https://www.taxtmi.com/caselaws?id=751690 The Calcutta HC set aside criminal proceedings under Section 448 of the Companies Act, 2013 for alleged violation of Section 233 regarding the ninety percent shareholding requirement for amalgamation scheme approval. The court found the trial judge took cognizance without judicial application of mind, making it a mere formality without prima facie findings. The prosecution was deemed bad in law as the company and persons responsible for day-to-day affairs were not made parties, while only the petitioner acting on behalf of the company was prosecuted. The court noted companies could reconvene meetings to comply with Section 233(1)(b) provisions and that the petitioner had alternative legal recourse available, making fraud allegations baseless. en-us Tue, 02 Apr 2024 00:00:00 +0530 Tue, 23 Apr 2024 09:12:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751690 The Calcutta HC set aside criminal proceedings under Section 448 of the Companies Act, 2013 for alleged violation of Section 233 regarding the ninety percent shareholding requirement for amalgamation scheme approval. The court found the trial judge took cognizance without judicial application of mind, making it a mere formality without prima facie findings. The prosecution was deemed bad in law as the company and persons responsible for day-to-day affairs were not made parties, while only the petitioner acting on behalf of the company was prosecuted. The court noted companies could reconvene meetings to comply with Section 233(1)(b) provisions and that the petitioner had alternative legal recourse available, making fraud allegations baseless. Case-Laws Companies Law Tue, 02 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751690