NCLT order clears ownership hurdle, Bhutani plans redevelopment of Noida’s Entertainment City
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NCLT order clears ownership hurdle, Bhutani plans redevelopment of Noida’s Entertainment City
The 147-acre Entertainment City, located in Noida, houses The Great India Place (GIP) Mall, Gardens Galleria Mall, Worlds of Wonder Theme Park, WOW Water Park, KidZania, hotels, retail spaces and other leisure attractions.
Moneycontrol News
July 08, 2026 / 18:35 IST
Entertainment City aerial view
- Noida’s Entertainment City ownership dispute nears end.
- NCLT directs share transfer to Parmesh Construction Co.
- PCCL (Bhutani Infra) to redevelop the project.
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A long-pending ownership dispute over Noida’s landmark Entertainment City has moved a step closer to resolution after the National Company Law Tribunal (NCLT) directed the registration of shares transferred to Parmesh Construction Company Ltd (PCCL), a Bhutani Infra Group entity, paving the way for the firm to chart a redevelopment roadmap for the mixed-use development
Following the order, PCCL has emerged as the majority shareholder in Entertainment City Ltd after 4.26 percent equity transfer by IIRF Holdings V Ltd and Vistra ITCL (India) Ltd, people aware of the matter said
Entertainment City, located in Noida, houses The Great India Place (GIP) Mall, Gardens Galleria Mall, Worlds of Wonder Theme Park, WOW Water Park, KidZania, hotels, retail spaces and other leisure attractions
Once among North India’s most visited entertainment destinations, the project has witnessed declining footfalls amid changing consumer preferences and the emergence of newer retail and entertainment hubs
“The Respondent No 1 (ECL) shall register the shares transferred by Respondent No 5 and 6 (minority shareholders) to the appellant (PCCL) in the name of the appellant in due reference to the letters written by the respondent number 5 and 6 to the board of respondent number 1,” said that NCLT ruling
The NCLT order came on two competing petitions—PCCL sought registration as a shareholder of ECL, while Unitech Holdings Ltd sought to invalidate the share transfer and claim the disputed shares for itself
Bhutani Group said the ruling brings legal clarity to a dispute and enables stakeholders to focus on reviving the nearly 147.4835 -acre project in partnership with real estate developer Unitech and other stakeholders
“The recent NCLT order has brought significant legal clarity to a matter that has remained unresolved for a long time. We view this not merely as a legal milestone but as an opportunity to foster dialogue, collaboration and long-term value creation,” said Ashish Bhutani, CEO, Bhutani Infra
He added that with a shared vision among stakeholders, Entertainment City could be repositioned as one of India’s leading entertainment, tourism and lifestyle destinations
According to the company, the proposed redevelopment may include modernisation of existing infrastructure, expansion of Worlds of Wonder Park, and development of new theme parks, experiential retail zones, premium hotels, public plazas, cultural centres, and event venues
Bhutani Group also acknowledged all stakeholders’ role in developing Entertainment City and said it intends to work collaboratively with the company and other stakeholders as the redevelopment progresses
Industry observers say the NCLT order could help remove legal uncertainties surrounding one of Noida’s largest mixed-use developments. If redevelopment plans move forward, it has the potential to attract global entertainment and hospitality brands, generate employment and revive Entertainment City as a major leisure destination for the NCR
Moneycontrol News
first published: Jul 8, 2026 06:35 pm
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Ashish Mishra
