https://www.taxtmi.com/caselaws?id=28175 A scheme of amalgamation involving interconnected undertakings was treated as exempt from prior Central Government approval under the Monopolies and Restrictive Trade Practices Act, 1969, because the undertakings were not dominant and produced goods of the same description. Reading the exemption with the relevant classification rules, the court rejected a narrow item-by-item identity test and accepted that drugs and medicines of the same description satisfied the statutory condition. Under the Companies Act, 1956, the modified amalgamation scheme was also found fair, reasonable, workable and in public interest: the change in effective date was commercially explained, the exchange ratio rested on recognised valuation methods, and no prejudice to creditors was shown. The sanction was upheld. en-us Sat, 30 Jul 1983 00:00:00 +0530 Fri, 19 Feb 2010 14:04:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28175 A scheme of amalgamation involving interconnected undertakings was treated as exempt from prior Central Government approval under the Monopolies and Restrictive Trade Practices Act, 1969, because the undertakings were not dominant and produced goods of the same description. Reading the exemption with the relevant classification rules, the court rejected a narrow item-by-item identity test and accepted that drugs and medicines of the same description satisfied the statutory condition. Under the Companies Act, 1956, the modified amalgamation scheme was also found fair, reasonable, workable and in public interest: the change in effective date was commercially explained, the exchange ratio rested on recognised valuation methods, and no prejudice to creditors was shown. The sanction was upheld. Case-Laws Income Tax Sat, 30 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28175