https://www.taxtmi.com/caselaws?id=99369 The court held that a profit-making company can amalgamate with a loss-making company under Section 391 of the Companies Act, 1956, rejecting the argument that Section 391 applies only to financially troubled companies. It clarified that Section 391 applies to all companies subject to winding-up provisions, regardless of financial condition. The court found proper disclosures were made as per Sections 173 and 393, stating that Sections 391 and 393 govern scheme meetings, displacing general provisions. The court upheld the revaluation of assets and share ratio, concluding the schemes of amalgamation and merger were fair and reasonable, sanctioning them and awarding costs to the Regional Director, Company Law Board. en-us Fri, 13 Aug 1976 00:00:00 +0530 Fri, 27 Jan 2012 11:18:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99369 The court held that a profit-making company can amalgamate with a loss-making company under Section 391 of the Companies Act, 1956, rejecting the argument that Section 391 applies only to financially troubled companies. It clarified that Section 391 applies to all companies subject to winding-up provisions, regardless of financial condition. The court found proper disclosures were made as per Sections 173 and 393, stating that Sections 391 and 393 govern scheme meetings, displacing general provisions. The court upheld the revaluation of assets and share ratio, concluding the schemes of amalgamation and merger were fair and reasonable, sanctioning them and awarding costs to the Regional Director, Company Law Board. Case-Laws Companies Law Fri, 13 Aug 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99369