They shall come into force with effect from 15th day of June, 2023.
| Rule | Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2016 | Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2023. | Comments |
| Rule 25 sub rule (5) | Where no objection or suggestion is received to the scheme from the Registrar of companies and official Liquidator or where the objection or suggestion of registrar and official liquidator is deemed to be not sustainable and the central government shall issue a confirmation order of such scheme of merger or amalgamation in Form No. CAA.12 | Where no objection or suggestion is received within a period of thirty days of receipt of copy of scheme under sub-section (2) of section 233, from the Registrar of Companies and Official Liquidator by the Central Government and the Central Government is of the opinion that the scheme is in the public interest or in the interest of creditors, it may, within a period of fifteen days after the expiry of said thirty days, issue a confirmation order of such scheme of merger or amalgamation in Form No. CAA.12: Provided that if the Central Government does not issue the confirmation order within a period of sixty days of the receipt of the scheme under sub-section (2) of section 233, it shall be deemed that it has no objection to the scheme and a confirmation order shall be issued accordingly. | No objection or suggestion is received within thirty days from the Registrar of Companies and Official Liquidator, and if the Central Government is of the opinion that the scheme is in the public interest or the interest of creditors, it may issue a confirmation order within fifteen days after the expiry of the thirty-day period. If the Central Government does not issue a confirmation order within sixty days, it is deemed to have no objection to the scheme |
| Rule 25 sub rule (6) | Where objections or suggestions are received from the registrar of companies or official liquidator and the central government is of the opinion, whether on the basis of such objections or otherwise, that the scheme is not in the public interest of creditors , it may file an application before the tribunal in Form No.CAA.13within sixty days of the receipt of the scheme stating its objections or opinion and requesting that tribunal may consider the scheme under section 232 of the act. | Where objections or suggestions are received within a period of thirty days of receipt of copy of scheme under sub-section (2) of section 233 from the Registrar of Companies or Official Liquidator or both by the Central Government and – (a) such objections or suggestions of Registrar of Companies or Official Liquidator, are not sustainable and the Central Government is of the opinion that the scheme is in the public interest or in the interest of creditors, it may within a period of thirty days after expiry of thirty days referred to above, issue a confirmation order of such scheme of merger or amalgamation in Form No. CAA.12. (b) the Central Government is of the opinion, whether on the basis of such objections or otherwise, that the scheme is not in the public interest or in the interest of creditors, it may within sixty days of the receipt of the scheme file an application before the Tribunal in Form No. CAA.13 stating the objections or opinion and requesting that Tribunal may consider the scheme under section 232 of the Act: Provided that if the Central Government does not issue a confirmation order under clause (a) or does not file any application under clause (b) within a period of sixty days of the receipt of the scheme under sub-section (2) of section 233 of the Act, it shall be deemed that it has no objection to the scheme and a confirmation order shall be issued accordingly.”. | If objections or suggestions are received within thirty days from the Registrar of Companies or Official Liquidator or both, the Central Government has two courses of action a) If the objections or suggestions are deemed unsustainable and the Central Government is of the opinion that the scheme is in the public interest or the interest of creditors, it may issue a confirmation order within thirty days after the expiry of the initial thirty-day period. b) If the Central Government is of the opinion that the scheme is not in the public interest or the interest of creditors, it may file an application before the Tribunal within sixty days of the receipt of the scheme, stating the objections or opinion and requesting the Tribunal to consider the scheme under section 232 of the Act. If the Central Government does not issue a confirmation order or file an application within sixty days, it is deemed to have no objection to the scheme. |
Link: https://www.mca.gov.in/content/mca/global/en/home.html
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