The National Company Law Tribunal, Mumbai Bench has now sanctioned the Scheme of Arrangement between CRISIL (transferor company) and CRISIL Ratings (a company incorporated as a wholly owned subsidiary of CRISIL) (transferee company) and their respective shareholders.
Certified copy of the Order of the NCLT is still awaited.
This Scheme would be effective on receipt of necessary approvals from SEBI for transfer of the license to act as a Credit Rating Agency to the Transferee Company as well as Reserve Bank of India granting accreditation to the Transferee Company to act as an External Credit Assessment Institution.
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