CosmicTaco

Pine Labs Secures Initial NCLT Approval for Reverse Flip

CosmicTaco · 2024-08-20T11:16:22.230675+05:30

- Pine Labs has received initial approval from the National Company Law Tribunal (NCLT) to merge its Singapore entity with its Indian subsidiary. - The fintech startup will now seek further approvals from the Ministry of Corporate Affairs (MCA), Registrar of Companies (RoC), Reserve Bank of India (RBI), and other authorities. - The NCLT has directed Pine Labs to hold meetings with its equity shareholders and unsecured lenders on September 28 to vote on the merger. - The proposed amalgamation aims to achieve business synergies, cost savings, and improved efficiency by consolidating operations between India and Singapore. - This move comes as Pine Labs, along with other Indian startups, considers shifting its base to India, potentially eyeing an initial public offering (IPO) in the near future. Source: [Inc42](https://inc42.com/buzz/pine-labs-gets-nclt-nod-to-reverse-flip-to-india/)

Pine Labs has received initial approval from the National Company Law Tribunal (NCLT) to merge its Singapore entity with its Indian subsidiary.
The fintech startup will now seek further approvals from the Ministry of Corporate Affairs (MCA), Registrar of Companies (RoC), Reserve Bank of India (RBI), and other authorities.
The NCLT has directed Pine Labs to hold meetings with its equity shareholders and unsecured lenders on September 28 to vote on the merger.
The proposed amalgamation aims to achieve business synergies, cost savings, and improved efficiency by consolidating operations between India and Singapore.
This move comes as Pine Labs, along with other Indian startups, considers shifting its base to India, potentially eyeing an initial public offering (IPO) in the near future.

Source: Inc42