https://www.taxtmi.com/caselaws?id=325604 Sanction of an amalgamation scheme under the Companies Act, 1956 requires only limited supervisory scrutiny to ensure the proposal is fair, reasonable, transparent and not contrary to law or public interest. Procedural irregularities pointed out by the Regional Director did not defeat the scheme, and the Official Liquidator reported no prejudice to members, creditors or the public in the transferor company's affairs. Income-tax compliance was treated as a separate matter and did not bar approval; the companies undertook to comply with the Income-tax Act, 1961 and to seek compounding of procedural defaults if needed. The scheme was sanctioned as fair and unobjectionable. en-us Mon, 25 Jan 2016 00:00:00 +0530 Fri, 25 Mar 2016 09:28:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325604 Sanction of an amalgamation scheme under the Companies Act, 1956 requires only limited supervisory scrutiny to ensure the proposal is fair, reasonable, transparent and not contrary to law or public interest. Procedural irregularities pointed out by the Regional Director did not defeat the scheme, and the Official Liquidator reported no prejudice to members, creditors or the public in the transferor company's affairs. Income-tax compliance was treated as a separate matter and did not bar approval; the companies undertook to comply with the Income-tax Act, 1961 and to seek compounding of procedural defaults if needed. The scheme was sanctioned as fair and unobjectionable. Case-Laws Companies Law Mon, 25 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325604