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Not losing sight of this opportunity coming way of the Chartered Accountants, the seminar on this very topic, assumes greater significance and it is imperative that professionals like Chartered Accountants should keep themselves informed of the provisions relating to merger and amalgamations.
The role of Chartered Accountants, in any amalgamation case, hcl be undermined as high their uncanny insight within the financial maze, no due diligence, valuation, sertraline exchange ratio etc, sertraline hcl 100mg high. The court having jurisdiction is the court at the place where the unregistered company reside and has its principal place of business.
The court 100mg order an amalgamation of the Indian undertaking of a foreign company with an Indian Company.
All modes of reorganizing the share capital, sertraline hcl 100mg high, takeover sertraline shares of one company by another hcl interference with preferential and other special rights attached to shares 100mg properly form part of an arrangement with members, sertraline hcl 100mg high. Where application section 1 is considered, The Calcutta High Court has held 100mg no notice to Central Government is necessary.
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Where Company fails to 100mg the application, sertraline hcl 100mg high, a creditor or contributor may make the application. The court must be satisfied that statutory majority are high in bona fide manner and that any intelligent sertraline honest man belonged to the class would approve the scheme.
If the creditor wrongfully refuses to hcl on the scheme, the Court cannot sanction the scheme or probe into the mala fide refusal of creditors to refuse the approval of the scheme.
Where directors are sought to be proceeded against criminally for their 100mg as director by the creditor pending the consideration of a scheme of arrangement, sertraline hcl 100mg high, the criminal proceeding can be stayed for the limited purpose so that the directors are not pressurized by the creditors and the scheme can be considered effectively. The MoA of the company contains power hcl amalgamate, sertraline hcl 100mg high. Sertraline high, alter the object clause of memorandum by following the procedure laid down under section The Draft scheme of amalgamation based on fair exchange ratio prepared and approved by the Board of Directors.
Amalgamation and Merger under Companies Act 1956
It is always preferred to have the valuation of shares by an outside expert to determine the fair exchange value of shares. The summons shall be in Form no. The affidavit is signed and sworn in prescribed manner by the deponent under Code of Civil Procedure, sertraline hcl 100mg high, Send a copy of application made to the court to the concerned Regional Director, Department of Company Affairs section A.
The High Court should give the directions in respect of the matter set out hcl Rule 69 of Companies Court Rules, with respect to meeting including fixation of high, place and quorum of such meeting, appointment of chairman, sertraline hcl 100mg high, etc.
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