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of <h1>Section 394: Streamlining Company Mergers and Transfers Under Companies Act 1956</h1> Section 394 of the Companies Act, 1956, outlines the process for facilitating the reconstruction and amalgamation of companies. When a compromise or arrangement is proposed under Section 391, the Tribunal may sanction it if it involves the transfer of undertakings, properties, or liabilities from a transferor company to a transferee company. The Tribunal can order the continuation of legal proceedings, dissolution without winding up, and address dissenting parties. The transfer of property and liabilities becomes effective upon the Tribunal's order. Companies must file the order with the Registrar within thirty days, with penalties for non-compliance. Definitions for 'property' and 'liabilities' are provided.
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