https://www.taxtmi.com/caselaws?id=112490 The court sanctioned the scheme of arrangement for amalgamation under sections 391 and 394 of the Companies Act, 1956, involving multiple petitioner-companies. Meetings for equity shareholders and unsecured creditors were dispensed with based on written consent. The Official Liquidator and Chartered Accountant raised concerns about compliance with statutory provisions and accounting standards, including potential evasion of stamp duty and income tax. However, the court found the objections adequately addressed by the petitioner companies and approved the amalgamation scheme, noting that objections did not warrant disapproval. The Central Government's observations on financial reports were addressed, and the petitions were disposed of with costs quantified at Rs. 3,500 per petition. en-us Mon, 27 Apr 2009 00:00:00 +0530 Mon, 10 Nov 2014 15:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112490 The court sanctioned the scheme of arrangement for amalgamation under sections 391 and 394 of the Companies Act, 1956, involving multiple petitioner-companies. Meetings for equity shareholders and unsecured creditors were dispensed with based on written consent. The Official Liquidator and Chartered Accountant raised concerns about compliance with statutory provisions and accounting standards, including potential evasion of stamp duty and income tax. However, the court found the objections adequately addressed by the petitioner companies and approved the amalgamation scheme, noting that objections did not warrant disapproval. The Central Government's observations on financial reports were addressed, and the petitions were disposed of with costs quantified at Rs. 3,500 per petition. Case-Laws Companies Law Mon, 27 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112490