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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.

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PROCEEDINGS It includes both civil and criminal proceedings.

Where directors are sought to be proceeded against criminally for their act as director by the creditor pending the consideration of a scheme of arrangement, the criminal proceeding can be stayed for the limited purpose so that the directors are not pressurized by the creditors and the scheme can be considered effectively.

The role of Chartered Accountants, in any amalgamation case, cannot be undermined as without their uncanny insight within the financial maze, no due diligence, valuation, share exchange ratio etc. Interpretation of Section Meaning of Company The expression ‘company’ includes an unregistered company.

The court having jurisdiction is the court at the place where the unregistered company reside and has its principal place of business.

A Foreign company which is an unregistered company is a ‘company’ under this section .

The court can order an amalgamation of the Indian undertaking of a foreign company with an Indian Company.

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 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.

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