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    Question

    A foreign company, may with the prior approval of the

    _____________, merge into a company registered under the Companies Act or vice versa as per section 234 of the Companies Act
    A SEBI Correct Answer Incorrect Answer
    B Tribunal Correct Answer Incorrect Answer
    C Reserve Bank of India Correct Answer Incorrect Answer
    D Central Government Correct Answer Incorrect Answer
    E Both b & d Correct Answer Incorrect Answer

    Solution

    Section 234 Merger or amalgamation of company with foreign company: (2) Subject to the provisions of any other law for the time being in force, a foreign company , may with the prior approval of the Reserve Bank of India, merge into a company registered under this Act or vice versa and the terms and conditions of the scheme of merger may provide, among other things, for the payment of consideration to the shareholders of the merging company in cash, or in Depository Receipts, or partly in cash and partly in Depository Receipts, as the case may be, as per the scheme to be drawn up for the purpose.

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