MCA introduces procedure for takeover of any Company by majority shareholder

The Ministry of Corporate Affairs has introduced a new Rule 5 & 6 in the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2016 which provides the procedures for a member along with others holding not less than 3/4th of shares of the Company to make a takeover offer in terms of sub-section (11) of section 230 to acquire the remaining shares of the Company.