https://www.taxtmi.com/caselaws?id=377592 The appeal was dismissed by the National Company Law Tribunal as the scheme of arrangement, seeking to merge multiple companies, was found to be non-compliant with Reserve Bank of India (RBI) regulations. The Regional Director's concerns about the companies engaging in non-banking financial company (NBFC) activities without proper approvals were pivotal in the rejection. Despite the appellants' arguments based on an RBI circular, the lack of clarity on the companies' financial activities and the absence of the Regional Director's appearance led to the Tribunal upholding the rejection, underscoring the significance of regulatory compliance in corporate transactions. en-us Thu, 17 Jan 2019 00:00:00 +0530 Mon, 01 Apr 2019 09:34:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377592 The appeal was dismissed by the National Company Law Tribunal as the scheme of arrangement, seeking to merge multiple companies, was found to be non-compliant with Reserve Bank of India (RBI) regulations. The Regional Director's concerns about the companies engaging in non-banking financial company (NBFC) activities without proper approvals were pivotal in the rejection. Despite the appellants' arguments based on an RBI circular, the lack of clarity on the companies' financial activities and the absence of the Regional Director's appearance led to the Tribunal upholding the rejection, underscoring the significance of regulatory compliance in corporate transactions. Case-Laws Companies Law Thu, 17 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377592