https://www.taxtmi.com/caselaws?id=332006 The Court sanctioned the Scheme of Amalgamation under Sections 391 to 394 of the Companies Act, 1956, involving two companies. Meetings of Equity Shareholders and Unsecured Creditors were dispensed with due to the absence of secured creditors. Concerns raised by the Regional Director regarding authorized capital, NOC from RBI, and Income Tax compliance were addressed satisfactorily. The Official Liquidator confirmed no prejudice in the transferor company's affairs but directed record preservation and statutory compliance. The Scheme was approved subject to Bombay High Court's endorsement, with emphasis on post-sanction statutory liabilities, costs imposition, and procedural requirements. The petition was disposed of, concluding the legal proceedings. en-us Fri, 26 Aug 2016 00:00:00 +0530 Wed, 07 Sep 2016 11:50:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332006 The Court sanctioned the Scheme of Amalgamation under Sections 391 to 394 of the Companies Act, 1956, involving two companies. Meetings of Equity Shareholders and Unsecured Creditors were dispensed with due to the absence of secured creditors. Concerns raised by the Regional Director regarding authorized capital, NOC from RBI, and Income Tax compliance were addressed satisfactorily. The Official Liquidator confirmed no prejudice in the transferor company's affairs but directed record preservation and statutory compliance. The Scheme was approved subject to Bombay High Court's endorsement, with emphasis on post-sanction statutory liabilities, costs imposition, and procedural requirements. The petition was disposed of, concluding the legal proceedings. Case-Laws Companies Law Fri, 26 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332006