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The NCLT approved Parmesh Construction Company’s acquisition of a 4.26% minority stake in Entertainment City and ordered the company to register the share transfer. It rejected Unitech Holding’s objections that the transfer breached shareholder agreements, holding the minority investors’ transfer valid amid the broader 100% disinvestment process.
2:17 AMEconomic Times RealtySummary
The NCLT approved Parmesh Construction Company’s acquisition of a 4.26% minority stake in Entertainment City and ordered the company to register the share transfer. It rejected Unitech Holding’s objections that the transfer breached shareholder agreements, holding the minority investors’ transfer valid amid the broader 100% disinvestment process.
Why it matters
It signals that tribunals will prioritize insolvency sale execution over promoter-backed contractual roadblocks, lowering transaction uncertainty in distressed real estate assets.
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