MCA notified the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2022 to further amend the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 vide notification dated May 30, 2022. It has been provided that in case of a compromise or an arrangement or merger or demerger between an Indian company and a company or body corporate incorporated in a country that shares a land border with India, a declaration in form no. CAA-16 would need to be furnished declaring that:
i. the company/body corporate is not required to obtain prior approval under the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019; or
ii. the company/body corporate is required to obtain prior approval under the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 and the same has been obtained and is enclosed herewith.
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For further information, please contact:
Vineet Aneja, Partner, Clasis Law
vineet.aneja@clasislaw.com
