Power to order amalgamation in public interest enables government to merge companies subject to compensation and appeal rights. Central Government may order amalgamation of companies in the public interest into a single transferee company with specified constitution, rights, ... Summary
Power to order amalgamation in public interest enables government to merge companies subject to compensation and appeal rights.
Central Government may order amalgamation of companies in the public interest into a single transferee company with specified constitution, rights, liabilities and powers; provide for continuation of pending proceedings and necessary supplemental provisions; require protection of members', creditors' and debenture holders' existing interests or compensation where reduced, with assessments published and subject to appeal to the Tribunal; and mandate draft circulation, consultation, resolution of appeals and laying of orders before Parliament.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.