The National Company Law Tribunal (NCLT) has approved the Mahindra Engineering and Chemical Products Limited (MECPL), Retail Initiative Holdings Limited (RIHL), and Mahindra Retail Limited (MRL) the merger scheme with the Mahindra and Mahindra (M&M) Group and its shareholders.

According to a recent exchange filing by Mahindra & Mahindra, this programme went into effect on April 29. In accordance with the scheme, the Company's shareholding arrangement will remain unchanged.

"Upon the scheme's effective date, no shares of the Company shall be allotted in lieu or exchange of the Transferee Company's (M&M) holding in the First Transferor Company (MECPL) or one Transferor in another Transferor Company (held directly and jointly with its nominee shareholders), and accordingly, equity shares held in the Transferor Companies (MCEPL, RIHL, MRL) stand cancelled on the effective date without any further act, instrument, or deed," the filing stated.

MECPL was an unregistered core investment company that traded apparels, stationery, gift cards, IT products, COVID safety devices, and other commodities. It was a completely owned subsidiary of the Mahindra Group.

MECPL's fully owned subsidiary, RIHL, serves as a holding company for MRL's interests. At the time of the merger, it was not in the business of doing anything. MRL, on the other hand, was an unregistered CIC that owned 53% of RIHL and 47% of MECPL at the time of the merger and was not conducting any business operations.

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