https://www.taxtmi.com/caselaws?id=219540 A scheme of amalgamation under sections 391(2) and 394 of the Companies Act, 1956 was approved where shareholders and creditors had consented, the Official Liquidator reported no prejudice, and no third-party objection emerged. The Regional Director's concerns over prior compliance defaults were addressed through subsequent filings and remedial steps, while the treatment of share application money was found not to defeat the commercial basis of the scheme. The scheme also preserved pending suits and proceedings against the transferee company, maintaining liability for past transactions. In these circumstances, the Court found no legal impediment to sanction and approved the amalgamation. en-us Wed, 07 Nov 2012 00:00:00 +0530 Fri, 14 Dec 2012 10:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219540 A scheme of amalgamation under sections 391(2) and 394 of the Companies Act, 1956 was approved where shareholders and creditors had consented, the Official Liquidator reported no prejudice, and no third-party objection emerged. The Regional Director's concerns over prior compliance defaults were addressed through subsequent filings and remedial steps, while the treatment of share application money was found not to defeat the commercial basis of the scheme. The scheme also preserved pending suits and proceedings against the transferee company, maintaining liability for past transactions. In these circumstances, the Court found no legal impediment to sanction and approved the amalgamation. Case-Laws Companies Law Wed, 07 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219540