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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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Power to order amalgamation in public interest enables government to merge companies subject to compensation and appeal rights.</h1> 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.
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