NCLT Approves Merger of Maxbhumi Developers and Sleek International with Asian Paints

The National Company Law Tribunal (NCLT), Mumbai Bench, approved the scheme of amalgamation of Maxbhumi Developers Limited and Sleek International Private Limited with wholly owned subsidiaries of Asian Paints Limited.

The decision was made under Sections 230 to 232 of the Companies Act, 2013, along with the Companies (Compromises, Arrangements, and Amalgamations) Rules, 2016.

The tribunal found the Scheme of Amalgamation to be lawful, fair, and aligned with public policy.

Unanimous board approvals for the merger were given on March 27 and 28, 2024.

The NCLAT concluded that the scheme was in compliance with legal requirements and cleared it accordingly.