According to reports from ET Now, Nazara Technologies has received NCLT approval to withdraw the amalgamation scheme of Paper Boat Apps with the company. In a stock exchange filing on Tuesday, the company confirmed that the National Company Law Tribunal (NCLT) has allowed its application to withdraw the Scheme of Amalgamation. The approval represents a significant development in the company's strategic restructuring plans, allowing Nazara Technologies to proceed with the complete withdrawal of the merger proposal.
As reported by ET Now, this approval enables Nazara Technologies to completely withdraw the amalgamation scheme that was previously proposed with Paper Boat Apps. The withdrawal represents a significant change in the company's merger and acquisition strategy, allowing Nazara Technologies to focus on other business initiatives without the Paper Boat Apps merger proceeding. According to the NCLT order dated June 18, 2026, the tribunal allowed the company's application to withdraw the merger scheme and dismissed the application as withdrawn.
According to the latest reports, Nazara Technologies first acquired a 50.91% stake in Paper Boat Apps in 2019. In July 2024, the company bought the remaining 48.42% stake from promoters Anupam and Anshu Dhanuka for ₹300 crore, making Paper Boat Apps its wholly owned subsidiary. Founded by PR Rajendran, R Kalpana, and PR Jayashree, Paper Boat Apps develops and publishes Kiddopia, a subscription-based digital learning app for children aged two to seven years. The app derives a majority of its revenue from the US market.
The withdrawal comes after Nazara Technologies announced plans to sharpen its focus on core gaming and divest non-core businesses such as esports and adtech. As reported by ET Now, this development marks a strategic shift in Nazara Technologies' corporate restructuring plans. The NCLT approval provides the necessary legal framework for the company to proceed with its decision to withdraw the merger scheme, potentially affecting the company's future acquisition and merger activities.
