Section 238 of Indian Companies Act 2013 "Registration of offer of schemes involving transfer of shares"
(1) In relation to every offer of a scheme or contract involving the transfer of shares or any class of shares in the transferor company to the transferee company under section 235,-
(a) every circular containing such offer and recommendation to the members of the transferor company by its directors to accept such offer shall be accompanied by such information and in such manner as may be prescribed;
(b) every such offer shall contain a statement by or on behalf of the transferee company, disclosing the steps it has taken to ensure that necessary cash will be available; and
(c) every such circular shall be presented to the Registrar for registration and no such circular shall be issued until it is so registered:
Provided that the Registrar may refuse, for reasons to be recorded in writing, to register any such circular which does not contain the information required to be given under clause (a) or which sets out such information in a manner likely to give a false impression, and communicate such refusal to the parties within thirty days of the application.
(2) An appeal shall lie to the Tribunal against an order of the Registrar refusing to register any circular under sub-section (1).
(3) The director who issues a circular which has not been presented for registration and registered under clause (c) of sub-section (1), shall be punishable with fine which shall not be less than twenty-five thousand rupees but which may extend to five lakh rupees.
Section 239 of Indian Companies Act 2013 "Preservation of books and papers of amalgamated companies"
The books and papers of a company which has been amalgamated with, or whose shares have been acquired by, another company under this Chapter shall not be disposed of without the prior permission of the Central Government and before granting such permission, that Government may appoint a person to examine the books and papers or any of them for the purpose of ascertaining whether they contain any evidence of the commission of an offence in connection with the promotion or formation, or the management of the affairs, of the transferor company or its amalgamation or the acquisition of its shares.
Section 240 of Indian Companies Act 2013 "Liability of officers in respect of offences committed prior to merger, amalgamation, etc"
Notwithstanding anything in any other law for the time being in force, the liability in respect of offences committed under this Act by the officers in default, of the transferor company prior to its merger, amalgamation or acquisition shall continue after such merger, amalgamation or acquisition.
What is penalty for furnishing false statement, mutilation, destruction of documents What is power to compromise or make arrangements with creditors and members Section 229 and 230 of Indian Companies Act 2013
What is Registration of offer of schemes involving transfer of shares Preservation of books and papers of amalgamated companies, What is the Liability of officers in respect of offences committed prior to merger, amalgamation, etc Section 238, 239 and 240 of Indian Companies Act 2013