Explain the legal provisions related to the amalgamation of companies under the Companies Act, 2013.
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Detailed Solution & Explanation
The Companies Act, 2013 provides the legal framework for the amalgamation of companies in India. Section 230-240 of the Act deals with the procedure for amalgamation, which includes the approval of the scheme of amalgamation by the board of directors, the shareholders, and the creditors of the companies involved. The Act also requires the companies to file the scheme of amalgamation with the Registrar of Companies and to obtain the approval of the National Company Law Tribunal (NCLT).
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