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.
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This story is from the September 2019 edition of M & A Critique.
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