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Fast Track Merger: Regional Director does not have power to reject the Scheme
By Asish Philip Abraham, Bhusan Porwal, and Aastha Sahay
The article in this issue of Corporate Amicus provides a detailed discussion of a recent Bombay High Court decision in Asset Auto v. UoI, which reviews the discretionary power provided to the Regional Director of the central government in respect of fast-track mergers provided under Section 233 of the Companies Act, 2013. According to the High Court, the Regional Director does not have the power to outrightly reject the scheme. It was held that the Regional Director should form an opinion that the scheme is not in public interest or in the interest of creditors and strictly follow the conditions to file an application before NCLT, instead of outrightly rejecting the scheme. The authors also note that the Court did not address whether the Regional Director can decide on matters of solvency. According to them, whether the Regional Director can take any action for the interest of the creditors when the creditors themselves had approved the scheme, is another aspect which needs to be pondered upon.
Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 amended – MCA Notification
Competition Commission of India (Combinations) Regulations, 2024 introduced to enhance the merger control regime in India
Competition (Criteria for Exemption of Combinations) Rules, 2024 notified – MCA Notification
Competition (Minimum Value of Assets or Turnover) Rules, 2024 notified – MCA notification
Competition (Criteria of Combination) Rules, 2024 notified – MCA notification
Reporting requirements under Liberalised Remittance Scheme for resident individuals revised from monthly to daily reports – RBI Notification
Investing in securities of companies listed on the SME segment of stock exchanges – SEBI Press Release
Trading and Settlement of Sovereign Green Bonds in the International Financial Services Centre – RBI notification
Modification in the timeline for submission of status regarding payment obligations to the stock exchanges by entities that have listed commercial paper – SEBI Circular
Ratio decidendi
Fresh settlement proposal will not be permitted once Committee of Creditors (CoC) has approved Resolution Plan – NCLAT New Delhi
Not proposing the name of an arbitrator in the legal notice does not vitiate the arbitration proceeding – Rajasthan High Court
In case of a deadlock situation in a company, the impasse should be resolved by one group buying out the shares of the other – NCLT Mumbai
Courts should not delve into the commercial wisdom of the CoC to decide the fairness and reasonableness of the Resolution Plan – Delhi High Court
Arbitration application under Section 11 cannot be entertained without a valid notice under Section 21 – Telangana High Court
News Nuggets
E-adjudication of violations under Company law introduced
