Merger scheme confirmation timelines updated: deemed approval if no timely objection, or referral on substantive objections. Amendments revise timelines for approval of merger and amalgamation schemes: if no objection is received within thirty days, the Central Government may issue a confirmation order in the prescribed form and, failing issuance within sixty days from receipt, approval is deemed and a confirmation order issued. If objections are received within thirty days, the Central Government may either dismiss unsustainable objections and confirm the scheme or, if it considers the scheme not in the public interest or not in creditors' interest, file an application for tribunal consideration in the prescribed form; failure to act within the overall period results in deemed non-objection and confirmation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Merger scheme confirmation timelines updated: deemed approval if no timely objection, or referral on substantive objections.
Amendments revise timelines for approval of merger and amalgamation schemes: if no objection is received within thirty days, the Central Government may issue a confirmation order in the prescribed form and, failing issuance within sixty days from receipt, approval is deemed and a confirmation order issued. If objections are received within thirty days, the Central Government may either dismiss unsustainable objections and confirm the scheme or, if it considers the scheme not in the public interest or not in creditors' interest, file an application for tribunal consideration in the prescribed form; failure to act within the overall period results in deemed non-objection and confirmation.
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