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2021 (9) TMI 1202 - Tri - Companies LawSeeking amendment in the scheme of amalgamation - Rules 11 and 32 of National Company Law Tribunal Rules, 2016 - HELD THAT:- A scheme of arrangement approved between or among companies is required to comply with the provisions of Sections 230-232 of the Act. On a perusal of the Ministry of Corporate Affairs (MCA) Circular dated 21st August 2019, it is clear that the companies may choose the “appointed date” of the merger/amalgamation based on occurrence of an event, which is relevant to the merger between the companies. This would allow the companies concerned to function independently till such event is actually materialised. The circular further clarifies that the term “appointed date” used in Section 232(6) shall be deemed to be the “acquisition date” for the purpose of conforming to Indian Accounting Standards 103 dealing with business combinations. Since the applicant want to amend the CA (CAA) based on the clarificatory circular of Ministry of Corporate Affairs and also amend the reliefs sought therein, the reliefs sought for by the applicant may be granted - Application allowed.
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