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Merger of NSEL with FTIL was to be set aside as it was ultra vires Cos. Act and also Article 14 of Constitution

May 2, 2019[2019] 105 taxmann.com 6 (SC)
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CL : Where on amalgamation of holding company with its wholly owned subsidiary, all assets and liabilities of wholly owned subsidiary would become assets and liabilities of holding company in view of non-application of mind by authority in assessing compensation as referred to in section 396(3) with respect to rights and interests which shareholders and creditors of holding company had, final order of amalgamation was to be held ultravires section 396 and violative of Article 14 of Constitution

• Where assessment order did not provide any compensation to either shareholders or creditors of holding company for economic loss caused by amalgamation in breach of Section 396(3), it was clear that an important condition precedent to passing of final amalgamation order was not met.

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