Pine Labs gets Singapore court nod to move base to India
Once Pine Labs gets approval from the National Company Law Tribunal, it will dissolve the Singapore entity and shift its base to India.
Pine Labs has received approval from a Singapore court to merge its Singapore-based entity, Pine Labs Limited, with its Indian company, Pine Labs Private Limited.
The approval allows Pine Labs to transfer all its assets and properties to its Indian unit, enabling the firm to consolidate its operations in India, TechCrunch reported, citing filings made by .
As a result of this merger, all shareholders of the Singapore entity will become shareholders of Pine Labs Private Limited, as per a report by Entracker. Additionally, any ongoing legal proceedings involving Pine Labs Limited will be continued by Pine Labs Private Limited after the merger.
An earlier report by ET revealed that Pine Labs had filed an application with the National Company Law Tribunal (NCLT) for a reverse merger. Once the NCLT rules with the Registrar of Companies, Pine Labs Limited will be dissolved without the need for a winding-up process, the report added.
YourStory has reached out to Pine Labs for a comment
Recently, brokerage app joined its fintech peers in relocating its domicile back to India from the US. "As of March 2024, Groww completed its domicile transition back to India," Co-founder and CEO Lalit Keshre shared in an X post.
He mentioned that for customers, Groww had always functioned as an India-based organisation for all practical purposes since its inception. With this move, the Groww group and its subsidiaries were based entirely out of India.
Several companies which operated in India but had overseas headquarters followed a trend known as 'reverse flipping,' ie shifting their base back to India. and were among the first fintechs to initiate this reverse flip, moving their headquarters to India. According to a CapTable report, PhonePe incurred nearly a billion dollars in taxes to complete its transition back to India.
Edited by Kanishk Singh