CAIRR Update May 31, 2022

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CAIRR Update May 31, 2022

May 31, 2022

Summary of the notification issued by MCA on 30/05/2022
Requirement for Government Approval in case of a compromise or an arrangement under Companies Act, 2013 in specific cases

Where there is a compromise/an arrangement/merger/de-merger between an Indian company and a company/body corporate which has been incorporated in a country that shares land border with India, a declaration has to be furnished w.r.t requirement to obtain Government approval under the FEMA (Non-debt Instruments) Rules, 2019. If applicable, a copy of the government approval has to be enclosed to the declaration in Form No. CAA-16, which shall be filed at the stage of submission of application for compromise/arrangement etc. The format of the declaration is annexed to this circular.

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