Important Provision related to conveyance of property arising out of Orders passed by National Company Law Tribunal (NCLT) in respect of Amalgamation / Demerger etc
Article 25 clause (da) of The Maharashtra Stamp Act provides that the stamp duty is payable on transfer of assets consequent according toorders passed by National Company Law Tribunal (NCLT) U/S 230 to 234 of the companies Act 2013 in respect of the Amalgamation,
merger, demergers, arrangement or reconstruction of companies (Including subsidiaries of parent company).
All companies having their registered offices in Maharashtra and the companies having their registered offices outside the state but where Transferor company has immovable assets in the State of Maharashtra are required to be lodge the documents for adjudication with office of Collector of Stamps (Enforcement ) Mumbai.
The adjudication officer would determine stamp duty as per clause (da) of article 25 in the schedule I appended to Maharashtra Stamp Act 1958.
It is important to note that the application for adjudication needs to be filed within a period of 6 months from the date of order of NCLT. The delay in the submission attracts heavy interest and penalties.
At Bizcare, we provide stamp duty consultancy on all complex issues including valuation of property as per valuation guildelines, stamp duty applicability in cases such as amalgamation,merger& acquisitions etc.