AMENDMENTS IN THE NCLT RULES 2020

Ministry of Corporate affairs has came out with amendments in National Company Law Tribunal Rules 2020. By using it's power prescribed under section 469 of companies act 2013.read with section 230 of the Companies Act,2013, the Central Government hereby makes the following rules,

NCLT

WHAT WAS OLD SCENARIO

Earlier the provisions of Section 230(12) of Companies Act 2013 were not notified; simultaneously no rule was there in National Company Law Tribunal Rules 2016 to deal with this scenario.

However due to dynamic business environment and continuous changes in business practices Ministry has amended the provisions in relation to regulation of Takeover bid for listed Company in the process of Compromise and Arrangements

WHAT IS NEW SCENARIO

In the National Company Law Tribunal Rules, 2016 (hereinafter referred
to as the principal rules), after rule 80, the following rule shall be inserted,
Namely:-

Rule 80A- An application under sub Section (12) of section 230 may be made in Form NCLT-1 and shall be accompanied with such documents as are mentioned in Annexure B

S.NO 22A Inserted for FEES for Application of takeover bids for unlisted companies  shall Rs.5000

Annexure A got amended with rule 80A

Annexure B got amended with S.NO 12A, where list of documents to be attached with application are given

Following new documents Inserted in case of takeover offer of not listed company

1. Affidavit verifying the petition

2. Memorandum of appearance with copy of boards resolution or the executed vakalatnama, as the case may be

3. Documents in support of the grievance against the takeover

4. Any other relevant documents