Menu
Dispense of Creditor's Meetings
In case of merger between 2 or more companies, what are the conditions to be fulfilled so that all the companies can avail dispensation of creditors' meeting required under the Act ?
Replies (2)
Based on your query, it may be advised that referring to the section 230 (10) The Tribunal may dispense with calling of a meeting of creditor or class of creditors where such creditors or class of creditors, having at least ninety per cent. value, agree and confirm, by way of affidavit, to the scheme of compromise or arrangement.
Obtain a written affidivit from them to the effect that they accord their unconditional consent to the terms of the proposed scheme and they alos authorise the board to make such modifictions which any statutory authoroties may direct in this regard
Recent Topic
- Clarification Needed: Reporting Accrued vs Paid FD
- TDS on prize given to participants in Livestock sh
- TDS related matter - 194 IA
- Research: How do CA firms handle GSTR-2B reconcili
- CA FINAL FR IndAS 33 Illustrtion 14
- Taxation on Sale of old Jewellery Received at Marr
- ITR-3 Filling issues
- PF withdrawal and tax liability
- Sale of Goods or Services?
- ITR form query
Related Topics
CAclubindia
