https://www.taxtmi.com/caselaws?id=329350 A Scheme of Arrangement for amalgamation of the transferor company with the transferee company was sanctioned because it had received the required shareholder and creditor approval, no objections were filed after advertisement, and the Official Liquidator reported no prejudice to members or public interest. The Regional Director's concerns were addressed through undertakings and disclosures, including compliance with accounting standards and income-tax law. The consequential reduction of preference share capital was also confirmed because it followed from the amalgamation and did not involve diminution of unpaid share capital liability or payment out of paid-up capital, so the reduction procedure was dispensed with. The related minutes under section 103(1) were approved. en-us Thu, 23 Jun 2016 00:00:00 +0530 Wed, 29 Jun 2016 20:44:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329350 A Scheme of Arrangement for amalgamation of the transferor company with the transferee company was sanctioned because it had received the required shareholder and creditor approval, no objections were filed after advertisement, and the Official Liquidator reported no prejudice to members or public interest. The Regional Director's concerns were addressed through undertakings and disclosures, including compliance with accounting standards and income-tax law. The consequential reduction of preference share capital was also confirmed because it followed from the amalgamation and did not involve diminution of unpaid share capital liability or payment out of paid-up capital, so the reduction procedure was dispensed with. The related minutes under section 103(1) were approved. Case-Laws Companies Law Thu, 23 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329350