PART IV ] GUJARAT GOVERNMENT GAZETTE, EX.

02-04-2025 8-9

of the Reserve Bank of India under section 44A of the Banking

Regulation Act, 1949, in respect of amalgamation or reconstruction of
Banking Companies; or every order made by the Board for Industrial
and Financial Reconstruction under section 18 or 19 of the Sick
Industrial Companies (Special Provisions) Act, 1985, in respect of
sanction of Scheme specified therein or every order made by the
National Company Law Tribunal under section 31 of the Insolvency
and Bankruptcy Code, 2016, in respect of approval of resolution plan
and order by ministry of finance or under any prevailing law by any
authority in its scope, in respect of amalgamation, arrangement, merger,
demerger or reconstruction of companies, banks, institutes etc."
(ii) in column (2), for the words “Subject to maximum twenty –five crores
rupees”, the words “Subject to maximum fifty crores rupees and
minimum ten thousand rupees for each transferor or transferee” shall be
substituted;
(iii) in column (2) in sub-clause (i), after the words “amalgamation”, the
words “merger, demerger, arrangement or reconstruction” shall be
inserted;
(iv) in Explanation III, for clause (c), the following clause shall be
substituted, namely: -
“(c) Where the transferee company and transferor company, whose
shares are not listed or listed but not quoted for trading on stock
exchange means the market value of the shares issued or allotted with
reference to the market value of the share of the transferee company or
as determined by the collector after giving the transferee company an
opportunity of being heard.”;
(2) in article 27, in clause (b), for item (ii), the following item shall be substituted,
namely:-

“(ii) if possession Subject to maximum of seventy- five lakhs

is not so given. rupees in case of consortium bank

(a) where the amount of further charge

secured by such instrument does not
exceed Rs. 1,00,00,000/-Subject to
maximum of Five thousand rupees,
twenty-five paise for every hundred
rupees or part thereof.

(b) where the amount of further charge

secured by such instrument exceeds Rs.
1,00,00,000/- but does not exceed Rs.
10,00,00,000/- twenty-five paise for
every hundred rupees or part thereof.

(1) where the amount of further charge secured

by such instrument exceeds Rs.
10,00,00,000/-, Subject to maximum of
fifteen lakhs rupees fifty paise for every
hundred rupees or part thereof.”;

(6) in article 30, in clause (a),

(i) for items (i) to (viii), the following items shall be substituted, namely: -
8-10 GUJARAT GOVERNMENT GAZETTE, EX. 02-04-2025 [ PART IV

“(i) Where the lease purports Residential property – Rs.500/-

to be for a term of less Commercial property-Rs.1000/-
than one year.
(ii) Where the lease purports Residential property – Minimum
to be for a terms of not of Rs.1000/-
less than one year but not Commercial property- Minimum
more than five years of Rs.5000/-
One rupees for every hundred
rupees, or part thereof or the
amount or value of the average
annual rent reserved
(iii) Where the lease purports Subject to Minimum of
to be for a terms in excess Rs.10,000/-
of five years but not more Two rupees for every hundred
than fifteen years rupees, or part thereof or the
amount or value of the average
annual rent reserved
(iv) Where the lease purports Subject to Minimum of
to be for a terms in excess Rs.20,000/-
of fifteen years but not Three rupees for every hundred
more than thirty years rupees, or part thereof or the
amount or value of the average
annual rent reserved
(v) Where the lease purports 2.5 per cent. for the amount of
to be for a terms in excess consideration or as the case may
of thirty years but not be, the market value of the
more than ninety nine property, whichever is higher.
years
(vi) Where the lease purports The same duty as is leviable on a
to be for a terms in excess conveyance under article-20
of ninety nine years market value of the property
which is the subject matter of the
lease or the amount of
consideration, whichever is
higher.”;

(ii) for Explanation II, the following Explanation shall be substituted,

namely:-
“Explanation II. - For the purpose of sub-clauses (v) and (vi) of clause
(a) of this article, consideration means the amount paid as deposit or
premium or advance rent or an amount of average annual rent etc.”;
(8) article 30A shall be deleted;
(9) in article 36, in clause (c), in column 2, for the words “Five rupees for every
sum Rs. 1000 secured or part thereof”, the words “Five Thousand rupees” shall
be substituted;
(10) in article 49, in clause (a), in column 1, after the word “daughter of pre-
deceased son”, the words “or daughter of pre-deceased daughter or son of pre-
deceased daughter’’ shall be inserted.
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Government Central Press, Gandhinagar.