MCA introduces additional compliance for Foreign Company of country which share border with India

The Ministry of Corporate Affairs (MCA) vide Notification No. F. No. 2/31/CAA/2013-CL-V dated 30th May 2022 introduces additional compliance for Foreign Company of country which share border with India.

In exercise of the powers conferred by sub-sections (1) and (2) of section 469 read with sections 230 to 240 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016.

These rules may be called the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2022.

In the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 (hereafter in these rules referred to as the said rules), in rule 25A, after sub-rule (3), the following sub-rule shall be inserted namely:

Notwithstanding anything contained in sub-rule (3), in case of a compromise or an arrangement or merger or demerger between an Indian company and a company or body corporate which has been incorporated in a country which shares land border with India, a declaration in Form No. CAA-16 shall be required at the stage of submission of application under section 230 of the Act.

In the said rules, in Annexure A, after Form No. CAA-15, Form No. CAA-16 shall be inserted.

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