https://www.taxtmi.com/caselaws?id=100007 A scheme of amalgamation involving a sick and financially unviable transferor-company was treated as consistent with section 72A of the Income-tax Act because the arrangement was linked to rehabilitation and revival, and the scheme itself was conditional on the Central Government's declaration. The share acquisition objection under section 372(4) of the Companies Act, 1956 was not sustained, since the transferor became a wholly owned subsidiary and investments by a holding company in its subsidiary were excluded by section 372(14)(d). The MRTP objection also failed because no operative contravention under section 26 was shown, and the amalgamation was not barred under section 23. en-us Wed, 23 Jul 1980 00:00:00 +0530 Mon, 30 Jan 2012 18:24:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100007 A scheme of amalgamation involving a sick and financially unviable transferor-company was treated as consistent with section 72A of the Income-tax Act because the arrangement was linked to rehabilitation and revival, and the scheme itself was conditional on the Central Government's declaration. The share acquisition objection under section 372(4) of the Companies Act, 1956 was not sustained, since the transferor became a wholly owned subsidiary and investments by a holding company in its subsidiary were excluded by section 372(14)(d). The MRTP objection also failed because no operative contravention under section 26 was shown, and the amalgamation was not barred under section 23. Case-Laws Companies Law Wed, 23 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100007