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This is the crux of who we are. It is an articulation of precision in purpose, from the Firm’s beginnings to where we are today. Our collective eye is unerringly trained on tomorrow.

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Our insistence on strategic advisory exacts an in-depth understanding of and involvement with our clients’ businesses and industries. We engage not just individual businesses, but also contribute to the country’s legal and regulatory frameworks.

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This is a repository of thought leadership, deep insights and strong viewpoints, legal and other news and events and how they impact the industry and our clients.

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Amplifying intrinsic talent, sharpening skills, expanding knowledge, is vital to leading. It defines every aspect of how our firm functions and transacts. This is how we create new benchmarks and set industry standards.

  • Connect
Mar 30, 2020

Notification of Provisions Relating to Schemes of Arrangement Including Takeover Offers

MCA on February 3, 2020, notified Sections 230(11) and 230(12) of the Companies Act, 2013 (‘Companies Act’). Section 230(11) of the Companies Act allows for a takeover offer to be implemented through a scheme of compromise or arrangement. It also provides that, for listed companies, the takeover offer must be as per the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Section 230(12) of the Companies Act allows an aggrieved party to make an application to the National Company Law Tribunal (‘NCLT’) in the event of any grievances with respect to the takeover offer of companies (other than listed companies).

MCA has also notified the NCLT (Compromises, Arrangements and Amalgamations) Amendment Rules, 2020 to give effect to Section 230(11) of the Companies Act.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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