https://www.taxtmi.com/caselaws?id=195691 A scheme of amalgamation was found sanctionable where transferred assets and liabilities, including existing charges, continued to protect the secured creditor and no separate creditors' meeting was legally required because the arrangement did not prejudice creditors' rights. Objections based on the transferee company's limited activity, alleged illegality in money-lending, and workmen concerns were rejected because no statutory breach was shown, no winding-up proceedings existed, and the scheme preserved continuity of service without retrenchment. The exchange ratio was not shown to be unfair, especially after unanimous shareholder approval, and unsupported allegations of tax evasion could not justify refusal of sanction. en-us Tue, 25 Aug 1987 00:00:00 +0530 Wed, 08 Nov 2017 10:48:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195691 A scheme of amalgamation was found sanctionable where transferred assets and liabilities, including existing charges, continued to protect the secured creditor and no separate creditors' meeting was legally required because the arrangement did not prejudice creditors' rights. Objections based on the transferee company's limited activity, alleged illegality in money-lending, and workmen concerns were rejected because no statutory breach was shown, no winding-up proceedings existed, and the scheme preserved continuity of service without retrenchment. The exchange ratio was not shown to be unfair, especially after unanimous shareholder approval, and unsupported allegations of tax evasion could not justify refusal of sanction. Case-Laws Companies Law Tue, 25 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195691