Application for order of a meeting

(2)

Where more than one company is involved in a scheme in relation to which an application under sub-rule (1) is being filed, such application may, at the discretion of such companies, be filed as a joint-application.

(3)

Where the company is not the applicant, a copy of the notice of admission and of the affidavit shall be served on the company, or, where the company is being wound up, on its liquidator, not less than fourteen days before the date fixed for the hearing of the notice of admission.

(4)

The applicant shall also disclose to the Tribunal in the application under sub-rule (1), the basis on which each class of members or creditors has been identified for the purposes of approval of the scheme.

(5)

A member of the company shall make an application for arrangement, for the purpose of takeover offer in terms of sub-section (11) of section 230, when such member along with any other member holds not less than three-fourths of the shares in the company, and such application has been filed for acquiring any part of the remaining shares of the company.

Explanation

I. – “shares” means the equity shares of the company carrying voting rights, and includes any securities, such as depository receipts, which entitles the holder thereof to exercise voting rights.

Explanation

II.-Nothing in this sub-rule shall apply to any transfer or transmission of shares through a contract, arrangement or succession, as the case may be, or any transfer made in pursuance of any statutory or regulatory requirement.

(6)

An application of arrangement for takeover offer shall contain:-

(a)

the report of a registered valuer disclosing the details of the valuation of the shares proposed to be acquired by the member after taking into account the following factors: –

(i)

the highest price paid by any person or group of persons for acquisition of shares during last twelve months;

(ii)

the fair price of shares of the company to be determined by the registered valuer after taking into account valuation parameters including return on net worth, book value of shares, earning per share, price earning multiple vis-a-vis the industry average, and such other parameters as are customary for valuation of shares of such companies.

(b)

details of a bank account, to be opened separately, by the member wherein a sum of amount not Iess than one-half of total consideration of the takeover offer is deposited.

SCHEDULE OF FEES

S. No. Sections of the

Companies Act, 2013 Rule

Number Nature of application or petition Fees

1 Sub-section (1) of section 230 3 (1) Application for compromise arrangement and amalgamation. Rs. 5,000/-

1 Sub-section (1) of section 230 3 Application for compromise arrangement and amalgamation*

Notes, amendments & references (12)

Application for order of a meeting. —(1) An application under sub-section (1) of section 230 of the Act may be submitted in Form no. NCLT-1 (appended in the National Company Law Tribunal Rules, 2016) along with:-

(i) a notice of admission in Form No. NCLT-2 (appended in the National Company Law Tribunal Rules, 2016);

(ii) an affidavit in Form No. NCLT-6 (appended in the National Company Law Tribunal Rules, 2016);

(iii) a copy of scheme of compromise or arrangement, which should include disclosures as per sub-section (2) of section 230 of the Act; and

(iv) fee as prescribed in the Schedule of Fees.

*Substituted vide notification on Companies (Compromises, Arrangements and Amalgamations) Amendment Rules,2020 dated 03.02.2020. To view the notification Click Here Rs. 5,000/-

2 Sub-section (2) of section 235 Application by dissenting shareholders Rs. 1,000/-

3 Sub-section (2) of section 238 29 Appeal against order of Registrar refusing to register any circular. Rs. 2,000/-

Form no. NCLT-1 To view the return, Click Here

Form No. NCLT-2 To view the return, Click Here

Form No. NCLT-6 To view the return, Click Here

Inserted vide notification on Companies (Compromises, Arrangements and Amalgamations) Amendment Rules,2020 dated 03.02.2020. To view the notification Click Here