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TMI BlogCOMPROMISES, ARRANGEMENTS AND AMALGAMATIONS - Proposed Amendments in the Companies Act, 2013X X X X Extracts X X X X X X X X Extracts X X X X ..... COMPROMISES, ARRANGEMENTS AND AMALGAMATIONS - Proposed Amendments in the Companies Act, 2013 - News and Press Release Dated:- 2-2-2016 - News - Purchase of Minority Shareholding 15.1 Section 236 of the Act deals with the purchase of minority shareholding. This provision refers to the acquisition of shares of a company and contemplates a situation where an acquirer, or a person acting in co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncert with such an acquirer, becomes a registered holder of ninety percent or more of the issued equity share capital of a company. This provision prescribes that such an acquirer shall notify the company of his intention of buying the remaining equity shares. While Sections 236 (4), 236 (5) and 236 (6) make a reference to a transferor company , the term transferor company has not been defined ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the section itself. The Committee felt that the use of the term transferor company in the said Section 236 without providing for a context may ostensibly include even transfer of assets by a company, thereby including amalgamations and mergers within the ambit of this provision, which did not appear to be the intention. Accordingly, the Committee recommended that the references to the phrase ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... transferor company in Section 236, may be modified to a company whose shares are being transferred or alternatively, an explanation be provided in the provision clarifying that Section 236 only applies to the acquisition of shares. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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