https://www.taxtmi.com/caselaws?id=460083 The court determined that the Central Government has the authority to object to a share exchange ratio in a scheme approved by shareholders under Section 394A of the Companies Act, 1956. Despite unanimous shareholder approval, the court emphasized its duty to ensure fairness and public interest, validating the Central Government's objection. Consequently, the court decided to appoint an independent Chartered Accountant to review the fairness of the proposed share exchange ratio, underscoring its role in safeguarding against potential unfairness or unreasonableness in such corporate arrangements. en-us Mon, 08 Jul 2013 00:00:00 +0530 Fri, 10 Jan 2025 15:57:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460083 The court determined that the Central Government has the authority to object to a share exchange ratio in a scheme approved by shareholders under Section 394A of the Companies Act, 1956. Despite unanimous shareholder approval, the court emphasized its duty to ensure fairness and public interest, validating the Central Government's objection. Consequently, the court decided to appoint an independent Chartered Accountant to review the fairness of the proposed share exchange ratio, underscoring its role in safeguarding against potential unfairness or unreasonableness in such corporate arrangements. Case-Laws Companies Law Mon, 08 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460083