NCLT allows Nazara Technologies to withdraw Paper Boat Apps merger scheme
Nazara Technologies secured NCLT approval to withdraw its merger scheme with Paper Boat Apps Private Limited, a move previously sanctioned by its Board in May 2026 due to restructuring changes. The tribunal dismissed the original scheme application as withdrawn on June 18, 2026.
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Nazara Technologies has received approval from the National Company Law Tribunal (NCLT), Mumbai Bench, to withdraw its Scheme of Amalgamation with wholly owned subsidiary Paper Boat Apps Private Limited. The tribunal's order allows the company to abandon the merger plan, which was previously approved by its Board of Directors. This decision alters the company's proposed consolidation strategy.
Background of the Withdrawal
The Board had approved the proposal to withdraw the scheme on May 12, 2026, under Sections 230 to 232 of the Companies Act, 2013. The company stated that the withdrawal was necessitated by changes in its restructuring plans. Consequently, an application was filed before the NCLT to seek permission for the withdrawal of the scheme.
NCLT Hearing and Order
The NCLT, comprising Technical Member Shri Sanjiv Dutt and Judicial Member Shri Ashish Kalia, heard the application on June 18, 2026. During the hearing, counsel for the applicant stated that they had instructions not to proceed with the application any further. Based on this submission, the tribunal allowed Company Application No. 162/2026 and disposed of the matter.
As part of the order, the tribunal dismissed Company Application No. 37/2025, which pertained to the original amalgamation scheme, as withdrawn. The order was made available on the NCLT website on July 7, 2026. The disclosure was submitted to BSE Limited and National Stock Exchange of India Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Key Legal Proceedings
The following table summarises the key details of the legal proceedings related to the withdrawal:
| Detail: | Information |
|---|---|
| Tribunal | National Company Law Tribunal, Mumbai Bench |
| Application Number | Company Application No. 162/2026 |
| Scheme Application Number | Company Application No. 37/2025 |
| Hearing Date | June 18, 2026 |
| Order Status | Allowed and disposed of; Scheme dismissed as withdrawn |
The withdrawal of the scheme concludes the proposed amalgamation process between Nazara Technologies and Paper Boat Apps Private Limited.
Historical Stock Returns for Nazara Technologies
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.89% | +0.41% | +10.03% | +12.21% | -9.31% | +36.53% |
What specific factors drove Nazara Technologies to alter its restructuring plans and abandon the merger?
How will the withdrawal of the amalgamation scheme impact Nazara's financial and operational strategy moving forward?
Will Nazara pursue alternative consolidation or acquisition opportunities to achieve its original goals?
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