Section 395 of the Companies Act, 2013
Section 395 of the Companies Act, 2013 does not exist in the current version of the Act.
The Companies Act, 2013 contains provisions from Section 1 to Section 470, but Section 395 was omitted or notified as “Not Applicable” because the Companies Act, 1956 (the previous Act) had a Section 395 titled “Power and duty to acquire shares of shareholders dissenting from scheme or contract approved by majority.”
In the Companies Act, 2013, this concept is now covered under:
Section 235 – Power to acquire shares of shareholders dissenting from scheme or contract approved by majority
Section 236 – Purchase of minority shareholding
These two sections effectively replace the role of old Section 395 from the Companies Act, 1956.
In Summary:
Section 395 of the Companies Act, 2013 – Not Applicable
Relevant Provisions:
Section 235: For acquisition after approval of 90% shareholders
Section 236: For minority shareholding acquisition
RELATED Blog
0 comments