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Listed gaming major Nazara Technologies has received approval from the National Company Law Tribunal (NCLT) for its resolution plan to buy insolvency-ridden sports entertainment startup Smaaash Entertainment.
In an exchange filing, Nazara said, “We wish to inform you that the resolution plan submitted by the company for acquisition of Smaaash Entertainment Private Limited has been approved by the National Company Law Tribunal, Mumbai, by an order pronounced on May 07, subject to a modification of the provisos to the term effective date.”
The online gaming company received the letter of intent (LoI) to acquire Smaaash in August last year. During which, Nazara’s board also “in-principally” approved availing a bank guarantee of up to INR 20 Cr to acquire the sports entertainment company.
To become familiar, the gaming major’s move to buy Smaaash comes after the NCLT commenced insolvency proceedings against the sports entertainment startup in May 2022 pertaining to the dues it owed to creditors, including the likes of Edelweiss ARC, Yes Bank, SIDBI and Mabella Investment Advisors.
Smaaash owes nearly INR 452 Cr to Edelweiss alone.
The beleaguered company’s RP Bhrugesh Amin owns listed gaming machines, go-karts, and bowling alleys, among others as its assets spanning across its 13 outlets.
Shares of Nazara were trading more than 2% higher at INR 1,096.95 apiece on the BSE, as of 9:57 AM today, compared to its previous close of INR 1,073.40 per share.
(The story will be updated soon.)
The post Nazara Gets NCLT Nod To Acquire Sports Entertainment Startup Smaaash appeared first on Inc42 Media.
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