T.K.Basu, J. - (1.) This is an application under Section 391(2) read with Section 394 of the Companies Act, 1956, for confirmation of a scheme of amalgamation. The statutory formalities which are required to be complied with prior to an application for confirmation have been complied with.
(2.) The only objection that is taken by Mr. S. B. Mookherjee, appearing on behalf of the Central Govt., is that under Section 23(1) of the Monopolies and Restrictive Trade Practices Act, 1969 (hereinafter referred to as "the Act"), prior approval by the Central Govt. is necessary before a scheme can be sanctioned in the instant case.
(3.) This is because admittedly both the transferor and the transferee-companies are registered under the provisions of the Act. According to Mr. Mookherjee, the exemption provided by Sub-section (3) of Section 23 of the Act is not applicable in the instant case.;