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COMPROMISE AND ARRANGEMENT ‘Compromise’ is an expression which implies the existence of a dispute such as relating to rights, which it seeks to settle.

‘Arrangement’ is a term of very wide import, and its meaning is not to be limited to something analogous to a compromise to a compromise.

Presently, the High Court enjoys powers of sanctioning amalgamation matters under section 394 of the Act though it is a matter of time when this power will be exercised by National Company Law Tribunal, a forum where Chartered Accountants shall be authorized to appear.

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.

Differs from a consolidation in that no new entity is created from a merger 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 court can order an amalgamation of the Indian undertaking of a foreign company with an Indian Company.

Amalgamations and Mergers under Companies Act 1956 In general, amalgamation is the process of combining or uniting multiple entities into one form.

Whereas Merger means the combining of two or more entities into one, through a purchase acquisition or a pooling of interests.

It is always preferred to have the valuation of shares by an outside expert to determine the fair exchange value of shares. Apply to High Court for directions to convene the general meeting by way if Judge’s summon y an affidavit. Resolution approving the scheme of amalgamation to be passed by three/fourth majority in value of members, and authorizing the directors to implement the scheme. Resolution for increasing the authorized capital of the company, where necessary by ordinary/special resolution. Send 6 copies of notice and copy of proceedings of the meeting to the concerned stock exchanges as per listing agreements. 40 within 7 days of the filing of the report by the Chairman and ensure compliances under section 394 and 395 in this regard. SHRI VIKRAM COTTON MILLS LTD AIR 1970 SC 1973 It was held that any compromise with creditors under the scheme does not reduce the liability of surety unless the contract of surety provides otherwise. LTD 71 CWN 845 The court has jurisdiction to entertain application under section 391 of the Act in respect of foreign company and a Government Company. (1981) 51COMP (RAJ) It was held by the court that However, the power can be exercised where such modification is considered necessary for proper working of the scheme.

The petition is accompanied by an affidavit in Form no. The High Court should be moved jointly by transferor and transferee companies where registered offices of both the companies are in the same state. A suit by Bank against surety can be stayed till the time the amount recoverable and due from the company is determined. : POWER OF HIGH COURT TO ENFORCR COMPROMISE AND ARRANGMENTS. It was held that the court can make the eviction orders against a person who have prima facie no right, title or interest in the company’s properties by issuing suitable directions. But where the modification makes the compromise or arrangement suitably in variance of original one or where it prejudicially affects any section of the creditors or contributories, the sanction of a fresh meeting will have to be sought.

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