https://www.taxtmi.com/caselaws?id=286499 A court sanctioning a scheme of amalgamation may exercise supervisory power to issue directions or modify the scheme where necessary for its proper working. It must also scrutinise whether the arrangement is fair, just, reasonable, lawful, and consistent with public policy rather than treating sanction as a mechanical exercise. On the facts, because the statutory process for convening the meeting began after the close of the relevant accounting year and no sufficient explanation justified an earlier operation date, the appointed date was altered to avoid conflict with fiscal liabilities and statutory compliance. The scheme was sanctioned subject to that modification. en-us Mon, 14 Sep 2009 00:00:00 +0530 Sat, 29 Feb 2020 17:29:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286499 A court sanctioning a scheme of amalgamation may exercise supervisory power to issue directions or modify the scheme where necessary for its proper working. It must also scrutinise whether the arrangement is fair, just, reasonable, lawful, and consistent with public policy rather than treating sanction as a mechanical exercise. On the facts, because the statutory process for convening the meeting began after the close of the relevant accounting year and no sufficient explanation justified an earlier operation date, the appointed date was altered to avoid conflict with fiscal liabilities and statutory compliance. The scheme was sanctioned subject to that modification. Case-Laws Companies Law Mon, 14 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286499