My note on the decision of the Supreme Court of India in Sesa Goa v. Krishna Bajaj is available on the Indian Corporate Law blog here. In brief, the Supreme Court interpreted the Provisos to Section 394(1). Under the second Proviso, on a literal reading, a report by the Official Liquidator (that the affairs of the company are not be carried on in a manner prejudicial to the members/public interest) is required before a scheme for amalgamation can be sanctioned. The Supreme Court has however allowed such a scheme to be sanctioned despite holding that the report of the OL was vitiated.
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