ARTICLE · 16 JUNE 2023

A Fast(er) Paced Process For Mergers

Obhan Mason

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The Ministry of Corporate Affairs, vide a notification dated May 15, 2023, notified the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2023 ("Amended Rules")...

IndiaCorporate/Commercial Law

Anubhav Chakravorty

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The Ministry of Corporate Affairs, vide a notification dated May 15, 2023, notified the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2023¹ ("Amended Rules") to streamline certain parts of extant merger and amalgamation process under the Companies Act, 2013 ("Companies Act"); and consequently amend the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016.

Currently, companies that are desirous of merging are required to draft and approve a scheme in relation to the same ("Scheme"). Thereafter, an application is required to be made to the National Company Law Tribunal ("NCLT") and notices of the meeting of members/creditors (to accord sanction to the Scheme) are served and advertised. Once such a meeting is conducted, a report of the result thereof is required to be submitted to the NCLT for its consideration and a petition is presented to it for the sanction of the Scheme.

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