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2018 (5) TMI 1846 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI, III BENCHApproval of the scheme of amalagamation - prior approval of RBI is a must for proceeding further with the consideration of the Scheme which was not taken - companies involved in the scheme are carrying NBFC activities, the approval of the RBI are mandatory - HELD THAT:- In the matter of Avenir Finvest and Leasing P. Ltd., In re [2017 (8) TMI 1324 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI] rejected the scheme in view of non-approval by the RBI to the scheme. Where the financial assets of a company constitute more than 50 per cent. of their total asset and income from the financial assets constitute more than 50 per cent. of the gross total income in view of RBI's approval not in place, the scheme is liable to be rejected. In the instant case also as per the report of the Regional Director all the above companies meets the above criteria and therefore falls within the scheme of a company carrying NBFC activity and if that were so, requiring the RBI approval and since the same is not in place, this Tribunal is constrained to dismiss the present petition
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