https://www.taxtmi.com/caselaws?id=98918 Payment of cash to redeem preference shares under an amalgamation scheme was not treated as a reduction of share capital requiring compliance with the reduction procedure under the Companies Act, 1956, because the transferor companies ceased to exist and all assets, liabilities, rights and obligations vested in the transferee. The court also held that payment of preference shares as part of the amalgamation was not impermissible merely because the companies were dissolved without winding up. On that basis, both objections failed and sanction for the scheme was upheld. en-us Fri, 03 Mar 1972 00:00:00 +0530 Tue, 24 Jan 2012 16:05:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98918 Payment of cash to redeem preference shares under an amalgamation scheme was not treated as a reduction of share capital requiring compliance with the reduction procedure under the Companies Act, 1956, because the transferor companies ceased to exist and all assets, liabilities, rights and obligations vested in the transferee. The court also held that payment of preference shares as part of the amalgamation was not impermissible merely because the companies were dissolved without winding up. On that basis, both objections failed and sanction for the scheme was upheld. Case-Laws Companies Law Fri, 03 Mar 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98918