https://www.taxtmi.com/caselaws?id=402981 A scheme of amalgamation under the Companies Act, 2013 was sanctioned where the statutory requirements under sections 230 to 232 were complied with and the scheme was found fair, reasonable, and not contrary to law or public policy. Objections from the Income-tax Department, the Regional Director and the Official Liquidator, including concerns on tax benefit, commercial substance, disclosures, employee protection, accounting treatment, and CSR compliance, were met by affidavits and undertakings. The Tribunal accepted that the amalgamation had a commercial basis, that revenue interests were protected, and that the objections did not justify refusal of sanction. The scheme was approved and made binding on the companies and stakeholders, subject to further statutory compliance. en-us Tue, 08 Dec 2020 00:00:00 +0530 Sat, 30 Jan 2021 18:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402981 A scheme of amalgamation under the Companies Act, 2013 was sanctioned where the statutory requirements under sections 230 to 232 were complied with and the scheme was found fair, reasonable, and not contrary to law or public policy. Objections from the Income-tax Department, the Regional Director and the Official Liquidator, including concerns on tax benefit, commercial substance, disclosures, employee protection, accounting treatment, and CSR compliance, were met by affidavits and undertakings. The Tribunal accepted that the amalgamation had a commercial basis, that revenue interests were protected, and that the objections did not justify refusal of sanction. The scheme was approved and made binding on the companies and stakeholders, subject to further statutory compliance. Case-Laws Companies Law Tue, 08 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402981