https://www.taxtmi.com/caselaws?id=108211 Prior Reserve Bank sanction was not required for an amalgamation between a non-banking finance company and a banking company because the statutory sanction provision applied only to mergers between banking companies; the objection was rejected. Omission of members' addresses from the chairman's report under Rule 78 was treated as a curable defect, and subsequent affidavits supplied the missing particulars, so the principle of substantial compliance saved the scheme. The court also held that it could not refuse sanction merely because the merger was said to be unnecessary or commercially unwise once the requisite majority had approved it and the scheme was otherwise lawful. The amalgamation was sanctioned. en-us Thu, 05 Jun 2003 00:00:00 +0530 Fri, 30 Mar 2012 15:05:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108211 Prior Reserve Bank sanction was not required for an amalgamation between a non-banking finance company and a banking company because the statutory sanction provision applied only to mergers between banking companies; the objection was rejected. Omission of members' addresses from the chairman's report under Rule 78 was treated as a curable defect, and subsequent affidavits supplied the missing particulars, so the principle of substantial compliance saved the scheme. The court also held that it could not refuse sanction merely because the merger was said to be unnecessary or commercially unwise once the requisite majority had approved it and the scheme was otherwise lawful. The amalgamation was sanctioned. Case-Laws Companies Law Thu, 05 Jun 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108211