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

CHAPTER-WISE MARKS DISTRIBUTION (NEW SYLLABUS)

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PART II

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2021 2020 2019 Chapter Name S. No.

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

I-6

PREVIOUS EXAMS TREND ANALYSIS (NEW SYLLABUS)

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I-7

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June 2019

Category Marks Chapter Name Compulsory Q. No. Exam

S I S Y L A N A D N E R T S M A X E S U O I V E R P

I-8

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December 2019

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December 2020

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I-9

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I-10

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I-11

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I-12

CHAPTER-WISE COMPARISON WITH STUDY MATERIAL

PART I

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PART II

0 1 2 3 8 9 1 1 1 1

PART II

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6 1

I-13

s g s n e i r n i u s t u c B u r / t y s n e a R - - p e m t a o r C o f p o r o n C o i f t o i s i s u e q p c y A T

Study Material Chapter

g n i r u t c u r t s e R e t a r o p r o C f o s e p y T Chapter Name Chapter No.

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

I-14

Study Material Chapter Chapter Name

d n a m r i F p i h s r e n t r a P f o yl ca nu ed vi l v o i sd nn II d n a m r i F p i h s r e n t r a P f o yl ca nu ed vi l v o i sd nn II 1 2 3 4 2 2 2 2

s s e c o r P t r a t S h s e r F

y r e v o c e R t b e D d n a t c A I S E A F R A S

I S E A F R A S d n a y r e v o c e R t b e D

y c n e v l o s n I r e d r o B s s o r C

5 6 2 2

n o i t a d i u q i L y r a t n u l o V

l a n u b i r T e h t y b p u g n i d n i W

y c n e v l o s n I f o e r u l i a Fs s re e c t o f r a P nn oo i tt i a u dl i o u s qe i R L n o i t u l o s e R y c n e v l o s n I r e t f a n o i t s a s de i c u o qr i L P 0 2

Chapter No.

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-13

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

1.3

Chapter 1A u Financial restructuring

1A.1

Chapter 1B u Corporate demerger

1B.1

Chapter 2 u Acquisition of company

2.1

Chapter 3 u Planning and strategy

3.1

Chapter 4 u Process of merger and acquisition

4.1

Chapter 5 u Documentation

5.1 I-15

S T N E T N O C

I-16

PAGE

Chapter 6 u Valuation of Business and assets

6.1

Chapter 7 u Accounting aspects of Corporate Restructuring

7.1

Chapter 8 u Taxation and stamp duty aspects

8.1

Chapter 9 u Competition aspects

9.1

Chapter 10 u Regulatory approvals

10.1

Chapter 11 u Appearance before NCLT/NCLAT

11.1

Chapter 12 u Fast track mergers

12.1

Chapter 13 u Cross border mergers

13.1 PART II

INSOLVENCY & LIQUIDATION (50 MARKS) Chapter 14 u Insolvency concepts

14.3

Chapter 15 u Petition for Corporate Insolvency Resolution Process

15.1

Chapter 16 u Role, Function, Duties of Insolvency Resolution Professional

16.1

S T N E T N O C

I-17 PAGE

Chapter 17 u Resolution strategies

17.1

Chapter 18 u Committee of creditors

18.1

Chapter 19 u Resolution plan

19.1

Chapter 20 u Insolvency of Partnership Firm and Individual

20.1

Chapter 21 u Fresh start process

21.1

Chapter 22 u SARFAESI Act & Debt Recovery

22.1

Chapter 23 u Cross border insolvency

23.1

Chapter 24 u Liquidation after IRP

24.1

Chapter 25 u Voluntary liquidation

25.1

Chapter 26 u 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

TYPES OF CORPORATE RESTRUCTURING

CHAPTER

Q1. It is generally accepted that all mergers and acquisitions have one common goal regardless of their category or structure. Give your opinion indicating the benefits that companies can derive upon by merging. [Dec. 2019 - New Syllabus - 5 Marks] OR

e h t m o r f t i f e n e b o t e p o h s e i n a p m o c , s n o i t i s i u q c a d n a s r e g r e m: g hn gi uw oo rl l ho Tf

td. s e t e kv n re e a i il h mc c nay b i s i . e eedr e s r da a a h eh e r ses c t tne ne i sk ka r sr e asa t e m mc a t i i g nv l i i r n c i e s aes s f a i de r rh r nc e gcan r usi e Sdo M.ot yoy -nge alk pa e mnh o ot i t ci s ddi edr gae r g nr e mae m egl n hd i a t t i fv n o o oz eri r pr a hyo sbH

s mn o os ca ne i r ng on i t o c r ut ds ed r n na i n so t l u m sm e r o rc e t gs r o e mm le a h t t n ofs . zon i eo r oni t Hoi s si -i u nq oc i t a i t d e n pa ms or Ce g .r n oe i m t i t r e o pf

(2) Reduced Competition

,r , dy nl e lv aa re ee z w i no s e nG H i . .e ws z or i ro s t g i e t oe g t r spa n l ome o i t c v i s e s i i t u h i q c o ct a ad o de t nrs aar spa r e my e o gc s r e e sk maa e,t e s cy ur g oe sf e t i a tr n n t aa s pn h mit omw Coo -dr ag ec i mn oa cg er bo

(HP and Compaq)

(3) Large size

1.3

TAXMANN®

.ns ,s . cney i h a o l e g n l t v nfi a amf cioc t g v i o m r s ane o j noeasob c i B u t t i el i s o s .o fnas e o o c t ovr t pa seear r mvhpoeo v t a / i p rh t o d s r i os e nt o w f e e k c a p eiat g o s e r m t emh e a t n o u t a tf o sr nci c nt t e oseoveu f h i f e b t tge mr n i i gt r s i i r yudnn s u ug eio v qtr s e o cce c a h r u ar n e s t p t r i ty c ds s n m g n ne a in arhhit i z ectfai u st o s r m na Se m r i oo .tmi x i a y r t a a pg eo a r r g r m f mo g e n e d acnsh i r n ghye t u l a cs i a uen s nts mS aice u t p ay .a et rn emb i ,g ss r s e oyeu c r t e b a ocaRl gr r ttdmea t e . e s yau n r Mh d g i oi t r v pi wlbe m rd a n oo on oy rg Ci g cs Q2. “Circumstances or reasons that prompt or motivate the Management to resort to Corporate Restructuring” - Briefly analyze the phrase giving or citing certain noted mergers or demergers during the last couple of years. [June 2019 - New Syllabus - 5 Marks] Ans.

viz

(1) Increase in Market Share

and Vodafone)

(E.g. Idea

. -1 xgt ai ne6 t 9 rks1 oam, f t smoc ntrA oifx f s i o e t a r s a t i mpr e anam t gei l e o f a e c wn n mt I aeee dbbh nrxt aeaf t g sr eo r e A e m2 gmo r 7 cs e sn mii / e ru er on e s uhjo a i otMs sr e. i l v a yo senr h e ap wp i n d ,mr ay pl l oa cw ma i r go oc e n Cp f i -s k y r Ear ma .s sc e s s d oon pla rdf unf pao p lmo e l v e eov dce r le d a l l ca d i n g ma os l s o fe noi g h o cnl eoo i t t i n s ni h ou c sqe uct cAe o.u s f q n i oo n t i u dtl a ec o el i r t np n spo e ac i so n ast e pn s mi e oss u i r Cbp . e -rr g i e e d t hn e t e e d v s np i t al i e t sh e t p n sm ei e o mn pac opa

se e g i u n ah pn r ma oe co et ct ni en ho e ;z s s i l e a ct i op ra pc gd nn oa l ad sn i a dr nb ad r e bh ai s fl o b a nt os i e t a n ea r e Cr i -u q c a o t . s rt e i f f o e r r pp e n v o me i t o i cwt eoe bHp o.m r t oo st C nc oe e i h tst i ef s i v u i o t qc s ce n ap o i dst nea r l ar u si g r ee e hr gt r o n e t mic t r e nd e i j eab geu als gte neb k er l sa l a e mh i n s are o pr c me n oya an Cl i -p m to n . ad2 nh0 i 0 c mu 2 , ost ,c dr A ae -

df, s eoe t s gs a ne l i e n n r i nes uhu t b oo t f o n o i m y d s t ee i c vh i l l t o p vsi net l t i u a s t m e i i l i n o c t aa e pf u td mI o. y cnn hoa i t tp i a wc m io nf oic s i r t e e a h vt mi adn. gook l ts tc a s i er md f af g Ae en -l i ssc e a l u c ey d r e a cr ss sy s e e b ni ne i r s se uuh bbt (E.g. Oracle and I-Flex Technologies)

(9) Diversification

TAXMANN®

n i h t i w s i h t e v e i h c a n a c ) h t w o r g c i n a g r o n i

,a l e l t a o ct s n fi o e ss e a i e mr oc nn oi. cni t eAn .u dt ei r cne nup a t hrs neo epc t s no d i e tcx l i nf u sie e nh r o t i st r s c e e uc gd r u e ed Mre r -st i ec r u e d ho t r hp ca i h f wo t ou t p et uu do i.e. (E.g. Sun Pharmaceutical and Ranbaxy Pharmaceutical)

( s n o i t i s i u q c a . ds nh at sn r o e gm r w e e mf

ye ch t t p h ug ru ko nr ah Bt n do ni ai t s yi cu nq ec va l o f so n . e s I u s en e he c t o vr ,a y P aln dao n oo i Ti t t u i -d l o ds ae dR ey t c a n ee r v c l so a s hI n 6e 1t 0a 2r ,o e p dr oo CC

ag r n t i n b r yo Ms b ea r a ar . eme cr g aa r l he p kPm one oud t Ss t8 ,i e a r h1t t Vs sTu nk d or n i t oI i e s wc i tn u qea cNi l age /nR i s r r , i r e u e gq g r c r e ae mL m eI e dR /g ,d s o r np e or gb i r aW e J; mg y nx ei l a r b i b au n t qa o cR Na

f so end t a a nm he et r r po c re e f ot de t a h ,ent . o r i g t n i i s si ,e l a ue i on qb ga cy npaa omrm ooy mc rg e m r d ge oe r n cn e y eimS nb . t omao . s eofng vco n r i aeso s v h h e a d s stce nfcv t u s oos eo i i e t h c i e uh s cd l i a a u Ts n qv.i a s cet ys ah rg m dtara nspee aeonr y k t ws sa s r t s e m e i eh u g h t t r n t a e re f ho e v mt he t lyme r l guhr A r e s e wh neng i yho h s t

i.e

Ans.

G N I R U T C U R T S E R E T A R O P R O C F O S E P Y T

1.4

(4) Economies of scale

(5) Tax benefits

(6) New Technology

(E.g. Dell and EMC)

(7) Strong brand

(E.g. Tata Motors and Jaguar)

(8) Domination

(E.g. Reliance Industries & Network TV18)

(10) Revival of Sick Company

Q3. Mergers and acquisitions have one common goal of creating synergy that makes the value of the combined companies greater than the sum of the parts - Analyse briefly to focus on the visible benefits of such combinations. [June 2019 - New Syllabus - 5 Marks]

G N I R U T C U R T S E R E T A R O P R O C F O S E P Y T

1.5 : s t i f e n e b g n i w o l l o f e h t p a e r o t t c e p x e s e i n a p m o c e h t , r e g r e m y B

tsddesgnh sa i sdnai t shnnei a i o s r a t e i etfw , e o s l stlus c a n i k t a nr r oeI ryi o i s pae . t f t a s i n t re pn l a e oeyeomi l c m t i n ,bi fthot n o a s t a g o r b eI e n .npipci i m t o2 a i oshfl l o g w i mopi t n c no t>a nuco i d a n f1n o r n f i i o e f +ir ds t t n t1ba e a t a w l o l s m e c n u i u of i a t i osl s s c be i m e usr ,cefli r mesopl d i a t r h e m de o e e y d eh T i d r t r gt esn nt .c pr s t i e d a n e c seb b fi i ,a ens nr moc pat hyo n ohnnx n f ccere oecSs u i a u . i c t te m c e et s i a t a f c ,e es nbz hff r r i o e i t e n u l uc so l h a l a sna c l r c i n e c on s ou i i k i e or l si oh t p i posr i e t w s t l s i a r mda e a t g d r e i , i r r ia r . t , r n e e e s t r ye e z poet i s e n gl i g i i e r l o b t y r r i p a o h a , t e p o S f t n y r u f r nmt e tet iga yisg. o t Ssdeslvnmtn i t i a o t a t e n n , -a c e n c ei s i s hl i ou l b r r t r e ssi e ph reeetdmnr c a t g e ne t urooa r a r t e t to pch d e e e pn r eo o nn bmc r itcea (1) Synergy

i.e.

eys e r ea a he pT r s. c rs i nn e oi hi t td ean s ma ua r e ol gh t t eao l m b h aac da en r e a af sso e r i e s n ge ar c pe r u mmo ohs Cg e r -u/ os re hi t t i tc . c s a ep n f o ai f ct e a rer e re t a t p po e bsf eo oh t e stl e ea i s c t i u s c r a i pye aah cmt E.g. HLL and TOMCO, Flipkart and Myntra (2) Better utilization of capacities

l )i ri l e gew h at s r i e eh vc T en l . . ( h tayt l t b i a l la i ebb e d a w hot gts ’ s i s s r h e e e i t hn d a t l ae i o wpr h smce e r oda i n ca n h a s pdkg e sn mt i i onrv e so Ci e rc -o r -up y dm t ei i u r d qsn i eh a hTl d t .e i n i wo h i s t ei x gs r oa e pt r mye t t i t ou e t q reb e w t f b o e l el r pda

ded ern caa r es or r f e e ehg r vte ay , hl m lh na obg i ou t l a o zGr i h l .t a s bnd ooe i l t p g a p ,r a g et np i e or s nra ei e ce s i he lt h e et dt d ,a n n da ol i i os t a sp l na u g goy ecl r o p e t p Dsu . s -esn i n d o an i t pa a mmm oea cd g l tea s gm ou mh a

e. o ns so r g i l ia nt u qiun n cr ba i aa r c set s r e i r e i i d n g e ah r de pt nm mea s oa gA Ce n. -ris t c e e i nk t . i i y rn da r t us n t amr u od s’ sp t n e e p i i kn oe ra h a s p t e mml n ai wosn ec w o noe i t i hwns ct o a gp d n en i s r v ’ a i y op g n t x a y seb p e i y e m n r o aae pmhc t a mrs oel e g e cr v no re r n e ap hmh t m Aci o

d,, n ri y nl l e h aa vt erei e z ww i n s s o i neHh G i t .e w.e s v z or i e rt os i g h i ec ot g e t a r spa n n m l a oo ec i t cvh ) i s et si i t u h i w qoco ct a r ad og de t c i nrs n aar a spag r er my e o o gc sn r e i e s mak. a ,t ee ( s s cyn ur g o soe f i e t t i ta i n s n r i t aa u s pn mihq c t a omw . Coo d s nh -dr a t ag sn ecr o mie n gm oa r cg w e er e mf bo

(7) Large size

i.e (E.g. Sun Pharmaceutical and Ranbaxy Pharmaceutical)

TAXMANN®

arnm e ao eg kr r rf ae e t v g dm n l ,ot i r u g e r ov na i we t k s af swT s o o e .s nHh i t .tr s n uo wo bi of f t r wi tge ee e npkh c t ami e gouc ncqu i r e t d oe r hf a t r t nml S l -iri wow ofs rts a g l e n dpi nds aeu l ntb t i e e a s l t b s la ul t sef i owo t r a p e . ms g e h id nc t ii t t gvs a o ir nr x c op es l (E.g. HDFC Bank and Centurion Bank) (3) Reduction of gestation period

(4) Improving debt-equity position

(5) Globalization

(6) Improved market reach and Industry Visibility

Q5. “Inorganic growth provides an organisation with an avenue for attaining accelerated growth as compared to the organic growth in general”. Comment on the statement. [June 2018 - Old Syllabus - 5 Marks] TAXMANN®

,a l e l t a o ct s n fi o e ss e a i e mr oc nn oi. cni t eAn .u dt ei r cne nup a t hrs neo epc t s no d i e tcx l i nf u sie e nh r o t i st r s c e e uc gd r u e ed Mre r -st i ec r u e d ho t r hp ca i h f wo t ou t p et uu do u

(10) New Technology

lrt a eo i n c m no s at e ns i uo f cd r h ort e hw sg o s ir e nhg i nc s i uin s bl t a g ur os t e srO . e t c t a . t a y he l t t e i r t nen oue yi n gt e e eav t z t a er i a r n r o t a r s p ge r r t ho t o t e c webf oh,o rts e e n g l i g a h ct n s i a i n dh awe c ggs r y an n oi ea r r ,u y c t n l ni l c i a t cu,l r e i u t s s s s a a e e Br br

y t i t n e d. i s e ei t t a i t r on pe rr oe ch et ho t h t ni i w e gn o ni at a hi cc o ss e s da u/ l e c nc i n a yi gl l ea t / a t r n t s e hm t e wv l oo rv g n ci i h n ag gu r o or nt h I

, l e d o m s s e n i s u. bt c ee he t r nu i t ec gu r nt as hl ci a sc i n ea r n e i hf t , s ,e y l gy et t s a t r t n s e hm t e wg oa rn g a cm i n h at gi r ow g nn ao l na I

d se i h t cp no ad r a f , e s r e a r t ua t n h et vsy . tn g n o i e i o t t j p a , r ot s r es e v h omt eow kso aer r t g , a s c t e i n l n ea a msg tpr s mo e n vl ui ns e i s ,v i s e d e i ,c h s nc r a e a i gl o l r t a e e mcr i eg u de s ,a ta s e r rm e t gs r ,a e g s na Mi

o it x n ai ms e ft i o i t en ve i t e c t ea j r b o op er mo ic r e pg r ea hl t n he t i v i wr . eds nsn i a l o i nhi s i hc st le e a d i t e i c w v i i g t ’ e s c t r ae a r sd t s ls e nos h i u eo s r ua i r bh a gsv n g g i nn n i i gi z k i l a mt A

l ea ot t dan evo i i l t r . i yp c d t moa e otrn ntto , oss i coe t o i eb gt n, ne at sap i d nhm neco I ec fms t t o e a s ne ho t r ov i h not t i a t t zne i u l guc a i beDn or i o . l c f e Gf t s e i do r n s, t awn c i noe l m of ma i n t i t n a , s y zg e i d n t v i a ne s vn i i m s r i e a d Pc c i ,l . n e tb f v oo i o t s nGe a o zi s i ,s l t n e a a on r x i i e t ac s bl u i es eb L r Ans.

G N I R U T C U R T S E R E T A R O P R O C F O S E P Y T

1.6

(8) Economies of scale

(9) Tax benefits

(E.g. Dell and EMC)

Q4. “Corporate Restructuring is an inorganic growth strategy that significantly changes a company’s business model, management team or financial structure to address challenges and increase shareholders’ value”. Elucidate the statement with different options of Corporate Restructuring. [Dec. 2018 - Old Syllabus - 5 Marks]

G N I R U T C U R T S E R E T A R O P R O C F O S E P Y T

— y g e t a r t s h t w o r g c i n a g r o n i r o f e l a n o i t a R vi

e wu en ni t on no dc nh t ao db e. v. e l i o , sd s e i t d a se i r yc ni s ay pn ma op cm oo Nc d ed ve l o t sa s e i r d c ee r b a y sa e i m n ay pn ma op cm eo r oc mw re on ed nn Oa 3

sht etn iie nwm ye at g pt ia mnn ea oe m cl gd nn oi wsa p tai oh t ,n s r r i e ee n. gt rawr e edou i l mo t wc s u ner nont Icas

en y nhha attn peei s mmve e oai g csh i n agca h fnac i o o r t c sur i s tet e c a nudm i r r s t oa us r bend gRis n.ee r y i v t ul g i o nl itv c ab u r n ar r i t t i a t s f I o e . rln a r o spni o ndi t ant a ai z eaz myi n cna gn ag ne gr i i r o r c oe uf i t h fet c uehf rsto t t g i s s n g l e . i a n Rng i o o i esngt a a t c a e h a i r z c r g i oc n e pnft a a rior g r oo dtr Cf os o

l. e ssyn a neeri e i m on vb ie i at t m ptno a zmn ic i e n or ed ac v e n gt i f a r nfts c i oe d ee r j re g tb of a a ot fs ei n s odgna ponov rtimd h y ul t a ms pp t i o pn ea cd e hl e r t eh l e l t naf f g ohi n e s i t dyds a ngt n e i eeah m pt eastl i r m d ds t e in a lt o l at a n hegsi s n e sr i i r e e n df f s ua i ei t c t dcpr p oaume. r x o det s e s c ace e g g t yn n a geRni t eheer n r t t u d a e a a t nr f v r c f ao t d i u s sp d ra t elr a e r s oo ho e h TgCf r t

TAXMANN®

f o e s a h c r y t ui t pn ee hr t e oh t t so r n e a f e y r nb y ot i i t t in s i e u qe cn Ao eah t t a eo r t b a a h ec pr ec i s h oow wtn ri te n nho ett i e hg a wo z i n sta r uegs cmrr cooe t ocn n t ,i rs r oa e e j i gt p , r iw t e e er n Me na 2

t sn e ke am t e yg nay ann paa mmp lm oa cn o c eor i t na e or h t ,eo p n oon l i a t a i t f s o o i t u l l ql o r cat arn e vo no c I

Ans.

Acquisition Merger

Sr.

. c t e n o i t a r g e t n i l a t n o z i r o h , l a c i t r e v h g u o r h t e l a c s f o s e i m o n o c e . v

s e i c n e t e p m o c e r o c f o t n e m p o l e v e d . iv

n o i t a c i f i s r e v i d h g u o r h t n o i t c u d e r k s i r . iii

, s e s s e n i s u b g n o m a e c n e d n e p e d r e t n i g n i z i l i t u . ii

, s e s i r p r e t n e r e h t o n i h s a c s u l p r u s f o t n e m y o l p e d e r . i

, s e i t i v i t c a f o n o i t c e r i d e r y l r e d r O . u

1.7

Q6. Distinguish between merger and acquisition (any three points) [June 2019 - New Syllabus - 3 Marks] Ans.

Q7. “Corporate restructuring aims at different things at different times for different companies but the single common objective in every restructuring exercise is to eliminate the disadvantages and combine the advantages.” Comment on the statement highlighting various needs for undertaking corporate restructuring. [Dec. 2016 - Old Syllabus - 5 Marks]

; s e c r u o s e r d n a e r u t c u r t s a r f n i e l b a l i a v a f o n o i t a z i l i t u e c n a l a b ) (

r e t n i d n a c i t s e m o d t i o l p x e o t n o i s n a p x e y b e l ; a s t ce s k fr o a sm e i l ma n oo ni ot ca en ) (

e h t f o s e s s o l g n i t s u j d ; y an ya bp tm i n o uc ky ch i t s l aa e fh o na of i o t a s t t i i l f i o b ar hp eh r t i dw nt ai ln a vu i k v c es i r ) (

c i f i t n e i c s o t s s e c c a d n as ; st l n a i e r e m t p a o ml e wv e ad r fl o a c yi l g p o pl uo sn th n c ae t t s nd on ca gh nc i r r i a u e qs ce ar ) (

l sa dt ni up fa yc t n i u o qn er du nt ae nr ae ov l o fr o p xm i mi d en t a a i r g pn oc i ri pv pr ae ys bf go ns t i r o uc t c e uh rt t ; s e d e ce r u y ld o a l t ep i r p aom e ct ) ( n no ai vt da am r eo vf i n t i i t y e pb t mu oo ct eh vg eu i o h cr ab s oe t g en ca nh ac l ma rc oi f d r a e r pe eh t t a g r n oi pt rp. ooy cdg o eal vyo o n rbh pec g ma e t it ) ( Q8. “Corporate Restructuring aims at significant change in a Company’s business model, management team or financial structure to address challenges and increase shareholders’ value.” Elucidate the statement with relevance to business strategy. [Dec. 2017 - Old Syllabus - 5 Marks] TAXMANN®

n o i t c u d e r t s o ; cs ,i e y t gl i r i e b na yp s a lc a l na or i i t e a g r a e pn oa ,m e cf no en t o e i pa t mc ol o cl a et r on ci e c ni of f se ud cn oa f ) (

c yi nt aa pm ma or cd as e fv o l so s v e n ni i s t uI. b.s y e gi t v nl i i t i b c g e naj t af i b r o o r rs a pi t e r de s v nni e aah eyc ca mn o get i nc i y i r f n uf a e t c p s ut m ri t o s gc e n a Rs i n eai t e a s r e r ocg n pi n r a r oo h Cf c

, ld e n da os me g sn s e e l na l i s h uc be s h ’t y nt ae pe mm oo ct ae r gu nt i c g nu ar ht cs l a yi . l c t e n nu aaa l cnv i i f f i ’ s n rr goe i s d l fmo a o eh st e s r ta e cnh oes r pme s eea g ha e t n r sa c i n tmi I

t ls a o vc n r oo nf s fe o i t ei l v a i t s c da nf ao sg t n n i ec mr u ho cs nt eu r o t e e r v rl oo j v a n mi ey va l m o vI t n. i s ye at i i mv i gt c na i r . ugn t no c i i t udc rdu t ad s e ee Rur

r e g r e m a r o e l a s s ’ y n a p m o c e h t e v l o v n i o s l a y a. my n ga np i r m uo t c c ur re t h s t e o r n ,a t c ah f t i nw I

r i e h t e r u s n e o t y g e t a r t s s s e n i s u b a s a g n i r u t c u r t . s y e t r i l i eb s a ui sv e m i n r ae t pmg n oo Cl

,r e r o a hc sr i e th e kt rf a o mr e fw o o sp s oe l h et vn l i o vs ne i n i gl c ne i r d ur t c o us rn t i s g e r r ra om f t i sf no or sp a f eo r . nnd on oi ta mc r mub ode t cea r ee r hh o Tt p

Ans.

r o f s des ew nl o l so uf os i a r a e vr ea he s Ti c .r e e s nx ee s g n yi r r e u vt ec u nr i t es ue rR t e st i a r to n p er mo eC t a a t s g n ei vk oa br t ae ed hn Tu u

G N I R U T C U R T S E R E T A R O P R O C F O S E P Y T

1.8

G N I R U T C U R T S E R E T A R O P R O C F O S E P Y T

se s e d ne i s r up bn i ea hr t t e gc ne i g v e ni ah r c r a a o ht t i s wa dol . ese ev nl ro e e l che nwt a o r cao sp sa i r gyo nnc i at r upa m t s c e uoi v rct t ec s hj e e t Rf b eoo t sd a e e r i n ot i i pv m ri t r oc e Ca t , y g o l o n h c e t r e t t e b o t s s e c c a e v a h o T ) ( , o i t a r y t i u q e t b e d e v o r p m i o T ) ( , e r a h s t e k r a m r e t t e b e v a h o T ) (

, s e i t i v i t c a s ’ m r i f g n i t c e r i d e r r e p o r P ) (

e c n a n i f o t s s e n i s u b e n o m o r f d e t a r e n e, gs s he sn a i cs su ub l r p e rh ut so gf no i y h ot l w p o mr Eg ) ( . c t e n o i t a c i f i s r e v i d h g u o r h t n o i t c u d e r k s i R ) (

Q9. “Restructuring is resorted to in various forms with objectives such as profitability improvement, augmenting more resources, relief from competition and methods take the forms like acquisition, merger, takeover, leveraged buy outs, slump sale, overseas acquisitions etc.” Illustrate certain instances that have happened in India setting examples of benefits in Corporate Restructuring. [Dec. 2017 - Old Syllabus - 5 Marks]

/i s d r e , gg r n i e r mu t ec r u a r t s ge nr i r l ua t i c c un ra t n s i e f r , s er t e a v r . oos pet rku ot ao c/ y u fsb o n od i mi t n rs a is ou f r qe nc g oa r m,e s m mn e ood ci/ t tas s e omr a u mg t lt i eas hme Tav

e k i l . c st me rf of f o en hi t p fs o , s yt nu ao y nu i db et t n r oe sm e e r g ea bn oa sm l a , t nu ao cy gu nb i r d ue t g c a ur re t v s e e l R, e el t a a s r op pm ru ol Cs

e lc lddesl Ueeraar o t r r w i r u e ye fc.v e o nf r d s n i as noe pneeI , r h y mabt t r d i T ot e nmc i cs&o s ai n a pb eaLsr w t ,u a Gam l ya r c.co ne a o d n padf ec o ep s t i d d s t a msn n c ea aooa ur ocP rcs . t t n ne g n osi i n n i i g i , s o t nl r e i cl e v ou a i i n s d s dcy e i s n s v r ta i n f e l d o a e g th n t m n s n , o i e er er i e t c eic mt emn sn ea ou t cL i i n . f g sd fn oi t o ct t i l e L d. eseu m eo u h a l gC g, a r s h u v e t s c o e mn dur n ee s h e e t z dm s v i e l i e dt a C esei t s t h r e e i c f pl ne . e ms i t nmo o a ueoo of rb r bcp t t

L&T Ltd.

Grasim Industries (Aditya Birla Group)

TAXMANN®

e h t s e g n a h c y. ns ae s pn mi s ou cb ae hh ct i f h wo s ne i s s se s e c co or rp pd an sa i e gr nu i r t uc t u c r t us rl t s a e n r o i et t a a z r i on pa rg or Co

, s h t g n e r t s e r o c n o s u c o f o T ) (

— e r a g n i r u t c u r t s e r e t a r o p r o c g n i d n a m e d s r o t c a f e h t , s u h T

Ans.

t ea r h ot t e c ya t i l l p i b t ae nk i r ea h m t eel . dhe utd l oo c t ns m i e s gg s nn e i an r uhs i t cu c r uo b rj s t ’ a s n e mo r i t fda o nr eao l rp b e r i s o nwc o op e pn h sa t e t r m c sda r p oe t tm c n i ae y f l l a t rt c e e nr hi t i ad Ot u

1.9

s, he )F t 5 S i0 wn A oa0B 2 rp , ( g ) m 8 n coo 0 i 0 c2 cl n aya ( gnFs r s ,e oa) n nm2i 0 i d0 s e2 rr u i (B e i hues r t q e . l ) rcau 9 oacc 0 h s f e0 t a l l 2 o nha ( teMe wi H o, l n l i n4na l 8 k9 amK i h s1dSt i i nr i am .i nemS oMro i a , t ) hx 4 a a m8Pl r9wG 1 o o( h f Dt b, sa i t )w i eL6e cx0c ne0n 2 z i a S n(i .eml l s r B e A a i sh , g ) eap8 t ha0 a ct0 r ue2 t s sB( li )re t s r a t oe f s t oi f e e f pn ndpr ae i ema s cb z l, oi ui l c n ba mto nnn ict i oiosAa f i x nna t s x a a e l aiTd g w u nen mldi i my raero n e oei t n ca an Fdt nt ( geneIu eo nho m T i h ot k .cr h s t ai i t soffw s r l a po, a e B dblu0 d o nea e l 5 r x eg ua a n ssdl t ) ots i p a e e i t d t r e c emhme e T i s u r r ws l r Sl .P s a e n r f a ao d s e em i nnt ep de r t aor a i s et r b A t e h i g t dh . n i os m s s o nreol opnr r chif o csgf miune b i l uh s b i swnr a p,oa i c e t i ms sp l a uulnp u i l a a l oa a mg c t (

ld i a t e n n r eu t ho r a r gi i h utAusB t a oaic w , rnt u r s a he rle r t t t e l c )nasti r h s I s i h s aBaA e e c w . ni iv s t i e srdla f a s r uA ne o a bnud p hr f ai e Bu cadh i Z f et p r o f f w l d a Aoon t i e (nr c ae r) e oo hp i t bVSs i s i hPer S o u c qg(nf cueary . o l o l ar c t i ehiati n l B h hte a b er TdV i h a s d.e t un eyce, g s o r enoegp i a c t u s npnae s qai r r e a f r u ct ,l as l yPHr tl .eu l r V u a vf i ooc Pes j ya eSwe u peom bmS h Hu ds t s .s eaahd gwdg ea e a l h u V r e ct o e Bmr ui r r vl ot ht oA ea f l -

TAXMANN®

Corus Group Plc.

Tata Steel Ltd

Dr. Reddy’s Laboratory Ltd

Piramal Healthcare Abbot Healthcare

s yi ng an pi r mu ot cc au. frs t o e s i se n s ra e ,p ny i am s udo boc eTy h.b y t t gl e i ni d i ba g a m nt i af e r oc r ro i a eph r sdc nns aau eyo i mcc ns ge n nc io i r ic f uf t ea c t su ut ri b t s g n e no i Rs i t ea p t eo a r r c n on a pi rr t oo o Cf n

s t ni af ve dn e ab s i y d g gr ne i n t a y ns i e mv ie l i e h . tc y a ag soe t mt a isr a n t eas l s g p i c n ti r I r e .u xs t eec ggu a nt r i t n r s ae uv r t c dd uae ren t n s n i e a b r l p emt l ol a ce r o pow rta odh cng a ys u r e o e g r va h Et t

e t a t . s e s si i r h p Tr e ’t . l n u fe i t r u e ag ei g bb sa i rf e o gs ge i b g a tt u n ba ,v e l d b a ad ee gi ar na av me h st i lo l t a e mu sd ‘ te a u hr t t ds i i a t s n se i tm I

lD yeni l h a o l & t t i a t e chc R r i t gu d s udee a odc o r i rw rp dh n a tT fh t a o s .o hd n t e n c t o L-i d lwt n a o e za eli t r sl ie S t t i f u a s e t n da n a Tier t b l t rmu oo y sg f e o scrl sedto i I l a g n u . er h s s eou c r c n e r e vy.ot osdCk , t nL do r f o o ei l t r e w c i y e t u t t i e quS l d n a co ar aun .ptqo a i eTht h,i gus . t be n ohi di i rt t e et i s l i h vs i i t oi b d ru a hdp pq t mcina iawac

Ans.

Zain Telecom

Bharti Airtel Ltd.

G N I R U T C U R T S E R E T A R O P R O C F O S E P Y T

1.10

Q10. “Smaller is manageable but Bigger is Beautiful” are not the only reasons for indulging Corporate Restructuring exercise by a Management in managing the establishments. Elucidate the statement indicating need, scope and modes of corporate restructuring. [Dec. 2019 - Old Syllabus - 5 Marks]

G N I R U T C U R T S E R E T A R O P R O C F O S E P Y T

o l l a t n e i c i f f e d n a y g r e n y s l a n o i t a r e p s oe ,c s r hu t g o s ne er r t e s c er r a oc cs nf oo n so ui t ca oc f ) (

e l b a l i a v a d n a s e i t i l i b a p a c l a i r e g a n a m f o s s e n e v i t c e. f f e e r u gt nc i t u n r es t ma r gf un ai ) (

l a b o l g p a t o t n o i t a c i f i s r e v i d d n a n o i s n a p x e y b e l a c s f o s e . i s mt oe nk or ca em ) ( s t i f o r p e h t h t i w s e s s o l s t i g n i t s u j d a y b t i n . uy kn ca i p s fm o o nc oy i h t t a l t a i l e i b h aa hf eo r ) ( s l a i r e t a m w a r e c r a c s f o y l p p u s r a l u g e r g n i r u s n e ) (

. s t n e m p o l e v e d l a c i g o l o n h c e t d n a h c r a e s e r c i f i t n e i c s o t s s e c c a ) (

y t i u q e d n a s d n u f d e w o r r o b n e el . wt a ti e p ba ec cf no at l s a o bc de oc ou gd e ar . ge ni . i , v s ed i h n cu af ) (

sa nx oa i t t a , l r a e r du i s d ne oc co sr dp e,. l ea c ng t e se l e n i , o g g i en t t i it a d e r np t s u fm g, o nn i c r o i d ut t n a c a u ul , ra g t vi n s e st r a n eh u t o a cc r ouc psa s rr , y oo t ct ycu nad afp s ,u m r e a ot vi s er , wan v of o i Ho t

oi n t a sr t e i e tc r a e pv e ei r h oc ma ro ot r oe wd tr no en ei wr te e h bt to n h ec ma ee eh r t g i aw . n s aee t a v sr i i t c eee cpj nob aoo c i l / l l a ei A t c car r i g oe eb m t am a l l r o o t S cc

e d n i . r i e h t n i a t e r s e i n a p m o c g n i t a , s pd i c r i o t r w a pr e lh l a t ,o e n cI n. ae i lc l n a e t cs i i g x ee t a t r n t e s d an e np I

e k a t . e ,l s a r s e gp r m e u ml es d, g ,n s r i s e i gh r c e n ma r ef ds , ue l c c n na i i sl l e a i n c ag i pe mt a or ct s y, bs e dr eu t t p n oe dv at n si e o i j g , es t r a e r v t S o

s ss ’ y e nr ad pd ma o co at e gr nu i t g c nu ar ht cs yl l t a i n ac cn a i f n i i n . e gfu i r s l foa o v smr s e ad e cel oto rth pn e eer hma t h ses i g e ga s nn a i ae r umr t c c n , ue l i rd d t s n oa e r ms e e t sg a s r n oel e n pi l rs a ou h Cbc

Strategic Alliance

no separate entity is created

TAXMANN®

. e g a t n a v d a e v i t i t e p m o c h g u o r h t e c n a m r o f r e p e t a r o p r o c e v o r p m i ) ( u

g n i w o l l o f e h t s t e g r a t e s i c r e x e g n i r u t c u r t s e r l a t i p a c d e r u t c u r— t s s t i l f l e e n we Ab u

fr o e t se t e i b mr oo nf e oz ci es s dt ni e ac yu gd r e e r no yt s e fs o o so t h i f c e o ns el ba y sa e . r dme i v g yr on ra e pp m nme oo d i t ci a a av z, i , rt n aen ghe t r orm u e eFg g. a r en l a a a l cm As u

1.11

Q11. Discuss ‘‘Strategic Alliance’’ and ‘‘Joint Venture’’ as corporate restructuring strategies. [June 2017 - Old Syllabus - 5 Marks]

Ans.

e v e i h c a o t r e d r o n i s e i n a p m o c e h t y b o t n i d e r e t n e . s k s a t c i f i c e p s

o t r e d r o n i s e i n a p m o c y b o t n i d e r e t n e . si t i f e n e b l a u t u m e v e i h c a .

.ns t r v a e i od i l Gn p ,Ip c u n i s mif s al o a nn r yo e dt ib m ea nu mi n at cln eui e bms i sfr o e s e y l s r b e t a nn r i e s e , ud d i be s lc n a nuo odc e s i r t a . i n r w d o o at i e r t c r i t t ee ,s he s e etp , gt m e nac o v ai nc hr t cpea H eo.o t s c r t e h hnet o t s i t t t u oc e t ekc rd eta o ur n ma Dp

,e dg t nn a as iv i nnr oep i co t i l a t f zo i t t s a no vo o i ib r pt, a xy ,a n g olo e i l r t o a o n zt i h l d a c ee r l e t s bi n i h l g Ti s. e e cyr. umoc doft , e ons ts ro t t cnn n eee i ,nmm 1 t as 9i t e 9d s 1nve n v I fe i n o i ni s yhg cti d n i e i l . r t o no v Po o ifG lt a af, i zon r i t l w s o a i ub o t l do c f e ln ng I is

ma op rm f so dc ne us fo h dt nf ao es ge dr u et l wa e of . nt s ks e e i ,b s n t a e ep s hm s t a eo on c t it sbn s me e r coa ccp an e sa h e ct dt i ig v n osi rrr pet e n l et r a r a up t t u n so ei t h vf t i to w n i hs o t e j o i Abn

Ans.

i Project based JV

ii Functional based JV

TAXMANN®

— s e p y t o w t f o e b y a m e r u t n e v t n i o j A

s e r a h s d n a y t i t n . eg . wE e. ny n aa . mps rme o n o f i cr l oe i t hA yt t e fr io u o qlp a et a i ep g t ai n u cS bd i r nd t an n osa e cs a t on a t eeT epn x r ee g , e ae s w su t e i ne t eb r vV a peJ era e hh s Tt i u

swd e n i ea n anl pao , r me t r ou n ct o c n ee r , ovi p mth n s i ro r oj e oan wnw o tI . yr n be i dh etn e o mgi t roa s t os e pi f i t e c r i i t t a i r p v a i t e pr c aho li tm a i wr c o r do e mew m amr t f soo i fo c ee t sn r ukie a t em t n s eri e Verg p d a r tne n n ut a i nm o oe Jt u

separate entity

s ae tc a r u so e i s t e i r n ud t n r oa pe pg od e el uw so r n uk pl a on t o si ni t od i t d a za. i o y n t t as r gs a r ep oc r ce wa h ost l eo l a de i sv h e ot cr y np atb i Id l l .e l a e ch ca i e pr g e r a t e a t t a r s t h a S f t u

d n a s a e d. i g . eE v. i s t t a i f ve on ne nb i eg t n a i r t i a l i h c s af f o de nv at i sc e e j cb r uo on so e m r lm o oo pc e oh t t sh i t ai ew ds i e. cu i s q a i bn h ec he Tt u

np oo l me mv e od ct rc ou f d so e r s p i r , pg ri n e r t a n h es ny eg eo wo l tn e bh c pe i t h , sn r o e i nt t c r u. a c dt pe e ars ts ss i e oc ecc cs a na ah t i e l ck l a ur csa i s m g t i ef , t et a nn r ee t S bm u

G N I R U T C U R T S E R E T A R O P R O C F O S E P Y T

1.12

and OLX

Flipkart

Joint Venture

Vistara Airlines

Q12. “Global competition drives enterprises to become globally fit to face global challenges prompting them for corporate restructuring”. Elucidate. [June 2018 - Old Syllabus - 5 Marks]

G N I R U T C U R T S E R E T A R O P R O C F O S E P Y T

s s e n i s u b n g i l a o t d e e n a s i e r e h t , n o i t i t e p m o c t a o r h t t u c h c u s f o w e i v n I . s n o i s i c e d c i g e t a r t s s u o i r a v o t e s i r

e t a r o p r o c e c n e h d n a , e g n a h c r o f r e v i r d t n a t r o p m i n a s i n o i t i t e p m o C

s n o i t n e v n i d n a s n o i t a v o n n I . n o i t i d d a e u l a v d n a g n i t t u c t s o c , t n e m p o . n o i t i t e p m o c f o s e g n e l l a h c t e e m o t y t i s s e c e n f o t u o n e p p a h

n a c n o i t i t e p m o c h c u S . n o i t i t e p m o c d e s a e r c n i o t s d a e l n o i t a z i l a b o l G

, s e i n a p m o c y b n o i t c u d o r p k c i u q , e s n o p s e r k c i u q , n o i t a t p a d a l a c i g o l o n e c a f d n a t p a d a d n a e g n a h c o t e l p o e p s e v i r d n o i t i t e p m o c h c u S . c t e . s e g n e l l a h c l a b o l g

, s u l p r u s h t i w s s e n i s u b e h t n i e v i v r u s d n a e v i t i t e p m o c y l l a b o l g e b o t , s u h T Q13. Corporate restructuring is one of the means employed by the company to achieve strategic and financial synergies. It is a process undertaken by corporates for arranging the business for increased efficiency and profitability. In context of the above statement, briefly discuss the scope and modes of corporate restructuring. [June 2019 - Old Syllabus - 5 Marks]

e v i t i t e p m o c s t i n o s u c o f d n a f l e s t i e r u t c u r t s e r o t s d e e n t i , t n e m n o r

. e g a t n a v d a

o s l a e z i s r e g g i b A . e l a c s f o s e i m o n o c e e v e i h c a n a c y n a p m o c r e g r a l A

e g a t n a v d a e k a t o t t i s w o l l a s u t a t s h c u S . s u t a t s e t a r o p r o c r e h g i h a s y o j n e

l a t i p a c f o t s o c e h t n i n o i t c u d e r h c u S . t s o c r e w o l t a s d n u f g n i s i a r f o

. s t i f o r p r e h g i h o t n i s t l u s e r

r e t t e b s i s e s i r p r e t n e o w t f o t l u s e r d e n i b m o c t a h t s e i l p m i y g r e n y S

n o i t a n i b m o c e h T . 2 > 1 + 1 . e . i , m e h t f o h c a e f o n o i t i d d a e l p m i s t a h t

l a i t n e t o p s g n i n r a e s e s a e r c n i h c i h w , n o i t a r g e t n i s e t a e r c s n o i t a r e p o f o

, s t r o f f e l a n o i t a r e p o d e s u c o f m o r f w o l f s e i g r e n y S . t s o c s e c u d e r d n a

, y t i v i t c u d o r p n i e s i r , s e s s e c o r p f o n o i t a c i f i l p m i s d n a n o i t a z i d r a d n a t s

g n i n i b m o c o t s d a e l t I . n o i t a c i l p u d e t a n i m i l e d n a , s t n e m e r u c o r p r e t t e b

e g a n a m , s l e n n a h c g n i t e k r a m , s e i t i l i c a f n o i t c u d o r p s a h c u s , s e c r u o s e r

. s l l i k s l a i r

TAXMANN®

i v n e e v i t i t e p m o c a n i e v i v r u s r o w o r g o t s t n a w y n a p m o c a n e h W

. y t i l i b a t i f o r p d n a y c n e i c i f f e u

g n i v o r p m i d n a n o i t c u d e r t s o c n o s e s s u c o f g n i r u t c u r t s e R e t a r o p r o C Ans.

. s n o i t a v o n n i d n a s n o i t n e v n i h t i w e r u t c u r t s e r o t s d e e n e s i r p r e t n e n a u

h c e t , t e k r a m t e g r a t , e c i r p d n a t s o c e c i v r e s d n a t c u d o r p o t d e t a l e r e b u

l e v e d l a c i g o l o n h c e t s e v i r d n o i t i t e p m o C . l a t i v s e m o c e b g n i r u t c u r t s e r u

s e v i g s i h T . h t l a e w ’ s r e d l o h e r a h s g n i z i m i x a m n o s u c o f a h t i w s e i t i v i t c a u

1.13

y n a p m o c r e h t o n a f o s t e s s a g n i s a h c r u P n

e g n a h c n i g n i t l u s e r m r i f r e h t o n a f o s e r a h s y t i u q e fp o i h ns or i t e i n s i w u qo cf Ao g n i r e e n i g n e e r l a i c n a n i F n

s e r a h s f o k c a b g n i y u B n

d n a d e x i f r o f d e e n e h t t e e m o t s t b e d f o s e p y t tl n a et r i e p f a f c i d g gi n nk i r u so s w I y t i u q e d n a s t b e d n g i e r o f g n i s u f n I r e w o p n a m e h t g n i c u d e R

s t i n u g n i d d a e u l a v n o n / l a c i m o n o c e n u g n i s o l C n

: s m a r g o r p n o i t c u d e r t s o C

s t e s s a e t e l o s b o f f o g n i s o p s i D

s e s s e c o r p s s e n i s u b e h t g n i z i n a g r o e R

: r e d n u s a e r a g n i r u t c u r t s e R e t a r o p r o C f o s e d o m t n e r e f f i D r e g r e M ) 1 (

r e g r e m e D ) 2 (

r e g r e M e s r e v e R ) 3 (

t n e m t s e v n i s i D ) 4 (

s r e v o e k a T ) 5 (

e r u t n e V t n i o J ) 6 (

e c n a i l l a c i g e t a r t S ) 7 (

g n i s i h c n a r F ) 8 (

e l a S p m u l S ) 9 (

e ar u gt nc i g u nt r as hl ca i yc l n t . ae n anl u i cf a i f r v i o n r gme i d s al eo ft h o te snr s ea e h cms oee rgs pa a ne ea r hm c t n ,i sl i ed gdn noa i ms r e u s t g s c n e un e l ri l t s a s uh e b r c ss ey ’ s t e a nr r oad ppd rma ooo Cc t

TAXMANN®

. s e i n a p m o c e r o m r o o w t f o g n i g r e M

s e i g e t a r t s g n i w o l l o f , g n i z i n a g r o e r l a n r e t n i e v e i h c a o t , r e h t r u F

Ans.

e r f o s e p y t g n i w o l l o f , s e i g r e n y s l a i c n: ad ne i f m r do nf ar e cp i g e eb t a n r a t c s g en vi er i u h t cc au r ot Ts u

G N I R U T C U R T S E R E T A R O P R O C F O S E P Y T

1.14

Q14. The unpalatable or inevitable recession can also be a key factor to trigger Mergers/Takeovers-how far is it proved true? [Dec. 2018 - Old Syllabus - 5 Marks]

G N I R U T C U R T S E R E T A R O P R O C F O S E P Y T

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d n a s n o i t a m a g l a m a , s r e g r e m

. c t e n o i t a z i l a b o l g , s t i f e n e b y g o l o n h c e t . iii

; s e g a t n a v d a x a t ; n o i t c u d e r t s o c . ii

; n o i t a c i f i s r e v i d , n o i t i t e p m o c g n i c u d e r . i

; e l a c s f o s e i m o n o c e , s t i f e n e b y g r e n y s .

g mni n o i oi t r cs u t oc ap u es r r ts t e i hse wnr e e ht st s a e gr cno oe p rr r pt o s c e d vn f i o s a ns m en ho r et o i r f a pr n me o op com sm as o e sn c i t gis s nu o i b r m u s t t e i c h usT e rt t a . s t e de i Rl k or es t na a om r oce pyh rnt oa n Cpi

Ans.

r ce i n t t ae gb r on ni i y hi t ci l ub sa t i df eo t r p op dd an ta a t hs t o o sb e i l n a ac pi d ma . or n cdo i tes s a ve hi ec t he ncr wae h ost e hi sg g n eei vtw aao r t hs l l o shf e ts i we d uom t ri S g t u

,ed s he t c t r uee p dr s oeo r r pwp , e s d r t e e n kha rTd a . e e mc v i v war epu nrs e, ot t d sse a s t f e p c o cad t aa a nt e i v n a ea gl h oa t t t a s . ndhs ontd a i s o t n i i s r s oe r i i e u t p a qmz y c r aoia t n esan kug o acrs i ,os ms f e e si o c e g e i osr e n allg o p pn n m i mha r cx oe u Ct ed u

h,t n i ce f uh o st r g p nn i d en er gt a as t h s ot t e dw r t o nr n eag cnd o ei e ks s asa e t e c se r e c r cc n i ni am r i o l l f o a ny co n i ca g eep t em a mo r t oc s c dr e h ne t av son n o o i ot t i i s t s i e o s s i p a u qhd cpn a a n ,w s s r ouy . e c d gw t o i r l f i e oe b l Ms ra u

9.9 0e1 p od 8 i 0rv 0uo 2Ec rse s a oh er t yc eay hdb t a d gee t nrc i p r e sf us f dt a scy nel f f oe d i a t s i b t d i s nd i on y ca yAm r o Sn a nUo onc i ie s sd s i e s l i cr r ec o r new eme eit h r s p, sb 0 a hu2 0 s2 . de c l i r hnm i ot ,e wor t d e eet n hua a TdLp u

dn nw ao rd e w go r l e s ml e b oa t t n i i v e gn ni i t r e e t y n d en ra ol f a c nl i oc sy a c e, r l a tc n i ad t o r i or pe mp ie h rt e s hi t s . o l n na o aei s ds ,r r e e c vee v eo r we d kn oa Ht a u

e t a t i s s e c e n t a h t s r o t c a— f e yr r a a s mr ie r v po e ek ha Tt u

/i s d r e , gg r n i e r mu t ec r u a r t s ge nr i r l ua t i c c un ra t n s i e f r , s er t e a v r . oos pet rku ot ao c/ y u fsb o n od i mi t n rs a is ou f r qe nc g oa r m,e s m mn e ood ci/ t tas s e omr a u mg t lt i eas hme Tav u

1.15 -

Q15. “Mergers, Demergers or Reverse Mergers are resorted to enhance, utilise or protect the brand value already earned by an enterprise”. Explain how the reputation and goodwill associated with a brand name of the Company could be advantageously exploited. [June 2018 - Old Syllabus - 5 Marks]

CRACKER Corporate Restructuring Insolvency Liquidation & Winding-Up AUTHOR PUBLISHER DATE OF PUBLICATION EDITION ISBN NO PAGE NO. BINDING TYPE

: : : : : : :

PRASAD VIJAY BHAT TAXMANN FEBRUARY 2022 3RD EDITION 9789393880468 412 PAPERBACK

Rs. 450 | USD 37

Description This book is prepared exclusively for the Professional Level of Company Secretary Examination requirement. It covers the entire revised, new syllabus as per the ICSI. The Present Publication is the 3rd Edition for CS-Professional | New Syllabus | June/ Dec. 2022 Exams, authored by CA Prasad Vijay Bhat, with the following noteworthy features: u Strictly as per the New Syllabus of ICSI u [Trend Analysis] of Previous Exam Questions from June 2019 onwards u [Marks Distribution] Chapter-wise marks distribution from June 2019 onwards u [ICSI Study Material] Chapter-wise comparison u [Arrangement of Questions] Questions in each chapter are arranged ‘sub-topic wise’ u Coverage of this book includes n

Fully-Solved Questions of Past Exams; Topic-wise (including Dec. 2021 Exam) l

Solved Paper: December 2020 | New Syllabus

Solved Paper: June 2021 | New Syllabus

Solved Paper: December 2021 | New Syllabus

u [Important Additional Questions] with Answers are provided

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Taxmann's CRACKER | Corporate Restructuring Insolvency Liquidation & Winding-Up | CS-Professional