Cross-border merger rules updated to replace NCLT with Competent Authority for merger approval references.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....The RBI amends the Foreign Exchange Management (Cross Border Merger) Regulations, 2018 by substituting "Competent Authority" for "NCLT" in regulations 4, 5, 7 and 9, so merger-related approvals now refer to the authority empowered under the Companies Act, 2013 or subordinate legislation to approve mergers or amalgamations. It also omits clause (vii) in regulation 2 and inserts a new definition of "Competent Authority" in regulation 2. The amendment takes effect from the date of publication in the Official Gazette.....