M/S INTEGRATED FINANCE CO.LTD. vs RESERVE BANK OF INDIA ETC.ETC.

The Supreme Court upheld the decision of the High Court which set aside the sanction of a scheme of arrangement under Section 391 of the Companies Act, 1956, by the learned Single Judge. The Court found that the appellant company, a Non-Banking Finance Company, had violated provisions of the Reserve Bank of India Act, 1934, specifically Section 45N, and the Prudential Norms Directions. The Court emphasized the importance of compliance with regulatory norms for financial stability and dismissed the appeals, affirming the High Court's ruling.