The National Company Law Tribunal (NCLT), Mumbai Bench, has reserved its order regarding the scheme of merger by absorption between GB Global Limited and Dev Land and Housing Private Limited. The tribunal heard the matter on July 15, 2026, and reserved the judgment for C.P. (CAA) 6/MB/2026 in C.A. (CAA) 219/MB/2025. The proceedings fall under Sections 230-232 of the Companies Act, 2013.

GB Global Limited disclosed the development to the stock exchanges on July 22, 2026, pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that it received the order sheet from its counsel on the same day.

Legal Proceedings and Representation

During the hearing on July 15, 2026, counsel for the petitioner, the National Stock Exchange of India, the Bombay Stock Exchange, and the Securities & Exchange Board of India were present. The parties had filed written submissions, which the bench took on record before reserving the order.

The bench comprised Sh. Prabhat Kumar, Hon'ble Member (Technical), and Sh. Sushil Mahadeorao Kochey, Hon'ble Member (Judicial).

Merger Details

The proposed scheme involves the merger of GB Global Limited, the transferor company, with Dev Land and Housing Private Limited, the transferee company. The specific application numbers for the proceedings are C.P. (CAA) 6/MB/2026 and C.A. (CAA) 219/MB/2025.

GB Global Limited's Board of Directors appointed Tushar Momaiyah as a Non-Executive Independent Director, effective from the closing hours of July 17, 2026. The company also accepted the resignation of Paresh Jain from his position as Non-Executive Independent Director, effective from the same date. These decisions were taken during a Board meeting held at the company's registered office in Mumbai.

The appointment of Mr. Momaiyah is subject to the terms approved by the Board. He holds a Bachelor of Commerce degree with a specialization in financial parameters and a Bachelor of Legislative Laws (LL.B.) degree. His professional background includes significant experience in corporate laws, legal and regulatory compliance, and corporate governance.

Mr. Paresh Jain tendered his resignation via a letter dated July 6, 2026, citing personal reasons. He confirmed that there were no material reasons for his departure other than those stated. The resignation was effective from the closing hours of July 17, 2026.

The meeting was conducted in accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board also took note of other agenda items related to the operations of the business.

Board Changes Summary