https://www.taxtmi.com/caselaws?id=197038 A scheme of amalgamation involving a transferee company carrying on, or prima facie required to be registered as, an NBFC could not be sanctioned without prior written approval of the Reserve Bank of India. The Tribunal noted that, although the scheme attracted no objection in principle from the statutory authorities, the Regional Director's report and the RBI's response indicated NBFC activity and the need for mandatory prior permission for any transfer of control under the applicable directions. It therefore declined to proceed in aid of an illegality and dismissed the petition for want of RBI approval. en-us Fri, 11 Aug 2017 00:00:00 +0530 Sat, 16 Mar 2019 11:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197038 A scheme of amalgamation involving a transferee company carrying on, or prima facie required to be registered as, an NBFC could not be sanctioned without prior written approval of the Reserve Bank of India. The Tribunal noted that, although the scheme attracted no objection in principle from the statutory authorities, the Regional Director's report and the RBI's response indicated NBFC activity and the need for mandatory prior permission for any transfer of control under the applicable directions. It therefore declined to proceed in aid of an illegality and dismissed the petition for want of RBI approval. Case-Laws Companies Law Fri, 11 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197038