Pine Labs Secures Initial NCLT Approval for Reverse Flip

• Pine Labs has received initial approval from the National Company Law Tribunal (NCLT) to merge its Singapore entity with its Indian subsidiary.
• The fintech startup will now seek further approvals from the Ministry of Corporate Affairs (MCA), Registrar of Companies (RoC), Reserve Bank of India (RBI), and other authorities.
• The NCLT has directed Pine Labs to hold meetings with its equity shareholders and unsecured lenders on September 28 to vote on the merger.
• The proposed amalgamation aims to achieve business synergies, cost savings, and improved efficiency by consolidating operations between India and Singapore.
• This move comes as Pine Labs, along with other Indian startups, considers shifting its base to India, potentially eyeing an initial public offering (IPO) in the near future.

Source: Inc42