FIRST SET OF AMALGAMATIONS, MERGERS REFERRED TO I-T DEPT.
The Income Tax Department
will have a say in mergers,
demergers and amalgamations
in 2006-07, with the Registrar of
Companies (RoC) referring the
first set of cases for clearance to
the department.
The move follows a June
2006 Bombay High Court
ruling, according to which, the
Company Law Board can direct
the RoC to get an I-T clearance
before such deals are approved
by the court.
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