NCLT Mumbai Bench Approves Withdrawal of Kalpataru's Project Magnus Demerger Scheme; Order Received July 8, 2026
NCLT Approves Withdrawal of Kalpataru's Project Magnus Demerger Scheme
The National Company Law Tribunal (NCLT), Mumbai Bench Court III, Special Bench, formally approved Kalpataru Limited's application to withdraw the demerger scheme on July 8, 2026. The company received the order at 12:20 p.m. on that date.
Background of the Proposed Demerger
The scheme involved transferring Project Magnus from Kalpataru Properties Ltd, a wholly owned subsidiary, to the parent company Kalpataru Limited. The Board of Directors had initially approved the demerger on January 22, 2024, with the arrangement set to execute on a going concern basis and an appointed date of April 1, 2024, subject to NCLT approval.
Board Decision to Withdraw
Kalpataru disclosed on June 2, 2026, that its Executive Committee of the Board of Directors had approved the withdrawal of the scheme. The executive committee determined that the benefits initially expected from the demerger are no longer relevant, and emphasized that the withdrawal will have no financial impact on either Kalpataru Limited or Kalpataru Properties Limited.
Project Magnus: A Premium Bandra East Development
Project Magnus is a Bandra East, Mumbai development. The project is constructed on 2.24 acres with 3 towers of Ground +26/30 floors offering 2BHK, 3BHK, 4BHK, and 4.5BHK premium residences, located near MIG Club with proximity to Western Express Highway, Jio World Drive, and a planned Metro Station.
Kalpataru Limited's Market Position
Founded in 1969 by Mr Mofatraj P Munot, Kalpataru Limited is headquartered in Mumbai and has grown into a pioneering force in real estate development with over five decades of expertise, operating under the leadership of Managing Director Parag Munot. The company has launched 25+ projects across Mumbai, with 10 completed, 5 ongoing, and 3 upcoming projects, located in key areas including Juhu, Andheri, Kandivali, Goregaon, Mulund, Bhandup, and Santacruz.
Implications for Stakeholders
The company confirmed that the withdrawal has no financial impact on Kalpataru Limited or Kalpataru Properties Limited, with the decision made after determining that the benefit envisaged from the scheme is no longer relevant. Project Magnus will continue to operate under its existing subsidiary structure, with no changes to its operational or financial arrangements.