Regularisation of prior corporate investments requires company resolution and government approval or disposal of excess holdings. Investments in group companies made after April 1, 1952 that would have required a company resolution and Central Government approval must be regularised by obtaining that resolution and approval within six months of the Act's commencement; failing that, the Board must dispose of investments exceeding the statutory inter company limits within two years of commencement.
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Provisions expressly mentioned in the judgment/order text.
Regularisation of prior corporate investments requires company resolution and government approval or disposal of excess holdings.
Investments in group companies made after April 1, 1952 that would have required a company resolution and Central Government approval must be regularised by obtaining that resolution and approval within six months of the Act's commencement; failing that, the Board must dispose of investments exceeding the statutory inter company limits within two years of commencement.
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