Bombay High Court Quashes Regional Director's Rejection of Amalgamation Scheme Under Section 233 Companies Act — Regional Director Lacks Power to Reject, Must File Application Before NCLT if Scheme Not in Public Interest. The court held that the Regional Director's order rejecting the scheme on grounds of insolvency was without jurisdiction as the proper remedy under Section 233(5) is to approach the NCLT.
1 Aug 2024The petitioners, five companies with common directors and shareholders, sought to amalgamate petitioner nos. 2 to 5 (wholly-owned subsidiaries) with p...
