Nazara Receives NCLT Approval to Scrap Paper Boat Apps Merger

Nazara Technologies has received approval from the National Company Law Tribunal (NCLT) to withdraw its proposed merger with Paper Boat Apps, formally ending the planned amalgamation between the gaming company and its wholly owned subsidiary. The approval allows Nazara to pursue an alternative corporate structure as it continues to streamline operations and focus on long-term growth across its gaming and digital entertainment businesses.

The withdrawal comes after the company reassessed the strategic benefits of the merger and decided not to proceed with the scheme of amalgamation.

NCLT Approves Merger Withdrawal

The National Company Law Tribunal has approved Nazara Technologies’ application to withdraw the merger scheme involving Paper Boat Apps.

With the approval, the previously proposed amalgamation has been formally discontinued, allowing both entities to continue operating under their existing corporate structure.

The tribunal’s order brings regulatory closure to the process after Nazara decided not to pursue the merger.

Why Nazara Withdrew the Merger

Nazara Technologies said it decided to withdraw the merger proposal following an internal review of its business strategy and corporate structure.

While the company has not indicated any dispute or regulatory issue behind the decision, it stated that the withdrawal aligns with its evolving strategic priorities and long-term operational plans.

The move gives Nazara greater flexibility to evaluate future restructuring opportunities based on changing business requirements.

About Paper Boat Apps

Paper Boat Apps is a wholly owned subsidiary of Nazara Technologies and operates within the group’s broader gaming and digital content ecosystem.

The subsidiary has been involved in developing and publishing mobile gaming and digital entertainment products that complement Nazara’s expanding portfolio.

Despite the withdrawal of the merger, Paper Boat Apps will continue to remain part of the Nazara Group.

Focus on Business Growth

Nazara Technologies has continued expanding its presence across multiple gaming segments through acquisitions, strategic investments, and organic growth.

Its business spans:

• Mobile gaming.
• Esports.
• Interactive gaming.
• Gamified learning.
• Sports media.
• Digital entertainment.

The company has been actively strengthening its portfolio while maintaining a disciplined approach to capital allocation and corporate restructuring.

Corporate Restructuring Remains Flexible

Companies often reassess proposed mergers before completion to ensure that the transaction continues to align with their strategic objectives.

Withdrawing a merger does not necessarily indicate operational challenges. Instead, companies may choose alternative corporate structures that better support future expansion, tax efficiency, governance, or business integration.

Nazara’s decision reflects this flexibility in responding to evolving business priorities.

Gaming Industry Continues to Evolve

India’s gaming industry has witnessed significant growth over the past few years, driven by increasing smartphone adoption, affordable internet access, and rising digital consumption.

Gaming companies are increasingly focusing on:

• Portfolio diversification.
• Strategic acquisitions.
• Operational efficiency.
• Global expansion.
• New gaming technologies.

Nazara remains one of the country’s leading listed gaming companies and continues to invest across multiple high-growth gaming categories.

Outlook

The NCLT’s approval of Nazara Technologies’ request to withdraw the merger with Paper Boat Apps provides regulatory clarity while allowing the company to retain its existing corporate structure. Although the proposed amalgamation will no longer proceed, Paper Boat Apps will remain a wholly owned subsidiary within the Nazara Group.

As Nazara continues expanding its gaming and digital entertainment businesses, investors are expected to watch how the company pursues future restructuring initiatives and strategic investments to support long-term growth.