https://www.taxtmi.com/caselaws?id=305974 The Bombay High Court sanctioned a scheme of amalgamation under Sections 391 to 394 of the Companies Act, 1956, after finding it fair, reasonable, lawful, and supported by the Official Liquidator's report and undertakings addressing regulatory concerns. The court held that cancellation of the transferor's shareholding in the transferee, as an automatic incident of amalgamation and dissolution, did not amount to a separate reduction of share capital requiring compliance with reduction procedures, and the securities premium objection was inapplicable. Ancillary objections relating to tax, accounting standards, STPI permissions, authorised share capital, memorandum alteration, and foreign exchange compliance were treated as answered by the undertakings given, so they did not prevent sanction. en-us Thu, 20 Oct 2016 00:00:00 +0530 Mon, 02 Jan 2023 21:14:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305974 The Bombay High Court sanctioned a scheme of amalgamation under Sections 391 to 394 of the Companies Act, 1956, after finding it fair, reasonable, lawful, and supported by the Official Liquidator's report and undertakings addressing regulatory concerns. The court held that cancellation of the transferor's shareholding in the transferee, as an automatic incident of amalgamation and dissolution, did not amount to a separate reduction of share capital requiring compliance with reduction procedures, and the securities premium objection was inapplicable. Ancillary objections relating to tax, accounting standards, STPI permissions, authorised share capital, memorandum alteration, and foreign exchange compliance were treated as answered by the undertakings given, so they did not prevent sanction. Case-Laws Companies Law Thu, 20 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305974