Acquisition of shares by scheme: departmental approval under section 372 not required; courts should consider compliance flagged by directors. Acquisition of shares effected by a court approved scheme of reorganisation does not require separate Departmental approval under section 372 where the Department is a statutory party to the scheme; Regional Directors receiving notices of schemes must scrutinise them and bring any section 372 requirements to the court's attention for consideration when orders are passed under the scheme provisions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Acquisition of shares by scheme: departmental approval under section 372 not required; courts should consider compliance flagged by directors.
Acquisition of shares effected by a court approved scheme of reorganisation does not require separate Departmental approval under section 372 where the Department is a statutory party to the scheme; Regional Directors receiving notices of schemes must scrutinise them and bring any section 372 requirements to the court's attention for consideration when orders are passed under the scheme provisions.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
