https://www.taxtmi.com/caselaws?id=111284 A scheme of amalgamation under the Companies Act, 1956 may be sanctioned where material facts are disclosed, shareholders approve the arrangement, and the Court is satisfied it is fair and not prejudicial to members or creditors. Secured and unsecured creditors having raised no objection, the Court may dispense with formal creditors' meetings under its inherent powers, and objections to the exchange ratio or absence of an independent valuation report do not, by themselves, bar approval. Once sanctioned, the transferor company's property, rights, liabilities, pending proceedings and authorised share capital vest in the transferee company, and the transferor stands dissolved without winding up on filing of the certified order. en-us Fri, 06 Jul 2007 00:00:00 +0530 Sat, 21 Apr 2012 16:35:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111284 A scheme of amalgamation under the Companies Act, 1956 may be sanctioned where material facts are disclosed, shareholders approve the arrangement, and the Court is satisfied it is fair and not prejudicial to members or creditors. Secured and unsecured creditors having raised no objection, the Court may dispense with formal creditors' meetings under its inherent powers, and objections to the exchange ratio or absence of an independent valuation report do not, by themselves, bar approval. Once sanctioned, the transferor company's property, rights, liabilities, pending proceedings and authorised share capital vest in the transferee company, and the transferor stands dissolved without winding up on filing of the certified order. Case-Laws Companies Law Fri, 06 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111284