Mergers
The merger process requires public notices, filing with the CRO, and approval by general meetings through special resolutions. Creditors and shareholders have the right to object or request safeguards, with dissenting shareholders entitled to cash buyouts at prescribed rates. The court confirms mergers, ensuring compliance with legal requirements and protection for creditors and security holders. Upon confirmation, assets, liabilities, and contracts transfer automatically to the successor company, and merging companies dissolve. The legislation includes provisions for automatic property transfers, ancillary court orders, and penalties for false disclosures, ensuring transparency and safeguarding stakeholders’ interests throughout the merger process.
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