India: Implemented Companies (Compromises, Arrangements and Amalgamations) Amednment Rules 2023

On 15 June 2023, the Ministry of Corporate Affairs implemented the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules 2023, streamlinining merger processes. These rules amend the previously enacted Companies (Compromises, Arrangements and Amalgamations) Rules, 2016. The 2013 rules specify merger application rules, such as applying to the National Company Law Tribunal (NCLT) for merger approval. Fast-track applications are also possible for mergers of at least one start-up with at least one smaller company, at least two start-ups, at least two smaller companies or a holding company and subsidiary company. The amendment specifies that after applications are received and no objections by the relevant authorities were made after thirty days, the application may be approved within 15 days of the expiry of the thirty days. The relevant authorities are the central government, the registrar of companies, and the official liquidator.