update analyzes the recent decision of the High Court of
Judicature at Bombay (Bombay High Court) in The Chief Controlling
Revenue Authority and Anr. vs. M/s Reliance Industries Limited
Mumbai and Anr. relating to the payment of stamp duty in cases of
mergers and amalgamations. The judgment rules on two major issues:
Industries Limited (RIL), with its registered office in
Maharashtra, and Reliance Petroleum Limited (RPL), with its
registered office in Gujarat, entered into a scheme of
amalgamation (Scheme) pursuant to Sections 391 to 394 of the
Companies Act, 1956 (Companies Act).
> The Bombay High
Court upheld the established principle of law that the instrument
chargeable with stamp duty in cases of merger is the order of the
High Court. The Bombay High Court reasoned that a merger is only
operative once the approval of the court has been accorded and the
scheme would have no effect otherwise.
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