Does the Companies Act, 2013, read with clarifications in a 21 May 2013 circular issued by the Securities and Exchange Board of India (SEBI) on schemes of arrangement undertaken by listed companies under the Companies Act, 1956, have the effect of eliminating the need for convening a meeting to pass a resolution to approve a scheme of amalgamation? And can a scheme of amalgamation be passed by a majority of shareholders of a company who cast their votes by postal ballot?
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The dispute digest is compiled by Bhasin & Co, Advocates, a corporate law firm based in New Delhi. The authors can be contacted at lbhasin@bhasinco.in or lbhasin@gmail.com. Readers should not act on the basis of this information without seeking professional legal advice.
