The provisions of section 230 and 232 includes a procedure of amalgamation or merger may be registered between a holding company or between two more small companies.
(a) A notice of the recommended scheme inviting suggestions or objections. If any, from the official liquidators and the registrar where registered office of the specific companies are located or persons decided by the plan within 30 days is provided by the companies or transferee company or transferor company.
(b) The suggestions and objectives secured are examined by the companies in their particular general meetings. This strategy is confirmed by the class of members or specific members at a general meeting holding the total number of 90% shares.
(c) Each of the companies required in the merger files with a statement of solvency. The prescribed form contains the area where the company registration office is located.
(d) The strategy is confirmed by a majority be nine-tenths in use of the class of creditors or creditors of specific companies. It is indicated in a meeting assembled by the company by providing a notice of 21 days with the scheme to its creditors for the purpose.
Merger or amalgamation of certain companies
The registration of transferee company with a copy of the procedure and it is accepted by the central government.
If the official liquidator or the registrar has any suggestions or objections, he may interact with the same in writing to the government with in 30 days.If there is no interaction is form, it shall be assumed that he has no grouse to the plan.
After receiving the suggestions or objections of the government for any reason is of their point. The plan is not in the interest of the creditors or not in the public interest.
On receipt of an application from any person or from the central government, if the Tribunal, for cases to be recorded in writing, it is the point that the plan should be compared as the scheme laid down in section 23.
If the central government don’t have any objection or does not register any application to the plan under this section before the tribunal. It considers as no objection to the plan.
Under sub-section (6) with a copy of the order validating the plan. It integrated with the registrar owning jurisdiction over the transferee company. The persons involved and the registrar shall register the plan and issue a verification to the companies. This verification shall be interacted to the registrars where the companies or transferor company were placed.
The plan under sub-section (3) or sub-section (7) of registration shall be evaluated to have the impact of action of the transferor company without activity of winding up.
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