What is the procedure for amalgamation of two companies operating in Rourkela?
SA Asked by Saurabh Pandey from India
Quick Answer
Amalgamation is governed by Sections 230–232 of the Companies Act, 2013, requiring a scheme approved by shareholders and creditors in meetings in Rourkela.
Detailed Legal Analysis
Amalgamation is governed by Sections 230–232 of the Companies Act, 2013, requiring a scheme approved by shareholders and creditors in meetings in Rourkela. The scheme is then sanctioned by the NCLT, with appeals to the Orissa High Court under Section 61.
The tribunal considers the public interest and the report of the Registrar and Official Liquidator. The amalgamated entity's offices in Odisha must maintain Shops and Establishments registration under Odisha Rent Control Act 1962.
Tax neutrality may be claimed under Section 2(1B) of the Income Tax Act on fulfilment of conditions. All assets and liabilities are transferred by court order.
Legal Provisions Referenced
Verify the current statutory text at India Code (the official repository of Indian legislation) or the Legislative Department. This answer is general legal information, not advice on your specific matter.
Disclaimer: AI-generated for educational purposes only. Does not constitute legal advice. Consult a qualified practitioner.