That means the appointed date and effective date of the scheme has to be one and same. Since there needed some clarity on the subject, the Ministry of Corporate Affairs vide its General Circular dtd. 21.08.2019 has issued clarification on the following issues:
1. Whether it is mandatory to indicate a specific calendar date as 'appointed date' in the schemes referred to in the section.
2. Whether the acquisition date' for thepurpose of Ind-AS 103 (Business combinations) would be the 'appointed date' referred to in section 232(6). We previously looked at the importance of Appointed Date and Effective Date.
Clarification provided by the Ministry
This story is from the September 2019 edition of M & A Critique.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the September 2019 edition of M & A Critique.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Dalmia Group continues its journey of segregation of businesses by way of demerger
Recently Dalmia Group announced yet another restructuring of one of its group companies Dalmia Bharat Refractories Limited.
Rane Group to consolidate its listed operational entities
After keeping different operational listed entities for years, Rane Group, one of the key players in Auto Ancillary space has decided to consolidate its listed operational companies under Rane (Madras) Limited.
Zuari Group's attempts to create the biggest private producer of Fertilisers
“Transfer of Identified shares from ZACL to ZMPPL is a precondition for approval of the merger transaction”
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.
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\".
Allcargo Logistics creating a more simplified structure
“The transaction will separate the international supply chain business into a separate entity”
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\"
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.
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.
NO TDS on Sale of Property by Liquidator under the IBC, 2016?
Case Law: Company Appeal (AT) (Insolvency) No. 624 of 2020
