https://www.taxtmi.com/caselaws?id=98883 Temporary use of funds pending finalisation of a scheme does not, by itself, attract the Monopolies and Restrictive Trade Practices Act, and the objection on that ground was rejected. A transferee company must also come before the court under the Companies Act, 1956 where a proposed transfer of undertaking, property and liabilities affects its members or creditors, or requires reorganisation of its share capital; the need for new equity shares and debentures brought the transferee within the arrangement process. Section 391 applies even if the transferee company is financially sound, because the statutory test is liability to be wound up, not present weakness. The scheme was sanctioned subject to the indicated amendment. en-us Wed, 01 Sep 1971 00:00:00 +0530 Tue, 24 Jan 2012 13:46:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98883 Temporary use of funds pending finalisation of a scheme does not, by itself, attract the Monopolies and Restrictive Trade Practices Act, and the objection on that ground was rejected. A transferee company must also come before the court under the Companies Act, 1956 where a proposed transfer of undertaking, property and liabilities affects its members or creditors, or requires reorganisation of its share capital; the need for new equity shares and debentures brought the transferee within the arrangement process. Section 391 applies even if the transferee company is financially sound, because the statutory test is liability to be wound up, not present weakness. The scheme was sanctioned subject to the indicated amendment. Case-Laws Companies Law Wed, 01 Sep 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98883