https://www.taxtmi.com/caselaws?id=257572 A scheme of amalgamation under sections 391 and 394 of the Companies Act, 1956 may be sanctioned where the Official Liquidator reports no prejudice to members or public interest and objections from the Regional Director are satisfactorily answered through affidavits and undertakings. The discussion also notes that compliance concerns on accounting treatment, employee continuity, statutory filings and similar matters can be addressed as conditions of approval. Any sanction does not curtail the Income Tax Authorities' power to examine the relevant years, assess income, review share allotment at premium and recover tax or penalty in accordance with law. en-us Thu, 18 Dec 2014 00:00:00 +0530 Mon, 16 Mar 2015 10:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257572 A scheme of amalgamation under sections 391 and 394 of the Companies Act, 1956 may be sanctioned where the Official Liquidator reports no prejudice to members or public interest and objections from the Regional Director are satisfactorily answered through affidavits and undertakings. The discussion also notes that compliance concerns on accounting treatment, employee continuity, statutory filings and similar matters can be addressed as conditions of approval. Any sanction does not curtail the Income Tax Authorities' power to examine the relevant years, assess income, review share allotment at premium and recover tax or penalty in accordance with law. Case-Laws Companies Law Thu, 18 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257572