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</html>";s:4:"text";s:14109:"without a court order) or in connection with a scheme of reconstruction or amalgamation with a court order in accordance with the Companies Act, amalgamate and continue as one company, which may be one of the amalgamating companies or a new company. Reconstruction. CONCEPT. 268 where the court had to construe the words "reconstruction or amalgamation" in the memorandum of association of a company, Buckley J stated that, "The only question I have to decide is whether, in the case of each of these two companies, there has or has not been a winding-up "for the purpose of reconstruction or amalgamation." The companies, whose business are … Amalgamation in the nature of purchase is an amalgamation which does not satisfy any one or more of the conditions mentioned above. During the process of reconstruction, the interest of minority may get affected. Where an undertaking is being carried on by a company and is in substance transferred, not to an outsider, but to another company consisting substantially of the same shareholders with a view to its being continued by the transferee company, there is a reconstruction. Fast Track Mergers and Amalgamation. Schemes of reconstruction or amalgamations Two or more local companies may voluntarily (i.e. Where an undertaking is being carried on by a company and is in substance transferred, not to an outsider, but to another company consisting substantially of the same shareholders with a view to its being continued by the transferee company, there is a reconstruction. It includes all modes of reorganizing share capital. 44A. External Reconstruction is a process in which the company’s financial affairs are wound up, and a new company is formed to take over the assets and liabilities of the existing company, after the reorganization of the financial position. I have recorded a letter to SEBI. Reconstruction can be carried out: 1 “By the scale of a company under the power contain in its memorandum of association. COMPROMISE, ARRANGEMENT, RECONSTRUCTION, AMALGAMATION AND MERGER OF COMPANIES Subject Name: Law Paper Name: Corporate Law Module Id: 16 Pre-Requisites: Knowledge of Companies Act 2013 and Companies Act 1956 The transferor company … Amalgamation, as its name suggests, is nothing but two companies becoming one.On the other hand, Absorption is the process in which the one dominant company takes control over the weaker company. There is a transfer of an undertaking of a company into another company. Wij willen hier een beschrijving geven, maar de site die u nu bekijkt staat dit niet toe. It may be carried out either with or without liquidation of the company. RECONSTRUCTION & AMALGAMATION Sections 394 and 395 provide for facilitating Arrangements for the purpose of „Reconstruction‟ or „Amalgamation‟ of companies . Section 233 of the Companies Act, 2013 (CA 2013) dealing with "Merger or Amalgamation of Certain Companies" has also come into force with effect from 15th December, 2016. These are two business strategies adopted by the companies to expand itself and take a competitive position in the market. It is relevant to state that AS-14 regulates the accounting treatment of amalgamation only in the books of the transferee company. Section 229 provides that where a petition has been made under Section 228 and it is shown that the compromise or arrangement is made in connection with a scheme for the reconstruction of any company of amalgamation of any or two more companies and that under the scheme of the whole or any part of the undertaking or property of the company is to transferred to any other company … In law, a share exchange may be a scheme of reconstruction or amalgamation. By: Vikram.G.BFaculty, P.G. By acquiring all or majority of shares in another company. Both the transferor and the transferee company shall make an application in the form of petition to the Tribunal under section 230-232 of the Companies Act, 2013 for the puspose of sanctioning the scheme of amalgamation. company secretaries play a predominant role in devising, designing, executing and completing the restructuring process. 4. The merger means an arrangement whereby one or more existing companies merge their identity into another existing company or form a … The term amalgamation means taking over of the business of two or more companies by a company newly formed for this purpose. Amalgamation is a legal process by which two or more companies are joined together to form a new entity or one or more companies are to be absorbed or blended with another and as a consequence the amalgamating company loses its existence and its shareholders become the shareholders of new company or … Purchase: Cash and agreed value of shares, debentures and other assets given by purchasing company to the liquidator of vendor company For the Shareholders of vendor company. Procedure for amalgamation of banking companies (1) Notwithstanding anything contained in any law for the time being in force, no banking company shall be amalgamated with another banking company, unless a scheme containing the terms of such amalgamation has been placed in draft before the shareholders of each of the … Reconstruction and Amalgamation. The following is the Balance Sheet of X Ltd. as on 31st March 2006: Amalgamation Reconstruction Study Material. It requires the approval of shareholders, creditors and National Company Law Tribunal (NCLT). Amalgamation is form of business combination. Reconstruction means reorganization of a company’s financial structure. Amalgamation - Amalgamation is an ‘arrangement’ or ‘reconstruction’. It is used as some other meaning like merger, absorption, consolidation, acquisition etc. Of Commerce Vivekananda Degree College 2. By a compulsory amalgamation companies in the public interest or by and order of the central government. The selling shareholders receive either compensation External Reconstruction is a process in which the company’s financial affairs are wound up, and a new company is formed to take over the assets and liabilities of the existing company, after the reorganization of the financial position. (1) Where an application is made to the Court under section 391 for the sanctioning of a compromise or arrangement proposed between a company and any such persons as are mentioned in that section, and it is shown to the Court Company reconstruction is a term of general usage. Opening entries in the books of transferee (purchasing) company. (1) Where an application is made to the Court under this Part for the approval of a compromise or arrangement and it is shown to the Court that the compromise or arrangement has been proposed for the purposes of or in connection with scheme for the reconstruction of any company or the amalgamation of any two or more companies and that under the scheme the whole or any part … Reconstruction implies reorganization of the financial structure of a company. Amalgamation. However it deals with schemes of merger/ acquisition which are stipulated under Section 391 to 394.This scheme is known as “Single Window Clearance Scheme”.It provides a composite code for facilitating mergers and amalgamations which obviates the need for making … However, in the case where shareholders of the acquiring company already own shares of the transferor company, the shares of the transferor company, to the extent of overlapping ownership, need to be cancelled. 2. The object of reconstruction is not a merger but merely to reorganize or reconstitute the capital structure of an existing company. Amalgamation is defined as the combination of one or more companies into a new entity. Banking Regulation Act, 1949. [According to the Halsbury’s Law of England: Absorption or blending of one by the other. Corporate Reconstruction: Amalgamation, Merger and Acquisition | HaidermotaBNR company. Here, the new company is formed with the deliberate ... Forms of Reconstruction and Amalgamation : By sale of shares: Sale of shares is the simplest process of amalgamation or takeover. Companies Act, 1956. Demerger. Who can file the application for Merger & Amalgamation propose: Section 230(1) An application for Merger & Amalgamation can be file with Tribunal (NCLT). It includes: Two or more companies join to form a new company. A reconstruction and amalgamation of companies may take place as a longterm strategy to exploit business potentials or to overcome business constraints or to take over a company or to trim a sick unit or as a tax planning measure. Dept. 3. Company law, 1956 though entrusted large number of powers in the hands of the National Company Law Tribunal (NCLT), some of the cases are still handled by the High Court. MERGER AND AMALGAMATION OF COMPANIES [Effective from 15th December, 2016](1) Where an application is made to the Tribunal under section 230 for the sanctioning of a compromise or an arrangement proposed between a company and any such persons as are mentioned in that section, and it is shown to the Tribunal— (a) that the compromise or … SECTION 232. Merger & Amalgamation “ Private Limited Company With Limited Liability Partnership. The “Neither ‘reconstruction nor amalgamation’ has a precise legal meaning. Reconstruction. The BIFR sanctioned and approved the merger of M/s India Foils Limited (IFL Transferor Company) with M/s Ess Dee Aluminium Limited (EDAL Transferee Company). s.370 of Companies Act 2016 stated that the court may approve on a reconstruction or amalgamation’s scheme if it has been proposed, the court also having the power to approving any compromise based on the provision that listed on s.370(2) of Companies Act 2016 in order to ensure the reconstruction or amalgamation was able to be … Reconstruction. 2. “Neither ‘reconstruction nor amalgamation’ has a precise legal meaning. Where an undertaking is being carried on by a company and is in substance transferred, not to an outsider, but to another company consisting substantially of the same shareholders with a view to its being continued by the transferee company, there is a reconstruction. 5. “Neither ‘reconstruction nor amalgamation’ has a precise legal meaning. "Amalgamation is a union of two or more companies, made with an intention to form a new company." Amalgamation of companies 1. It requires the approval of shareholders, creditors and National Company Law Tribunal (NCLT). CORPORATIONS LAW- SECT 413 Provisions for facilitating reconstruction and amalgamation of Part 5.1 bodies (1) ... is to be transferred to a company (in this section called the transferee company), the Court may, either by the order approving … By scheme of arrangement. Company Law Tribunal (NCLT). In Re South African Supply and Cold Storage Co [1904] 2 Ch. Arrangement. This study is intended to give a basic idea about the meaning, background, objectives, scope, modes, law and practice In relation to any chosen restructuring Programme. Unit 5. Shares are sold and registered in the name of the purchasing company. ... Merger and Amalgamation or take any other corporate reconstruction tool, ... 2016 and National Company Law Tribunal Rules, 2016 and Section 60-62 of Limited Liability Partnership Act, 2008. Sec 394 - Provisions for facilitating reconstruction and amalgamation of companies. Merger/Amalgamation – There is two types of merger, MERGER BY ABSORPTION where one company exists and the other/s losses their entity; and other is MERGER BY CONSOLIDATION where both the companies seized to exist their entity and a new company … Thereby, amalgamation includes absorption. It is a combination of two or more businesses into a single business enterprise. However, one should remember that Amalgamation as its name suggests, is nothing but two companies becoming one. [] It occurs When a company wants to expand their business in terms of long term profitability under a mutual setting by two parties. The term Reconstruction implies the formation of a new company to take-over the Assets of an existing company with the idea that the persons interested and the nature of business … Merger and Amalgamation is a restructuring tool available to Indian conglomerates aiming to expand and diversify their businesses for various reasons whether it is to gain competitive advantage, reduce costs, or availing of tax benefits. Under this, there is re-organization of share capital, varying the rights of shareholders. The company wished to avoid being wound up and negotiated a scheme in which the existing shareholdings in the company would be transferred to a new company which would take over the company’s undertaking and assets as well as its debts. Case Study: Amalgamation / Merger of a Sort. The Companies Act, 1956 does not define the term ‘Merger’ or ‘Amalgamation’. Specifically the term reconstruction refers to the formation of a company which takes over the whole asset of an existing company and the nature of the total business significantly sustains same. This blog is off-shoot of a BIFR Order dated 30.09.2010 in the case of India Foils Limited. A reduction of capital, therefore, follows. Reconstruction and Amalgamation. Further the Term amalgamation can be defined as the combination on two or often more than two companies form a third entity or one company is absolutely observed into other company. Every number or creditor (including a debenture holder) of each of the companies before the amalgamation shall have, as nearly as may be, the same interest in or rights against the company resulting from the amalgamation as he had in the company of which he was originally a member or creditor; and to the extent to which the interest or rights of such member or creditor in or against … Merger: Amount paid to Equity shareholders only in the form of equity shares in purchasing company except cash for fraction of shares. Amalgamation is the combination of two or more companies into a new entity by combining the assets and liabilities of both entities into one. It involves only one company. Amalgamation in nature of: -. ";s:7:"keyword";s:46:"amalgamation and reconstruction in company law";s:5:"links";s:807:"<a href="https://api.duassis.com/storage/86fviuv/round-rock-high-school-softball">Round Rock High School Softball</a>,
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