https://www.taxtmi.com/caselaws?id=102124 The court sanctioned the scheme of amalgamation, finding it compliant with statutory provisions and reasonable. The arrangement aimed to avoid duplication, increase efficiency, and benefit both companies. Shareholders of the transferor company were to be paid the face value of their shares. The court determined that the objections raised by the Central Government were unsubstantiated, and there was no need to involve the Department of Industrial Development. The scheme was approved as bona fide and in the mutual interest of the companies, with the official liquidator tasked to ensure the company's affairs were conducted properly. en-us Tue, 20 Aug 1991 00:00:00 +0530 Mon, 13 Feb 2012 17:17:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102124 The court sanctioned the scheme of amalgamation, finding it compliant with statutory provisions and reasonable. The arrangement aimed to avoid duplication, increase efficiency, and benefit both companies. Shareholders of the transferor company were to be paid the face value of their shares. The court determined that the objections raised by the Central Government were unsubstantiated, and there was no need to involve the Department of Industrial Development. The scheme was approved as bona fide and in the mutual interest of the companies, with the official liquidator tasked to ensure the company's affairs were conducted properly. Case-Laws Companies Law Tue, 20 Aug 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102124