Pine Labs gets NCLT approval to relocate to India
What's the story
Pine Labs, a leading payments company, has received approval from the National Company Law Tribunal (NCLT) to merge its Indian and Singaporean entities. This significant development paves the way for the firm's relocation from Singapore to India. The proposal was initially presented on March 1, 2024, and underwent nine adjournments by the Chandigarh bench before finally being approved.
Previous consent
Prior approval from Singapore court
Before receiving the NCLT's green light, Pine Labs had already secured permission from a Singaporean court to transfer its operations to India. The merger is anticipated to provide several benefits for the company. According to the NCLT order, this strategic move aims at achieving business synergies and economies of scale for Pine Labs.
Operational efficiency
Merger to streamline operations and cut costs
The NCLT order further elaborated on the expected benefits of the merger. It stated, "The amalgamation is expected to achieve more cost saving and more focused operational efforts, rationalization, and standardization of business processes by way of consolidation of the group." This implies that Pine Labs anticipates significant operational improvements and cost reductions as a result of this strategic move.