The National Company Law Tribunal ( NCLT ) has approved the amalgamation of ThyssenKrup Marine Systems (India) and Atlas Elektronik India. While the former is a group and holding company of providers of naval vessels, surface ships, and submarines, the latter is a maritime high-technology enterprise with German roots and a global footprint.
The Board of directors of both the company has approved the scheme of amalgamation. It was submitted that the salient features of the scheme were combining expertise in the business area, deriving synergies, exercising better management control, reduction of cost, and increasing capabilities and consolidation of business of both the companies while simplifying the holding structure and strengthening the position of the resulting entity.
Technical Member L.N. Gupta and Judicial member Abni Ranjan Kumar Sinha while allowing the company application observed that since both the companies strictly complied with all the necessary conditions, the requirement for convening meetings of shareholders, creditors do not arise.
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