Where income tax department had raised no objection to proposed scheme of amalgamation and same was in interest of company and its members, proposed scheme was to be sanctioned

CL : Where income tax department had raised no objection to proposed scheme of amalgamation and same was in interest of company and its members, proposed scheme was to be sanctioned

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[2014] 49 taxmann.com 35 (Gujarat)

HIGH COURT OF GUJARAT

Welspun Fintrade (P.) Ltd., In re

MS. HARSHA DEVANI, J.

CO. PETITION NO. 17 OF 2014

CO. APPLICATION NO. 15 OF 2014

APRIL  16, 2014

Section 232 of the Companies Act, 2013/ Section 394 of the Companies Act, 1956 - Amalgamation - Petitioner companies belonging to same group of management sought for sanction of their scheme of amalgamation - Regional Director stated that companies should have a common appointed date and petitioner should undertake compliance of Income tax Act - Whether since there is no legal bar on choice of appointed date and income tax department had no objection to proposed scheme, scheme being in interest of companies and its members was to be sanctioned - Held, yes [Paras 6 & 7]

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