NCLT sanctions Inland Printers merger with Parthiv Corporate Advisory
- NCLT Mumbai Bench sanctioned the amalgamation of Parthiv Corporate Advisory with Inland Printers on September 28, 2026
- Share exchange ratio set at 27 shares of Inland Printers for every 1 share of Parthiv Corporate Advisory
- Appointed date for the scheme is January 1, 2023, with Parthiv dissolving without winding up
- Inland Printers had paid-up capital of ₹4.94 crore versus Parthiv's ₹42.39 lakh as of March 31, 2023
*this image is generated using AI for illustrative purposes only.
Inland Printers Limited received a final order from the National Company Law Tribunal (NCLT), Mumbai Bench, sanctioning its amalgamation with Parthiv Corporate Advisory Private Limited on September 28, 2026.
The order approves the scheme of amalgamation under Sections 230 to 232 of the Companies Act, 2013. The appointed date for the scheme is January 1, 2023. Parthiv Corporate Advisory will be dissolved without winding up, and its entire undertaking will vest in Inland Printers.
Share Exchange Ratio
Under the approved scheme, Inland Printers will issue equity shares to the shareholders of Parthiv Corporate Advisory. The consideration is structured as follows:
| Component | Details |
|---|---|
| Transferor Company | Parthiv Corporate Advisory Private Limited |
| Transferee Company | Inland Printers Limited |
| Share Exchange Ratio | 27 equity shares of Inland Printers for every 1 equity share of Parthiv |
| Face Value | ₹10 per share |
This ratio applies to equity shareholders of the Transferor Company whose names appear in the Register of Members as on the Record Date.
Background and Rationale
Inland Printers was previously engaged in commercial printing but has not generated revenue from operations in recent years. Parthiv Corporate Advisory provides advisory and consultancy services. The consolidation aims to create value through increased scale, expanded reach, and cost optimization. The restructuring is expected to improve the normal business operations of the Transferee Company.
Regulatory Compliance and Observations
The Regional Director (RD) raised several observations regarding compliance issues, which were addressed by the petitioner companies:
- AGM Delay: Parthiv failed to hold its AGM for FY21 within the extended deadline. A compounding application was filed, and fees of ₹30,000 each were paid by the company and its directors.
- Open Charge: An open charge of ₹1.12 crore created in October 2022 on Parthiv’s assets will transfer to Inland Printers along with all liabilities.
- MSME Dues: The Official Liquidator noted MSME dues of ₹37,150 as of March 31, 2023. The company confirmed that Form MSME-1 was filed for this delayed payment.
What the Numbers Show
The financial data reveals a significant disparity in capital structures between the two entities prior to the merger. As of March 31, 2023, Inland Printers had a paid-up capital of ₹4.94 crore compared to Parthiv’s ₹42.39 lakh. However, the 27:1 share exchange ratio indicates that Parthiv’s valuation per share is substantially higher than Inland Printers’, despite Inland’s larger paid-up capital base. This suggests the market or valuation report assigned a premium to Parthiv’s active advisory business over Inland’s dormant printing operations.
Historical Stock Returns for Inland Printers
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -4.97% | -11.95% | -30.78% | +14.11% | -33.88% | 0.0% |
How will the retroactive effective date of January 1, 2023, impact Inland Printers' financial reporting and tax liabilities for the intervening period?
What specific operational synergies is Inland Printers planning to leverage to revitalize its dormant printing operations using Parthiv's advisory capabilities?
How might the assumption of Parthiv's ₹1.12 crore open charge and MSME dues affect Inland Printers' balance sheet health and future creditworthiness?
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