https://www.taxtmi.com/caselaws?id=102269 A company originally formed for investment can cease to be an investment company if its principal business shifts to substantial hire-purchase, leasing, financing and other non-investment activities; the first proviso to section 372(2) then does not protect it. Section 372(14) exemption is confined to the specified statutory categories, such as banking, insurance, certain private companies, approved financing companies and holding-company investments, and is unavailable outside those classes. Relief under section 633(2) requires honest and reasonable conduct; where the company knowingly continues on a mistaken footing despite its changed business profile, discretionary protection from liability is not justified. en-us Fri, 24 Apr 1992 00:00:00 +0530 Tue, 14 Feb 2012 12:52:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102269 A company originally formed for investment can cease to be an investment company if its principal business shifts to substantial hire-purchase, leasing, financing and other non-investment activities; the first proviso to section 372(2) then does not protect it. Section 372(14) exemption is confined to the specified statutory categories, such as banking, insurance, certain private companies, approved financing companies and holding-company investments, and is unavailable outside those classes. Relief under section 633(2) requires honest and reasonable conduct; where the company knowingly continues on a mistaken footing despite its changed business profile, discretionary protection from liability is not justified. Case-Laws Companies Law Fri, 24 Apr 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102269