NCLT approves amalgamation of MITL & MRDL with Mahindra World City Developers.

National Company Law Tribunal (NCLT) - Chennai Bench has approved the scheme of amalgamation of Mahindra Residential Developers (MRDL) and Mahindra Integrated Township (MITL) with Mahindra World City Developers (MWCDL), the company informed in a BSE filing.

MRDL is a wholly-owned subsidiary of MITL which in turn is a material subsidiary of Mahindra Lifespace Developers. MWCDL is also a subsidiary of of the company.

The board of directors had approved the amalgamation in October 2021. MITL turnover as on March 31, 2021 was Rs. 16.92 crore, MRDL's turnover stood at Rs. 21.64 crore while MWCDL's turnover was Rs 46.96 crore during the said period, it said in the regulatory filing.

ET