Companies (Compromises, Arrangements and Amalgamations) Second Amendment Rules, 2020

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....nts and Amalgamations) Second Amendment Rules, 2020. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 (hereinafter referred to as the said rules), in rule 2, in sub-rule (1), after clause (d), the following clause shall be inserted, namely:- "(e) "corporate action" means any action taken by the company relating to transfer of shares and all the benefits accruing on such shares namely, bonus shares, split, consolidation, fraction shares and right issue to the acquirer". 3. In the said rules, after rule 26, the following rule shall be inserted namely:- "26 A. Purchase of minority shareholding h....

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....eholders whose shares are held in dematerialised form have been informed about the corporate action [a copy of the notice served to such shareholders and published in the newspapers to be attached]; (c) the minority shareholders shall be paid by the company immediately after completion of corporate action; (d) any dispute or complaints arising out of such corporate action shall be the sole responsibility of the company. (5) For the purposes of effecting transfer of shares through corporate action, the Board shall authorize the Company Secretary, or in his absence any other person, to inform the depository under sub-rule (4), and to submit the documents as may be required under the said sub-rule. (6) Upon ....