COMPROMISE , ARRANGEMENT & AMALGAMATION

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    16-Apr-2017

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<ul><li><p>COMPANIES ACT 2013 Oppor </p></li><li><p>CORPORATE RESTRUCTURING </p><p>MERGER &amp; </p><p>AMALGAMATION </p><p>INTERNAL RECONSTRUCTION </p><p>DEMERGER TAKEOVER OF </p><p>UNLISTED COMPANY </p></li><li><p>CORPORATE RESTRUCTURING </p><p>Chapter XV : COMPROMISE, ARRANGEMENTS AND AMALGAMATIONS </p><p>Section 230 </p><p>Power to Compromise or </p><p>make arrangement with </p><p>Creditors and Members </p><p>Section 233 </p><p>Fast Track Merger </p><p>Section 235 </p><p>Power to acquire shares </p><p>of shareholders dissenting </p><p>from Scheme approved </p><p>by majority </p><p>Section 236 </p><p>Purchase of minority </p><p>shareholding </p><p>Section 240 </p><p>Liability of officers in </p><p>respect of offences prior </p><p>to merger </p><p>Companies ( Compromise, Arrangements &amp; Amalgamation) Rules, 2016 </p></li><li><p>CORPORATE RESTRUCTURING </p><p>Prepare the </p><p>Scheme of Amalgamation / Arrangement / Compromise </p></li><li><p>File the Scheme to NCLT Application in </p><p>NCLT - 1 </p><p>Notice of </p><p>Admission </p><p>NCLT 2 </p><p>Affidavit </p><p>in </p><p>NCLT 6 </p><p> Copy of Scheme Disclosure of Material Fact Latest Financial Statements Latest Audit Report Declaration of Pendency of any investigation </p><p>Hearing of the application at the Tribunal </p><p>Tribunal directs for the class meeting of Members and Creditors </p><p> Fix the Time &amp; Place of meeting </p><p> Appoint Chairperson &amp; Scrutinizer </p><p> Fix Quorum &amp; Procedure to be followed </p></li><li><p>NOTICE OF MEETING </p><p>EXPLAINATORY STATEMENT + COPY OF SCHEME + SUMMARY OF VALUATION REPORT </p><p>Form CAA 2 Form CAA 3 </p><p>MEMBERS CREDITORS SECTORIAL REGULATORS / </p><p>STATUTORY AUTHORITIES </p><p>ATLEAST 1 MONTH PRIOR TO THE DATE OF MEETING </p><p>PUBLISH OF ADVERTISEMENT </p><p>( ATLEAST 30DAYS BEFORE THE DATE OF MEETING) </p><p>NEWSPAPER WEBSITE </p><p> ENGLISH NATIONAL </p><p> VERNACULAR LAGUAGE </p><p>COMPANY </p><p>SEBI </p><p>STOCK EXCHANGES </p></li><li><p> AFFIDAVIT BY CHAIRPERSON </p><p> 7 DAYS </p><p>PRIOR TO THE MEETING </p></li><li><p>MEMBER </p><p>MORE THAN 10% SHARES </p><p>CREDITORS </p><p>MORE THAN 5 % TOTAL DEBT </p></li><li><p>REPRESENTATIONS BY STATUTORY AUTHORITIES </p><p>Within 30 days of Receipt of Notice </p></li><li><p>CLASS MEETING OF MEMBERS &amp; CREDITORS </p></li><li><p>WITHIN 3 DAYS AFTER CONCLUSION OF MEEETING </p><p> CHAIRPERSON SUBMIT REPORT OF RESULT TO NCLT </p><p> [ Form CAA 4 ] </p></li><li><p>WITHIN 7 DAYS AFTER FILING OF REPORT BY CHAIRPERSON </p><p> COMPANY FILES 2nd MOTION APPLICATION / PETITION TO NCLT </p><p>( Form CAA 5 ) </p><p>TRIBUNAL SHALL FIX THE DATE OF HEARING </p><p>NOTICE OF HEARNING TO BE PUBLISHED IN NEWSPAPER </p><p>(ATLEAST 10 DAYS BEFORE THE FINAL HEARING) </p><p> TRIBUNAL </p><p>NOTICE TO HEARING TO </p><p> MEMBERS &amp; CREDITORS who </p><p>objected the Scheme </p><p>CG &amp; </p><p>OTHER AUTHORITIES who made representations </p></li><li><p>FINAL HEARING AT TRIBUNAL </p><p>SCHEME IS APPROVED BY NCLT </p><p>APPEAL to </p><p>NLCAT within 45 days </p><p>OBATIN CERTIFIED COPY OF ORDER </p><p>FILE WITH ROC in FORM CAA 7 for REGISTRATION </p><p>WITHIN 30 DAYS OF </p><p>RECIEPT OF ORDER </p></li><li><p>UNTIL SCHEME IS FULLY IMPLEMENTED </p><p>WITHIN 210 DAYS FROM THE END OF THE FINANCIAL YEAR </p><p>FILE STATEMENT OF COMPLIANCE IN MERGER &amp; AMALGAMATION </p><p>TO ROC </p><p>IN FORM CAA 8 </p><p>TO BE CERTIFIED BY CS / CA / CWA </p><p> in PRACTICE </p><p>indicating Compliance of Order of Tribunal </p></li><li><p>Section 233 FAST TRACK MERGER </p><p> SMALL COMPANY </p><p> SMALL COMPANY </p><p> HOLDING COMPANY </p><p>WHOLLY OWNED SUBSIDIARY COMPANY </p><p>CENTRAL GOVERNMENT HAVE POWER TO SANCTION A SCHEME </p><p>NO NEED TO APPROACH NATIONAL COMPANY LAW TRIBUNAL (NCLT) </p></li><li><p>PREPARE THE SCHEME OF MERGER in consultation with the </p><p>BOD of Transferor &amp; Transferee Companies </p><p>NOTICE OF PROPOSED SCHEME IS TO BE SENT TO ROC &amp; OFFICIAL LIQUIDATOR </p><p>FORM CAA 9 </p><p>FILE DECLARATION OF SOLVENCY WITH ROC by TRANSFEROR &amp; TRANSFEREE Co. </p><p>FORM CAA 10 </p><p>CONVENE MEETING OF MEMBERS AND CREDITORS (if any) </p><p>21 CLEAR DAYS NOTICE ALONG WITH EXPLAINATORY STATEMENT &amp; DECLARATION OF SOLVENCY </p><p>SCHEME IS APPROVED BY MEMBERS PRESENT AT GENERAL MEETING HOLDING </p><p>ATLEAST 90% OF THE TOTAL NUMBER OF SHARES &amp; </p><p>CREDITORS REPRESENTING 9/10th IN VALUE </p></li><li><p> COPY OF SCHEME AS APPROVED BY MEMBERS AND CREDITORS REPORT OF THE RESULT OF EACH OF THE MEETINGS </p><p>TRANSFEREE COMPANY SHALL FILE WITH CG IN FORM CAA 11 </p><p>COPY OF SCHEME ALONG WITH RELEVANT FORM SHALL ALSO BE FILED WITH ROC &amp; OL </p><p>WITHIN 7 DAYS FROM THE CONCLUSION OF MEETING </p><p>ROC &amp; OL PROVIDES </p><p>NO OBJECTION / SUGGESTION ON THE SCHEME TO </p><p>CENTRAL GOVERNMENT </p><p>ROC &amp; OL PROVIDES </p><p>OBJECTION / SUGGESTION &amp; </p><p>IF CG IS OF OPINION THAT SCHEME IS NOT IN PUBLIC INTEREST </p><p>WITHIN 30 DAYS FROM THE RECEIPT OF SCHEME </p><p>SCHEME IS APPROVED &amp; CG SHALL ISSUE CONFIRMATION ORDER </p><p>CG MAY FILE AN APPLICATION BEFORE NCLT FOR CONSIDERATION OF SCHEME u/s 232 </p><p>FILE THE COPY OF ORDER WITH ROC in e-FORM INC 28 WIHTIN 30 DAYS </p><p>APPLICATION TO NCLT MUST BE FILED </p><p>WITHIN 60 DAYS OF RECEIPT OF SCHEME </p></li><li><p> SINGLE WINDOW CLEARANCE </p><p>CHANGE OF NAME </p><p>CHANGE OF REGISTERED OFFICE </p><p>REDUCTION OF SHARE CAPITAL </p><p>CONVERSION OF PVT. to PUBLIC Co. &amp; </p><p>Vice versa </p><p>SANCTION OF SCHEME WITHOUT POWER TO AMALGAMATE IN MOA </p><p>INCREASE AUTHORIZED CAPITAL </p><p>CHANGE OF OBJECT CLAUSE </p></li><li><p>ROLE OF COMPANY SECRETARIES </p><p>DRAFTING OF SCHEME </p><p>CERTIFICATION </p><p>COMPLIANCE OF PROCEDURE </p><p>VALUATION &amp; SWAP RATIO </p><p>DUE DILIGENCE </p><p>REPRESENT AT NCLT </p><p>SEBI REGULATION COMPLIANCE </p><p>DECESION MAKING </p></li><li><p>CS ANAND KANKANI </p><p>Practicing Company Secretary </p><p> &amp; Academician </p></li></ul>