TaxTMI 
TaxTMI 
2006 (7) TMI 340
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.... the petition as per section 394A of the Companies Act, 1956, on the Regional Director, Department of Company Affairs, Central Government, which is a necessary party, for obtaining the opinion of the Regional Director and the official liquidator was also asked to submit a report before this Court by the aforesaid date. On 19-5-2006, when the matter was taken up, the Registrar of Companies representing the Regional Director produced a copy of the letter of the Regional Director wherein objections were raised to paragraph 10 of the scheme of amalgamation. The official liquidator has also submitted his report. 3. Mr. D.K. Ray, learned counsel for the petitioner submitted that the objection raised by the Regional Director is not tenable. Objec....
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....her or an amalgamation of two companies to form a third is brought about by two parallel schemes of arrangements entered into between one company and its members and the other company and its members and the two separate arrangements bind all the members of the companies and the companies, when sanctioned by the court. Amalgamation is, therefore, an absorption of one company into another or merger of both to form a third, which is not a mere act of the two companies or their members but is brought about by virtue of a statutory instrument and to that extent has statutory genesis and character, and to that extent, it is distinguishable from a mere bilateral arrangement to merge or join in a common endeavour, an undertaking or enterprise. 6.....