Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
The notification amends the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 by inserting a new sub-rule (5) in rule 25A. It provides for the procedure to be followed in cases where a foreign holding company merges or amalgamates with its wholly owned Indian subsidiary company. The key requirements are: both companies must obtain prior approval from the Reserve Bank of India, the Indian transferee company must comply with Section 233 of the Companies Act, 2013, the application for merger/amalgamation must be made by the Indian transferee company to the Central Government u/s 233, and the declaration required under sub-rule (4) must be made at the time of making the application u/s 233. The amendment comes into force on 17th September, 2024.
The notification amends the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 by inserting a new sub-rule (5) in rule 25A. It provides for the procedure to be followed in cases where a foreign holding company merges or amalgamates with its wholly owned Indian subsidiary company. The key requirements are: both companies must obtain prior approval from the Reserve Bank of India, the Indian transferee company must comply with Section 233 of the Companies Act, 2013, the application for merger/amalgamation must be made by the Indian transferee company to the Central Government u/s 233, and the declaration required under sub-rule (4) must be made at the time of making the application u/s 233. The amendment comes into force on 17th September, 2024.
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