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ARTICLE · 29 OCTOBER 2024

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Recent Developments In India's Corporate & Commercial Laws - October 2024

Fox & Mandal
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Welcome to the latest edition of Fox & Mandal's newsletter highlighting recent developments in India's corporate & commercial laws. In this edition, we examine key aspects of various legal and regulatory changes in the Corporate, Capital Markets, Insolvency, Competition and Real Estate sectors and their impact on the business ecosystem in the country.

IndiaCorporate/Commercial Law
Fox & Mandal
Fox & Mandal
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Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2024

MCA's new rules to facilitate reverse flipping for startups

On September 9, 2024, the Ministry of Corporate Affairs (MCA) introduced the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2024, which came into effect on September 17, 2024. These amendments aim to simplify the process of 'reverse flipping', a practice where startups that were initially incorporated abroad are relocating back to India due to relaxed regulations, better IPO opportunities, and increasing government incentives.

Previously, the merger of a foreign company with its Indian counterpart required approvals from the Reserve Bank of India (RBI) and the National Company Law Tribunal (NCLT) under Rule 25A of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016. This often resulted in delays due to the lengthy NCLT approval process, slowing down the return of startups to India.

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