THE ISSUE OF PROTECTION OF MINORITY SHAREHOLDERS AT THE TIME OF AMALGAMATION: IS THE CURRENT LAW GOOD ENOUGH OR DO WE NEED TO LEARN FROM OTHER JURISDICTIONS?
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Keywords:
Companies Act, Minority Shareholders, Amalgamation, Foreign Jurisdictions, Reforms, Corporate GovernanceAbstract
The protection of minority shareholders has always been one of the most important issues of corporate governance. These interests are especially very vulnerable during the time of amalgamation. The accusation that the current law too is inadequate has often been raised by the critics. This paper seeks to analyse this exact area. It traces the development of the law on this particular aspect from the Companies Act, 1956 to the Companies Act, 2013. It also tries to look into the criticism of the Companies Act, 1956 to better understand the reasons for development of law. This paper analyses the approach of the Companies Act, 2016 on this topic. It seeks to point out whatever loopholes exist in status quo from the critical analysis of the current law. It also studies the 2016 Rules on this topic and seeks to analyse their effectiveness. The paper also dwells into a cross-jurisdictional study of laws from the United States of America, United Kingdom and Canada on this particular topic in order to widen the perspective of the study and come up with potential suggestions for a better law. Lastly, the paper seeks to lay down a few suggestions in order to justify the intention of the legislature to better protect the interests of the minority shareholders during the time of amalgamation. This
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