NCLT nod for Zepto parent’s merger with Singapore unit
NCLT) has approved the merger of Kiranakart Technologies, which operates quick commerce platform Zepto, with its Singaporean affiliate entity Kiranakart Pte Ltd—a move that will help accelerate its initial public offering (IPO) plans in India this year.
Zepto’s domicile flip to India will formally complete within the next 30 days, a person aware of the matter said, adding that this was one of the fastest approvals of its kind from the tribunal.
“The scheme appears to be fair and reasonable and (it) is not in violation of any provisions of law and is not contrary to public policy,” the Mumbai bench of NCLT observed in its January 9 order.
The division bench, comprising Justice VG Bisht and technical member Prabhat Kumar, clarified that the income-tax department retains the authority to examine any tax implications arising from the merger and take necessary action.
The merger has also received approval from Singaporean authorities.
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