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Background
The Central Government recently notified Sections 230(11) and 230(12) of the Companies Act, 2013 (“Act ”), which deal with takeover offers in unlisted companies
on 3 rd February, 2020 . Section 230 of the Act provides for arrangements between a company and its creditors or
members or any class of them, specifying the procedure to be followed to make such a compromise or arrangement. The newly
– notified Section 230(11) states that in the case of unlisted companies any compromise or arrangement may include a takeover offer made in the prescribed manner, while in case of listed  companies takeover offers must be made as per regulation prescribed by Securities and Exchange Board of India. Section 230(12) permits a party aggrieved by the takeover offer to make an application, bringing its grievance before the National Company Law Tribunal (NCLT). The Ministry of Corporate Affairs has also amended the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 (CAA Rules) and the NCLT Rules, 2016, corresponding to the above provisions
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