{"id":292391,"date":"2023-05-17T13:00:48","date_gmt":"2023-05-17T07:30:48","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=292391"},"modified":"2023-05-17T12:22:27","modified_gmt":"2023-05-17T06:52:27","slug":"mca-notified-companies-compromises-arrangements-and-amalgamations-amendment-rules-2023-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/05\/17\/mca-notified-companies-compromises-arrangements-and-amalgamations-amendment-rules-2023-legal-news\/","title":{"rendered":"MCA streamlines approvals for mergers vide Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2023"},"content":{"rendered":"
\n

On 15-5-2023, the Ministry of Corporate Affairs notified the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2023 to amend the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016<\/a>.<\/p>\n

Key Points:<\/b><\/p>\n

1. Rule 25<\/b> has been modified in order to streamline approvals for mergers by way of deemed approvals. Rule 25 (5)<\/b> now provides that if no objection\/suggestion is received<\/b> within a period of 30 days from the Registrar of Companies\/ Official Liquidator, and if the Central Government (‘CG’) thinks that the scheme is in the public interest or in the interest of creditors, CG can issue a confirmation order of such scheme of merger or amalgamation in Form No. CAA.12 within a period of 15 days after the expiry of said 30 days. If the CG does not issue a confirmation order within 60 days, it will be deemed that there is no objection, and a confirmation order will be issued.<\/p>\n

2. Rule 25 (6)<\/b> provides that if the objections\/suggestions are received<\/b> within 30 days, the CG can take following actions:<\/p>\n

• A confirmation order will be issued within 30 days, if the objections\/ suggestions are deemed unsustainable, and the CG thinks that the scheme is in the public interest or the interest of creditors.<\/p>\n

• In case CG thinks that the scheme is not in the public interest or the interest of creditors, CG can file an application stating the objections\/ opinion to consider scheme under 232<\/a> of Companies Act, 2013<\/a> before the Tribunal within 60 days. If the Central Government does not issue a confirmation order or file an application<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

On 15-5-2023, the Ministry of Corporate Affairs notified the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2023 to amend the Companies (Compromises, <\/p>\n","protected":false},"author":67515,"featured_media":290060,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[57648,2685,57647,4221,30308],"class_list":["post-292391","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-amalgamations","tag-Companies","tag-compromises-arrangements-and-amalgamations","tag-merger","tag-rules"],"yoast_head":"\nMCA revises Companies Rules on Merger or Amalgamation | SCC Blog<\/title>\n<meta name=\"description\" content=\"Ministry of Corporate Affairs revised Companies Rules on Merger or Amalgamation regarding objections, suggestions and 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