https://www.taxtmi.com/article/detailed?id=645 An amalgamation sanctioned under the companies statute effects transfer and vesting of assets by operation of law rather than by contractual assignment; Chapter XX-C's prior-permission regime applies to contractual transfers and not to statutory transfers arising from court-sanctioned amalgamation. Therefore a no objection certificate under Chapter XX-C is not a prescribed condition precedent to the company court's consideration or sanction of an amalgamation scheme, and any challenge as to compliance with Chapter XX-C should be resolved in appropriate post-sanction proceedings. en-us Sun, 17 Jan 2010 00:00:00 +0530 Mon, 18 Jan 2010 00:07:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=645 An amalgamation sanctioned under the companies statute effects transfer and vesting of assets by operation of law rather than by contractual assignment; Chapter XX-C's prior-permission regime applies to contractual transfers and not to statutory transfers arising from court-sanctioned amalgamation. Therefore a no objection certificate under Chapter XX-C is not a prescribed condition precedent to the company court's consideration or sanction of an amalgamation scheme, and any challenge as to compliance with Chapter XX-C should be resolved in appropriate post-sanction proceedings. Articles Income Tax Sun, 17 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=645