Under what circumstances is the (scheme of amalgamation) approval of the Company Law Tribunal required to be taken for a mergers and acquisition transaction? A list of circumstances in simple laguage would be appreciated.
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Where two Indian companies are involved (both Private Ltd) where one is acquiring the shares of the other to a tune of 90 percent over 4 equal tranches, spread over a period of 3 years, would a scheme be required to be devised and Tribunal approval sought? Are there any other regulatory requirements that the companies will have to be mindful of?
