practical aspects of mergers and amalgamations … 2017...c ,a, am, m –notice to members and...
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PRACTICAL ASPECTS OF MERGERS AND AMALGAMATIONS
WIRC OF ICSI February 20, 2017
BY- Rahul Sahasrabuddhe
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VIEWS EXPRESSED IN THISPRESENTATION ARE STRICTLY MYPERSONAL VIEWS AND NEED NOTNECESSARILY BE VIEWS OF ANY OFMY PAST OR PRESENTORGANISATIONS, I HAVEWORKED/ AM WORKING WITH.
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DEFINITIONS
• Mergers
– By Absorption
– By formation of a New Company
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Amalgamation
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i. Not defined under CoA
ii. AS 14 – Pursuant to CoAor such other statues
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Amalgamation
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Sec 2 (1B) IT Act-i. Vesting of all the propertiesii. Absorbing of all the Liabilities iii. Over 75% SH common
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Ways of Amalgamation
Transfer of UPurchase of
shares by another Co.
By CG in National Interest
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Compromise & Arrangement
• Compromise signifies Dispute
• Arrangement is of wider import and includes reorganization
• Reorganization of Share Capital by way of Consolidation is an Arrangement – (SC) Hindustan Commr Bank Ltd. V General Electrical Corp.
• Only one party-Change of SH/ Creditors Rights – is Arrangement –(SC) Saraswati Industrial Syndicate Ltd. V CIT
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Amalgamation
• Foreign Company with Indian Co
• Indian Co with foreign Co?
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Types of Restructuring
• Se 230-231 Compromise or Arrangement
• Se 232 Amalgamation incl Demerger
• Se 233 Amalgamation of Small Companies
• Se 234 Amalgamations of Foreign Companies
Companies (Compromises, Arrangements and Amalgamations) Rules 2016
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Analysis of Se 230-231
1. Scheme for C or A
2. Apply to Tribunal to hold Stakeholder’s meeting
3. Tribunal may order such meeting
4. Holding of such meeting
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Analysis of Se 230-231
5. Approval of C or A Scheme by ¾ in value of Creditors, Class or Creditors, members, etc.
6. Another application to sanction the Scheme
7. Such approved scheme binding on stakeholders
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Usage of Abbreviations
• Compromise - C
• Arrangement - A
• Amalgamation - Am
• Merger - M
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C ,A, Am, M
• Between a Co and its Creditors or class of them
• Between a Co and its members and class of them
Who can apply -
• The Company
• Creditor
• Any member
• Liquidator (*Bankrupt? – National Steel & Gen Mills V. Official Liquidator)
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Amalgamation of 2 or more companies, how many petitions to be filed?
• Mohan Export India Ltd V. Tarun Overseas Pvt Ltd.
• Karnataka HC in Electro Carbodium Pvt Ltd. V Electric Materials Co Pvt Ltd.
• L & T in Re..
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Amalgamation or Merger of a Holding Co. with two of its Subsidiary Cos
• How many schemes to be filed?
– Rule 3 (2)
– Sanathanalaxmi Investments Private Ltd. In Re..,
– Andhra Bank Hsg Fin Ltd In Re..,
– Reliance Jamanagar Infrastructure Ltd.. In Re
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Co is not empowered for C, A, Am and M by way of its Objects Clause……
• EITA India Limited in Re – proposes enabling Object Clause afterwards
• Sir Mathuradas Vissanji Foundation
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Valuation Report….
• Requirement ? – Advance Plastics Pvt Ltd. In re..
• Valuation is a specialized subject and courts would not interfere – HLL In re, Brooke Bond Lipton India Ltd.
• Book Value method of valuation is permissible
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Appointed Date?
• Se 230 (6)
• Appointed Date is a must in every scheme
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Procedure
Meeting of the BoD of T’or and T’ee Co
• Consideration of Proposal
• Valuation Report
• Drafting of Scheme
• Authorization
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Scheme – Basic Contents
• Parties
• Appointed Date and Effective Date
• Capital Structure of the T’ee and T’or Co
• Considerations
• Valuation Report
• Details of Capital/ Debt Restructuring
• Rationale
• Benefits
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Scheme – Basic Contents
• Arrangement with Creditors
• Transfer of U from and Liabilities of T’or co to T’ee from AD
• Effect on Amalgamation on Employees, Contracts, Stakeholders
• Legal Cases
• Dissolutions
• Main objects
• Conditions
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C ,A, Am, M - Application for Order of Meeting
Se 230 (1)
• Form NCLT – 1
• Notice of Admission in NCLT – 2
• Affidavit in NCLT – 6
• A Copy of the Scheme (Discl as per Se 230 (2)
• Fees of Rs. 5000
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C ,A, Am, M - Application for Order of Meeting
Tribunal to consider– Company not an applicant– Scheme is fair and not illegal – Krishna Kumar Mills Co. Ltd.– Meeting of Shareholders not an empty formality. In re.. NePlus
Technologies Private Limited – Rights of T’ee Co Shareholders not affected – no need to hold their
meeting – Punjab Chemicals and Crop Protection Ltd. & J K Cement Ltd. In Re..
– Se 230 (9)– Contrary View in JVA Trading Pvt. Ltd. and C&S Electric Limited – NCLT
denied that it has power to dispense with holding of meeting of members
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C ,A, Am, M – Filing of Affidavit Se 230 (2)
• Material Facts, Latest Audited Fin Position, Auditors’ Report, Pending investigation or proceedings
• Subsequent reduction of Capital, if any,
• CDR Scheme
– Creditors’ Responsibility Statement in CAA -1
– Safeguards to protect secured and unsecured creditors
– Report by auditor – conforming liquidity
– Valuation Report
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C ,A, Am, M – Directions by Tribunals - R 5
• Determine class or classes to hold meeting
• Fix time and date
• Appoint chairperson and scrutiniser
• Fix quorum and procedure to be followed
• Determine values of creditors
• Notice and advertisement of meeting
• Notice to regulators, sectoral regulators
• Such other matters
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C ,A, Am, M – Notice to members and Creditors- R 6• Form CAA – 2 • Details of C, A• Copy of Valuation Report• Effect on creditors, KMP, Promoters, etc. • Material interest of Directors
Chairperson to send the noticePlace the notice on Website of the CompanyAffidavit of service of notice to NCLT by the Chairperson
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C ,A, Am, M – Compulsory voting by Postal Ballot
• Godrej Industries Ltd. In Re – Compulsory voting by Postal Ballot and by electronic voting to the exclusion of actual meeting is not applicable to court convened meeting
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Objections to Compromise or Arrangement
• Only by eligible stakeholders
• Scheme is not coercion tool at the hands of creditors – Mayfair Ltd. In Ree
• Microscopic classification based on terms of each and every creditor – Muralidhar Ratanlal Exports Ltd. V. Gujarat Road & Infrastructure Co. Ltd.
• Objector must have a locus standi – Indian Metal and Ferro Alloys Ltd.
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Chairperson’s Report
• As ordered
• Within 7 days
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Petition
• Conforming C or A
• Date and Notice of hearing
• Order of the Tribunal Se 230 (7) and R 17
– Conversion of PS into Equity, Arrears of Dividend
– Protection of any class
– Variation of rights
– Proceedings before BIFR shall abate
– Exit to dissentient shareholders
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Order for Directions
• File with RoC within 30 days – Se 232 (5)
• Transfer of property and liabilities to T’ee company
• Once the scheme is approved, no further approval from SH is required – Mekaster Valves and Engineering Service Pvt Ltd.
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Filing of Statement with RoC
• Compliance of the Scheme
• Form CAA – 8 within 30 days of End of FY
• Practicing CA/ CMA certificate
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Penalty
• Rs. 1 Lac to Rs. 25 Lacs
• 1 yr Imprisonment or fine upto Rs. 1 lac to 3 Lac.
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Merger and Amalgamation of Small Companies
• Se 233
• Small Companies and Holding and Subsidiary are covered
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Merger and Amalgamation of Small Companies
Conditions
• Notice of the proposed scheme inviting objections is issued to CG (CAA-11), OL,
• Objections considered in General Meeting
• Proposal approved by 90% of the SH
• Each co to file declaration of solvency
• Approved by 9/10th Creditors
• CG to issue approval in form CAA-12
• CG through RD may refer the scheme to NCLT
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Few critical aspects
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Change of name
• Sherno Investment & Finance Ltd V RoC
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Listed Companies
• Cl 37 of LODR
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Is NCLT approved Scheme is Instrument u/Indian Stamp Act
• Bombay HC in Li Taka Pharmaceuticals V State of Maharashtra
• Order has trappings of sale – HLL Vs. State of Maharashra (SC)
• AS 14 was also scrutinized. Transferee company to pay additional stamp duty on increased capital – Areva T and D India Limited
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• Judgments
• Books
• Websites
• Legal Journals
• Articles
SPRS
ANDc CO. 39
RESOURCE MATERIALS
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Contact Co-ordinates
CS Rahul P. Sahasrabuddhe
Founding Partner
SPRS And Co
Company Secretaries
Mobile No. 98 196 500 45
Email: [email protected]
THANK YOU40
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