s 28 Amendment of section 4A
The principal Act is amended by substituting for section 4A the following new section 4A: “Transfer of chargeable assets between companies in same group or in any scheme of reorganization, etc. 4A. (1) Subject to this section, where with the prior approval of the Director General— (a) a chargeable asset is transferred between companies in the same group to bring about greater efficiency in operation and where the ownership of the chargeable asset remains with the group; (b) a chargeable asset is transferred for any consideration between persons in any scheme of reorganization, reconstruction or amalgamation; or (c) a chargeable asset is disposed of by a liquidator of a company and the liquidation of the company was made under a scheme of reorganization, reconstruction or amalgamation, the transfer shall not be treated as a disposal: Provided that no approval shall be given for any transfer or disposal of a chargeable asset in any scheme under paragraph (b) or (c) unless the Director General is satisfied that such a chargeable asset is transferred or disposed of to implement any such scheme directly connected with any transfer of ownership of a chargeable asset in compliance with Government policy on capital participation in industry. (2) For the purposes of this section, a principal company and all its subsidiaries form a group and, where a principal company is a member of another group as being itself a subsidiary, both groups shall be treated as one group for those purposes.”.