Merger and amalgamation schemes permit Tribunal-sanctioned transfer of undertakings and liabilities under a specified appointed date. Section 232 regulates sanctioning of merger, amalgamation or division schemes involving transfer of undertakings, property or liabilities to a transferee company; the Tribunal may call meetings and require circulation of the draft scheme, directors' reports and valuation reports. After procedural compliance the Tribunal may sanction the scheme and order transfer of assets and liabilities, allotment of securities, continuation of proceedings, dissolution without winding-up, provisions for dissenters, employee transfer, and incidental matters; the scheme must state an appointed date, be filed with the Registrar, and be supported by auditor certification and annual compliance statements.