The National Company Law Tribunal (NCLT) has approved the liquidation of Subex Ltd’s wholly-owned subsidiary, Subex Account Aggregator Services. The unit had not commenced significant operations, and this decision aligns with Subex’s strategic focus on core businesses without financial loss or penalties.
Subex Limited has announced that the National Company Law Tribunal (NCLT) has approved the liquidation of its wholly-owned unit, Subex Account Aggregator Services Private Limited. The subsidiary had received in-principle approval from the Reserve Bank of India (RBI) to operate as an account aggregator but had not commenced business operations.
The decision to liquidate the unit is strategic, allowing Subex to streamline and concentrate on its core operations, focusing on telecommunications and software platforms. The company clarified that the liquidation will not result in financial losses or penalties, ensuring a smooth exit from this non-core segment.
This approval follows the RBI’s revocation of the subsidiary’s in-principle approval after Subex’s surrender of the license. Account aggregator services aim to increase transparency and user control over financial data, but Subex chose to forgo this business opportunity in favor of other growth areas.
Key Highlights
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NCLT approves liquidation of Subex Account Aggregator Services, a wholly-owned subsidiary.
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Subsidiary had not started significant operations under the RBI’s account aggregator framework.
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Decision aligns with Subex’s strategic refocus on core businesses without financial impact.
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RBI revoked in-principle approval after Subex surrendered the license.
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Account aggregator framework intended to enhance financial data transparency and control.
Sources: CNBC TV18, Subex official filings