https://www.mca.gov.in/bin/dms/getdocument?mds=qTyAFp6vBFvAIie1mgFTbg%253D%253D&type=open
As per the Notification dated 9th September 2024, issued by the Ministry of Corporate Affairs, the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, the following sub-rule shall be inserted:
“5) Where the transferor foreign company incorporated outside India being a holding company and the transferee Indian company being a wholly owned subsidiary company incorporated in India, enter into merger or amalgamation, –
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both the companies shall obtain the prior approval of the Reserve Bank of India;
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the transferee Indian company shall comply with the provisions of section 233; (
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the application shall be made by the transferee Indian company to the Central Government under section 233 of the Act and provisions of rule 25 shall apply to such application; and
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the declaration referred to in sub-rule (4) shall be made at the stage of making application under section 233 of the Act
The amendments shall come into force from 17th September 2024.