IN A MOVE aimed at improving ease of doing business, the government has streamlined and expedited the process of corporate mergers and amalgamations.
The ministry of corporate affairs has notified changes to the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2023.The norms, which will be effective from June 15, aim to address the issue of bureaucratic delays in corporate restructuring by putting in place specific timelines.
In cases of amalgamation or merger where no objection or suggestions are received from the Registrar of Companies and the official liquidator within 30 days of the receipt of a copy of the scheme, the Centre can issue a confirmation order within 15 days provided that the scheme is in the public interest or in the interest of creditors.
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