City-based conglomerate Adani Enterprises Ltd has obtained approval from Gujarat High court for amalgamation of seven companies managed by the group. With the approval from high court, Adani Infrastructure Services Pvt Ltd, Advance Tradex Pvt Ltd, Adani Tradelink Pvt Ltd, Pride Trade and Investment Pvt Ltd, Trident Trade and Investment Pvt Ltd, Radiant Trade and Investment Pvt Ltd and Ventura trade and Investment Pvt Ltd will be merged with the flagship company Adani Enterprises. As per earlier direction by the high court, the meeting of shareholders was duly convened by the company in June and the scheme of merger of seven companies to AEL was approved by requisite majority of 92.13% in number and 99.54% in value of the equity shareholders present in the meeting.
However, the hurdle was an objection by the Union ministry of corporate affairs in regards with four companies, which were registered under the laws of Republic of Mauritius. The company was required to comply with FEMA/RBI guidelines for allotment of new shares by AEL to these foreign transferor companies. With merger of new companies, the present shareholding of promoter and their relatives will exceed beyond 75 per cent, which is at present 74 per cent. The company has already obtained no-objection certificate from the BSE in April to the condition that 13,01,26,117 number of new equity shares would be kept in lock-in period of three years.
The merger was objected to by one share holder, but his contentions were rejected ultimately. Justice KA Punj, who heard the plea for amalgamation and objection raised by the Union ministry, approved the scheme after the company undertook to follow FEMA laws and Indian bank guidelines.
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