Pine Labs Gets NCLT Nod To Reverse Flip To India

Paving the way for Pine Labs to move its base to India, the National Company Law Tribunal (NCLT) has greenlit the fintech startup’s plea to merge its Singapore entity with its Indian subsidiary. 

In an order dated August 12, the Chandigarh bench of the NCLT said, “… The first motion application stands allowed by giving liberty to the applicant company to file (a) second motion petition…”.

The fintech startup will now approach the Ministry of Corporate Affairs (MCA), Registrar of Companies (RoC), the Reserve Bank of India, and other government authorities for further approvals. 

In its plea, Pine Labs said that the proposed amalgamation would allow it to “achieve business synergies and more economies of scale”.

“The proposed Amalgamation is expected to achieve cost savings from more focused operational efforts, rationalisation and standardisation of business processes by way of consolidation of the group,” read the order. 

The order further noted, “The proposed amalgamation will lead to a reduction in overheads including administrative, statutory compliances and will improve efficiency and enable the Group to optimally allocate and utilise resources by avoiding duplication between India and Singapore.”

This comes three months after the company received approval from a Singapore court to merge its Singapore-based entity with the Indian entity. The court then greenlit the Singapore-based entity’s plea to transfer all assets and properties to the Indian entity.

(This story will be updated soon.)

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