https://www.taxtmi.com/caselaws?id=98966 A scheme of amalgamation was examined against the Monopolies and Restrictive Trade Practices Act, 1969 and the Companies Act, 1956. The company had ceased banking operations and did not carry on any business, so it was not an "undertaking" within the Act; prior Central Government approval was therefore not required under section 23(1). Section 21 was construed strictly as covering specified modes of expansion and not amalgamation or merger by implication, so no prior approval arose under that provision. With the statutory objections rejected and the procedural requirements satisfied, the scheme was found reasonable and in the interests of the company and its members, and sanction was granted under sections 391 and 394. en-us Fri, 25 Feb 1972 00:00:00 +0530 Tue, 24 Jan 2012 17:04:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98966 A scheme of amalgamation was examined against the Monopolies and Restrictive Trade Practices Act, 1969 and the Companies Act, 1956. The company had ceased banking operations and did not carry on any business, so it was not an "undertaking" within the Act; prior Central Government approval was therefore not required under section 23(1). Section 21 was construed strictly as covering specified modes of expansion and not amalgamation or merger by implication, so no prior approval arose under that provision. With the statutory objections rejected and the procedural requirements satisfied, the scheme was found reasonable and in the interests of the company and its members, and sanction was granted under sections 391 and 394. Case-Laws Companies Law Fri, 25 Feb 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98966