Logistic player Gateway Distriparks' subsidiary merger scheme gets NCLT nod

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved logistics facilitator Gateway Distriparks Ltd's petition pertaining to a scheme of amalgamation with two of its subsidiaries - Gateway East India Pvt Ltd and Gateway Rail Freight Ltd. Gateway Distriparks is now awaiting the certified copy of the NCLT order. Gateway East is a wholly-owned subsidiary of Gateway Distriparks and also has a 99.93% stake in Gateway Rail Freight. In September 2020, Gateway Distriparks announced a composite scheme of reverse merger to derive operational synergies and cost efficiencies and improve the cash flow fungibility between the company and its subsidiaries.