1 Taxation and Compliances in Restructuring CA Vishal Hakani / CA Shabala Shinde 4 May, 2019 1
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
1
Ta
xa
tio
n a
nd
Co
mp
lia
nce
s in
Re
stru
ctu
rin
g
CA
Vis
ha
l Ha
ka
ni /
CA
Sh
ab
ala
Sh
ind
e4
Ma
y, 2
019
1
2
So
me
Re
cen
t T
ran
sact
ion
s
No
tab
le m
erg
er
tra
nsa
ctio
ns
Ra
dia
nt
Lif
e C
are
Pvt
. L
td
wit
h M
ax
He
alt
hca
re L
td.
Me
rge
r o
f In
du
s T
ow
ers
L
imit
ed
wit
h B
ha
rti I
nfr
ate
l L
imit
ed
Me
rge
r o
f Vo
da
fon
e
Se
rvic
e L
imit
ed
, Vo
da
fon
e
Ind
ia L
imit
ed
an
d Id
ea
C
ellu
lar
Lim
ite
d
Me
rge
r o
f G
laxo
Sm
ith
Klin
e
Co
nsu
me
r H
ea
lth
care
L
imit
ed
wit
h H
ind
ust
an
U
nile
ver
Lim
ite
d
No
tab
le a
cqu
isit
ion
s /
div
est
ure
s
Wa
lma
rt I
nc.
acq
uir
es
ma
jori
ty s
take
in F
lipk
art
O
nlin
e S
erv
ice
s P
vt. L
td
De
me
rge
r o
f b
ran
de
d
ap
pa
rel b
usi
ne
ss o
f A
rvin
d
Lim
ite
d in
to A
rvin
d
Fa
shio
ns
an
d e
ng
ine
eri
ng
d
ivis
ion
into
Arv
ind
A
nve
sha
n
Co
mp
osi
te s
che
me
of
arr
an
ge
me
nt
invo
lvin
g,
inte
r a
lia,
de
me
rge
r o
f T
rave
l Co
rpo
rati
on
(In
dia
) L
imit
ed
into
SO
TC
Tra
vel
Ma
na
ge
me
nt
Pri
vate
L
imit
ed
Tata
Ste
el a
cqu
ire
s co
ntr
olli
ng
sta
ke in
B
hu
sha
n S
tee
l
3
Wh
y M
&A
Wh
y
M&
A
Eco
no
mie
s o
f S
cale
Re
du
ce a
dm
in c
ost
s, R
eg
ula
tory
eff
icie
nci
es,
ta
x lo
sse
s e
tc.
Inn
ov
ati
on
La
un
chin
g n
ew
se
gm
en
ts,
pro
du
cts.
Glo
ba
l / In
tern
al R
est
ruct
uri
ng
Pa
rt o
f G
lob
al r
est
ruct
uri
ng
or
exi
t n
on
-co
re
bu
sin
ess
Gro
wth
dri
ve
n s
tra
teg
ies
Ino
rga
nic
gro
wth
, co
mp
eti
tive
po
siti
on
4
Mo
de
s o
f M
&A
in In
dia
5
Mn
A
Re
stru
ctu
rin
gA
cqu
isit
ion
Me
rge
rD
em
erg
er
Me
rge
r/
De
me
rge
r
Inte
rna
l
rest
ruct
uri
ng
Ca
pit
al
red
uct
ion
Bu
y-b
ack
of
sha
res
Sh
are
pu
rch
ase
Bu
sin
ess
pu
rch
ase
Slu
mp
sa
leIt
em
ize
d s
ale
Ty
pic
al m
od
es
of
Bu
sin
ess
Re
org
an
iza
tio
n in
Ind
ia
Co
nso
lida
tio
n o
f
bu
sin
ess
es
/
en
titi
es
Fo
cus
on
co
re
bu
sin
ess
/ h
ive
off
of
no
n c
ore
bu
sin
ess
/
mo
ne
tise
Fin
an
cia
l
rest
ruct
uri
ng
/
en
ha
nci
ng
sta
ke/
cash
re
pa
tria
tio
n
En
ha
nci
ng
sta
ke/
cash
re
pa
tria
tio
n
Fo
cus
on
ino
rga
nic
gro
wth
/ st
rate
gic
or
no
n-
stra
teg
ic
inve
stm
en
ts
Fo
cus
on
co
re
bu
sin
ess
/ se
ll o
ff
or
hiv
e o
ff n
on
-co
re b
usi
ne
ss
6
�M
erg
ers
7
Me
rge
r –
Ty
pic
al W
ay
s
A C
o.
B C
o.
Me
rge
r
Sh
are
ho
lde
rsS
ha
reh
old
ers
Sh
are
s is
sue
d a
s co
nsi
de
rati
on
Su
bsi
dia
ry C
o
Ho
ld C
o
100
%
Me
rge
r
No
sh
are
s w
ill b
e is
sue
d
as
con
sid
era
tio
n
Sh
are
ho
lde
rs
Ho
ld C
o
Su
bsi
dia
ry C
o
Me
rge
rS
ha
res
issu
ed
as
con
sid
era
tio
n
Mer
ger
of
A C
o w
ith
B C
o
Mer
ger
of
WO
S w
ith
ho
ldin
g c
om
pa
ny
Me
rge
r o
f h
old
ing
co
mp
an
y w
ith
su
bsi
dia
ry c
om
pa
ny
BC
oC
Co
Sh
are
ho
lde
rsS
ha
reh
old
ers
Sh
are
s is
sue
d a
s co
nsi
de
rati
on
to
sh
ds
of
A a
nd
B
A C
o
Sh
are
ho
lde
rs
Mer
ger
of
A C
o a
nd
B C
o w
ith
C C
o
Illu
stra
tiv
e s
cen
ari
os
on
ly
Me
rge
r o
f A
an
d B
8
Me
rge
r –
Ke
y T
ax
Imp
lica
tio
ns
Tra
nsf
ero
r C
om
pa
ny
•C
ap
ita
l Ga
ins
Tax
-E
xem
pt
•G
ST
-E
xem
pt
Tra
nsf
ere
e C
om
pa
ny
•A
ctu
al c
ost
of
the
ass
ets
a
cqu
ire
d –
sam
e a
s tr
an
sfe
ror
com
pa
ny
•W
DV
of
the
ass
ets
acq
uir
ed
–W
DV
of
ass
ets
in t
he
bo
ok
s o
f tr
an
sfe
ror
•Ta
x h
olid
ay
–a
vaila
ble
exc
ep
t 8
0IA
•D
ep
reci
ati
on
–a
vaila
ble
p
rop
ort
ion
ate
ly b
asi
s p
eri
od
of
ho
ldin
g d
uri
ng
th
e y
ea
r
•N
o t
ax
imp
lica
tio
ns
un
de
r 5
6(2
)(x)
•C
arr
y f
orw
ard
of
loss
es
–a
vaila
ble
su
bje
ct t
o c
on
dit
ion
s
•M
AT
cre
dit
–T
ran
sfe
rab
le*
•G
ST
cre
dit
–T
ran
sfe
rab
le
Sh
are
ho
lde
rs o
f
Tra
nsf
ero
r C
om
pa
ny
•C
ap
ita
l ga
ins
–e
xem
pt
•C
OA
of
ne
w s
ha
res
–sa
me
as
CO
A o
f p
revi
ou
sly
he
ld s
ha
res,
e
xce
pt
112
A s
itu
ati
on
pe
rio
d
of
ho
ldin
g o
f n
ew
sh
are
s –
ava
ilab
le f
rom
da
te o
f a
cqu
isit
ion
of
pre
vio
us
sha
res
•C
ost
of
infl
ati
on
ind
ex
on
su
bse
qu
en
t sa
le –
to b
e t
he
y
ea
r o
f a
cqu
isit
ion
of
pre
vio
us
sha
res
•N
o t
ax
imp
lica
tio
ns
un
de
r 5
6(2
)(x)
*B
asi
s ju
dic
ial p
rece
den
ts
9
Imp
act
of
Ex
pln
2A
of
sec.
2(2
2)
Pa
rtic
ula
rsIN
R
Acc
um
ula
ted
Pro
fit
of
A C
o4
50
Acc
um
ula
ted
Pro
fit
of
B C
o50
To
tal
500
Acc
um
ula
ted
pro
fit
for
cap
ita
l re
du
ctio
n
A C
o.
B C
o.
Me
rge
r –
1 A
pri
l 20
19S
ha
reh
old
ers
Ca
pit
al r
ed
uct
ion
–
15
Ju
ly 2
01
8
Wh
at
if t
he
me
rge
r h
ad
ha
pp
en
ed
in 2
016
? C
an
acc
um
ula
ted
pro
fits
of
A C
o.
be
con
sid
ere
d a
t th
e t
ime
of
cap
ita
l re
du
ctio
n ?
•In
ca
se o
f a
n a
ma
lga
ma
ted
co
mp
an
y, t
he
acc
um
ula
ted
pro
fits
, wh
eth
er
cap
ita
lize
d
or
no
t, o
r lo
ss, a
s th
e c
ase
ma
y b
e, s
ha
ll b
e in
cre
ase
d b
y t
he
acc
um
ula
ted
pro
fits
, w
he
the
r ca
pit
alis
ed
or
no
t, o
f th
e a
ma
lga
ma
tin
g c
om
pa
ny
on
th
e d
ate
of
am
alg
am
ati
on
Exp
ln 2
A
of
sec.
e
2(2
2)
10
Cri
tica
l ta
x a
spe
cts
-M
erg
er
Wh
eth
er
me
rge
r fa
lls w
ith
in t
he
de
fin
itio
n a
s p
er
sec.
2(1
B)
Dis
cha
rge
of
con
sid
era
tio
n b
y w
ay
of
mix
of
eq
uit
y a
nd
de
be
ntu
re o
r ca
sh
Me
rge
r o
f h
old
ing
co
mp
an
y w
ith
wh
olly
ow
ne
d s
ub
sid
iary
co
mp
an
y?
Go
od
will
cre
ate
d u
po
n a
ma
lga
ma
tio
n a
nd
its
tax
tre
atm
en
t
Tra
nsf
er
of
MA
T c
red
it u
po
n a
ma
lga
ma
tio
n
Ava
ilab
ility
of
bu
sin
ess
loss
es
an
d u
na
bso
rbe
d d
ep
reci
ati
on
Wh
eth
er
56
(2)(
viib
) a
pp
lies
in c
ase
of
issu
e o
f sh
are
s p
urs
ua
nt
to m
erg
er?
11
Me
rge
r –
S.7
2A
-C
arr
y f
orw
ard
of
Bu
sin
ess
Lo
sse
s a
nd
U
na
bso
rbe
d d
ep
reci
ati
on
Acc
um
ula
ted
bu
sin
ess
loss
a
nd
un
ab
sorb
ed
d
ep
reci
ati
on
of
the
a
ma
lga
ma
tin
g c
om
pa
ny
sha
ll b
e d
eem
edto
be
b
usi
ne
ss lo
sse
s o
r u
na
bso
rbe
d d
ep
reci
ati
on
of
the
am
alg
am
ate
d c
om
pa
ny
for
the
pre
vio
us
yea
rin
w
hic
h t
he
am
alg
am
atio
n is
ef
fect
ed
Sh
ou
ld b
e in
th
e ‘b
usi
ne
ss’
in w
hic
h s
uch
ca
rry
fo
rwa
rd o
f lo
sse
s a
nd
UA
D
are
incu
rre
d•
a c
om
pa
ny
ow
nin
g a
n
“in
du
stri
al u
nd
erta
kin
g”
or
a s
hip
or
a h
ote
l wit
h
an
oth
er
com
pa
ny;
•a
ba
nk
ing
co
mp
an
y w
ith
a
sp
eci
fie
d b
an
k;
•o
ne
or
mo
re p
ub
lic s
ect
or
com
pa
ny
or
com
pa
nie
s e
ng
ag
ed
in t
he
bu
sin
ess
o
f o
pe
rati
on
of
air
cra
ft
wit
h o
ne
or
mo
re p
ub
lic
sect
or
com
pa
ny
or
com
pa
nie
s e
ng
ag
ed
in
sim
ilar
bu
sin
ess
an
y u
nd
ert
ak
ing
en
ga
ge
d in
:•
the
ma
nu
fact
ure
or
pro
cess
ing
of
go
od
s; o
r•
the
ma
nu
fact
ure
of
com
pu
ter
soft
wa
re; o
r•
the
bu
sin
ess
of
ge
ne
rati
on
or
dis
trib
uti
on
of
ele
ctri
city
or
an
y o
the
r fo
rm o
f p
ow
er;
or
•th
e b
usi
ne
ss o
f p
rovi
din
g
tele
com
mu
nic
ati
on
se
rvic
es,
in
clu
din
g r
ad
io p
ag
ing
, d
om
est
ic s
ate
llite
se
rvic
e,
ne
two
rk o
f tr
un
kin
g,
bro
ad
ba
nd
ne
two
rk a
nd
in
tern
et
serv
ice
s; o
r•
min
ing
; or
•th
e c
on
stru
ctio
n o
f sh
ips,
a
ircr
aft
s o
r ra
il sy
ste
ms
Wh
at
is “
Ind
ust
ria
l
Un
de
rta
kin
g”
‘Bu
sin
ess
’ of
Se
c. 7
2A
Fre
sh le
ase
of
life
fo
r c/
f B
usi
ne
ss L
oss
es
on
am
alg
am
ati
on
?
12
S.7
2A
-C
om
pli
an
ce C
on
dit
ion
s:
12
Amalgamating companyh
as
be
en
en
ga
ge
d in
th
e b
usi
ne
ss, i
n
wh
ich
th
e a
ccu
mu
late
d lo
ss o
ccu
rre
d
or
de
pre
cia
tio
n r
em
ain
s u
na
bso
rbe
d,
for
3 o
r m
ore
yea
rs;
ha
s h
eld
co
nti
nu
ou
sly
as
on
th
e d
ate
of
am
alg
am
ati
on
atl
ea
st 3
/4th
of
the
b
oo
k v
alu
e o
f fi
xed
ass
ets
he
ld b
y it
tw
o y
ea
rs p
rio
r to
th
e d
ate
of
am
alg
am
ati
on
Amalgamated Company
-h
old
s co
nti
nu
ou
sly
fo
r a
min
. 5
yea
rsfr
om
th
e d
ate
of
am
alg
am
ati
on
atl
ea
st
3/4
tho
f th
e B
V o
f fi
xed
ass
ets
of
the
a
ma
lga
ma
tin
g c
om
pa
ny
acq
uir
ed
;
-co
nti
nu
es
the
bu
sin
ess
of
the
a
ma
lga
ma
tin
g c
om
pa
ny
fo
r a
min
imu
m
pe
rio
d o
f 5
ye
ars
fro
m t
he
da
te o
f a
ma
lga
ma
tio
n;
-w
hic
h o
wn
s a
n in
du
stri
al
un
de
rta
kin
g o
f th
e a
ma
lga
ma
tin
g c
om
pa
ny
by
wa
y o
f a
ma
lga
ma
tio
n,
sha
ll a
chie
ve t
he
leve
l of
pro
du
ctio
n o
f a
tle
ast
50
% o
f th
e in
sta
lled
ca
pa
city
of
the
un
de
rta
kin
g b
efo
re t
he
e
nd
of
4 y
ea
rs f
rom
th
e d
ate
of
am
alg
am
ati
on
an
d c
on
tin
ue
to
ma
inta
in
the
sa
id m
inim
um
le
vel o
f p
rod
uct
ion
til
l th
e e
nd
of
5 y
ea
rs f
rom
th
e d
ate
of
am
alg
am
ati
on
;
-to
fu
rnis
h t
o A
O -
Fo
rm N
o.
62
du
ly
veri
fie
d b
y a
n C
A f
rom
th
e y
ea
r o
f a
chie
vin
g f
ifty
pe
rce
nt
leve
l of
pro
du
ctio
n
up
to c
om
ple
tio
n o
f 5
ye
ars
fro
m t
he
da
te
of
am
alg
am
ati
on
In c
ase
of
vio
lati
on
of
an
y c
on
dit
ion
s, t
he
se
t o
ff o
f B
L/U
AD
ava
iled
by
am
alg
am
ate
d
com
pa
ny
sh
all
be
de
em
ed
to
be
inco
me
of
am
alg
am
ate
d c
om
pa
ny
fo
r th
e y
ea
r in
wh
ich
such
co
nd
itio
ns
are
no
t co
mp
lied
wit
h.
13
S.
79
-C
ha
ng
e in
su
bst
an
tia
l sh
are
ho
ldin
g
If, w
ith
in t
he
sa
me
ye
ar,
sh
are
ho
ldin
g c
ha
ng
es
by
mo
re t
ha
n 4
9%
an
d s
ub
seq
ue
ntl
y,
ori
gin
al s
ha
reh
old
ing
is r
est
ore
d. C
an
pro
visi
on
s o
f se
c. 7
9 t
rig
ge
r ?
Ca
rry
fo
rwa
rd a
nd
se
t o
ff o
f lo
sse
s (i
ncu
rred
in a
ny
yea
r p
rio
r to
th
e ye
ar
of
cha
ng
e in
sha
reh
old
ing
)a
ga
inst
fu
ture
inco
me
(p
ost
ch
an
ge
in s
ha
reh
old
ing
) sh
all
no
t b
e
ava
ilab
le,
if,
•th
ere
is c
ha
ng
e in
sh
are
ho
ldin
g o
f a
co
mp
an
y (
no
t b
ein
g a
co
mp
an
y i
n w
hic
h
pu
bli
c a
re s
ub
sta
nti
all
y i
nte
rest
ed
);
•S
ha
reh
old
ers
be
ne
fici
ally
ho
ldin
g n
ot
less
th
an
fif
ty-o
ne
pe
rce
nt
of
the
vo
tin
g
po
we
r o
n t
he
last
da
y o
f th
e y
ea
r(s)
in w
hic
h lo
ss w
as
incu
rre
da
re n
ot
the
sa
me
sha
reh
old
ers
be
ne
fici
ally
ho
ldin
g s
ha
res
carr
yin
g n
ot
less
th
an
fif
ty-o
ne
pe
rce
nt
of
the
vo
tin
g p
ow
er
on
th
e l
ast
da
y o
f th
e y
ea
r o
f se
t o
ff
Tri
gg
er
for
S.7
9
14
S.
79
-D
ich
oto
my
in t
ho
ug
hts
Le
ga
l O
wn
ers
hip
Be
ne
fici
al
ow
ne
rsh
ip
•S
.79
sta
tes
tha
t sh
are
s ca
rry
ing
no
t le
ss t
ha
n 5
1% o
f
the
vo
tin
g p
ow
er
we
re b
en
efi
cia
lly h
eld
by
pe
rso
ns
wh
o b
en
efi
cia
lly
he
ldsh
are
s o
f th
e c
om
pa
ny
carr
yin
g n
ot
less
th
an
51%
of
voti
ng
po
we
r o
n t
he
last
da
y o
f th
e y
ea
r in
wh
ich
loss
incu
rre
d
•A
su
bsi
dia
ry i
s e
ffe
ctiv
ely
co
ntr
olle
d b
y it
s p
are
nt
com
pa
ny
; th
e p
are
nt
com
pa
ny
co
ntr
ols
th
e v
oti
ng
po
we
r o
f th
e c
om
pa
ny
•se
c. 7
9 is
no
t tr
igg
ere
d if
th
e b
en
efi
cia
l
sha
reh
old
ers
re
ma
in t
he
sa
me
, e
ven
if t
he
re is
cha
ng
e in
th
e im
me
dia
te s
ha
reh
old
ers
•C
ase
La
ws:
i.A
mco
Po
we
r S
yst
em
s (I
TA
T B
an
ga
lore
; u
ph
eld
by
Ka
rna
tak
a H
C)
ii.S
ele
ct H
olid
ay
s R
eso
rts
(IT
AT
De
lhi)
iii.
Wa
dh
wa
& A
sso
. R
ea
lto
rs P
vt L
td.
(IT
AT
Mu
mb
ai)
•A
co
mp
an
y is
a d
isti
nct
leg
al e
nti
ty, a
nd
ha
s
an
exi
ste
nce
se
pa
rate
fro
m t
ha
t o
f it
s
sha
reh
old
ers
–a
sse
ts o
f th
e c
om
pa
ny
are
no
t a
sse
ts o
f th
e s
ha
reh
old
ers
•A
pe
rso
n c
an
be
a b
en
efi
cia
l o
wn
er
wh
en
sha
res
are
he
ld b
y s
om
eo
ne
els
e o
n h
is
be
ha
lf
•C
ha
ng
e in
re
gis
tere
d s
ha
reh
old
er
trig
ge
rs
sec.
79
•C
ase
La
ws:
i.Y
um
Re
sta
ura
nts
(D
elh
i HC
)
ii.A
cer
Co
mp
ute
r In
tern
ati
on
al L
imit
ed
(A
AR
)
iii.T
ain
wa
la T
rad
ing
an
d In
vest
me
nts
(IT
AT
Mu
mb
ai)
iv.J
ust
Lif
est
yle
(IT
AT
Mu
mb
ai)
15
S.
79
-E
xcl
usi
on
s
Ch
an
ge
in s
ha
reh
old
ing
o
f In
dia
n S
ub
Co
. as
a
resu
lt o
f m
erg
er/
de
me
rge
r o
f it
s ‘f
ore
ign
ho
ldin
g
com
pa
ny
’
•C
on
dit
ion
-5
1%
sh
are
ho
lde
rs o
f th
e
am
alg
am
ati
ng
/de
me
rge
d f
ore
ign
co
mp
an
y co
nti
nu
e
to b
e t
he
sh
are
ho
lde
rs o
f th
e
am
alg
am
ate
d o
r th
e r
esu
ltin
g f
ore
ign
co
mp
an
y
Ch
an
ge
in
sha
reh
old
ing
in c
ase
o
f e
ligib
le “
sta
rt-u
p”
com
pa
nie
s
•A
ll th
e s
ha
reh
old
ers
(i
n t
he
yea
r o
f in
curr
ing
th
e lo
ss)
ou
gh
t to
co
nti
nu
e
to h
old
sh
are
s a
s o
f th
e la
st d
ay
of
the
p
revi
ou
s ye
ar
in
wh
ich
th
e s
eto
ff is
to
be
cla
ime
d
•A
bo
ve e
xce
pti
on
a
pp
lica
ble
on
ly f
or
loss
es
incu
rre
d in
fi
rst
7 ye
ars
fro
m
inco
rpo
rati
on
Ch
an
ge
pu
rsu
an
t to
re
solu
tio
n u
nd
er
‘IB
C
201
6’
•re
solu
tio
n p
lan
a
pp
rove
d u
nd
er
the
In
solv
en
cy a
nd
B
an
kru
ptc
y C
od
e,
20
16
Oth
ers
•T
ran
sfe
r o
f sh
are
s b
y w
ay
of
gif
t to
an
y re
lati
ve f
rom
th
e
sha
reh
old
er
•D
ea
th o
f sh
are
ho
lde
r
Wh
eth
er
sec.
79
ap
plie
s to
all
loss
es
incl
ud
ing
un
ab
sorb
ed
de
pre
cia
tio
n ?
Wh
eth
er
sec.
72
A o
verr
ide
s se
c. 7
9 ?
16
�D
em
erg
ers
17
De
me
rge
r –
Ty
pic
al W
ay
s
Dem
erg
er o
f a
un
it f
rom
A C
o t
o B
Co
an
d
sha
res
issu
ed b
y B
Co
Dem
erg
er o
f a
un
it f
rom
A C
o t
o B
Co
an
d s
ha
res
issu
ed
by
Ho
ld C
o o
f B
Co
Th
e a
bo
ve
are
bro
ad
illu
stra
tiv
e s
cen
ari
os
Ca
nce
llati
on
of
de
me
rge
d C
o’s
sh
are
ho
ldin
g in
B C
o
No
n –
mir
ror
sha
reh
old
ing
de
me
rge
rM
irro
r sh
are
ho
ldin
g d
em
erg
er
–th
is is
ty
pic
all
y c
arr
ied
ou
t b
y t
he
list
ed
co
mp
an
y a
nd
pu
rsu
an
t to
de
me
rge
r th
e r
esu
ltin
g c
om
pa
ny
wil
l als
o g
et
list
ed
A C
o.
B C
o.
De
me
rge
r o
f U
nit
II
Sh
are
ho
lde
rsS
ha
reh
old
ers
Sh
are
s is
sue
d a
s co
nsi
de
rati
on
Un
it I
Un
it I
I
A C
o.
B C
o.
De
me
rge
r o
f U
nit
II
Sh
are
ho
lde
rsS
ha
reh
old
ers
Sh
are
s is
sue
d a
s co
nsi
de
rati
on
Un
it I
Un
it I
I
18
De
me
rge
r –
Ke
y c
on
dit
ion
s
Ta
x n
eu
tra
lity
co
nd
itio
ns
•T
ran
sfe
r o
f a
ll p
rop
ert
ies
& li
ab
iliti
es
rela
tab
leto
th
e u
nd
ert
ak
ing
be
ing
tra
nsf
err
ed
b
y t
he
de
me
rge
d c
om
pa
ny
to
th
e r
esu
ltin
g c
om
pa
ny
at
bo
ok
va
lue
;
•D
isch
arg
e o
f co
nsi
de
rati
on
by
th
e r
esu
ltin
g c
om
pa
ny
by
wa
y o
f is
sue
of
sha
res
on
p
rop
ort
ion
ate
ba
sis
(exc
ep
t w
he
re r
esu
ltin
g c
om
pa
ny
itse
lf is
a s
ha
reh
old
er
of
the
d
em
erg
ed
co
mp
an
y);
•Is
sue
of
sha
res
to t
he
sh
are
ho
lde
rs h
old
ing
no
t le
ss t
ha
n 3
/4th
sha
res
(in
va
lue
) in
th
e
de
me
rge
d c
om
pa
ny
(oth
er
tha
n t
he
sh
are
s a
lre
ad
y h
eld
by
th
e r
esu
ltin
g c
om
pa
ny
of
its
no
min
ee
s o
f it
s su
bsi
dia
ry);
•T
ran
sfe
r o
f u
nd
ert
ak
ing
to
be
on
a ‘g
oin
g c
on
cern
ba
sis’
“De
me
rge
r” m
ea
ns
the
tra
nsf
er
of
on
e o
r m
ore
un
de
rta
kin
gs
by
th
e
de
me
rge
d c
om
pa
ny
to
an
y r
esu
ltin
g c
om
pa
ny
19
“Un
de
rta
kin
g”
me
an
s
Un
de
rta
kin
g”
sha
ll in
clu
de
an
y
pa
rt o
f a
n u
nd
ert
ak
ing
, o
r a
u
nit
or
div
isio
n o
f a
n
un
de
rta
kin
g o
r a
bu
sin
ess
a
ctiv
ity
ta
ken
as
a w
ho
le,
bu
t d
oe
s n
ot
incl
ud
e in
div
idu
al
ass
ets
or
lia
bil
itie
s o
r a
ny
co
mb
ina
tio
n t
he
reo
f o
r n
ot
con
stit
uti
ng
a b
usi
ne
ss
act
ivit
y
“Lia
bil
itie
s” m
ea
ns
the
lia
bili
tie
s d
ire
ctly
re
lata
ble
to
th
e u
nd
ert
ak
ing
;
spe
cifi
c lo
an
s o
r b
orr
ow
ing
s (i
ncl
ud
ing
de
be
ntu
res)
of
the
u
nd
ert
ak
ing
am
ou
nts
of
ge
ne
ral o
r m
ult
ipu
rpo
se b
orr
ow
ing
s o
n
pro
po
rtio
na
te b
asi
s
Va
lue
of
Pro
pe
rty
Re
valu
ati
on
am
ou
nt
to b
e
ign
ore
d
Str
ictl
y m
ea
ns
‘Bo
ok
Va
lue
’
De
me
rge
r –
Ke
y c
on
dit
ion
s
20
“De
me
rge
d C
om
pa
ny”
me
an
s th
e c
om
pa
ny
wh
ose
un
de
rta
kin
g is
tra
nsf
err
ed
to
a r
esu
ltin
g
com
pa
ny
pu
rsu
an
t to
de
me
rge
r
De
me
rge
d
Co
mp
an
y[s
ec.
2(1
9A
AA
)]
“Re
sult
ing
Co
mp
an
y” m
ea
ns
on
e o
r m
ore
co
mp
an
ies
(in
clu
din
g a
wh
olly
ow
ne
d s
ub
sid
iary
the
reo
f) t
o w
hic
h t
he
un
de
rta
kin
g o
f th
e d
em
erg
ed
co
mp
an
y is
tra
nsf
err
ed
in a
de
me
rge
r a
nd
,
the
re
sult
ing
co
mp
an
y in
co
nsi
de
rati
on
of
such
tra
nsf
er
of
un
de
rta
kin
g, i
ssu
e s
ha
res
to t
he
sha
reh
old
ers
of
the
de
me
rge
d c
om
pa
ny
an
d in
clu
de
s a
ny
au
tho
rity
or
bo
dy
or
loca
l au
tho
rity
or
pu
blic
se
cto
r co
mp
an
y o
r a
co
mp
an
y e
sta
blis
he
d, c
on
stit
ute
d o
r fo
rme
d a
s a
re
sult
of
de
me
rge
r [s
ec.
2(4
1A)]
Re
sult
ing
Co
mp
an
y [s
ec.
2(4
1A)]
De
me
rge
r –
Ke
y c
on
dit
ion
s
Wh
eth
er
wh
olly
ow
ne
d s
ub
sid
iary
incl
ud
es
ste
p d
ow
n w
ho
lly o
wn
ed
su
bsi
dia
ry a
lso
?
21
De
me
rge
r –
Ta
x Im
pli
cati
on
s
In t
he
ha
nd
s o
f T
ax
ab
ilit
y/
Tre
atm
en
t
Se
c.C
on
dit
ion
s /
Re
ma
rks
De
me
rge
dC
om
pa
ny
No
ca
pit
al
ga
ins
tax
on
tra
nsf
er
of
ass
ets
47(
vib
)R
esu
ltin
gco
mp
an
y s
ho
uld
be
an
Ind
ian
co
mp
an
y
Sh
are
ho
lde
rs o
f
De
me
rge
d C
om
pa
ny
No
ca
pit
al
ga
ins
tax
on
rece
ipt
of
sha
res
fro
m t
he
resu
ltin
g c
om
pa
ny
47(
vid
)
Co
sto
f A
sse
ts f
or
Re
sult
ing
Co
mp
an
y:
-D
ep
reci
ab
le A
sse
ts
-C
ap
ita
l Ass
et
= W
DV
of
de
pre
cia
ble
ass
et
to b
e t
he
sa
me
as
WD
V in
th
e h
an
ds
of
the
De
me
rge
d C
om
pa
ny
=N
o s
pe
cifi
c p
rovi
sio
n f
or
cost
of
Ca
pit
al A
sse
t
acq
uir
ed
-E
xpln
7A
to
43(
1)
-E
xpln
2B
to
43(
6)(
c)
-4
9(1
)
Re
sult
ing
co
mp
an
ysh
ou
ld b
e
an
Ind
ian
Co
mp
an
y
Co
st o
f a
cqu
isit
ion
of
sha
res
rece
ive
d o
n
de
me
rge
r b
y t
he
sha
reh
old
ers
= C
ost
of
acq
uis
itio
no
f
sha
res
in d
em
erg
ed
com
pa
ny
be
sp
lit o
n t
he
ba
sis
of
ne
t b
oo
k v
alu
e o
f
the
ass
ets
tra
nsf
err
ed
be
ari
ng
to
th
e N
et
Wo
rth
of
the
De
me
rge
d
Co
mp
an
y im
me
dia
tely
be
fore
su
ch d
em
erg
er
49
(2C
)
22
De
me
rge
r –
Ta
x Im
pli
cati
on
s
In t
he
ha
nd
s o
f T
ax
ab
ilit
y/ T
rea
tme
nt
Se
c.C
on
dit
ion
s /
Re
ma
rks
Pe
rio
d o
f h
old
ing
of
sha
res
rece
ive
d o
n d
em
erg
er
by
the
sh
are
ho
lde
rs
Incl
ud
es
pe
rio
d o
f h
old
ing
of
sha
res
he
ld in
th
e
de
me
rge
d c
om
pa
ny
Exp
ln 1
(i)(
g)
to s
ec.
2(4
2A
)
Pe
rio
d o
f h
old
ing
of
cap
ita
l a
sse
ts
Incl
ud
es
pe
rio
d o
f h
old
ing
of
cap
ita
l a
sse
ts h
eld
by
th
e
de
me
rge
d c
om
pa
ny
Exp
ln 1
(i)(
b)
to 2
(42
A)
r.w
.s.
49
(1)
an
d 4
7(vi
b)
23
De
me
rge
r –
Ta
x C
on
sid
era
tio
n
Co
st S
pli
t u
p in
th
e h
an
ds
of
sha
reh
old
ers
‘Co
st o
f a
cqu
isit
ion
of
sha
res
of
resu
ltin
gco
mp
an
y’ [
sec.
49
(2C
)]
=
X
‘Co
st o
f a
cqu
isit
ion
of
the
ori
gin
al
sha
res
by
th
e s
ha
reh
old
ers
in t
he
de
me
rge
d c
om
pa
ny
’ -
[se
c. 4
9(2
D)]
= C
ost
of
acq
uis
itio
n o
f sh
are
s in
de
me
rge
d c
om
pa
ny
–co
st o
f a
cqu
isit
ion
of
sha
res
of
resu
ltin
g c
om
pa
ny
arr
ive
d a
t u
nd
er
sec.
49
(2C
)
‘Ne
t w
ort
h’
is d
efi
ne
d a
s th
e a
gg
reg
ate
of
the
pa
id u
p s
ha
re c
ap
ita
l an
d g
en
era
l re
serv
es
as
ap
pe
ari
ng
in t
he
bo
ok
s
of
acc
ou
nt
of
the
de
me
rge
d c
om
pa
ny
imm
ed
iate
ly b
efo
re t
he
de
me
rge
r .
Ne
t b
oo
k v
alu
e o
f th
e a
sse
ts t
ran
sfe
rre
d i
n t
he
de
me
rge
r
Ne
t w
ort
h o
f th
e d
em
erg
ed
co
mp
an
y b
efo
re t
he
de
me
rge
r
Co
st o
f a
cqu
isit
ion
of
sha
res
in d
em
erg
ed
com
pa
ny
Wh
eth
er
de
fin
itio
n o
f N
etw
ort
h is
to
be
inte
rpre
ted
str
ictl
y t
o in
clu
de
on
ly ‘G
en
era
l
rese
rve
’ ?
Ho
w t
o c
om
pu
te t
he
co
st s
plit
in c
ase
of
de
me
rge
r o
f n
eg
ati
ve n
etw
ort
h u
nd
ert
ak
ing
?
24
S.7
2A
-C
om
pli
an
ce C
on
dit
ion
s:
24
Losses ‘Directly related’ E
nti
re a
mo
un
to
f‘d
ire
ctly
re
lata
ble
’bu
sin
ess
loss
es
an
d
un
ab
sorb
ed
de
pre
cia
tio
n is
a
llo
we
d t
o b
e c
arr
ied
fo
rwa
rd a
nd
se
t-o
ff in
th
e h
an
ds
of
the
re
sult
ing
co
mp
an
y
Losses ‘Not-directly related’
Th
e a
ccu
mu
late
d b
usi
ne
ss lo
ss a
nd
un
ab
sorb
ed
de
pre
cia
tio
n s
ho
uld
be
‘ap
po
rtio
ne
d’b
etw
ee
n t
he
resu
ltin
g c
om
pa
ny
an
d t
he
de
me
rge
d c
om
pa
ny
in t
he
ra
tio
of
the
ass
ets
tra
nsf
err
ed
to
th
e
resu
ltin
g c
om
pa
ny
an
d a
sse
ts
reta
ine
d b
y t
he
de
me
rge
d
com
pa
ny
an
d b
e a
llow
ed
to
be
carr
ied
fo
rwa
rd a
nd
se
t o
ff in
th
e
ha
nd
s o
f th
e d
em
erg
ed
co
mp
an
y
or
the
re
sult
ing
co
mp
an
y, a
s th
e
case
ma
y b
e
25
De
me
rge
r –
Oth
er
ke
y a
spe
cts
Ta
x H
oli
da
ys
•Ta
x in
cen
tive
s a
re e
ith
er
ba
sed
on
bu
sin
ess
(u/s
. 80
-IA
/ 8
0-I
B /
10B
) o
r a
rea
/ re
gio
n
ba
sed
(u
/s. 8
0-I
C /
10
A /1
0C
)
•C
on
tin
uit
y o
f u
ne
xpir
ed
p
eri
od
of
tax
ho
lida
y to
th
e
tra
nsf
ere
e c
om
pa
ny
in
am
alg
am
ati
on
/ d
em
erg
er
exc
ep
t u
/s. 8
0-I
A (
12A
)
MA
T C
red
it
•A
ll th
e s
ha
reh
old
ers
(in
th
e ye
ar
of
incu
rrin
g t
he
loss
)o
ug
ht
to c
on
tin
ue
to
ho
ld
sha
res
as
of
the
last
da
y o
f th
e p
revi
ou
s ye
ar
in w
hic
h
the
se
toff
is t
o b
e c
laim
ed
•A
bo
ve e
xce
pti
on
ap
plic
ab
le
on
ly f
or
loss
es
incu
rre
d in
fi
rst
7 ye
ars
fro
m
inco
rpo
rati
on
S.5
6(2
)(x
)
•N
o im
plic
ati
on
s o
n r
ece
ipt
of
pro
pe
rtie
s in
th
e h
an
ds
of
the
Tra
nsf
ere
e c
om
pa
ny
pu
rsu
an
t to
am
alg
am
ati
on
o
r d
em
erg
er
–C
lau
se (
IX)
to
the
pro
viso
of
sec.
56
(2)(
x)
26
�S
lum
p S
ale
27
Slu
mp
Sa
le -
Me
an
ing
•th
e t
ran
sfe
r o
f o
ne
or
mo
re
un
der
tak
ing
s
•a
s a
re
sult
of
sale
fo
r a
lum
p s
um
con
sid
era
tio
n
•w
ith
ou
t v
alu
es b
ein
g a
ssig
ned
to
ind
ivid
ua
l ass
ets
an
d li
ab
ilit
ies
in
such
sa
les
•E
xpla
na
tio
n –
De
term
ina
tio
n o
f va
lue
of
an
ass
et/
liab
ility
fo
r p
urp
ose
of
pa
yme
nt
of
sta
mp
du
ty, r
eg
istr
ati
on
fee
s sh
all
no
tb
e r
eg
ard
ed
as
ass
ign
me
nt
of
valu
es
to in
div
idu
al
ass
ets
or
liab
iliti
es
Me
an
ing
of
Slu
mp
Sa
le
[se
c. 2
(42
c)]
“Un
de
rta
kin
g”
sha
ll in
clu
de
an
y p
art
of
an
un
der
tak
ing
, or
a u
nit
or
div
isio
n o
f a
n
un
de
rta
kin
g o
r a
bu
sin
ess
act
ivit
y ta
ken
as
a w
ho
le, b
ut
do
es n
ot
incl
ud
e in
div
idu
al
ass
ets
or
lia
bil
itie
s o
r a
ny
co
mb
ina
tio
n t
her
eof
or
no
t co
nst
itu
tin
g a
bu
sin
ess
act
ivit
y
[Exp
lan
ati
on
1 t
o s
ec.
2(1
9A
A)]
Un
de
rta
kin
g
A C
o.
B C
o.
Slu
mp
Sa
le o
f U
nit
II
Sh
are
ho
lde
rsS
ha
reh
old
ers
Ca
sh c
on
sid
era
tio
n
Un
it I
Un
it I
I
Co
nce
pt
of
‘Go
ing
Co
nce
rn’ –
mo
st c
riti
cal
28
Slu
mp
Sa
le –
Ke
y t
ax
asp
ect
s
Co
mp
uta
tio
n o
f C
ap
ital G
ain
sIN
R
Full V
alu
e o
f Consid
era
tion
XX
Le
ss: T
ax
Ne
t-w
ort
ho
f th
e U
nd
ert
aki
ng
[R
efe
r T
ab
le b
elo
w]
(YY
)
Ta
xa
ble
Ca
pit
al G
ain
ZZ
Ta
x @
20
%*
(exc
lud
ing
su
rch
arg
e @
12%
an
dC
ess
@4
%)
ZZ
Z
*A
ssu
min
g t
he
Bu
sin
ess
is h
eld
fo
r 36
mo
nth
s o
r m
ore
. A
cco
rdin
gly
, th
e re
sult
an
t g
ain
is l
on
g t
erm
.
Els
e @
30%
plu
s su
rch
arg
e &
ces
s
Co
mp
uta
tio
n o
f C
ap
ital G
ain
sIN
R
Tax W
DV o
f D
epre
cia
ble
assets
X
Ad
d: B
oo
k V
alu
e o
f N
on
-de
pre
cia
ble
ass
ets
(exc
lud
ing
R
eva
lua
tio
n)
Y
Le
ss: B
oo
k V
alu
e o
f lia
bili
tie
s (e
xclu
din
g R
eva
lua
tio
n)
(Z)
Ta
x N
et-
wo
rth
YY
Co
mp
uta
tio
na
l Me
cha
nis
m
Wh
at
is T
ax
Ne
t-w
ort
h
No
tes:
•C
apital gain
will be r
egard
ed a
s s
hort
-term
if
the o
wners
hip
of
busin
ess is 3
6 m
onth
s o
r le
ss
•Benefit
of
Indexation is n
ot
available
in c
ase
of
slu
mp s
ale
•If
valu
e o
f liabilitie
s t
ransfe
rred is m
ore
than
the v
alu
e o
f assets
, i.e.
netw
ort
h o
f undert
akin
g is n
egative,
the d
iffe
rence m
ay
be a
dded t
o t
he v
alu
e o
f th
e c
onsid
era
tion f
or
tax p
urp
oses
•The c
urr
ent
year
tax b
usin
ess losses,
UAD
, b/f
capital lo
ss m
ay b
e s
et
off a
gain
st
the c
apital
gain
s a
risin
g o
n s
lum
p s
ale
−Long t
erm
Capital Loss m
ay b
e s
et
off
again
st
Long t
erm
capital G
ain
s
•Tax losses inclu
din
g U
AD
of
the identified
busin
ess w
ill not
be t
ransfe
rred in t
he h
ands
of
buyer. S
imilarly i
ncom
e t
ax b
ala
nces i.e
. Advance t
ax &
TD
S
als
o t
ypic
ally r
em
ain
with
the S
eller
29
Ta
x L
iab
ilit
y
•C
ap
ita
l Ga
ins
tax,
OR
•M
AT
pa
yab
le
•M
AT
pa
yab
le ,
if t
ax
on
bo
ok
pro
fits
* >
ca
pit
al
ga
ins
tax
+ c
orp
ora
te t
ax
−D
iffe
ren
ce b
etw
ee
n M
AT
pa
id a
nd
ca
pit
al
ga
ins
ava
ilab
le a
s M
AT
Cre
dit
fo
r ca
rry
forw
ard
a
nd
se
t o
ff u
p t
o s
ub
seq
ue
nt
15 y
ea
rs
−N
et
po
siti
on
(pro
fit
on
sa
le o
f b
usi
ne
ss a
nd
o
the
r ro
uti
ne
inco
me)
fo
r F
Y o
f cl
osi
ng
ne
ed
s to
be
ass
ess
ed
to
se
e if
lia
bili
ty u
nd
er
MA
T o
r n
orm
al t
ax
is p
aya
ble
−M
AT
cre
dit
, if
an
y, in
th
e b
oo
ks
of
Se
ller
as
on
th
e d
ate
of
tra
nsf
er
of
bu
sin
ess
will
no
t b
e
tra
nsf
err
ed
via
slu
mp
sa
le
•A
dvi
sab
le t
o c
on
firm
th
e a
cco
un
tin
g t
rea
tme
nt
wit
h t
he
Au
dit
ors
on
acc
ou
nt
of
imp
act
un
de
r In
dA
S
Se
con
da
ryri
sk–
pa
stta
xd
ue
s
•If
th
e S
elle
r fa
ils t
o p
ay
its
tax
du
es
-a
cqu
isit
ion
of
Bu
sin
ess
ma
y b
e c
on
sid
ere
d a
s vo
id
•B
uye
r m
ay
insi
st S
elle
r o
bta
inin
g a
Ta
x C
lea
ran
ce
Ce
rtif
ica
te f
rom
TA
Su
cce
ssio
n R
isk
•If
slu
mp
sa
le is
co
nsi
de
red
to
be
su
cce
ssio
n o
f b
usi
ne
ss:
−B
uye
r co
uld
be
he
ld li
ab
le f
or
an
y in
com
e t
ax
liab
iliti
es
of
Se
ller
pe
rta
inin
g t
o F
Y y
ea
r in
w
hic
h t
he
su
cce
ssio
n t
oo
k p
lace
up
to t
he
da
te
of
succ
ess
ion
an
d F
Y p
rece
din
g t
ha
t ye
ar.
Eg
: T
ran
sact
ion
co
mp
lete
d -
1 F
eb
20
18, B
uye
r’s
risk
-Ta
x lia
bili
ty o
f F.
Y. 1
6-1
7 a
nd
1 A
pri
l 17
till
31 J
an
18
.
−A
cco
rdin
gly
, Bu
yer
ma
y in
sist
fo
r in
de
mn
ity
as
a s
afe
gu
ard
.
Se
lle
rs P
ers
pe
ctiv
eB
uy
ers
pe
rsp
ect
ive
Slu
mp
Sa
le –
Ke
y t
ax
asp
ect
s
30
Ta
x D
ep
reci
ati
on
•In
th
e y
ea
r o
f tr
an
sfe
r -
−Seller
can c
laim
depre
cia
tion o
n a
ssets
in
ratio o
f num
ber
of
days t
he a
ssets
were
used
Wit
hh
old
ing
ob
lig
ati
on
s o
n t
ran
sfe
r o
f im
mo
va
ble
p
rop
ert
y
•M
ay
no
t b
e r
eq
uir
ed
–A
rgu
ab
ly, i
n c
ase
of
a s
lum
p
sale
, ‘b
usi
ne
ss’ i
s b
ein
g t
ran
sfe
rre
d a
nd
th
ere
is n
o
sta
nd
alo
ne
tra
nsf
er
of
imm
ova
ble
pro
pe
rty
•T
his
ne
ed
s to
be
te
ste
d w
ith
re
leva
nt
loca
l p
rop
ert
y re
gis
tra
tio
n o
ffic
e
Ta
x D
ep
reci
ati
on
•In
th
e y
ea
r o
f tr
an
sfe
r -
−B
uye
r ca
n c
laim
de
pre
cia
tio
n o
n a
sse
ts in
ra
tio
o
f n
um
be
r o
f d
ays
th
e a
sse
ts w
ere
use
d
−In
su
bse
qu
en
t ye
ars
, ta
x d
ep
reci
ati
on
ma
y b
e
ava
ilab
le o
n s
tep
pe
d u
p v
alu
e (a
s p
er
PP
A)
−B
uye
r co
uld
cla
im d
ep
reci
ati
on
on
ce
rta
in
inta
ng
ible
s re
cord
ed
ba
sis
PP
A s
uch
as
go
od
will
, kn
ow
-ho
w, p
ate
nts
, co
pyr
igh
ts, t
rad
e
ma
rks,
lice
nse
s, f
ran
chis
es
or
an
y o
the
r b
usi
ne
ss o
r co
mm
erc
ial r
igh
ts o
f si
mila
r n
atu
re
Se
lle
rs P
ers
pe
ctiv
eB
uy
ers
pe
rsp
ect
ive
Slu
mp
Sa
le –
Ke
y t
ax
asp
ect
s
31
Slu
mp
Sa
le –
Ke
y t
ax
asp
ect
s
Pa
rtic
ula
rs
Slu
mp
Sa
le v
ia S
che
me
Slu
mp
Sa
lev
ia B
TA
Invo
lvin
g g
ove
rnm
en
t co
ntr
act
so
r lic
en
se
tra
nsf
ers
or
oth
er
reg
ula
tory
ap
pro
vals
•P
refe
rab
le
•L
ess
pre
fera
ble
Pre
-qu
alif
ica
tio
ns
tra
nsf
er
en
visa
ge
d
•P
refe
rab
le•
Le
ss p
refe
rab
le
Tim
ein
volv
em
en
t•
Lo
ng
er
tim
elin
e•
Sh
ort
er
tim
elin
e
Re
gu
lato
ry a
pp
rova
ls•
Ma
nd
ato
ry a
pp
rova
ls o
f va
rio
us
au
tho
riti
es
un
de
r N
CLT
ro
ute
incl
ud
ing
a
n in
tim
ati
on
to
inco
me
ta
x a
uth
ori
tie
s
•L
ess
er
ap
pro
vals
re
qu
ire
d
Sta
mp
du
ty *
Co
uld
be
re
stri
cte
d t
o M
axi
mu
m s
tam
p
du
ty o
f th
at
pa
rtic
ula
r st
ate
; Eg
: M
ah
ara
shtr
a –
INR
25
crs
No
su
ch r
est
rict
ion
Inco
me
Ta
x / G
ST
Sa
me
tre
atm
en
t in
bo
th s
cen
ari
os
Slu
mp
Sa
le v
ia S
che
me
vs
Slu
mp
Sa
le v
ia B
TA
32
�It
em
ise
d S
ale
33
Ite
miz
ed
Sa
le –
Me
an
ing
an
d T
ax
Imp
lica
tio
ns
•N
ot
de
fin
ed
un
de
r IT
Act
•In
volv
es
ind
ivid
ua
l sa
le o
f a
sse
ts
•C
on
sid
era
tio
n is
ide
nti
fia
ble
ag
ain
st e
ach
ass
et
•B
uy
er
dis
cha
rge
s co
nsi
de
rati
on
to
th
e s
elle
r fo
r th
e a
sse
t a
cqu
ire
d
Me
an
ing
Ta
x Im
pli
cati
on
s
Na
ture
of
Ass
et
Na
ture
of
Inco
me
De
pre
cia
ble
Ass
ets
-P
rovi
sio
ns
of
S.5
0a
re a
pp
lica
ble
-
Sh
ort
te
rm c
ap
ita
l ga
ins
(if
the
con
sid
era
tio
n >
WD
V o
f th
e re
leva
nt
blo
ck o
f a
sset
)
No
n –
De
pre
cia
ble
Ass
ets
-S
ho
rt t
erm
ca
pit
al g
ain
s / L
on
g t
erm
ca
pit
al g
ain
s(D
ep
en
din
go
n t
he
pe
rio
d o
f h
old
ing
)
Cu
rre
nt
Ass
ets
Bu
sin
ess
pro
fits
34
Ite
miz
ed
Sa
le v
s S
lum
p S
ale
Pa
rtic
ula
rsIt
em
ize
d S
ale
Slu
mp
Sa
le
De
fin
itio
n u
nd
er
IT A
ctN
ot
spe
cifi
ed
De
fin
ed
spe
cifi
cally
Cri
teri
a o
f ‘U
nd
ert
ak
ing
’N
ot
req
uir
ed
to
be
co
mp
lied
wit
hR
eq
uir
ed
to
be
co
mp
lied
wit
h
Tra
nsf
er
of
‘Lia
bil
itie
s’F
lexi
bili
ty o
f n
ot
acq
uir
ing
th
e
liab
iliti
es
No
Fle
xib
ility
Co
nsi
de
rati
on
No
sp
eci
fic
con
dit
ion
sL
um
psu
mC
on
sid
era
tio
n
Ca
pit
al G
ain
s
com
pu
tati
on
me
cha
nis
mC
ap
ita
l ga
ins
to b
e c
om
pu
ted
fo
r e
ach
ite
m o
f ca
pit
al a
sse
tC
ap
ita
l ga
ins
to b
e c
om
pu
ted
fo
r ‘u
nd
ert
ak
ing
’ as
pe
r sp
eci
fie
d f
orm
ula
in
th
e IT
Act
Na
ture
of
ga
ins
/ lo
ss-
Fo
r d
ep
reci
ab
le a
sse
ts–
sho
rt
term
-F
or
no
n d
ep
reci
ab
le a
sse
ts–
de
pe
nd
s o
n t
he
pe
rio
d o
f h
old
ing
of
ass
ets
-D
ep
en
ds
on
th
e p
eri
od
of
ho
ldin
g o
f
the
un
de
rta
kin
g
-H
old
ing
pe
rio
d o
f in
div
idu
al
ass
ets
no
t
rele
van
t
Ind
exa
tio
n b
en
efi
tA
vaila
ble
(in
ca
se o
f n
on
de
pre
cia
ble
lon
g-t
erm
ass
ets
)
No
t A
vaila
ble
Pro
visi
on
s o
f se
c. 5
0C
Ap
plic
ab
leN
ot
Ap
plic
ab
le
35
�S
ha
re A
cqu
isit
ion
s
36
Sh
are
Acq
uis
itio
n –
Ma
jor T
ran
sact
ion
s
•W
alm
art
acq
uir
ed
a 7
7% s
tak
e in
Flip
ka
rt t
hro
ug
h a
SP
A f
or
~
US
D 1
6 b
nA
cqu
ire
r: W
alm
art
Se
lle
r: F
lipk
art
•IV
RC
L L
imit
ed
en
tere
d in
to a
SP
A t
o s
ell
its
two
su
bsi
dia
ry
com
pa
nie
s vi
z. S
ale
m T
ollw
ays
Lim
ite
d a
nd
Ku
ma
rap
ala
yam
T
ollw
ays
Lim
ite
d t
o C
HIP
L f
or
~ IN
R 7
26
Crs
Acq
uir
er:
Cu
be
Hig
hw
ay
s a
nd
In
fra
stru
ctu
re P
te.
Ltd
. (C
HIP
L)
Se
lle
r: IV
RC
L L
imit
ed
•R
elia
nce
Ind
ust
rie
s b
ou
gh
t ~
80
% e
qu
ity
sta
ke
in S
aa
vn M
ed
ia
(Sa
avn
Ind
ia)
for
~ IN
R 8
00
Crs
Acq
uir
er:
Re
lian
ce In
du
stri
es
Lim
ite
dS
ell
er:
Sa
avn
Me
dia
37
Sh
are
Acq
uis
itio
n –
Wh
en
su
ita
ble
vis
-à-v
is o
the
r m
od
es
Re
gu
late
d B
usi
ne
ss/
Lic
en
ses
Co
ntr
act
s w
ith
Go
ve
rnm
en
t/ P
Qs
Ass
et
he
av
y/
Infr
ast
ruct
ure
/ R
ea
l Est
ate
Co
mp
an
ies
Sp
eci
fic
tax
or
oth
er
com
me
rcia
l att
rib
ute
s
38
Sh
are
Acq
uis
itio
n –
Ke
y t
ax
ma
tte
rs in
de
al n
eg
oti
ati
on
s
Ke
y T
ax
dis
cuss
ion
po
ints
in
de
al s
itu
ati
on
s
De
al V
alu
e
Ad
just
me
nts
Esc
row
Ba
nk
Gu
ara
nte
e
De
ferr
ed
/Co
nti
ng
en
t co
nsi
de
rati
on
Ind
em
nit
y
Re
pre
sen
tati
on
s
Mo
de
s o
f p
rote
ctio
n f
rom
his
tori
cal r
isk
s in
clu
din
g f
ind
ing
s fr
om
du
e d
ilig
en
ce
an
d S
ect
ion
17
0 r
isk
Ta
x C
lea
ran
ce c
ert
ific
ate
(S
ect
ion
28
1)
39
Ta
x R
ep
rese
nta
tio
ns
-G
en
era
l
•C
om
plia
nce
wit
h t
ax
law
s a
nd
acc
ura
te p
ay
me
nts
of
taxe
s
•A
ccu
rate
ly a
nd
tim
ely
file
d a
ll ta
x re
turn
s
•A
ll w
ith
ho
ldin
g t
ax
pro
pe
rty
de
du
cte
d a
nd
du
ly d
ep
osi
ted
•N
o in
vest
iga
tio
n /
scr
uti
ny
pe
nd
ing
wit
h r
esp
ect
to
un
de
rta
kin
g c
on
cern
ed
•O
wn
ers
hip
is c
lea
r fr
om
inco
me
ta
x p
urp
ose
s
•T
ax
exe
mp
tio
ns/
be
ne
fits
/ h
olid
ay
s/ in
cen
tive
s a
re in
co
mp
lian
ce w
ith
an
d
ad
mis
sib
le u
nd
er
ap
plic
ab
le la
w
Sp
eci
fic
Wa
rra
nti
es
•W
arr
an
tie
s re
lati
ng
to
sp
eci
fic
du
e d
ilig
en
ce is
sue
s
Ta
x In
de
mn
itie
s
•T
ime
Fra
me
•C
ap
on
am
ou
nt
•G
ross
–u
ps
an
d e
scro
w/h
old
ba
cks
for
ind
em
nit
y p
ay
me
nts
•S
pe
cifi
c in
de
mn
ity
Sh
are
Acq
uis
itio
n –
Ke
y t
ax
ma
tte
rs in
de
al n
eg
oti
ati
on
s
40
�B
uy
Ba
ck
41
Bu
y-b
ack
of
sha
res
Ta
xa
bil
ity
pro
vis
ion
s [S
ec.
11
5Q
A]
•F
rom
1 J
un
e 2
013
, bu
y-b
ack
ta
x p
rovi
sio
ns
we
re in
tro
du
ced
on
un
liste
d c
om
pa
nie
s a
nd
exe
mp
tio
n w
as
pro
vid
ed
to
its
sha
reh
old
ers
, as
bu
y-b
ack
ta
x w
as
to b
e p
aid
by
the
Co
mp
an
y
•C
urr
en
tly,
bu
y-b
ack
of
sha
res
is t
axa
ble
@ 2
3.2
96
% o
n t
he
dif
fere
nce
be
twe
en
bu
y-b
ack
co
nsi
de
rati
on
an
d t
he
‘am
ou
nt
wh
ich
wa
s re
ceiv
ed
by
th
e C
om
pa
ny
’fo
r is
sue
of
such
sh
are
s
•B
uy-
ba
ck p
rovi
sio
ns
are
no
t a
pp
lica
ble
to
list
ed
co
mp
an
ies
so g
ain
s o
n b
uy-
ba
ck, i
f a
ny
are
ta
xab
le in
h
an
ds
of
sha
reh
old
er
of
the
list
ed
co
mp
an
y
Oth
er
pro
vis
ion
s
•In
ca
se o
f co
rpo
rate
sh
are
ho
lde
rs, M
AT
ma
y b
e a
pp
lica
ble
•N
o d
ee
me
d d
ivid
en
d im
plic
ati
on
s o
n b
uy-
ba
ck [C
lau
se (
iv)
to s
ect
ion
2(2
2)]
Bu
yba
ck o
f sh
are
s b
y A
ma
lga
ma
ted
Co
; wh
at
sha
ll b
e t
he
‘am
ou
nt
rece
ived
by
th
e C
om
pa
ny
’ ?
42
Bu
y-b
ack
of
sha
res
Ta
xa
bil
ity
in t
he
ha
nd
s o
f
Lis
ted
Sh
are
s
Un
list
ed
Sh
are
sB
uy
ba
ck t
hro
ug
h s
tock
exc
ha
ng
e m
ech
an
ism
(s
ub
ject
to
ST
T)
Bu
y b
ack
dir
ect
ly f
rom
sh
are
ho
lde
rs (n
ot
sub
ject
to
ST
T)
Eq
uit
y sh
are
sP
refe
ren
ce
sha
res
Eq
uit
y sh
are
sP
refe
ren
cesh
are
sE
qu
ity
sha
res
Pre
fere
nce
sha
res
Co
mp
an
y
Lia
bili
ty o
f b
uy
-ba
ck t
ax
No
No
No
No
Ye
sY
es
Sh
are
ho
lde
rs
He
ld m
ore
th
an
12
mo
nth
s
(lis
ted
sh
are
s) /
12
mo
nth
s
(un
liste
d s
ha
res)
10%
*
(ga
ins
exc
ee
din
g
INR
1 la
kh
s)
20
%*
(w
ith
ind
exa
tio
n)
10%
* (
wit
ho
ut
ind
exa
tio
n)
Exe
mp
t
He
ld u
pto
12
mo
nth
s (l
iste
d
sha
res)
/ 2
4m
on
ths
(un
liste
d s
ha
res)
15%
*A
sp
er
sla
b r
ate
s
* P
lus
ap
pli
cab
le s
urc
ha
rge
an
d c
ess
43
�C
ap
ita
lRe
du
ctio
n
44
Ca
pit
al
Re
du
ctio
n o
f sh
are
s –
Ta
x im
pli
cati
on
s
In h
an
ds
of
the
Co
mp
an
y
•D
istr
ibu
tio
n t
o s
ha
reh
old
ers
by
Co
mp
an
y o
n t
he
red
uct
ion
of
its
cap
ita
l is
de
em
ed
as
div
ide
nd
to
th
e
ext
en
t to
wh
ich
th
e
Co
mp
an
y p
oss
ess
es
acc
um
ula
ted
pro
fits
,
wh
eth
er
cap
ita
lize
d o
r n
ot
•D
ee
me
d d
ivid
en
d u
/s.
2(2
2)(
d)
is s
ub
ject
to
div
ide
nd
dis
trib
uti
on
ta
x u
/s.
115-
O o
f th
e IT
Act
In t
he
ha
nd
s o
f sh
are
ho
lde
rs
•R
ed
uct
ion
of
sha
re c
ap
ita
l by
a C
om
pa
ny
an
d p
ro-r
ata
dis
trib
uti
on
of
cash
/ a
sse
ts
to t
he
sh
are
ho
lde
rs a
mo
un
t
to t
ran
sfe
r a
nd
th
ere
fore
,
taxa
ble
as
cap
ita
l ga
ins
•F
or
de
term
inin
g t
he
am
ou
nt
liab
le t
o c
ap
ita
l ga
in t
ax,
fu
ll
valu
e o
f co
nsi
de
rati
on
is
red
uce
d b
y th
e a
mo
un
t,
wh
ich
ha
s b
ee
n r
eck
on
ed
as
div
ide
nd
Oth
er
pro
vis
ion
s
•C
ap
ita
l lo
ss o
n a
cco
un
t o
f
cap
ita
l re
du
ctio
n in
th
e
ha
nd
s o
f th
e s
ha
reh
old
ers
invo
lvin
g p
aym
en
t o
f a
ny
con
sid
era
tio
n c
an
no
t b
e
allo
we
d u
nd
er
the
pro
visi
on
s
of
the
IT A
ct. [
Ben
net
t
Co
lem
an
& C
o. L
td. v
s. A
dd
l
CIT
(IT
A. N
o.
3013
/MU
M/2
00
7)]
•A
pp
lica
bili
ty o
f se
c. 5
6(2
)(x)
pro
visi
on
s
45
Ca
pit
al
red
uct
ion
of
sha
res
Imp
act
of
sec.
50
CA
•S
ec.
50
CA
,as
intr
od
uce
d b
y t
he
Fin
an
ce A
ct, 2
017
, pro
vid
es
for
ad
op
tio
n o
f F
MV
(a
s
pre
scri
be
d in
Ru
le 1
1UA
A)
as
the
co
nsi
de
rati
on
fo
r tr
an
sfe
r o
f u
nq
uo
ted
sh
are
s o
f a
com
pa
ny,
wh
ere
act
ua
l co
nsi
de
rati
on
is lo
we
r th
an
FM
V
•T
he
dif
fere
nce
be
twe
en
FM
V a
nd
co
nsi
de
rati
on
sh
all
be
su
bje
ct t
o t
ax
in t
he
ha
nd
s o
f th
e
tra
nsf
ero
r u
nd
er
the
he
ad
“C
ap
ita
l Ga
ins”
•A
pp
lica
ble
to
tra
nsf
ero
r w
ho
ho
lds
sha
res
as
cap
ita
l ass
et
an
d n
ot
as
sto
ck-i
n-t
rad
e
•E
xte
nd
s to
an
y f
orm
of
sha
res
wh
eth
er
eq
uit
y o
r p
refe
ren
ce. B
ut
do
es
no
t co
ver
con
vert
ible
de
bt
inst
rum
en
t su
ch a
s C
CD
or
wa
rra
nts
or
rig
ht
en
titl
em
en
t
•T
ran
sact
ion
s w
hic
h a
re n
ot
like
ly t
o b
e c
ove
red
by
se
c. 5
0C
A in
clu
de
:
•C
ap
ita
l re
du
ctio
n w
ith
no
co
nsi
de
rati
on
•T
ran
sfe
r b
y w
ay
of
gif
t w
hic
h is
exe
mp
ted
u/s
. 47(
iii)
•A
ny
tra
nsf
er
wh
ich
ca
n q
ua
lify
fo
r e
xem
pti
on
u/s
. 47
or
un
de
r th
e t
rea
ty
•S
ec.
50
CA
is d
iffe
ren
t fr
om
se
c. 5
0D
as
taxa
tio
n u
/s. 5
0D
is t
rig
ge
red
on
ly w
he
n
con
sid
era
tio
n is
un
asc
ert
ain
ab
le w
hile
se
c. 5
0C
A is
in r
esp
ect
of
un
asc
ert
ain
ed
con
sid
era
tio
n w
hic
h is
less
th
an
pre
scri
be
d F
MV
46
�C
om
pli
an
ces
-Il
lust
rati
ve
47
Co
mp
lia
nce
s -
SE
BI /
Sto
ck E
xch
an
ge
s
Co
mp
lia
nce
re
qu
ire
d o
nly
if L
iste
d C
om
pa
ny
is in
vo
lve
d
•S
EB
I Cir
cula
r d
ate
d M
arc
h 1
0, 2
017
pro
vid
es
con
dit
ion
s a
nd
co
mp
lian
ces
by
liste
d e
nti
tie
s w
hile
un
de
rta
kin
g ‘S
che
me
of A
rra
ng
em
en
t’
•L
iste
d E
nti
tie
s to
co
mp
ly w
ith
Re
gu
lati
on
11,
37
an
d 9
4 o
f LO
DR
fo
r e
very
Sch
em
e o
f Arr
an
ge
me
nt
pro
po
sed
u/s
. 230
to
234
an
d s
ec.
66
of C
A 2
013
•F
ilin
g o
f S
che
me
of A
rra
ng
em
en
t b
y lis
ted
en
titi
es
wit
h N
CLT
on
ly p
ost
re
ceip
t o
f o
bse
rva
tio
n le
tte
r o
r
no
ob
ject
ion
lett
er
(‘L
ett
er’
) fr
om
SE
s
-S
uch
Le
tte
r to
be
pla
ced
be
fore
Tri
bu
na
l
-V
alid
ity
of
Le
tte
r is
6 m
on
ths
fro
m t
he
da
te o
f it
s is
sue
-S
ub
mis
sio
n o
f p
resc
rib
ed
do
cum
en
ts w
ith
SE
s p
ost
sa
nct
ion
of S
che
me
Me
rge
r o
f Wo
S in
to L
iste
d H
old
Co
–A
pp
rova
l of
SE
BI r
eq
uir
ed
?
48
Co
mp
lia
nce
s -
Co
mp
an
y L
aw
•S
ect
ion
230
-234
–g
ove
rns
all
“Arr
an
ge
me
nts
wit
h m
em
be
rs a
nd
cre
dit
ors
”; m
erg
ers
, de
me
rge
rs,
com
po
site
sch
em
es
etc
. la
ys
do
wn
the
fra
me
wo
rk/p
roce
ss
•S
ect
ion
66
–g
ove
rns
“ R
ed
uct
ion
of
Ca
pit
al”
Go
vern
ing
Se
ctio
ns
in
Co
s A
ct 2
013
•B
oa
rd o
f D
ire
cto
rs
•S
ha
reh
old
ers
; a
ll cl
ass
es
•L
en
de
rs a
nd
Cre
dit
ors
(S
ecu
red
an
d U
nse
cure
d)
•Ju
risd
icti
on
al N
CLT
•R
oC
, Re
gio
na
l Dir
ect
or,
Off
icia
l Liq
uid
ato
r
•In
com
e t
ax
•S
pe
cifi
ed
Au
tho
riti
es
in c
ert
ain
ca
ses
(Do
T, R
BI e
tc)
•C
om
pe
titi
on
Co
mm
issi
on
of
Ind
ia (C
CI)
Ap
pro
val
fro
m K
ey
sta
keh
old
ers
49
Dra
win
g u
p o
f th
e
sch
em
e a
nd
re
late
d
do
cum
en
ts
Va
lua
tio
n p
roce
ss
1
Fili
ng
pe
titi
on
w
ith
NC
LT
Ap
pro
val b
y C
om
mit
tee
/ b
oa
rd o
f D
ire
cto
rs
of
all
the
co
mp
an
ies
2F
ilin
gs
wit
h N
CL
T
for
see
kin
g
dir
ect
ion
s fo
r m
ee
tin
gs
or
dis
pe
nsa
tio
n
5
Cle
ara
nce
fro
m
reg
ula
tory
a
uth
ori
tie
s
8P
ost
-NC
LT
a
pp
rova
l p
roce
du
res
10
7
Ess
en
tia
l to
pla
n s
mo
oth
im
ple
me
nta
tio
n
Ob
tain
dis
pe
nsa
tio
ns
fro
m
me
eti
ng
s w
he
rev
er
po
ssib
le,
inca
se o
f u
nli
ste
d c
om
pa
nie
s
Re
gu
lato
ry a
pp
rov
als
at
va
rio
us
sta
ge
s
NC
LT
a
pp
rova
l
9
Ty
pic
al t
ime
fra
me
–1
0 –
12
mo
nth
s; m
ay
va
ry o
n c
ase
to
ca
se b
asi
s
10 t
o 1
5 d
ays
5 d
ays
60
da
ys
15 d
ays
75 t
o 9
0 d
ays
60
da
ys30
da
ys
Fili
ng
of
ap
plic
ati
on
wit
h
NC
LT
4
5 d
ays
Sh
are
ho
lde
rs a
nd
cre
dit
ors
a
pp
rova
l, a
dve
rtis
em
en
t,
no
tice
to
re
gu
lato
rs
6
45
to 5
0 d
ays
Ob
tain
ing
Au
dit
or’
s ce
rtif
ica
te, F
air
ne
ss
Op
inio
n
Co
mp
lia
nce
s -
Bro
ad
ste
ps
for
me
rge
r/ d
em
erg
er
49
Fili
ng
s w
ith
SE
BI
an
d a
pp
rova
l fro
m
SE
BI
(Fo
r L
iste
d C
os
on
ly)
3
75 d
ays
50
Co
mp
lia
nce
s -
Sta
mp
Du
ty
Sta
mp
Du
ty
•S
tam
pd
uty
is le
vie
do
n ‘I
nst
rum
en
ts’;
th
us,
a N
CLT
ord
er
is a
n ‘I
nst
rum
en
t’ a
nd
he
nce
lia
ble
to
sta
mp
d
uty
as
the
Ind
ian
Sta
mp
Act
•S
tam
p D
uty
is p
aya
ble
in t
he
Sta
tes
–
⁻W
he
re o
rde
r a
pp
rovi
ng
th
e s
che
me
is p
ass
ed
; an
d
⁻W
he
re t
he
pro
pe
rtie
s o
f tr
an
sfe
ror
com
pa
ny
are
loca
ted
•S
pe
cifi
c e
ntr
y in
th
e S
che
du
le le
vyin
g d
uty
on
NC
LT o
rde
r sa
nct
ion
ing
am
alg
am
ati
on
–M
ah
ara
stra
, G
uja
rat,
Ra
jast
ha
n, H
ary
an
a, K
arn
ata
ka
, An
dh
ra P
rad
esh
, Ta
mil
Na
du
•N
o s
pe
cifi
c e
ntr
y in
ca
se o
f st
ate
s o
the
r th
an
ab
ove
⁻D
ep
en
din
g o
n t
he
sta
te, i
t is
imp
era
tive
to e
valu
ate
the
sta
mp
du
ty e
xpo
sure
fo
r e
ach
tra
nsa
ctio
n.
•E
g: M
ah
ara
stra
Sta
mp
Act
–
Art
icle
25
(da
)–
Co
nve
yan
ce; i
nca
se o
f m
erg
er,
de
me
rge
r
10%
of
the
ma
rke
t va
lue
of
sha
res
issu
ed
as
con
sid
era
tio
n; s
ub
ject
to
hig
he
r o
f;
-5%
of
the
imm
ova
ble
pro
pe
rty
loca
ted
in M
ah
ara
shtr
a t
ran
sfe
rre
d p
urs
ua
nt
to t
he
Sch
em
e; o
r
-0
.7%
of
the
va
lue
of
the
sh
are
s is
sue
d a
s co
nsi
de
rati
on
Th
e m
axi
mu
m s
tam
p d
uty
pa
yab
le w
rt t
o t
his
Art
icle
is IN
R 2
5 c
rs.
Sta
mp
Du
ty –
On
e o
f m
ost
cri
tica
l asp
ect
s o
f a
ny
re
stru
ctu
rin
g e
xe
rcis
e
51
Co
mp
lia
nce
s -
Oth
er
La
ws
FE
MA
•Is
sue
of
sha
res
on
m
erg
er/
de
me
rge
r p
erm
itte
d u
nd
er
the
Au
tom
ati
c ro
ute
•F
ilin
gs
an
d r
ela
ted
co
mp
lian
ces
to b
e
ad
he
red
to
. Eg
; FC
-G
PR
RB
I
•R
est
ruct
uri
ng
s in
volv
ing
NB
FC
, ty
pic
ally
re
qu
ire
RB
I a
pp
rova
l
Co
mp
eti
tio
n
Co
mm
issi
on
of
Ind
ia
•A
pp
rova
l re
qu
ire
d
wh
ere
tra
nsa
ctio
n
bre
ach
es
spe
cifi
ed
th
resh
old
s a
nd
are
n
ot
exp
ress
ly
exe
mp
ted
Se
cto
ral R
eg
ula
tors
•D
oT
ap
pro
val
req
uir
ed
fo
r tr
an
sfe
r o
f te
leco
m
lice
nse
s
•M
inis
try
of
Pe
tro
leu
m a
nd
N
atu
ral G
as
req
uir
ed
fo
r tr
an
sfe
r o
f p
etr
ole
um
min
ing
ri
gh
ts
Illu
stra
tiv
e o
nly
–S
che
me
s a
pp
rov
als
are
ty
pic
all
y c
on
dit
ion
al
on
ap
pro
va
ls
fro
m s
ect
ora
l re
gu
lato
rs
52
&
Dis
cla
ime
r:T
he
vie
w/o
pin
ion
s, (
if a
ny
) e
xpre
sse
d h
ere
in a
re p
ers
on
al t
o t
he
au
tho
r o
f th
is p
rese
nta
tio
n a
nd
str
ictl
y o
f p
urp
ose
s o
f a
cad
em
ic d
iscu
ssio
ns.
53
Th
an
k Y
ou
53
Related Documents
