The MCA has, by way of a Notification dated May 30, 2022, amended the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, which is effective from May 30, 2022. Pursuant to this amendment, in case of a compromise, arrangement, merger or demerger between an Indian company and a company/ body corporate of a country sharing land border with India, a declaration in the newly prescribed Form CAA.16 is required to be submitted by the Indian company. The declaration requires the Indian company to clarify whether it requires (or does not require) prior approval under the NDI Rules in relation to such matter, and if approval is required, then a copy of such prior approval obtained should be attached to this Form. Such declaration is required to be submitted at the stage of submission of application under Section 230 of the Companies Act.