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2017 (8) TMI 1324 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHIScheme of amalgamation - Held that:- A perusal of the representation of Regional Director shows that notice to the Principal Commissioner of Income Tax, Delhi had been duly sent and that no specific comments/observation have been received raising any objections. A perusal of the Regional Director report states that the letter was also sent to the Reserve Bank of India who have given the response dated 28th April, 2017 stating that Signature Global (India) Private Limited, namely the Transferee Company is carrying NBFC's activities illegally without the permission of the RBI. Since this Tribunal cannot be made an accomplice to illegality, we are not convinced by the explanations given by the Petitioner Companies. Further, prior approval of RBI is a must for proceeding further with the consideration of the Scheme, which has not been obtained and hence we are unable to sanction the scheme before us and hence the petition is dismissed with costs of ₹ 25000/- payable to Prime Minister National Relief Fund.
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