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of <h1>Clarification on Companies Act Section 232(6): Firms Can Choose Specific or Event-Based 'Appointed Date' for Mergers.</h1> The circular clarifies the interpretation of section 232(6) of the Companies Act, 2013, regarding the 'appointed date' in business combination schemes. It states that companies can choose an 'appointed date' as either a specific calendar date or an event-based date, which will also serve as the 'acquisition date' for accounting purposes under Ind-AS 103. The 'appointed date' may precede the filing of the merger/amalgamation application, but if significantly ante-dated beyond a year, justification is required. If the date is event-based, companies must notify the Registrar within 30 days of the scheme becoming effective.
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