Corporate News
A company petition, CP(CAA)/33(AHM)2026 in CA(CAA)/23(AHM)2026, has been allowed, approving the amalgamation of several Transferor Companies into a Transferee Company, which the court noted are wholly-owned subsidiaries. The amalgamation will proceed without the issuance of new shares or consideration. Notably, the Income Tax Department retains the right to examine the tax implications of the scheme and pursue any potential liabilities if it is deemed a tax avoidance strategy. The Transferor Companies must file a certified copy of the order with the Registrar of Companies within 30 days, while the Transferee Company must file Form CAA-8. All assets, liabilities, and contracts of the Transferor Companies automatically transfer to the Transferee Company, and employees will be absorbed with favorable terms, with legal fees totaling Rs. 70,000 and Rs. 30,000 payable to the Regional Director and Official Liquidator, respectively.