The Central Government notified Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2022 in order to amend the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016:
- In the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, in rule 25A which deals with Merger or amalgamation of a foreign company with a Company and vice versa, the following sub-rule shall be inserted:
(4) Notwithstanding anything contained in sub-rule (3), in case of a compromise or an arrangement or merger or demerger between an Indian company and a company or body corporate which has been incorporated in a country which shares land border with India, a declaration in Form No. CAA-16 shall be required at the stage of submission of application under section 230 of the Act.
- FORM NO. CAA.16 shall be inserted in Annexure A dealing with Declaration in terms of Rule 25A.