https://www.taxtmi.com/caselaws?id=389404 A scheme of amalgamation under Sections 230 to 232 of the Companies Act, 2013 involving chit fund companies could not be rejected merely because prior approval of the Registrar of Chits had not been obtained, where no statutory provision, circular, or guideline established such approval as a mandatory precondition. The record showed procedural compliance and no objections from affected parties. The rejection was set aside, and the matter was remitted for fresh consideration with liberty to impose lawful safeguards under the Chit Funds Act, 1982 to protect subscribers and ensure compliance. en-us Tue, 03 Dec 2019 00:00:00 +0530 Sat, 07 Dec 2019 13:00:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389404 A scheme of amalgamation under Sections 230 to 232 of the Companies Act, 2013 involving chit fund companies could not be rejected merely because prior approval of the Registrar of Chits had not been obtained, where no statutory provision, circular, or guideline established such approval as a mandatory precondition. The record showed procedural compliance and no objections from affected parties. The rejection was set aside, and the matter was remitted for fresh consideration with liberty to impose lawful safeguards under the Chit Funds Act, 1982 to protect subscribers and ensure compliance. Case-Laws Companies Law Tue, 03 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389404