A second motion is just the second step in a legal process that usually has a few stages. When companies in India want to merge or split up, they have to go through this process.
In the first step (or first motion), the company’s shareholders and creditors agree on the merger plan. The second step (or second motion) is when the court (NCLT) takes a closer look at that plan. The court checks to make sure everything is fair and follows the law. After this review, the court might take some time before making a final decision.
For IDFC and IDFC First merger legal hearing was scheduled for September 4, 2024. However, on August 9, 2024, NCLT, Chennai Bench heard the case earlier than expected. After hearing the case, the court has decided to reserve its judgment, meaning they will announce their decision at a later date.
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