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Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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AI Drafter - (New and Powerful) ✕ Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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Issues: Whether the rejection of the scheme of amalgamation could be interfered with where the transferee company was found to be carrying on NBFC activities without RBI permission.
Analysis: The record showed objections from the Registrar of Companies, the Regional Director, and the Reserve Bank of India that the transferee company satisfied the financial-asset and income tests indicating NBFC activity, while no RBI approval had been obtained. The Tribunal also noticed discrepancies in the capital structure and required compliance. In view of these findings, there was no basis to disturb the order rejecting the scheme.
Conclusion: The finding that the transferee company was engaged in NBFC activities without RBI permission was upheld, and the appeal failed.
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