The shareholders of Green Ltd. and Yellow Ltd. are the same set of people. Green Ltd. and Yellow Ltd. have merged and formed Green Yellow Ltd. It is the contention of the shareholders that since both the transferor and transferee are the same set of people, there is no transfer and hence no liability to stamp duty. Discuss with reference to case law.
Tuesday, February 10, 2009
Companies Act_Practical Problems_55
Is sanction of the court necessary for a scheme of amalgamation wherein the petitioner company had no secured creditors and all unsecured creditors had accorded their approval to the proposed scheme along with the shareholders of both the companies ? The official liquidator also did not have any objection to the scheme. Substantiate your answer.
Companies Act_Practical Problems_54
An agreement was entered into between a company and its workers. Later on, the said company was to amalgamate with another company. The workers of the said company would like to object to the scheme as creditors. Advise.
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