Secure Source Ltd., an Indian Company, is contemplating to take over Super Securers Pte. Ltd. of Singapore through a process of merger and its top Management seeks your advice. Suggest the required compliances.

Since the matter involved pertains to cross border merger of companies, it is necessary to comply with the procedure as per rule 25A of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 inserted since 13th April 2017. In accordance with said rule, a foreign company incorporated outside India may merge with an Indian Company by filing petition with National Company Law Tribunal in terms of sections 230 to 232 of the Companies Act, 2013. It is also necessary to obtain prior approval from Reserve Bank of India (RBI). RBI has also issued Foreign Exchange Management (Cross Border Merger) Regulations, 2018 for ease of doing compliance. Merger is generally permitted with companies incorporated in foreign countries whose securities regulator is a member of Organization of Securities Commission's Multilateral Memorandum of Understanding, Central Bank is enrolled with Bank of International Settlements (BIS) and identified with Financial Action Task Force.