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Simplified amalgamation procedure ensures Cabinet-approved government company mergers proceed after unanimous member approval and creditor assent. A simplified administrative procedure for amalgamation under section 396 requires Cabinet approval that the merger is in the public interest, member resolutions passed by members holding 100% of voting power with full disclosure of assets and liabilities, and creditor assent either unanimous or by ninety percent by value plus certification of no objection. After submission of corporate resolutions and Cabinet confirmation, the Central Government may notify the amalgamation, effect transfer of assets and liabilities to the transferee or resulting company, preserve pre-existing rights and proceedings, cancel registrations of dissolved transferor companies, and require the Registrar to strike off their names.
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Provisions expressly mentioned in the judgment/order text.
Simplified amalgamation procedure ensures Cabinet-approved government company mergers proceed after unanimous member approval and creditor assent.
A simplified administrative procedure for amalgamation under section 396 requires Cabinet approval that the merger is in the public interest, member resolutions passed by members holding 100% of voting power with full disclosure of assets and liabilities, and creditor assent either unanimous or by ninety percent by value plus certification of no objection. After submission of corporate resolutions and Cabinet confirmation, the Central Government may notify the amalgamation, effect transfer of assets and liabilities to the transferee or resulting company, preserve pre-existing rights and proceedings, cancel registrations of dissolved transferor companies, and require the Registrar to strike off their names.
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