NCLT rejects Amalgamation Scheme devised to evade over Rs. 400 cr. tax liability

Sep 12,2018

NCLT denies sanction to Scheme of Amalgamation ('the Scheme') between Gabs Investments Pvt. Ltd. ('Transferor', GIPL) and Ajanta Pharma Ltd. ('Transferee', APL) (having common Promoters) aimed at evading huge tax liability of over Rs. 400 cr. and thereby against public interest; Noting that under the proposed scheme shares will be allotted to 4 individual shareholders of GIPL and the shares of APL held by GIPL directly would be cancelled, NCLT holds that “any al...

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