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TMI BlogClarification under section 232(6) of the Companies Act, 2013 - whether the 'acquisition date' for the purpose of Ind-AS 103 (Business Combinations) would be the 'appointed date' referred to in section 232(6).X X X X Extracts X X X X X X X X Extracts X X X X ..... Ministry of Corporate Affairs 5th Floor, 'A' Wing, Shastri Bhavan, Dr R.P. Road, New Delhi Dated: 21st August, 2019 To All Regional Directors, All Registrars of Companies, All Stakeholders. Subject: Clarification under section 232(6) of the Companies Act, 2013 Si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sections 230 - 232 of the Act indicating 'appointed date' either as a specific calendar date or an event based date, as may have been mutually agreed upon by the parties to the scheme. Section 232(5) also requires that every company in relation to which the order is made shall file a certified copy of the order with the Registrar of Companies for registration within 30 days of the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mited in C.P.Nos.119 to 121 of 2016, the Hon'ble Madras High Court held that the provisions of section 394 (1) of the Companies Act, 1956 (corresponding to section 232 of the Companies Act, 2013) provided enough leeway to a company to delay the date on which the scheme of amalgamation shall take effect and tie the same to the occurrence of an event. Thus, the Court rejected the argume ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent authority or fulfilment of any preconditions agreed upon by the parties, or meeting any other requirement as agreed upon between the parties, etc., which are relevant to the scheme. b) The 'appointed date' identified under the scheme shall also be deemed to be the 'acquisition date' and date of transfer of control for the purpose of conforming to accounting stand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er in case of such event based date being a date subsequent to the date of filing the order with the Registrar under section 232(5), the company shall file an intimation of the same with the Registrar within 30 days of such scheme coming into force. 7. This issues with the approval of the competent authority. Yours faithfully, (Pranay Chaturvedi) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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