The Ministry of Corporate Affairs vide notification dated 15th May, 2023 has issued the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2023. They shall come into force with effect from 15th day of June, 2023.
The amendment provides that when a scheme for merger is submitted and where no valid objection or suggestion is received within a period of thirty days of receipt of copy of scheme, from the Registrar of Companies and Official Liquidator by the Central Government and the Central Government is of the opinion that the scheme is in the public interest or in the interest of creditors, it may, within a period of fifteen days after the expiry of said thirty days, issue a confirmation order of such scheme of merger or amalgamation in Form No. CAA.12.
