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MCA Notification No. S.O.525(E) Dated 03/02/20 – Appointment of 3rd February, 2020 as the date on which Section 230 (11) & (12) of Companies Act, 2013 shall come into force.

Vide MCA Notification No. S.O.525(E) on 03/02/20 Central Government appointed 3rd February, 2020 as the date on which Section 230 (11) & (12) of Companies Act, 2013 shall come into force.

Section

Section pertains to –

230 (11)

 Any compromise or arrangement may include takeover offer made in such manner as may be prescribed:

Provided that in case of listed companies, takeover offer shall be as per the regulations framed by the Securities and Exchange Board.

230 (12)

An aggrieved party may make an application to the Tribunal in the event of any grievances with respect to the takeover offer of companies other than listed companies in such manner as may be prescribed and the Tribunal may, on application, pass such order as it may deem fit.
Explanation: For the removal of doubts, it is hereby declared that the provisions of section 66 shall not apply to the reduction of share capital effected in pursuance of the order of the Tribunal under this section.

The said Notification can be accessed through the following link:MCANotif_SO.525(E)_03022020_Commencement Notification

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