Company scheme approval rules tightened with revised voting thresholds, filing exemption for undertaking transfers, and added conditions framework. Amendment of section 233 of the Companies Act, 2013 revises the approval framework for schemes by companies and their members. It requires consideration of objections and suggestions in general meetings and approval by a majority of members or class of members present and voting, representing at least seventy-five per cent of the value of shares held by those present and voting. It also substitutes 'at least three-fourths' for 'nine-tenths,' exempts certain transfer or division schemes from filing with the Official Liquidator, and inserts words enabling schemes of companies to operate on specified terms and conditions.
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Company scheme approval rules tightened with revised voting thresholds, filing exemption for undertaking transfers, and added conditions framework.
Amendment of section 233 of the Companies Act, 2013 revises the approval framework for schemes by companies and their members. It requires consideration of objections and suggestions in general meetings and approval by a majority of members or class of members present and voting, representing at least seventy-five per cent of the value of shares held by those present and voting. It also substitutes "at least three-fourths" for "nine-tenths," exempts certain transfer or division schemes from filing with the Official Liquidator, and inserts words enabling schemes of companies to operate on specified terms and conditions.
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