05 March 2022, New Delhi: In 2018, CL Educate Limited undertook the initiative to simplify its corporate structure, through the upward merger of five (5) wholly owned subsidiaries of CL Educate Limited- Career Launcher Education Infrastructure and Services Limited (“CLEIS”), CL Media Private Limited (“CLM”), Accendere Knowledge Management Services Private Limited (“AKMS”), G. K. Publications Private Limited (“GKP”) and Kestone Integrated Marketing Services Private Limited (“Kestone”) (“Amalgamating Companies”) with CL Educate Limited.
The Scheme of Amalgamation has been sanctioned by the Hon’ble NCLT vide its Order dated February 07, 2022 (“Order”) effective from the Appointed Date - April 01, 2019. The certified copy of Order was received by the Company on March 04, 2022, and simultaneously submitted to the Stock Exchanges and was also filed with Registrar of Companies (ROC) on March 05, 2022 (Effective Date)
The key benefits expected of the merger exercise would include:
- Capital Reduction
- Cost, Efficiency and Cashflow related benefits
- Taxation benefits
- Reduced management bandwidth consumed by compliance
Team Corporate Communications