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2020 (12) TMI 373 - Tri - Companies LawSanction of composite scheme of amalgamation - sections 230-232 of the Companies Act, 2013 - HELD THAT:- The petitioner-companies have already assured and gave an undertaking to this effect that it shall comply with all the statutory compliance including pending Income-tax proceedings. Thus, it is made clear that sanction and approval of the present scheme shall, however, be subject to the outcome of pending IT proceedings and appeal. Therefore, the observations made by the Regional Director and official liquidator stands satisfied. Considering the entire facts and circumstances of the case and on perusal of the scheme and the proceedings, it appears that the requirements of the provisions of sections 230-232 of the Act are satisfied. The scheme is genuine and bona fide and in the interest of the shareholders and creditors. The scheme of approval is sanctioned - application allowed.
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