Taxmann's Corporate Restructuring Insolvency Liquidation & Winding-Up (CRILW)

Contents

PAGE

Chapter-wise Marks Distribution (New Syllabus)

I-5

Previous Exams Trend Analysis (New Syllabus)

I-7

Chapter-wise comparison with study material

I-15

PART I CORPORATE RESTRUCTURING (50 MARKS) Chapter 1 Types of corporate restructuring

1.3

Chapter 1A Financial restructuring

1A.1

Chapter 1B Corporate demerger

1B.1

Chapter 2 Acquisition of company

2.1

Chapter 3 Planning and strategy

3.1

Chapter 4 Process of merger and acquisition

4.1

Chapter 5 Documentation

5.1 I-17

3 4 . % 4 . / #

I-18

PAGE

Chapter 6 Valuation of Business and assets

6.1

Chapter 7 Accounting aspects of Corporate Restructuring

7.1

Chapter 8 Taxation and stamp duty aspects

8.1

Chapter 9 Competition aspects

9.1

Chapter 10 Regulatory approvals

10.1

Chapter 11 Appearance before NCLT/NCLAT

11.1

Chapter 12 Fast track mergers

12.1

Chapter 13 Cross border mergers

13.1 PART II

INSOLVENCY & LIQUIDATION (50 MARKS) Chapter 14 Insolvency concepts

14.3

Chapter 15 Petition for Corporate Insolvency Resolution Process

15.1

Chapter 16 Role, Function, Duties of Insolvency Resolution Professional

16.1

3 4 . % 4 . / #

I-19 PAGE

Chapter 17 Resolution strategies

17.1

Chapter 18 Committee of creditors

18.1

Chapter 19 Resolution plan

19.1

Chapter 20 Insolvency of Partnership Firm and Individual

20.1

Chapter 21 Fresh start process

21.1

Chapter 22 SARFAESI Act & Debt Recovery

22.1

Chapter 23 Cross border insolvency

23.1

Chapter 24 Liquidation after IRP

24.1

Chapter 25 Voluntary liquidation

25.1

Chapter 26 Winding-up by Tribunal

26.1

Solved Paper : Dec. 2020 (New Syllabus)

P.1

Solved Paper : June 2021 (New Syllabus)

P.39

Solved Paper : Dec. 2021 (New Syllabus)

P.73

Solved Paper : June 2022 (New Syllabus)

P.103

ACQUISITION OF COMPANY

CHAPTER

Q1. Draft a checklist for a transferee company in the process of Takeover. [Dec. 2019 - New Syllabus - 5 Marks] OR

N E V I G S I S S E C O R P R E V O E K A T E H T N I Y N A P M O C E E R E F S N A R T A R O F T S I L K C ER HE D #N U S A Q2. M/s Brite Instruments Pvt. Limited is acquiring M/s Sunshine Pvt. Limited. You are the Company Secretary of M/s Brite Instruments Pvt. Limited. Help your management (Board of Directors) to prepare a checklist in this regard. Ans.

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Ans:

Documents involved in this process:

Ans.

9 . ! 0 / # & / . / ) 4 ) 3 ) 5 1 # !

2.2

Q3. What are the kinds of Takeovers practiced in the business world? [Dec. 2019 - New Syllabus - 3 Marks]

(a) Friendly Takeover

(b) Bail Out Takeover

E.g. L&T and Mindtree

Q4. Explain the major amendments introduced in SEBI (Substantial Acquisition of Shares Takeovers) Regulations, 2011 notified on September 21, 2011. [June 2019 - New Syllabus - 5 Marks]

i.e.

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Ans.

2.3

Q5. ABC Ltd. intends to delist its shares from Delhi Stock Exchange for which the company has made required public announcement. Surewin Ltd., a substantial shareholder in the said Company, made a counter offer. Apprise the Board with a short note regarding the outcome. [June 2018, Dec. 2019 - Old Syllabus - 5 Marks]

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9 . ! 0 / # & / . / ) 4 ) 3 ) 5 1 # !

2.4

Q6. Threshold limits triggering public announcement for acquiring shares in listed public Companies are not applicable in case of a listed company undergoing Corporate Insolvency Resolution Process (CIRP) in terms of Insolvency and Bankruptcy Code, 2016 - explain indicating the threshold limits that can be ignored in case of CIRP? [Dec. 2019 - Old Syllabus - 5 Marks]

Q7. Ramesh, who is promoter of Green Ltd. holds 20% of paid-up share capital of the company. The shares of the company are listed on National Stock Exchange. Ramesh intends to pledge his shares for obtaining loan. State the requirements for disclosure of pledged shares under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. [June 2019 - Old Syllabus - 5 Marks]

9 . ! 0 / # & / . / ) 4 ) 3 ) 5 1 # !

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Ans.

DU EG T A E L 2 U GS ER R E SV I O YE NK AA P4 MD ON CA DS EE T R S A I L H A3 FF O O RN E O VI OI T ES KI AU T Q C N! OL I A T I I S T I N U A QT CS AB FU O 3 E C) N" A% T 3 S S NEN I H O YT I T NYA !BL Ans.

2.5

Q8. Going global is rapidly becoming the Indian company’s mantra of choice. What are the benefits and challenges involved in cross border takeover? Name some recent cross border takeovers. [June 2019 - Old Syllabus - 5 Marks]

R E D R O B S S O R C F O S E G N E L L A H C D N A S T I F E N E B S U O I R A V E H T E R A GR NE I V WO OE L L K O A &T A N R E T N I D N A L A C O L S E U S S I L LA A N GO ET I L S E C N E R E F F I D L A R U T L U C

S E G N A H C L A C I G O L O N H C E T

C T E S N O I T A R E D I S N O C L A C I T I L O P

L L I W D O O G S E C N A H N E

T R A K P I L & T R A M L A 7

N O I T A R O P R O # O S T I N R A E S L N ! O - O C L A D N I ( R E Y A "

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R E T N I D N A L A C O L S E U S S I L NA ON I T O A I T XA AN T

N O I T A Z I L A T I P A C T E K R A M S E C N A H N E

U T R O P P O T N E M Y O L P M E S E DS I V E I OT RI PN

H C E T R E T T E B D N A R E W E N EY DG I V O OL RO PN

E R A S R E V O E K A T R E D R O B S S O R C T N E C E R E H T F O E M O 3

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Challenges of Cross Border deals Benefits of Cross Border deals

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Ans.

9 . ! 0 / # & / . / ) 4 ) 3 ) 5 1 # !

2.6

Q9. An open offer made under SEBI (SAST) Regulations, 2011 cannot be withdrawn except under certain circumstances. [Dec. 2016, June 2019 - Old - Syllabus - 3 Marks]

9 . ! 0 / # & / . / ) 4 ) 3 ) 5 1 # !

S E C N AR T E S F MF UO F CO R I L C A HW CA UR 3D

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Offer (Regulation 20)

Competing

TAXMANN®

R DUE EG F T F A E L 2/ U N G O S ER I R T E I SV T I E YOP NE AKM PAO 4 MD# D ON N CA A DSR EE E T RF S F IA/ L H A3 L FFA O N ROO N I E T OI VI D OT I NW ES KI OL O AU#E T QFB NCOD T O!P E L I A T N EI I I S CA T I N NL U AOP QT X CE CS ABES FUH O 34A T E N C) E N" R A% E T 3 F S F NESI N I D H O YT I E T NYA R !BL A

H T I W T I R E M ) " % 3 F O N O I N I P O E H T N I H C I H W

E OL T B NA ON I O T A S A GE I LR B E OH ET HE T D I GS NT I U T O C AS R N T O T A S A !E 0R 3R O EF HT T E NM I T DO E N R T E SR A I L I RU U E PF Q I FC TO S A NE NE OP H I T T OF I D E O NH L OT O CER T YKN NAO !MC

offer (Regulation 19)

Conditional

R GE NF I F T O C EN F F E E P RO ON F RA OE K RA E F M F O O NT EN PO OT I EA G HI T L RB OO F E DH ET R G I U N QI ET C R A R ST L T A D VAE S O S U RN F PO E PT IR AS IN IE YU R OQE T CB U AE T V A EA T HH 3 T a

D E I D S A H N O S R E P L A R U T A N A G N I E B R E R I U Q C !

Ans.

E B T S O E N C N N A4A C3T T!S 3 I M R) U E "C R R I %I U C Q3G CEN HI !T W NFO AOL L Y O B F E ENH O DT I T AA N MU LI SGN I EW R2A E R F RD F E O H PT I NSW EA PRE OE B NVY AEA EWM COR N(E O F NF YWO L L AN A R E R DP E HO NT EI N 'WA

2.7

Q10. A conditional offer and a competing offer are one and the same under SEBI (SAST) Regulations, 2011. [June 2019 - Old Syllabus - 3 Marks]

A D I O K VC AA T OT T A SE E T I A G R EO T P A R R T O S C EE CH NT EM F E O DR F SF UL E OS I R T I A T VC E ET S O UR YP A M D YI NB AR PE MV O OE #K TT A E GE R L I A T 4S O !H

Y KC E N KMRTA A E O AC HN T E S C I TE@ON I E H T N R E A !TAI H N C NO RI D OS WS N T OSA S N T EN!L T N F EMKO U E L C L S D R I E E F PNAL F S C I EET I D T 2MN R L AE! A KR MSV RE A O HVDNR N O OP 3E E I P T AE SKMA I AAL V S YT U I R H GIC GE T ET C E D N T A A AURLR 3 O R T E SH T T W N S R A E EAOAR S L I A CET S E A NR H E I L Y S EEC B F S HO E E E K D4SSA M S E RT S !L O MC E U VNFROE OEO E T B EMSH E D KDL D 4E I C AN D I B T T S N HER T R CM!NEE V U SEMO L S!Y L AE E ERN E P E K NV AE R A /O PR A T

E R A S T N E M D N E M ! R E V O E K A 4 I T N ! F O S E P Y 4

F YO T I R E OG J N A A MH S CN O GT I N TI C V A A L HO T T VN HN E CI USM SN E G DOA I ET N DC A NA ESM MNN A AR I T Y EL T R LL I A A I S B R E I OX L C F E I L T DF R S !EE R EIC U HQ U T D E E R R RS E I WH O4 PL O GR NT I N T O O VC

TE TR E O GGF R R K A A C T T A ET AH T OTA T OE T T YL A L AR T S C O EOP R PR I OO D RC EPA DSO AUT MOR I V A RE L I E R F PM F I O YS NS RA I E DTT NUI O S EH UY T T N HA AI 4 P SW I T M S N DRE O E I C DMT B L E O E RH GG E R VEAA ORNT EAAE KH ASMH T S ST G Y Y EN N L NI I T AAI R S OPPU HMMQ OOC !C CA

EG KI N AK MR O NWD A O C I R OE ST R P E PG F UN F O ER I GME NT ID I N T Y E E PNT E MAH OTT CAF E CO EI T HR N T PE GRM E NF I E FC K AON EE MH TM SFM O R O E S C R NE I O U H QIT S I CV O AE T R WRO D I ER R NA P EWY HPA 4UD

LEE A HT H NT I G F DO I E R ODS I R EV E HO D T RL RPO E H F RE F E R O F A GFH NOS I NE T E EH PPT MOO OST CIE AHB L FFA O O R T S U N MO ER V ME A ETF C E E NH R UT O OEM NS NI E V AE R A Y CR I N L YSA B UAMP PMRM E E T O HR C E D T R T E NIS E OUI G Q V R PC EA 5A R T

CE I H L T B UFR POE SI R AY U EAQ KDC A A G MI NE H KT LR L A HOY SWB E R D E A F F NM O I H T GT I N NW E I T M E R PE E F T MF A T OOS CNC EL I EP HO B T U GNP NAD I FE K L AOI A TT MN E NED OME SEH R C T E NF PU O HOE CNT UNA 3AD

Ans.

G N I T S I X E N A F O TS N E ER MA EH GS AF NO AE MG N DA NH AC LX O RE T R N O OE CS FA O H NC OR I U T I P S I E U H QT CH AG SU E I O L R P MH IT R Y E VN OA EP KM AO 4C TAXMANN®

9 . ! 0 / # & / . / ) 4 ) 3 ) 5 1 # !

2.8

Q11. Briefly explain four major types of anti-takeover amendments. [Dec. 2018 - Old Syllabus - 5 Marks]

i.e

T E) B LD L O A I HR SE DP EDR S VE E OI F D RI L PC O PEH APE ESR BAA H OGS N T I E ER H CU T I DR R PRO F E RD E L F A DE F I O B D EER HH E T T TT YE BB DA I G A N PI T ET CE I G R PF TO S E E HD GO I M H EA HS T I

D N RRI E A VS OO R "EO KC T DA ET E I R F NI I I S $ L S O A F RO L T C RNN OOO C I DRT EO A T R RO E GER F GS Y AN B T A S R T AT N REE V OI M F T E SCR E E I F T DF E I ER V OE F RHO N PT O I TYET I R A A L UI E C DNO E S OT S T E! SS R F OAO E T R C S ECL E N R I C I I $ T R F ! O

e.g

‘

(a) Supermajority

(b) Fair Price Amendments -

9 . ! 0 / # & / . / ) 4 ) 3 ) 5 1 # !

SY DI EH T R Z 4 I A R P OS T Y S HH L D T D I G U B N I AR E R SGR I E I SNF V I R O OTAE O O T K VT C A E L EA UT R I I SL E $CS I E I T FP ES O SB O DHY H RT AT I A S OWMN "SKA I EEC G I HI T OA T RT E EUSC D S C I EV A E R CSR E FE SO D I FE H SEC T R S NA N PE ) L Y C F L E L WA D CA EI NP S AYI T ETI Y T T A E I ER C R UN C CE E( OS T S TYR S L LEY I A X D R L N EE O A NN HP AE EM R F'A O O HC S TE ST N R E A EA HH MH T T ES F GFMO AOOL NERO F AG R DT MNE N ARO DHI NCUC AXQI N LECA A O RE G RO T O ERT N OSAE S A CH E C R FC I R O RAP NUHD S OPE E I ERF T I I E H S I HC I T U E HWP QG ES CU C AO AA SR L T E HPA I T L EY P KN YA MN TA IA SP RP R E M VMEO V O O C EOE A KCK G AN F AO 4I T Ans.

EY VN I A T C P E PM SO OC R PA E AK SA I YM NT AA H PT MS OR CT O EC L A B F AN T I I F A O T RR PE C YE R R E VA EED I TRB E O NHR T E T V A O H E T K DYA N EA T T R O PO NMF E E BOV # LTI T L C E A A HGR R SA T T T4 A )

R E W O P G N I N R A E L A I T N E T O P R I E H T O T N O I T A L E R H T I W E C I R P K C O T S W O ,

I F I N G I S D N A H S A C S T N U O M A E G R A L H T I WY TT I E C EA HP SA EC CT NB AE L D A BD E DS I U U QN I L U YY L L H T GN I A (C -

S I D T U O H T I W F O F S E C L D I R O P S K E C B O D T L S U T O N E C R H R C U I C H O W T S N E O I T I R T D E A N P L E OA R RS N PW I DO W NL O AF L H SS F E H I A R S A C A G C IN D I D S I B O B R O UU ' 3T

O T E U D Y T I C A P A C L L U F O T D E Z I L I T U T O N T U B S 2 0 ) ES L B N AO S UA L A E VR S GU NO I I V R AA (V

G N I T S I X E N A F O L O R T N O C E H T R E D N U S G N I D L O H K C O T S L L A T MN SE YM L E E VG I A T A N L A E 2M

D N A Y R T S U D N I G N I W O R G E T I P S E D S E S S O L S U O U N I T N O C S L A I C N AY NM I F O RN OO OC 0E

C T E L E N N O S R E P T N E M E G A N A M P U O R G R E T O M O R P E H T N I S E T U P S I $

Q13. Progression Ltd. is a listed Company with a paid-up capital of ` 200 crores divided into 20 crore shares of ` 10 each. R, S, T and U are the promoters of the said company holding 2 crore, 5.40 crore, 0.80 crore and 2.20 crore shares respectively.

Situation 1: T transfers 0.30 crore shares each to R & U

TAXMANN®

AW YE NI AV PF MO T ON CI O AP ES KR AE MI R TU A Q HC E T L AB SEA C H R I T T E S N I ML R E U OV T R C F AR Y R N EA A HVP O CE M EK O MAC OTA SAE RK YO F I FA T N EM ETS DAR D I O I OD T T C NA EA F L CG B I E S N L S I B OA W PR O I L SS L I EO TD & )

The following situations occurred at different times:

2.9 (d) Preferred Stock -

Q12. Identify the factors which make a company a desirable candidate for a takeover from the acquirer’s point of view. [Dec. 2018 - Old Syllabus - 3 Marks]

i.e

Ans.

TSR PE E GR E MR F AF EA HO X4 SN EE FE NH O P I T RO A T E FF E R O SH E CSNT R AG EE R N DD T I I LOK V A OOT H RE TM PR N AM OA UO SH L SF R SR A EUD HPE T T SP O N M STO R E NE I T X OF I I E S F T I E O A U R L NQA U GECS EPAN O 2OGS NR EI 4H E 3TWP O !GL G L N 3NO I I Y )KFF "AEL I H %M4 A U 3 Q MY RO T NS E VRAG F ES PN WN MO OO OM I# (T A S E V I T A L E R E T A I D E M M I

Y N A P M O C Y R A I D I S B U S Y N A P M O C G N I D L O H

Y N A P M O C G N I D L O H H C U S F O S E I R A I D I S B U S R E H T O

G N I D L O H H C U S F O S E R A H S Y T I U Q E F O N A H T S S E L T O N G N I D S L E O I HR A SI ND OS I SB R E U PS

N O I T I S I U Q C A D E S O P O R P E H T O T R O I R P S R A E Y E E R H T N A H T S S E L T O N R O F #C !T 0E

REG E HI N HT K T O E R T GE O OS W T O NL OCN S SI I R D H E T OI PT W YSS NDE AEG EN SNA NSH OT I C HX T G% A I L R U K GGC NO EI 2T T )O3 "V D R %O E 3S N T RA EEE M HRC A T R NO HO FS F O FCD ODE NB I N AR OSYS C I E NE T S AR A S L OPP U GRME ECOH 2# T # !TN R0 I ES E GY PT HR SI AA !W4D

SDX E E E R B A I K HR C C SS O E T RS PD E DEN NHR ATE NC I N S O E C R U D S N OA L C S Y I N GDA NSP I NM D OO L I O C T HA E EUH T R I T A S O 5ET EE R HD 4T A EM 3H TE 2L LB EA O S NT A ) C D E NY ELE VEN V I S I SE G T T RCA G E E N M PPR A S SE H OC !R F

T O N R O F N R E T T A P G N I D L O H E R A H S E H T N I S R E T O M O R P S A S R DA EE MY A NN SA NH OT SS R S E E PL

FEN O R O I SAI T E YN R EI A HF H4 E S D SE EH RT A R GH E NS P I ES D R L A O O R# HC ! S 0 R D E LN T A O T A O MT P OF U RO O PT R EUG R OR S A SE E 5R T DAOS NHMN O ASR O E I T 4R PA O L RFU 3C O TG R 2 E A2 P E S A4 A S3 CY A NN ! D EA 3 E VP R I ) G E M D" EOI % HCS 3 T N E ON NT HC ) I

S SOR NTE ODD I E L T R O A I L H U U E GQR EEA 2RH S S I RR E E VEH ORT EIO KUT AQE R C 4! F D F NNO AAN S E E E R P R E O A HHN 3WA FSD T O N N NE A OV I T EN T I S R E I E U M G QG E CI C !R N LTU A N I OY I T A NN N T NA AR A T E P S C M BCI UEL O 3DB# I U V T ) P E "OA R G %P R EA 3 K4 E AF H MO 4

G N I T S I X E N A F O TS N E ER MA EH GS AF NO AE MG N DA NH AC LX O RE T R N O OE CS FA O H NC OR I U T I P S I E U H QT CH AG SU E I O L R P MH IT R Y E VN OA EP KM AO 4C

TAXMANN®

9 . ! 0 / # & / . / ) 4 ) 3 ) 5 1 # !

2.10

Situation 2: S transfers 0.22 crore shares to T

Situation 3: R transfers 0.20 crore shares each to T and U

As a Company Secretary, you need to advise on the required compliances, if any, under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 for the above three situations respectively. [June 2018 - Old Syllabus - 5 Marks]

9 . ! 0 / # & / . / ) 4 ) 3 ) 5 1 # !

E S D H NL T OO R SHE R EP E R PA S GHA S N NE I E Y HI V F I LTG O A T E UR B QE L L FA NF EOH ENS WE E TP R E U BOS Y O SR L I OS C ST E AI R DD A Y HNL SAE R FME O G RN- I E K F Y S S N NANO AMAI P R T MMA T L EOOU R HF CG T TE ETE CPG2 R NMA I 4 E S X43 REE! E EH3 VR T EAF ) WYO" ER S% OH (T E3

S SOR NTE ODD I E L T R O A I L H U U E GQR EEA 2RH S S I RR E E VEH ORT EIO KUT AQE R C 4! F D F NNO AAN S E E E R P R E O A HHN 3WA FSD T O N N NE A OV I T EN T I S R E I E U M G QG E CI C !R N LTU A N I OY I T A NN N T NA AR T A E P S C M BCI UEL O 3DB# I U V T ) P E "OA R G %P R EA 3 K4 E AF H MO 4

G N I T S I X E N A F O TS N E ER MA EH GS AF NO AE MG N DA NH AC LX O RE T R N O OE CS FA O H NC OR I U T I P S I E U H QT CH AG SU E I O L R P MH IT R Y E VN OA EP KM AO 4C Ans.

NYNMH G ONO I AT U I O T IPC CO S H I M U R U RET QOT H N C S CT T E NO AE V OY YG E C NR ND EA AA R E 4RRR EO OE H G LG T YA I SGNNR A NNP UT I OV BO T I LMIN T R O A O 4 L VC S U I GNEEN I H E ET T R O 2NE I EFYT A 4MSBG 3ENDI !GAEL R B V 3N4O O A R S ) R R D P A E "R E F %ARPF S S 3FOAOO FOYR N R E N E O EC MAGP R E EPE OR A NHM OCOMYS T I S C T T NI I R R A A OO M L O I OR U I HL T A T GTE D F ETS MUL 2NN O AAH RAAGTS U E SRLNE A E PR 4 T R SUSME H !PA APT

TAXMANN®

T PE G MR EA X4 EE NH I T A T F R O E CS R EE DD I L V O OH RE PR OA SH L S A E H T O T SR NE OF I F T O A L N U GE EP 2O E 4H 3T !G 3I N )K "A %M 3 MY RO N E VRA EFP S WN M OO O I# (T -

E CDT !EA L D I EA N HVO T AI T SI N S I OU I T Q A C SL A NU OGE I EH T 2T A L M U GMO EOF R 2RS F NY 4O A 3I D T !P G 3MN IE )EKG "XRN A %EOH W Y 3N C X EA E N HI FI T K H FTT C I O R O OWT P S E MD NRRE OAON F I R T ED E L A I C E L F U BN LI GL O EARC 2HCE S S E H RRR T E P E PI H R AI T SU NW !QI -

T SODN M G E H OG E T TA T RN O E F IP T INO 3 D DGM T I ,R EO T-DNC E H * GAA EENFS O R I CE TA 3 I R H P N A 3WR O PI D -SA T ED AI RW R TE V I , U L! Q VA L I CTEEV AVWDI 0 O ES(E# R HF HY TO GA EY NW CR R N I T I I 3 S S I Y! S N A,OS I J !TE! + CE O R R H -D P T N RY TA E E B F * NMF O D OE EAR CRF NV I A EO P DP 3-E R O S P FIA O EP H EDEHAY R T I S C DI N T A H N N A CL R GA I O EA EUL H H+ KOA T T R AH EU T N4 DA ST )

2.11

Q14. “Scheme of Reconstruction pursuant to order of competent authority does not trigger open offer under SEBI (SAST) Regulations.” Explain the regulation with reference to any event occurred since promulgation of said regulation in 2011. [June 2017, Dec. 2017 - Old Syllabus - 5 Marks]

15. What is a Voluntary Offer in acquiring shares in another company? State the restrictions in terms of SEBI (SAST) Regulations, 2011. [Dec. 2017 - Old Syllabus - 3 Marks]

E CL B !I S ES HI T M FR O E GP NM I D U L O M HI X EA R A HM SE H ET HD T E RE E C F X F E /T NO ENE LI PL /A G EHN HSD I T #L F! O O 0 H N E G R ON A I I T H D E S L U P L C C I MN L B IU O CR EP RR E N IO T U F !QN

TN E E GP R / A 4E EH HT T G FN O I T SC E A R R A T T HA ST YU NO AH DI T EW R I S U QK CE AE TW O N EG VN AI HD SE #C E !R 0P REN OH O I RTT E NA R I G I I YL U QNB CAO !PR E EMF HOF 4#/

F O N O I T I S I U Y QN CA AP EM HO T R# T OE F G ER DA A4 ME H ET BN LI L A S T HH SG RR I E F G F N /I T NO EV PE /H T YF R O A T N U L O T 6S A EL E HT 4A

ATG N RPI OEK C F XA SE M E RY R E A B HFS SFN / R O N E I E T HP I T S R I U/U FFQ C EOA R NR I O U O I QT R CL E E AP F F O M O T O N EC E L B P E I HO G I T Y L R E R A NE T T I N F SA U E L S O MH V OT R CNRE E EOH F F B M T O R O X G E NN I R AI S I U FE T FO QO C YP !DAM O WO I ER HE YC 4PBA

E H T E T A D I L O S N O C O T S I R E F F / N E P /

EN R E OP M/ RY OR A T N U TL S O A E6 L G T N A I GK NA I M D L O O HT ER O BI R DP L U OY HN SA SP #M !O 0# T HE T I G WR GA N4 OE L H A T RN I E R S I E R U R E QA F F CH / !S

T ERE BH E R G U4 I R 3 U A Q4 ) CE " !H % ET 3SH F TO EN HOES 4IRR E T A E H YL D W BU L GT SO DE H E2 NE T E R A V L A S U E H R GE R Y S T E EV I E R G N O H GT SE U I I T KR SA O T R E T O N 4 I I P R N A E P ADR T F O PNE F /I T MAC S X S OE N E CR EE D P DAI M H V / E3 E T O H S I FRNT L P A E FOEED O N D KV I OO RI AO E T # MR VI OSR P I E O EU VT O KQO T AC EDY T E !K R N ALAI A I U A 4 D I QP NT)E M " N ) A%RO NS T S# 3I )

NE AK EA R 4 E E HH WT D E B I R C S SE NR OP I T S A T L I U M GI EL 2L D O 4H 3S E !R 3H T )E "H %T 3E S ES S HO T R FC O # N! O0 I T H A T L I U W G ER 2E R RI E U PQ SC !!

TY P R EA CT NN U OL CO EV HR T O HF T S I N WO I ST L C A EI R DS T E R D N SA NS ON I O T I A T L I U D GN EO 2C E 4HW 34O L !R E 3E FB )F N "/E %NV 3EI PG F/ E O R YA RR NA OT E I NF T F A UO L L U O N G6E EF P 2O O

Y R A T N R UE L R O I 6U Q GC N! I V E I H G T FF O O EG S N I OD PL RO UH PE R EA HH 4S

TAXMANN®

Ans.

S LA O VS N RO E I R T I A U G QL I CB AO ER HE T F YF B/ N NE EP V/ I G Y RR E O F T F A /D NN EA S P M N / O E I SH T NT A L AGU EN G IE MR E2 RG E G F 4 I F R 3 /T ! NT3 U EO PH ) /T " I YW% R 3 A Y E L T I N H R T A UT L R O NE 6UP

Ans.

9 . ! 0 / # & / . / ) 4 ) 3 ) 5 1 # !

2.12

16. What is a ‘‘Voluntary Offer’’ as per Regulation 6 of Takeover Code 2011? [June 2017 - Old Syllabus - 5 Marks]

Q17. What are the obligations of the Committee of the Independent Directors of a target company in connection with providing reasonable recommendation on the open offer made by the acquirer? [June 2017 - Old Syllabus - 5 Marks]

9 . ! 0 / # & / . / ) 4 ) 3 ) 5 1 # !

F O E S O P R U P E HY T N RA OP F TM N O E# MT EE CG NR UA O4 NE NH !T F CO I L S B R UE 0D L SO E H KE AR MA H TS I E SH NT OO I T T A R L U E GF EF 2/ N RE E VP O/

TE ENYN HONE H T T SADT P YN NA BOME E I OPC T DA CEV I ED TDD T N E N U A I G E T I FA R L T M O A S NM4EN O OO EES I CC HTS T EETIE BRDMO F RNMR LI A L A O P A R C HFE L A SER E D N I H SI R U V R E Q4T OOC T S R X C E EP!NN O E R OH I I T I T D A TAT TYYDB N N N O EABEO Y DPEMT N D NMA MDA E EP POMOL # CTM ET GEI DE NRTO NG N C I I HET E R FA E BCEG O U 4RS BR L E EEF A LT HI EH F S T W T O E I T L I H FNB ST MO EURF MDPPOO T C ROL LE OA T CO A S E R O HD I HS !"T C EY NR R EE E HV MT E MER ORO CEF EHR R WE H F CDF UNO SAN GRE NE P I F O N F I O E A T H NT N OEO P CO T Y S PRR OOE CFG ERA HEN G T AA TN M A HAE T MH E T R UE SHO NTT EOS LTR L E T A F N F HE O SS R E E GF EON F S T I L O T T A I E G MSP N I MIMT E OSOP CN C O M EI T E HA O R 4DA C

TAXMANN®

S EE R E G HN WA H SC E GX NE AK HC CO XT ES KE CH OT T D S DN NA ADC )EI T "S L B %I U 3LP E OR O T A T T Y N N NO EA S I EPT B A LMM L O A R O HCF STN E SG I E R I H A P C O4U C S E HE YT L T S U UFB OOI ESR T NES ARI A T D LH U L SL MEA IH H 3 TS

IA L N B OI D SE I H N E FP O O ES CI NT AN MU RO OC F C R A E PW RO OR F C S YE T I E R UH C4 E S S N SO A I T SA E L VU R G E E S R TE N US OE CHK T CR N AE A WDB D ONE RUL C S U S ND E O E I ET H HA C 4GS

KE NR AF BF O AT I RS OO TP I E S ODY PRN EO A DN P HEM SPO A CO# R FEE H O T R I OU MT RR Q OE C F G! EAE HNH T AT NMF I O F EO S BR E R YUA AOH VS MA Y TFI T N NU UI Q ODE CE CU D AS E SD WI A OER RET T C Y N S L T AN E R EA E HUU 4GQ

F EO T A E DS EO HP T R U EP R OE F H E BT R SO Y F A DT N U TO S C A EC L TA A W O R C S @ E SNS NE E OP R I T OA A H LS L L U A G GH N ES I 2RI R E U R 4I Q 3U C !QA CR 3! O ) F "ER E %HF T 3 F 3 O R0 E N P$E SFP !O O

T N Y UL ON MO S AE S EA HC T G N I W O L SL NO OF I E T H A L T U N GI ED 2E S A 4E 3L !E 3R E )B "N %A 3C T FN O U O C NC OA I T W A O L U R GC ES 2E N RI E G PN I SY !L

Ans.

T E EN HMBE T OL LM NCA E OOHC TSN NRNU OO OO I I I T R T N A 0A N D DA NY NC EN EI MAM L B MP U OMMP O COC E ECE H R TRT E LG HE A RC R NA E U O4 SH I T W E A HDS R O T R I SFR E T O E I P A ESPP R GS DE I NW DI V OLR ROEE PHDN E NE LRE L A TM A H HS EA SE HS EHTE ETFHD T O T O E T N I T T H I N MRE S I DL E MF EB OFMHU E SP COC I NN L S EE B EU A HP 4OMPW

S NL LRI AA HAY 4 ES N R A S E E YH E PC HN I WATMT PFOC O CA MS R T P ORE #OG T T R S C TE SE A A NG T P R OR I EH I T A$HT A 4FTI L FW O U O GE T H D N ET RSE S 2 A E T T ON S I I 4N"S S 3E N !MEUO B H E C 3C 4 E E )N HS S U T R "O NTU %N OA O I 3N H TT C A EAG Y ER H I C R T L I A UN L B FB SI O O ND UNE R PI LO NAALE T A R OSE HH I E T T KCSN A Y L A HN I U T A GMI D ERWPE T 2E MC Y RRL OU I P E U # D PQ MT N SCOE O !!C GC

2.13

Q18. In case of Takeover, what are the cases in which the amount is released from Escrow Account? [June 2017 - Old Syllabus - 5 Marks]

E DE H EU T R SF R S E I O F S NN AA R O T T D SSE I E R TE C N X UKE ONT CAO C"N AEL L WHA OTHT RHSN T C I DU S W E E O R LDR C A C EEA I F C NS EE N W PP AO SO R R T NTO C I S DNSE U T EO E N T H CU I S T OCON PA I EKMD DNAE AET TB I HS N T U O L A OI RP E E MC VD EE AP H ESWS HOOA 4T HC

EA HG T I L OB T O DL L EA S A F EO L E N R O I ET BL E OP T M SO I TC N E UH OT C CM AO R WF OS RY C A R S DE E F E F H O F T N O E NY I P RO I PE XH T EER CNE NOD ARN L E A U R BI S EUN Q HC O I 4A T

TE EH H R GT I I U N QRI S EA S R D E EHE HRC E T KO HN R T P A I WBE H TT YN L E AT P MHU C OR B I CE R T OMS T I E D SH L I D T A N F E A RD T E O N R I #U U O QRC E CV C AO A EEW HKO T AR E4C R SS )E E Y " H% EA W3 HW T RFTG I E O N E I VS F W ET R O WN O F L OEO L O (MT F -

D E R E D N E T O H W S R E D L O H E R A H S E H T O T D ER T E U F BF I O R T E S I H D T N I S E R DA RH I S H T R EE I NH /T

T TE E G GR R A A T T E AH OT T O T YL L T A C S EO R P I O D R EP DS AU MI O V RE E R F P F O Y RN E A DT NU EO T H AT I SW I T SN DR I E E " DM L RO E E VHG OEA ERN KAA AHM S 4S S Y EY L NN I T AA S OPP (MM OO !C C

S T ME S OS CA TN E GI R T A N T E EM HT T S GU NJ D I R A I C U ET QHE CTS ASE I RIT OYR I G F EU KT C AE CR AT S T SW T A EE ECN T N A E E R F U OE S P S RDI ON E COR AMU T OMC T O U RC R A T T L S I S MOI P IMH S S SER I HE T I4N W SY O UN HA R 4PO

EONLG A GT N O I I AYI SC R R E UNOEG P OA0S G CP I S R R S ME R I T E D R O F I DO #U L T E N TQOC EECHN VG!SE R EA T R EI R R H P4T E U O D C Y O T I C SBTV O E OR E D I ELRE N T ASBPF PUAHA R I CY MSS I L OIEH N CYDWO YGS E D S BT S E E E DAL T I R A RI TE ET S SOR R UL LEUC CP I C V E I I ER T T S C A ANC A F O T S O R S L AI T L I T EP SO I 0APN N Y U O T S S R K N I E I O VOA P O T OL @ R EF H E KE LC C AS T EU 3 IR ET T A S L E I T N TKSH S E L L GV OAI I HMP E R

R E CC E !I F F RO NP ARN HE E T WP RO O E L H HA T G T O U A O SR SE R H R E T A DH S L T O SF I HA LO EN R R A OP I HT N SD I R A GD E NA I O T E T S S I S A X R EHE CB ER HU M T PE EOM S T A G E CL N B I SI T I S G I H I L X T E E NES ) R P A L E RH E S R I I H U Q4

of poison pills -

a Flip-in

Types

O R 0 R O T S E V N ) E H T O T T N U O C C A W OD RN C U S & E N EO HI T T A FC O U D % D DN RA I N H T O I EC T NE /T b

Y N A P M O C T E G R A T O T T N U O M A E H T F O D R I H T E N / a

Q19. Poison pill defence is a strategy against hostile takeover. [Dec. 2017 - Old Syllabus - 3 Marks] TAXMANN®

D E S A E L R E E R F EF BO NN AE CP TO N E UH OT MO AT S ER R E I T G N A EN EA HM T E RH E F T F Y O FB O N LO A I T WA AC R I F DT I HR T E I WC R FE O T F EA S A Y CL N NO )

Ans.

9 . ! 0 / # & / . / ) 4 ) 3 ) 5 1 # !

2.14

Poison Pill Defence

9 . ! 0 / # & / . / ) 4 ) 3 ) 5 1 # !

R E R I E U V QS I CN !E FP O X E GD NN I D A L O T L HU C EI HF F T I ED T E U R L O I D M SR E E R V A O HE SK LA A T NE OL I I T T I S D DO AH E HH CT US SE K RA E HM T R D UN &A

WWRK E N OOD RN RC A C SUB S E E D SE @ L NENU O EHI D P4T A E OS GH E LR I L C LS A HABA H O SS S N RG I I E H N R D I I F R E U I O N QU E CQEP !CCO N AA NR S AO I MT FRN R O E U F F O R F C E C SOPA NN R E OP O W I F T O O A YC R FT L O U IS GERE ESUE 2OCH E P RS4 4U SS 3PA N !ESO 3HE I T T VA )RR L OE "F U SG % TE 3T R RNNE U U E OS POC C E SC CH !A AT

R SE E F R F A HO N 3E FP O O NN OA I T E I K S I A U QME CYC N !A A LMT A P I RE T E N C R AI C T UA S BQF UCO A L 3N E V )AE " L % M 3 U E M HSI N T N OI FI O T M A L E U H NGT OEO 2 I T T A S RA L E U L GVA EON E 2K O I T RAI E 4D PDN SNO !AC

T FO O LN E L L VA EH L DS ER R E I R S I E U DQ EC HA T E FH I TT A D HE T V NI R OEE C I EF T I R F D O NTN OOE CNP ASO I S R E NE H I F T F A T O R N E OND CEN P U RO E S F E E F HR O A NTH EFS POY EN OC EN A HA E T T R I P EE U R Q C E CC (A A

S OI T R NF E OF I O T A L GA I N L B O I OI T ED HN T O DC EA T E C R AE R H T T 7 A TD A E HD T N TI N C ES E MR ED EN R G A T AS L EL S A A H HS CR R E UF F PO EN R E A HP SO E EH HT T E OK SA L M !

D E R E D N E T O H W S R E D L O H E R A H S E H T O T D E T U R BE I F R F T O S I E D H T N I S E DR RA I H H S T R EE I NH /T

TAXMANN®

N O I T C E T O R 0 R O T S E V N ) E H T O T T N U O C C A W O R C S E ED HN T FU O & N O I T A DC RU I D H % T ED NN /A a

Y N A P M O C T E G R A T O T T N U O M A E H T F O D R I H T E N /

Ans.

SE T H N T S ET Y I ME A EF W R R I OG U F N QOI ET W R TL O EH L GO HI T F R HSE T H AT I WHN RI YE L S KD P MNE A E OB C CT O ONR T AP SHE L C I H R A T E F E RMT E U EB R I HR I U QTS T CEI ADD EOD H#N T RA E EV T R N E OU HEO KC WA C R4A E V)W " E% O W3 R C OF S (O E

NA AT HA T Y RN E A HP T O M O S# R E G DN L I O R I HU EQ R C A H! SN GI NS I E T R S A I X H ES EY HU T L BA OE ET D S A E E CL H B T SI I G R H I E L T T E F NEA ) R A E C I RR E P R I R U E QW CO !L b Flip over

Ans.

2.15

Q20. In the event of forfeiture of the amount lying in the escrow account, the acquirer shall be paid one-third of the amount forfeited in terms of regulation 17(10) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. [June 2016 - Old Syllabus - 3 Marks]

Q21. An offer in which the acquirer has stipulated a minimum level of acceptance is known as ‘conditional offer’. [June 2016 - Old Syllabus - 3 Marks]

FRT O N E F LF U E O VOC ENC L EA MPW UOO ER MH C IT N S R I E E MD E H FNT O UN TEI C LH EB S PA A SY E AC R N PI N N I D O E ET I T L I B AS ARO YEP ADE PI SD NNE O OC B I L T L EA A HH R T E DO FS I R S E N H O G C I RH S OI ER CE NV RAE E TH HPC T EI R CH UC W &A HSE T H N I T O WI O A T T RL R E UE R F GF I E U Q2/ C N !RE E VP NO / AE F KO EA R E 4E HES O WHP T DR EU BP IE R HY C SS T NE N RA R OP OP I F T ST A M T L NO I U GME# EIMT L 2DEE C L G O N R 4HU A 3SO 4 !EN R E 3H NH T T )E!F "HCO I T L %S S B 3E R U E S ES 0D HO L T O RSH E RCK E E R P#AA M S!T H !0I S

R NRTEE T OONA E V R MNM O E L MIEP O S EOR OT R T CH N GGOO C A AI C Y HRNL F T A G T O I C N O E WI E T T R S I TD I OON C NE R HVA R WO UIX SRE O SSR YR UL NE O ORPT CN SA H R YEI E S R N I S PFA T D H EOPLG R NMAR I A O O M I G C R #TT I N OI S !I EF T 0U GNO QRIV TCARR O R ATL O E S CFAAE R NOE M OEV RR OA #S H OOFS NPL O G F I RR NOY GUT I N NPNDNA O I T RONI P C OCAT I M T G ! S S I E O NR U SVS I C EQ NII D T CE OTC NA SCR E G U R E J RR E B XRO A 0OE OFT EY R BA OR T T N DO EC ME EH ET DS S EE BL LN L U A HY SR SO E G I E R OT GA EC T E A CM A GS NE I H WT ON L L I O H F T I NW I H S T I N WO S GR NE I P L L R A E F SH NT O OH D ST E R IV E PWO R E#P H!S 40I

TAXMANN®

D O I R E P R E F F O E H T G N I R U D E R I U Q C A T O N L L A HY SN #A !P 0M DO N# T AE RG E R R A I 4 U QN CI AS E ER HA T H ES DY AN MA Ans.

9 . ! 0 / # & / . / ) 4 ) 3 ) 5 1 # !

2.16

Q22. Explain the term ‘persons acting in concert’ (PACs) with reference to SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. [June 2016 - Old Syllabus - 5 Marks]

N A M T N E M T S E V N I E V I T C E L L O C S T I E M ES HE CE S T S TU N ER MT Y TN S E A VP NM I EO VC I T T N C EE L L M O E CG AA

T E S S A D N A E E T S U R T S E E T S U R T R O S N O P S S T I D N AY DN NA UP FM LO A T C I T P AN CE EM R E UG T A N EN VA AM

S T N U O C C A B U S S T I D N A R O T S E V N I L A N O I T U T I T S N I N G I E R O F A

R E R I U Q C A N A S I O H W T N E I L C S T I D N A R E K N A B T N A H C R E M A

D N A E V O B A

P U O R G R E T O M O R P E H T F O S R E B M E M D N A S R E T O M O R P

D N A

S M E T I N I O T D E R R S E R F O E T R C SE E R I I N D AH PC MU OS CF FO O S E ST R A OI T C C O ES R S I D A

E H T H T I W D E T S U R T N E N O S R E P Y N A DY NN AA SP R M OO T C C EE R I H D T F SO T I T N YE NM AE PG MA ON CA AM

T E S S A D N A Y N A P M O C E E T S U R T S E E T S U R T R O S NY ON PA SP SM T I O DC NT UN FE LM A E UG T A U N MA AM R E D N U Y N A P M O C Y N A O C Y R A I D I S B UO L SR T N O CO GC R NO I D T L N O HE M SE T I G YA NN AA PM ME OM CA AS

S E V I T A L E R E T A I D E M M I

9 . ! 0 / # & / . / ) 4 ) 3 ) 5 1 # !

E E R G A L A M R O F N I R O L A M R O F A O T T N A U S R U P E BG TI N S UD N MA T NS OR I E T D A R N E U PR OO OT CN EE HM T

TAXMANN®

S HT CH AG EI R HG T I N I WT O EV T A R R O E S PE OR A OH CS E YR L I T U C EQD R CN I AA D OY NT I N RGA NP OI EM YE L T RO C EGC A R D I R E D OS T GL I TN S E I UR H I MU T N SQI NCL OAO SYT R R BN E PRO E C HR ET HO O T -

D IE U T QS CI AL LA A R I T E N V AO T L S O BR UT SN EO HC T G EN BI TI N S UA MG R EO S S OT PH RG UI PR RG ON I ET VO I T V C R EO J B S OE NR OA H MS Y MFN OOA CNP TOM A I T O HS I C T -

R U P R O E V I T C E J B O N O M M O C A S S E S S O P T S U M S N O S R E P E R O M R OE ES NO OP

Y N A F O R O

NRE H AOT SRF E A O DL HL A OOI T HHP E R WA A C NH OSP SAU R D S E I PAA P YDE NNH U AF T F DYO NN AA DP NMN UOA FC H RTT ON S YES L NME TO TY AS PE N MVNA ONGP N CII M HV TC O A# N EUHT MSRN TNEE I D S TLM E VSOS T E H NR E I T E I V T N NN N U) AI

TE TR E O GGF R R K A A C T T A ET AH T OTA T OE T T YL A L AR T S C O EOP R PR I OO D RC EPA DSO AUT MOR I V A RE L I E R F PM F I O YS NS RA I E DTT NUI O S EH T UY T N HA AI 4 P SW I T M S N DRE O E I C DMT B L E O E RH GG E R VEAA ORNT EAAE KH ASMH T S ST G Y Y EN N L NI I T AAI R S OPPU HMMQ OOC !C CA

AE N D/ I O VK C AA T OT T A SE E T I A G R EO T A P R R T O S C E CE NH ET F M E L OE DR SFW UFE L * OE I S N R T I A W VTO C R EE# T S O @ UR S I YPE A U M Q I DN YI NB H AR C PE E T MV E OOC #EN K E TT AF E E GED R L I A H TC 4S OU !HS

SE L H L E T S F YF NO AN PP I MS OR CO TY E T GR R A A P T ED HI R T H HT CY I L H WD N E NI I R Y YF T G I T EAN T OE A T R SE T T S T E A AS R SA SA I E P CEE NVS I ETA C F N A E I R DT S T T L A E E S T S WS A EO * E L NMB SA WT U OI L RF FA #O V @

G S T N E I K S S A A M Y NR AE R PI MU OQ CC EA HE T H T OF T DO S EG T C N AI R D T L T O A H SF S O E L N SO I I RT E U R L I I D U QE CD AU L EC HN T I YT S L T C N E EF UF QE ER S E NH OT #/

G N I T S I X E N A F O TS N E ER MA EH GS AF NO AE MG N DA NH AC LX O RE T R N O OE CS FA O H NC OR I U T I P S I E U H QT CH AG SU E I O L R P MH IT R Y E VN OA EP KM AO 4C

L A U D I V I D N I N A S I R E R I U Q C A F I D N A R E R I U Q C A FE O V YT I R A A L I E D R I S E BT UA SI RD OE YM N AM PI N ME OH CT n

R E R I U Q C A F O S R E K O R B K C O T G S N I SD R L OO SH I V A DS AI LH A C I I C NH AW NY I F N SA KP NM AO BC S W O L L O F S A E R A N O I T I N I F E D # ! 0 @ E H T F O S T N E M E L E N I A M E H 4

R E R I U Q C A N A S I O H W T N E I L C S T I D N A R E G A N A M O I L O F T R O P A k

2.17

Q23. What does the term ‘crown jewel’ stand for, as a defence strategy in respect of a takeover bid? [June 2016 - Old Syllabus - 5 Marks]

Ans. 2(c)

i.e

YSE L WB D NA ERY A D I R M H F T T I RW S PE E E HYT R T E NST O NAHN APCI S OMUY T OSN C S N A L GU E P NR WI M R EI TO R * U C O NQH T WCS E G OAER REH A #T HT4 @ SI FNE T I )H D L T L N N S E A T S I E YNS E NES S AHAI PWEW N M H U N T OO D CR KN TE CA E GTAE A B R L V A DYI T T U N C AA BU Y R Y L T R L N S A E A E F R PF D E NMOL F EOSE TS 'C I HSE T H N I T O WI O A T T RL R E UE R F GF I E U Q2/ C N !RE E VP NO / AE F KO EA R E 4E HES O WHP T DR EU BP IE R HY C SS T NE N RA R OP OP I F T ST A M T L NO I U GME# EIMT L 2DEE C L G O N R 4HU A 3SO 4 !EN R E 3H NH T T )E!F "HCO I T L %S S B 3E R U E S ES 0D HO L T O RSH E RCK E E R P#AA M S!T H !0I S

C NEI AR TT AAN OH ME T R SSOE NETF F OHUI A T I TO RD P E E R MTHA R T EE I E XF E S EF EE R N/A H I N T S A E N D T PO R N E I A T C/P GM S EN N DI EI O I KX V T OAEP RMH M PFC E UX O Y3E D T Y DL I NE NI A V AB APO C R MP L I OP SP# A NPT ) OAE I " E T G% A HR L T A3 U GM4R E O EO HS 2R T F N FO RRO I E E T S VR P R EI E U M WQ DE L OC O X (!H E -

G N I Y F I L A U Q T S G N O M A S E R A H S F O R E F S N A R T O T T N A U S R UG N PI NE OB I T S I N S I O U S QR CE AP

S E V I T A L E R E T A I D E M M I

N R E T T A P G N I D L O H E R A H S E H T N I S R E T O S MR OA RE PY S A N A DH ET MS AS E NL ST NO ON SR R O E F P

S E I R A I D I S B U S R E H T O Y N A P M O C Y R A I Y D I N S BA UP SM O YC NG AN PI D ML OO CH GH NC I U D S L O F HO

H C U S F O S E R A H S Y T I U Q E F O N A H T S S E L S TE O I R NA I GD NI I S D B L O U HS SG NN OI D SL R O E PH

C A D E S O P O R P E H T O T R O I R P S R A E Y E E R H T N A H T S S E L T O NN RO OI F T I S #I !U 0Q

D E I F I T N E D I N E E B E V A H O H W Y N A P M O # T E G2 R $ A 4/ F, O R SE R P E DS L A O H# E! R 0 A HS 3A a

Y B S S E N I S U B F O E S R U O C Y R A N I D R O E H T N I N O I T I S I U Q C A

T N E M E E R G A G N I T I R W R E D N U N A R E P S A R E T I R W R E D N U D E R E T S I G E R A

Exemptions under Regulation 10:

Automatic

TAXMANN®

F O E C N E U L F N I E S R E V D A D N A S E I T R A P D R I H T O T L A C I M O NS E OC CI ER NP UE RR E A VH OS ET KN AE T R R EU HC T Ans.

9 . ! 0 / # & / . / ) 4 ) 3 ) 5 1 # !

2.18

Q24. ‘General exemptions’ under regulation 10 and ‘Exemption by board’ under regulation 11 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 are one and the same. Comment [June 2016 - Old Syllabus - 5 Marks]

E S I C R E X E N I T N E I L C S I H F O F L A H E B N O R E KS OE RR BA KH CS OE T H S T DR EE R V E O T S N I E G I EL R F AO

9 . ! 0 / # & / . / ) 4 ) 3 ) 5 1 # !

T E N Y T E F A S F O E M E H C S A R E P S A S E R A H S G N I R I U Q C A N O S R E P Y N A T N E G A G N I Z I L I B A T S S A G N I T C A R E K N A B T N A H C R E M D E R E T S I G E R A E G N A H C X E K C O T S A F O R E K A M T E K R A M D E R E T S I G E R A Y B

T N E G A W O R C S E N A S A G N I T C A K N A " L A I C R E M M O # D E L U D E H C 3 A K N A " L A I C R E M M O # D E L U D E H C 3 A Y B E G D E L P F O N OE I E T G A D CE OL V0 NA I NS AA

D N A Y C N E V L O S N ) R E D N U N A L P N O I T U L O S E R A O# T " T) N AE UD SO R U# PY NC T OP I T U I S R I K U QN CA A"

Y DT NI R AU NC OE I 3 T A F ZO I T T I N R UE CM EE 3C R EO HF T N F% O SD NN OA I S S T I E V OS RS) P!3 L % EI A HC ! T & N2 OA T ! TN3 I N & A F UO SN R UO PIT T C C NU ! OR I T T T S I S S N E I OR U E QCT CEN A2)

Y T I U Q % F O G N I T S I L E $ ) " % 3 F O S N O I S I V O R P O T TS N N AO UI SA T R L UU PG NE O2 I T I S S E I R U QA CH A3 d

Y U B O T T N A U S R U P Y N A P M O C T E G R A T A NS I E SR T H A GH I S R F GO NE I T R O U VT I NE I F R EO S F A ER R O C NK I C NA AB

S A Y N A P M O C T E G R A T A F O R E D L O H E R A H S Y N A Y B S E R A HE SU FS O S NI S OT I T H I G S I I R U QR CE AP j

S ETOL LGR RH N T A N I E A I T THT U D R C QHG L ESOO CC J $VH YB !I RE NHAU/OR AWMS"SA S E )N ER H Y N " S BO OHAF ES%I T4HO 3 S DD A S AN F G L T T I I O A I MUV L F V O SOABSNR O O R I D MI G R I P T F E I E P S DFFEI A NAFDU E TQU AN/I C NRNS O E AD I OW PARD T S I /SON SI S YENFA E L O U N EQ U HT I F AY I L CDTD HA N P HMNT T A I T O P WDI N O R EWF CR EM S NO GRHA O OP NEC P# I T OORUS I T L A S RA U NE CP A Q G H I T R L CI R T FH D T P E POGAW AN D 4 ASUE N L I H E A NIOT CAET H EAS T NT N O B S T E T I AER T O DN I I P NL R POEE O O G V WN I I M OB N T T RV I D P P OASL OI I M M T C E U G R VHO E E PRX EA G XH H I FE HR EET S ) Exemptions under Regulation 11:

SEBI

TAXMANN®

T B E $ C I G E T A R T 3 F O E M E H C S A O T T N A U S R U PE SM E E R H A HC S3 FG O N I R NU OT I T C I U S I R U T QS CE A2 h

E C N A T I R E H N I R O N O I S S E C C U S N O I S S I M S N A R T F O Y A W Y B N O I T I S I U Q C A g

R E E HMD T OR GCO N L E I A E V R L N E O U F VS B NN I I R A4 TR N R ETE A P MS S EA GRA NO R AY E R G NR R A AE FP O MM E Y EOD T I MCRR R EO E O HR GH R CE T S FEU ASMA N T OANN T R E OT T TA I T N E ASAP UAMM SYAO R G N C UA L A PP R E N MH OMAT O I RO T C I S Y TON I E Y U QGNA CRAR AA TPO

2.19

R O S E R A H S F O R E F S N A R T E G N A H C X E E U S S I

D E T A R Y L U D S T N E M U R T S N I T B E D D E R U C E S F O R E F S N A R T R EO G N! A H2 C# X ED G EE UR SY S B I

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2.20

Taxmann's Corporate Restructuring Insolvency Liquidation & Winding-Up (CRILW) | CRACKER