Stamp duty payable on scheme of Amalgamation-
Recent Bombay High Court judgement has sparked a debate on the issue of stamp duty payable on the order sanctioning the scheme of amalgamation where the transferor and transferee companies have registered offices in two different States in India. It has been held that it is mandatory for both companies to approach their respective jurisdictional High Court and on receipt of their Section 394 Orders (even if their schemes are the same) from their High Courts must pay stamp duties as are relevant to those States. Capturing the legal history of stamp duty payable on an order of a High Court under Section 391 of the Companies Act, 1956, the article states that the decision will now be tried and tested as the matter is pending hearing before the Supreme Court.
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