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Amalgamations and Mergers under Companies Act 1956 In general, amalgamation is the process of combining or uniting multiple entities into one form.
Whereas Merger means the combining of two or more entities into one, through a purchase acquisition or a pooling of interests.
Where Company fails to make the application, a creditor or contributor may make the application.
CHAIRMAN’S REPORT While, sectioning the scheme of arrangement or compromise, the court may issue directions or make modification in the scheme as may be thought appropriate for proper working of scheme.
Differs from a consolidation in that no new entity is created from a merger The terms merger and amalgamation have not been defined in the Companies Act, 1956 (hereinafter referred to as the Act) though this voluminous piece of legislation contains 69 definitions in Section 2.
The concept paper recently issued by the Ministry of Company Affairs, the fate of which is still unknown, contained 100 such definitions but still stopped short of defining merger or amalgamation.
Where both companies have their registered office in different states, each company shall move to the respective High Court for directions. The certified copy of the order of the High Court shall be filed in form no. as approved by High Court is implemented a s per direction of the High Court by issue of suitable notice to the shareholders. Convene a Board meeting and pass Board resolution for allotment of shares to the shareholders of the transferor company in exchange of shares held in the transferor company and fixing of record date for the purpose. Provisions of this section confer wide powers and authorities in the Courts to enforce and make effective a compromise or an arrangement. The provisions of section 6 of Specific Relief Act 1963 cannot override the provisions of section 391and 392 of the Act. : INFORMATION AS TO COMPROMISES OR ARRANGMENTS WITH CREDITORS AND MAMBERS.
21 with filing fee with the Registrar of the Companies. A copy of every order must be annexed to every copy of the memorandum of association issued after the certified copy of the said order has been filed with the Registrar of Companies. Supervisory powers are given to the court to ensure the carrying out of the compromise or arrangement. Notice given for the meetings of members of members, creditors or any class of them should contain explanatory statements giving the particulars of compromise and arrangement and their effects, Further it should indicate material interest of Directors, Managing Directors, or Manager as such or as shareholders or Creditors.
If the creditor wrongfully refuses to agree on the scheme, the Court cannot sanction the scheme or probe into the mala fide refusal of creditors to refuse the approval of the scheme.
MRTP Companies- Amalgamation Where two companies are carrying on the same business, there was no need to file application under section 23 of MRTP Act for amalgamation thereof, although both companies are registered under MRTP Act and requirements under section 23(3) of MRTP Act is fulfilled.
The terms merger and amalgamation are synonyms and the term ‘amalgamation’, as per Concise Oxford Dictionary, Tenth Edition, means, ‘to combine or unite to form one organization or structure’.Tags: Adult Dating, affair dating, sex dating