https://www.taxtmi.com/caselaws?id=110851 A scheme of amalgamation may be sanctioned where it is fair, just, sound, compliant with statutory requirements, and not prejudicial to employees, creditors, or public interest. The High Court found that the transferor undertaking would vest in the transferee with assets, liabilities and employees continuing on existing terms, and that shareholder and secured creditor support reinforced its commercial benefit; sanction was therefore granted. Objections based on the increase and combination of authorised capital were rejected because the scheme itself made provision for the capital adjustment, and a vague reference to a pending appeal in another matter did not justify refusal; those objections therefore did not bar approval. The transferor company was ordered to stand dissolved without winding up, and the scheme took effect from the appointed date. en-us Mon, 26 Jun 2006 00:00:00 +0530 Wed, 18 Apr 2012 18:15:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110851 A scheme of amalgamation may be sanctioned where it is fair, just, sound, compliant with statutory requirements, and not prejudicial to employees, creditors, or public interest. The High Court found that the transferor undertaking would vest in the transferee with assets, liabilities and employees continuing on existing terms, and that shareholder and secured creditor support reinforced its commercial benefit; sanction was therefore granted. Objections based on the increase and combination of authorised capital were rejected because the scheme itself made provision for the capital adjustment, and a vague reference to a pending appeal in another matter did not justify refusal; those objections therefore did not bar approval. The transferor company was ordered to stand dissolved without winding up, and the scheme took effect from the appointed date. Case-Laws Companies Law Mon, 26 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110851