Section 234 — Merger or amalgamation o f company with foreign company

(1) The provisions of this
Chapter unless otherwise provided under any other law for the time being in force, shall apply mutatis

mutandis to schemes of mergers and amalgamations between companies registered under this Act a nd
companies incorporated in the jurisdictions of such countries as may be notified from time to time by the
Central Government:
Provided that the Central Government may make rules, in consultation with the Reserve Bank of India,
in connection with mergers and amalgamations provided under this section.
(2) Subject to the provisions of any other law for the time being in force, a foreign company, may with
the prior approval of the Reserve Bank of India, merge into a company registered under this Act or vice
versa and the terms and conditions of the scheme of merger may provide, among other things, for the
payment of consideration to the shareholders of the merging company in cash, or in Depository Receipts,
or partly in cash and partly in Depository Receipts, as the case may be, as per the scheme to be drawn up
for the purpose.