https://www.taxtmi.com/caselaws?id=352836 A scheme of amalgamation was not interfered with because the transferee company was found to be carrying on NBFC activities without RBI permission. The record showed objections from the Registrar of Companies, the Regional Director and RBI, including application of the financial-asset and income tests indicating NBFC activity, together with discrepancies in the capital structure and outstanding compliance concerns. In these circumstances, there was no basis to disturb the rejection of the scheme, and the finding against the transferee company was upheld. en-us Wed, 08 Nov 2017 00:00:00 +0530 Sat, 16 Mar 2019 11:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352836 A scheme of amalgamation was not interfered with because the transferee company was found to be carrying on NBFC activities without RBI permission. The record showed objections from the Registrar of Companies, the Regional Director and RBI, including application of the financial-asset and income tests indicating NBFC activity, together with discrepancies in the capital structure and outstanding compliance concerns. In these circumstances, there was no basis to disturb the rejection of the scheme, and the finding against the transferee company was upheld. Case-Laws Companies Law Wed, 08 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352836