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of <h1>Approval u/s 372 Not Needed for Investments in Reorganization Schemes; Regional Directors to Scrutinize u/s 394A.</h1> Companies sometimes acquire shares of other companies through schemes of reorganization and arrangement under section 391. The Department, being a statutory party to such schemes as per section 394A, has decided that approval under section 372 is not required for investments made in these cases. Regional Directors, upon receiving notices under section 394, are tasked with scrutinizing these schemes and informing the courts of section 372 requirements, ensuring the court considers this aspect when issuing orders under sections 391/394.
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