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The Union corporate affairs ministry has proposed amendments to rules in relation to fast-track mergers as part of larger efforts to improve the ease of doing business.
Section 233 of the Companies Act, 2013, provides for mergers or amalgamation of certain companies (fast-track mergers) through approval of the central government. The ministry has delegated the powers to regional directors in this regard.
The ministry has sought public comments till May 5 on the proposed amendments in the rules to widen the scope of fast-track mergers under the Act, according to a release on Saturday.
In her Union Budget speech on February 1, Finance Minister Nirmala Sitharaman had said the government would rationalise the requirements and procedures for speedy approval for mergers of companies and the scope for fast-track mergers would be widened.
"Requirements and procedures for speedy approval of company mergers will be rationalised. The scope for fast-track mergers will also be widened and the process made simpler," she had said.
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