTB Undertaking into Triveni Power Transmission Limited, remains firmly on track. All other parts of the original order dated May 7, 2026, remain intact. The company continues to operate with the full sanction of the Tribunal, maintaining its commitment to fulfilling all post-effective operational requirements.
Source: BSE
