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And further, "The High Court was in error in holding that even after amalgamation of the two Companies, the Transferor Company did not become nonexistent instead it continued its entity in blended form with the appellant company. The High Court's view that on amalgamation, there is no complete destruction of corporate personality of the Transferor Company. Instead, there is a blending of corporate personality of one with another corporate body and it continues, as such with the other is not sustainable in law. The effect and character of the amalgamation largely depends on the term of the scheme of merger but there can be any (No.) doubt that when two companies amalgamate or merge into one, the transferor Company loses its entity as it ceases to have its business. However, the respective rights and liabilities are determined under the scheme of amalgamation but the corporate entity of the Transferor Company ceases to exist with effect from the date, the amalgamation is made effective"