https://www.taxtmi.com/caselaws?id=106716 Absence of RBI approval under section 44A did not bar sanction of the amalgamation scheme because that provision applies only where both the transferor and transferee are banking companies, and the transferors here were not banking companies. The share exchange ratio was upheld because it had been fixed by independent valuers using recognised methods, the record disclosed no illegality or gross unfairness, and the Court in sanction proceedings does not reassess valuation as an appellate forum. On those facts, the scheme was treated as fair and legally unobjectionable, and sanction was granted. en-us Thu, 11 Apr 2002 00:00:00 +0530 Thu, 15 Mar 2012 13:16:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106716 Absence of RBI approval under section 44A did not bar sanction of the amalgamation scheme because that provision applies only where both the transferor and transferee are banking companies, and the transferors here were not banking companies. The share exchange ratio was upheld because it had been fixed by independent valuers using recognised methods, the record disclosed no illegality or gross unfairness, and the Court in sanction proceedings does not reassess valuation as an appellate forum. On those facts, the scheme was treated as fair and legally unobjectionable, and sanction was granted. Case-Laws Companies Law Thu, 11 Apr 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106716