Govt. Prescribes 30-days Timeline for RoC & OL to Submit Objections for M&A Schemes u/s 233 of Cos Act
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Notification No. G.S.R. 367(E), Dated: 15.05.2023
The MCA has notified amendment to the Companies (Compromises, Arrangements and Amalgamations) Rules. The MCA has now prescribed 30-days timeline for the Registrar of Companies (ROC) or Official Liquidator (OL) to submit objections or suggestions for a scheme of merger or amalgamation.
If the Government receives no objections or suggestions from the Registrar of Companies or Official Liquidator within 30 days of receipt of the copy of the scheme, and is of the opinion that the scheme is in the public interest or interest of creditors, it may issue confirmation order within 15 days. Earlier, no such timeline was prescribed.
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