https://www.taxtmi.com/caselaws?id=111972 A scheme of amalgamation was confirmed where shareholders and creditors had unanimously approved it and no material fraud, prejudice or public interest objection was established. The objection to the exchange ratio was rejected because, in the absence of fraud, shareholders were the proper judges of that commercial issue. The Regional Director's concern under Accounting Standard 14 was treated as premature because the accounting treatment would arise after amalgamation. The objection that the transferor company lacked the minimum paid-up capital was treated as a curable statutory defect, and approval was made subject to the company increasing its paid-up capital to the required level within one month. en-us Tue, 23 Oct 2007 00:00:00 +0530 Sat, 20 Dec 2014 14:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111972 A scheme of amalgamation was confirmed where shareholders and creditors had unanimously approved it and no material fraud, prejudice or public interest objection was established. The objection to the exchange ratio was rejected because, in the absence of fraud, shareholders were the proper judges of that commercial issue. The Regional Director's concern under Accounting Standard 14 was treated as premature because the accounting treatment would arise after amalgamation. The objection that the transferor company lacked the minimum paid-up capital was treated as a curable statutory defect, and approval was made subject to the company increasing its paid-up capital to the required level within one month. Case-Laws Companies Law Tue, 23 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111972