According to Section 233 of the Companies Act 2013, fast track merger is a simplified and speedy process for effecting mergers and amalgamations by certain classes of companies* without the involvement of NCLT. As part of process, ROC and Official liquidator have to raise objection/suggestion, if any, to the merger scheme with 30 days (from the date of filing of scheme, as approved by shareholders & creditors, in Form no. CAA.11).
Now it is added that failing which Central Govt (RD) can confirm the scheme within the next 15 days (provided scheme is not against public interest & creditors interest). Further, where objections or suggestions are received but these are not sustainable, the RD can confirm the scheme within 30 days. If the RD does not issue the confirmation order within 60 days of the receipt of the scheme, it shall be deemed that it has no objection to the scheme and a confirmation order shall be issued accordingly.
Source: Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2023 w.e.f June 15, 2023
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* M&As entered between a) two or more small companies; b) two or more DPIIT recognised start-up companies; or c) one or more DPIIT recognised start-up company with one or more small company; or d) a holding company and its wholly owned subsidiary company. Small company is a private company whose paid up capital and turnover during preceding FY shall not exceed 4cr & 40cr respectively.