Section 31 in Board For Industrial And Financial Reconstruction Regulations, 1987
31. Where the draft scheme envisages amalgamation [* * *], the Board shall not proceed with the scheme, unless the Board of Directors of the [company other than the sick industrial company] [ Substituted by BIFR (Amendment) Regulations, 1994.] shall have placed the draft scheme before the transferee industrial company, in the general meeting of its shareholders and the shareholders shall have approved the draft scheme, with or without modification, by a special resolution.
