M & A Critique Magazine - February 2024Add to Favorites

M & A Critique Magazine - February 2024Add to Favorites

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In this issue

- Legal: CASE LAW: Reduction of Share Capital by way of cancellation of Shares amounts to “Transfer” and Losses available for set-off
- Demerger: Shankara Building Products separates its trading & marketplace business for independent growth
- Cover Article: Allcargo Logistics creating a more simplified structure

Shankara Building Products separates its trading & marketplace business for independent growth

Recently, Shankara Building Products Limited announced the demerger of its trading/building material marketplace business from its manufacturing business.

Shankara Building Products separates its trading & marketplace business for independent growth

4 mins

CASE LAW: Reduction of Share Capital by way of cancellation of Shares amounts to "Transfer" and Losses available for set-off

Recently, the Mumbai bench of the Income Tax Appellate Tribunal in the case of Tata Sons Limited held that the reduction of share capital of the company by way of cancellation of shares is an extinguishment of rights in shares and be treated as \"transfer\".

CASE LAW: Reduction of Share Capital by way of cancellation of Shares amounts to "Transfer" and Losses available for set-off

3 mins

Allcargo Logistics creating a more simplified structure

“The transaction will separate the international supply chain business into a separate entity”

Allcargo Logistics creating a more simplified structure

6 mins

TVS Group's Restructuring A Benchmark for Family Arrangements

\"Part I of the scheme, although complex with multiple transactions, executed to achieve separation of ownership between various family branches\"

TVS Group's Restructuring A Benchmark for Family Arrangements

7 mins

Aster to sell its GCC Business

Recently, Aster DM healthcare Limited (\"Aster\"]) announced much awaited news for its stakeholders. The Board of Directors of Aster announced separation of its India & GCC (Gulf Corporation Council) business by selling GCC business held by it.

Aster to sell its GCC Business

4 mins

Merger driven by Venture Capital

The Board of Directors of JHS Svendgaard Laboratories Limited. announced merger of the company with private company Vedic Cosmeceuticals Private Limited. As acclaimed by the management, the product portfolio of Vedic Cosmeceuticals Private Limited is complimentary to that of JHS Svendgaard Laboratories Limited's products.

Merger driven by Venture Capital

3 mins

NO TDS on Sale of Property by Liquidator under the IBC, 2016?

Case Law: Company Appeal (AT) (Insolvency) No. 624 of 2020

NO TDS on Sale of Property by Liquidator under the IBC, 2016?

7 mins

INFIBEAM continues its journey of segregation

Recently, the management of Infibeam Avenues Limited announced internal restructuring which will pave the way for separate listing of its Global Top Level Domain business and will carve out immovable property at Gift City into a separate wholly owned subsidiary.

INFIBEAM continues its journey of segregation

3 mins

Applicability of Right Shares Issuance on Face Value based on Renunciation by Family Members

Case Law Sec.56(2)(vii) of the Income-tax Act, 1961 inapplicable to right-shares issued in proportion to own & relatives shareholding

Applicability of Right Shares Issuance on Face Value based on Renunciation by Family Members

4 mins

Vedanta's Mega Demerger: Strategic or Mandatory Move to Unlock Value

\"Post demerger, each of the separate businesses shall have share capital equivalent to the existing share capital of combined VEDL\"

Vedanta's Mega Demerger: Strategic or Mandatory Move to Unlock Value

4 mins

ROUTE MOBILE: A Serial Acquirer gets Acquired

Route Mobile Limited (\"Route\" or \"RML\") established in 2004 is a cloud communications platform service provider, catering to enterprises, overthe-top (OTT) players and mobile network operators (MNO).

ROUTE MOBILE: A Serial Acquirer gets Acquired

6 mins

Sterlite Technologies to Demerge its Global Services Business

The Board of Directors of Sterlite Technologies Limited (\"STL\") at its meeting held on May 17, 2023 has considered and approved a Scheme of Arrangement (\"Scheme\") between Sterlite Technologies Limited (the \"Demerged Company\") & STL Networks Limited (the \"Resulting Company\") and their respective shareholders and creditors, under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 and the rules made thereunder.

Sterlite Technologies to Demerge its Global Services Business

3 mins

BUYBACK of Shares: Optimal for all?

BUYBACK OF SHARES

BUYBACK of Shares: Optimal for all?

4 mins

Allegation of Fraud in Appointment of IRP as RP Ground for Rejection of Resolution Plan?

An application filed by Amit Sangal, Proprietor of Nitin Plastic (Operational Creditor of Prince MFG Industries Private Limited) under section 60[5] of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of National Company Law Tribunal Rules, 2016 against Kairav Anil Trivedi, IRP/RP of the Corporate Debtor and Canara Bank Ltd.,

Allegation of Fraud in Appointment of IRP as RP Ground for Rejection of Resolution Plan?

1 min

Jindal Power: Streamlining Promoter's Holding

In 2021, Naveen Jindal group's flagship company, Jindal Power & Steel Limited announced divestment of its subsidiary entity engaged in power generation business:

Jindal Power: Streamlining Promoter's Holding

5 mins

Compulsorily Convertible Debentures cannot be considered as "Financial Debt" to initiate CIRP

Appeal is preferred by IFCI Limited (\"Appellant\") under Section 61 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the 'Code') against the Impugned Order dated 14/03/2023 passed by the National Company Law Tribunal, Hyderabad Bench -||

Compulsorily Convertible Debentures cannot be considered as "Financial Debt" to initiate CIRP

5 mins

RAYMOND Group's Restructuring to Re-FOCUS on its Core Businesses

For the last couple of years, it appears Raymond Limited has relentlessly been trying to simplify its structure & create value for shareholders.

RAYMOND Group's Restructuring to Re-FOCUS on its Core Businesses

6 mins

Rejection of Scheme of Merger - Objections from Income Tax Authorities

Indiabulls Real Estate Limited (\"Petitioner Company /Transferee Company/IBREL) filed scheme of amalgamation of companies belonging to Embassy groupNAM Estates Private Limited (\"NonPetitioner Company/ Transferor Company 1\") and Embassy One Commercial Property Developments Private Limited (\"Non-Petitioner Company/ Transferor Company 2\") before the Hon'ble National Company Law Tribunal (NCLT) Chandigarh & Bengaluru Bench.

Rejection of Scheme of Merger - Objections from Income Tax Authorities

7 mins

Scheme of Merger Approved - Despite Objections from Regional Director

Medlife Wellness Retail Private Limited (\"Petitioner Company 1/Transferor Company 1) and Metarain Distributors Private Limited (\"Petitioner Company 2/Transferor Company 2) filed scheme of amalgamation with Threpsi Solutions Private Limited (\"Non-Petitioner Company/ Transferee Company\") before the Hon'ble National Company Law Tribunal (NCLT) Bengaluru (Bangalore) Bench.

Scheme of Merger Approved - Despite Objections from Regional Director

3 mins

Aditya Birla Fashion to acquire TCNS: To be a forerunner in fashion industry

India is poised for multi-decadal change in apparel industry.

Aditya Birla Fashion to acquire TCNS: To be a forerunner in fashion industry

5 mins

Crompton's final stage of integration of Butterfly Gandhimathi

\"The acquisition last year was funded mainly by issue of listed commercial papers”

Crompton's final stage of integration of Butterfly Gandhimathi

4 mins

Can Resolution Plan be modified by way of subsequent order of adjudicating authority relating to interconnected matter of Resolution Plan?

SREI Multiple Asset Investment Trust Vision India Fund (Appellant) preferred an appeal against decision of Hon'ble National Company Law Appellate Tribunal (NCLAT) which set-aside order of Hon'ble NCLT (National Company Law Tribunal) Hyderabad Bench which have effect of modification/alteration of approved resolution Plan of the Corporate Debtor Deccan Chronicle Holdings Ltd. (DCHL).

Can Resolution Plan be modified by way of subsequent order of adjudicating authority relating to interconnected matter of Resolution Plan?

5 mins

Dalmia Bharat inching its way to become Pure-Play Cement Producer

Dalmia Bharat Limited (\"DBL\") has created a Vision 2031 for capacity creation plan of 110-130 million tons from existing capacity of 40 million tons of cement manufacturing.

Dalmia Bharat inching its way to become Pure-Play Cement Producer

4 mins

NCLT Judgement on Treatment of CCD in case of Company goes under CIRP Process under IBC

Agritrade Power Holding Mauritius Limited (Applicant) filed application with Hon'ble NCLT Mumbai Bench against rejection of its claim by the Respondent/Resolution Professional of SKS Power Generation (Chhattisgarh) Limited (\"Corporate Debtor/SPGCL\") as financial creditor by virtue of Holding Compulsory Convertible Debentures of Corporate Debtor.

NCLT Judgement on Treatment of CCD in case of Company goes under CIRP Process under IBC

4 mins

Merger of IT Business and Demerger of Automotive Engineering Business: The Saga of KPIT & Birlasoft

Before 2018, KPIT Technologies Limited had deep expertise in auto engineering and mobility solutions as well as a strong presence in business information technology.

Merger of IT Business and Demerger of Automotive Engineering Business: The Saga of KPIT & Birlasoft

4 mins

Scheme of Merger of WoS with its Holding Company Approved - Despite of Objections from IT Department

Yuflow Engineering Private Limited Petitioner Company 1/Transferor Company) filed scheme of amalgamation with Yuken India Limited Petitioner Company 2 Transferee Company”) before the Hon'ble National Company Law Tribunal NCLT) Bengaluru Bangalore) Bench.

Scheme of Merger of WoS with its Holding Company Approved - Despite of Objections from IT Department

6 mins

Whether Income Tax Dues are to be considered as Secured Creditor for the Purpose of CIRP Process

Income Tax Department Appellant) preferred an appeal against decision of Hon'ble NCLT National Company Law Tribunal) Guwahati Bench in the matter of Assam Company India Ltd Respondents) vide Company Appeal AT) Insolvency) No. 243 of 2022 before Hon'ble National Company Law Appellate Tribunal NCLAT).

Whether Income Tax Dues are to be considered as Secured Creditor for the Purpose of CIRP Process

4 mins

YET ANOTHER RESTRUCTURING TO UNLOCK VALUE OF TAN BUSINESS BY DEEPAK FERTILISERS

\"The merger and demerger transaction should simplify the corporate structure and segregate the Crop Nutrition Business and Technical Ammonium Nitrate Business to focus and grow separately\"

YET ANOTHER RESTRUCTURING TO UNLOCK VALUE OF TAN BUSINESS BY DEEPAK FERTILISERS

5 mins

Rejection of Scheme By NCLT: Objection of Regional Director on grounds of non-compliance

Hotel City Plaza Private Ltd [\"Appellant 1\" or Petitioner Company 1 or \"Transferor Company\") Trivandrum Apollo Towers Private Ltd] [ \"Appellant 2\" or Petitioner Company 2 or \"Transferee Company\") have preferred appeal (Company Appeal (AT) (CH) No. 28 of 2021) before Hon'ble NCLAT Chennai Bench against order dated 05.02.2021 in TCAA/4/KOB/2019 & TCAA/5/KOB/2019 passed by Hon'ble NCLT Kochi Bench dismissing scheme of merger on basis of objection raised by Regional Director, Ministry Of Corporate Affairs.

Rejection of Scheme By NCLT: Objection of Regional Director on grounds of non-compliance

7 mins

FINANCIAL & LENDING BUSINESS

Career Point: Baby (side business) becomes larger than the primary business

FINANCIAL & LENDING BUSINESS

3 mins

Read all stories from M & A Critique

M & A Critique Magazine Description:

PublisherHU Mergersindia.com Pvt. Ltd.

CategoryBusiness

LanguageEnglish

FrequencyMonthly

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