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of <h1>Merger or amalgamation of foreign and Indian companies now permitted subject to RBI approval, valuation and Tribunal approval</h1> Amendment inserts rule 25A permitting mergers or amalgamations between Indian companies and foreign companies subject to prior approval of the Reserve Bank of India, compliance with sections 230232 and these rules, and subsequent filing before the Tribunal; outcome: transactions require RBI approval and Tribunal sanction. Transferee companies must obtain valuations by valuers who are members of a recognised professional body in the transferee jurisdiction and comply with internationally accepted accounting and valuation principles, with a declaration to be submitted to RBI; outcome: valuation certification is mandatory for RBI approval. Annexure B prescribes eligible foreign jurisdictions based on securities regulator cooperation, central bank BIS membership and absence of FATF strategic deficiencies; outcome: only jurisdictions meeting these criteria qualify for mergers.
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