mergers

Industry body CII today said competition watchdog CCI's approval should not be made mandatory for mergers and amalgamations between group companies. While acquisitions of control or shares or voting rights or assets within the same group have been exempted from the notification requirement, mergers or amalgamations have not been specified, which appears to be an oversight, CII said in a statement. Full Article

The terms merger and amalgamation have not been defined in the Companies Act, 1956 (hereinafter referred to as the Act) though this voluminous piece of legislation contains 69 definitions in Section 2. The concept paper recently issued by the Ministry of Company Affairs, the fate of which is still unknown, contained 100 such definitions but still stopped short of defining merger or amalgamation. The terms merger and amalgamation are synonyms and the term ‘amalgamationâ.. Full Article

Mergers on individual banks will not be forced, and no time frame has been set for the consolidation process in the banking system, financial services secretary R Gopalan said today. Merger of state-run banks should be done with a view to bring in good synergies, on mutual interests of the concerned entities, and government will not compel the consolidation process on individual banks, he said said at a Bancon conference here. Full Article

Yes, it is also true that just because an opposite party has not appeared in the matter, a suit or a petition need not be allowed where there is no merit in the case. But, to be frank, there exist a prima facie case for the Petitioner in the above case. The Petitioner alleges a due, sent a notice, the notice has not been replied and the Petitioner approaches the Court for winding-up of the Company. The result of the judgment makes it clear that the Court will never favou.. Full Article

The Competition Act, 2002 inter-alia provides for regulation of combinations in accordance with the provisions contained therein. However, the provisions of the Competition Act, 2002 relating to regulation of combinations, including mergers and amalgamations have not yet come into force as the same have not been notified. This information was given today by Shri Salman Khurshid, [...] Full Article

NEW DELHI: The government has decided not to apply an area limit of 5,000 hectares for special economic zones (SEZs) if two or more such zones are merged, clearing the way for big SEZs in the country. In an amendment to the SEZ rules, the government has also allowed developers more freedom on selecting the [...] Full Article