https://www.taxtmi.com/caselaws?id=371970 A proposed scheme of amalgamation and arrangement was rejected because it was found to confer an unfair private advantage on common promoters, facilitate tax avoidance, and fail to satisfy the statutory and regulatory requirements governing capital reduction, accounting treatment, shareholder notice, and takeover compliance. The Tribunal considered the Income Tax Department's objections substantial and found that the treatment of shares issued after the appointed date was not adequately explained. On the facts, the scheme was also contrary to public interest, as it did not provide a corresponding benefit to the wider body of shareholders or the public, and sanction was refused. en-us Thu, 30 Aug 2018 00:00:00 +0530 Wed, 14 Aug 2019 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371970 A proposed scheme of amalgamation and arrangement was rejected because it was found to confer an unfair private advantage on common promoters, facilitate tax avoidance, and fail to satisfy the statutory and regulatory requirements governing capital reduction, accounting treatment, shareholder notice, and takeover compliance. The Tribunal considered the Income Tax Department's objections substantial and found that the treatment of shares issued after the appointed date was not adequately explained. On the facts, the scheme was also contrary to public interest, as it did not provide a corresponding benefit to the wider body of shareholders or the public, and sanction was refused. Case-Laws Companies Law Thu, 30 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371970