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Through a notification dated December 7th, 2016 Ministry of Corporate Affairs has notified various provisions of the Companies Act, 2013. The notified provisions mainly compromised of proceedings related to arbitration, compromise, arrangements and reconstruction and winding up of companies as per provisions of the Companies Act, 2013.
As a result of such provisions getting notified all the pending cases related to merger/amalgamations before the respective District courts and the High courts were transferred to National Company Law Tribunal (NCLT). As per the enactment of the notified provisions now any proceedings related to merger/amalgamation an application has to be made to NCLT.
The author Mr Ashwin Bhat, Junior Partner at NovoJuris Legal, under this article has captured various nuances related to mergers/amalgamation in India, pre-merger processes, post-merger processes, difference in swap ratio/ exchange ratio, difference between appointed date versus effective date and many more interesting aspects related to mergers/amalgamations.