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of <h1>Section 237: Central Government power to force company amalgamation in public interest with safeguards for members, creditors</h1> Section 237 empowers the Central Government to mandate amalgamation of two or more companies if essential in the public interest, by order in the Official Gazette. The order may define the constitution, assets, rights, liabilities and continuation of legal proceedings of the amalgamated company. Members and creditors of transferor companies must retain substantially equivalent rights or receive compensation assessed by a prescribed authority, with appeal to the Tribunal within thirty days. Before issuing the order, the Government must circulate a draft, allow at least two months for objections, consider suggestions, and await exhaustion or disposal of appeals. Final orders must be laid before both Houses of Parliament.
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