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ARTICLE · 10 AUGUST 2023

Fast Track Mergers – A Step Forward

AZB & Partners
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The Ministry of Corporate Affairs vide notification dated May 15, 2023 ("Amendment") has made certain amendments to Rule 25 of the Companies...

IndiaCorporate/Commercial Law
Hardeep Sachdeva
Hardeep Sachdeva
Sudish Sharma
Sudish Sharma
Devyani Jowel
Devyani Jowel
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The Ministry of Corporate Affairs vide notification dated May 15, 2023 ("Amendment") has made certain amendments to Rule 25 of the Companies (Compromise, Arrangements and Amalgamation) Rules, 2016 ("Rules") in relation to Section 233 of the Companies Act, 2013 ("Act") governing fast track mergers.

A positive move, aimed to simplify and expediate the process of mergers in India, the Amendment has notified to reduce the timeline within which the Central Government may confirm the scheme of merger. More often than not, due to lack of a specific timeline, the Registrar of Companies ("RoC") or the Official Liquidator ("OL") fail to provide confirmation or raise objections resulting in unprecedented delays.

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