Photo: BloombergNew Delhi: Diversified group Religare Enterprises Ltd on Tuesday said it has got approval of the National Company Law Tribunal (NCLT) to merge 11 of its entities with itself. Religare Enterprises had in December last year informed NCLT about the said merger in order to achieve better synergy and to simplify its corporate structuring. “NCLT vide its order dated December 8, 2017 has approved the scheme of arrangement/amalgamation between Religare Securities (transferor company 1), Religare Commodity Broking (transferor company 2), RGAM Investment Advisers (transferor company 3)...Religare Capital Markets (India) Ltd (transferor company 11) (collectively referred to as ‘Transferor Companies’) Religare Broking Ltd (resulting company) and Religare Enterprises Ltd (transferee company),” Religare Enterprises said in a regulatory filing. The rest of the entities to be merged into Religare Enterprises are Religare Venture Capital, Religare Arts Investment Management, Religare Capital Finance, RGAM Capital India, Religare Investment Advisors, Religare Support Services and Religare Arts Initiative. Religare Enterprises hopes that this amalgamation will eliminate multiple legal entities and reduce operational and administrative costs while focusing resources on its core businesses.

Source: Mint December 12, 2017 15:56 UTC