The changing regulatory mechanics of M&A

By Ravi Singhania, Singhania & Partners

Mergers and Amalgamations (M&A) are regulated through the provisions of the Companies Act, 1956, the Foreign Exchange Management Act, 1999, and the Income Tax Act, (ITA) 1961. Regulations have also been issued by the Security and Exchange Board of India (SEBI) to govern the takeover of public listed companies.

In addition, proposals have been made to bring M&A under the ambit of the new competition law, which is expected to be implemented in India by 2009.

Statutory provisions

Within the companies act, mergers and amalgamations are synonymous. Section 391 to section 394 of the act deals, among other things, with the reconstruction and amalgamation of companies, or what is commonly referred to as mergers.

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Ravi Singhania is the managing partner at Singhania & Partners. The firm is headquartered in Noida and has offices in New Delhi, Mumbai, Bangalore and Hyderabad.


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