Case Name : Central india industries ltd. V. Cit 

Citation : [1975] 99 itr 211 (cal.)

Court : Kolkata high court

Section : 47

Meaning : An ‘amalgamation’ may be defined as an arrangement whereby the assets of two companies become vested in, or are under the control of one company (which may or may not be one of the original two companies), which has as its shareholders all, or substantially all, the shareholders of the two companies. An amalgamation is effected by these shareholders of one or both of the amalga-mating companies exchanging their shares (either voluntarily or as the result of a legal operation) for shares in the other or a third company. The arrangement is frequently effected by means of a takeover bid by one of the companies for the share of the other, or of a take-over bid by a third company for the shares of both.

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