The NCLT has jurisdiction to modify the scheme of amalgamation ...

Tribunal alters merger deal terms, appeals arise over compliance burden.

Case Laws Companies Law

November 22, 2024

The NCLT has jurisdiction to modify the scheme of amalgamation u/ss 230-232 read with Section 234 of the Companies Act, 2013. The amendment can be done at any stage. The NCLT Mumbai, while seized of a First Motion Petition, passed directions for changing the valuation and swap ratio. The proposed modification does not require further adherence to regulations for inbound merger or additional approval from the Reserve Bank of India as per FEMA Notification No. FEMA.389/2018-RB. If the impugned order is allowed, the scheme will have to be remodified, resulting in lengthy compliances undertaken for the third time. Therefore, the impugned order is liable to be set aside, and the appeal with the prayers stands allowed.

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The NCLT has jurisdiction to modify the scheme of amalgamation ...

Tribunal alters merger deal terms, appeals arise over compliance burden.

Case Laws Companies Law

November 22, 2024

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