In a bid to provide equity & commodity services under one roof with increased operational and financial efficiency, Swastika Investmart Ltd has completed the merger of its subsidiary company Swastika Commodity Private Limited. NCLT Mumbai Bench has approved the scheme of merger by Absorption of Swastika Commodities Private Limited, wholly-owned subsidiary of the Company, with the Company, under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 and rules made thereunder.
Commenting on the merger, Sunil Nyati, Managing Director, Swastika Investmart Ltd. said that “As of 31 March 2021, the gross revenue of Swastika Investmart Ltd. was Rs. 6158.54 Lakhs. This merger will contribute to the revenue of Swastika Investmart Limited (Standalone) by 15% tentatively. Both Companies’ business activities are similar in nature and complement each other, and to achieve inter-alia economies of scale and efficiency and to reduce multiplicity of costs, the merger of the Company is being undertaken.”
Sunil Nyati went on to add that the merger of equity and commodity business will ease KYC requirements and would also directly benefit the clients in terms of maintaining single accounts.
“The main object of this is to combine all the processes of the commodity and equity so that it will become easier for all the clients of the company to manage and settle their accounts under one roof of the company,” Sunil Nyati concluded.