"Amalgamation of Government Companies requires a simplified procedure for compliance". List out the steps involved upto the stage of approval by Central Government for amalgamation of Government companies.

Broad steps involved in the amalgamation of Government companies are as under: Government companies applying for amalgamation should obtain approval of Cabinet i.e. Union Council of Ministers. In case of State Undertakings approval of State Council of Ministers is required. In case of amalgamation of Joint Holding of State and Central Government in companies, approval of both Central and State government is to be obtained. Government companies intending to amalgamate should pass resolution at a general meeting of members of both the companies with all necessary compliances. Every resolution of a government company should be passed at the general meeting by members holding 100% of the voting power and such resolution should contain complete details showing assets and liabilities of amalgamating companies. Before passing resolution as above, 30 days' notice in writing together with a copy of proposed resolution should be given by the Government company to all the members and creditors. A resolution passed by the Government company is not valid and does not take effect, unless (i) the assent of all creditors has been obtained, or (ii) assent of 90% of the creditors by value has been received and the company certifies that there is no objection from any other creditor. Resolution passed by both the amalgamating companies along with approval of Cabinet should be sent to the Central Government. On being satisfied, the Central Government may order by notification in the Official Gazette, that the said amalgamation shall take effect.