Takeover norms for Unlisted Companies

MCA has specified rules for the takeover of unlisted companies wherein it is provided that a member along with other members holding not less than 3/4th of shares of the Company can make an application to the NCLT in relation to a takeover offer for acquiring the remaining shares of the Company.

Any person who is aggrieved by the aforesaid takeover offer may file an application to Tribunal in Form NCLT-1 along with related documents.

The Central Government hereby appoint February 03, 2020, as the date on which the above said rules shall come into force.

Effective date: Date of publication in Official Gazette

Source: (Compromises, Arrangements and Amalgamations) Amendment Rules,2020 dated February 03, 2020, National Company Law Tribunal (Amendment) Rules,2020 dated February 03, 2020, MCA Notification dated February 03, 2020