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- How to Conduct Due diligence in joint venture - by Submitted on Nov 09, 2016 from hu ConsultancyWhile M&A due diligence is largely confirmatory, joint venture due diligence is informatory For any joint venture to succeed, it is essential to conduct proper due diligence. An organisation must create an assessment model in due diligence, which will undertake a risk assessment by ...
Views: 1939 - IMPLICATION OF GOODS & SERVICES TAX (GST) ON SLUMP SALE - by Submitted on Sep 15, 2017 from hu ConsultancyThe taxation regime for “Slump Sale” deals in India has always been a matter of differential judicial views and even before the advent of latest overhauled indirect tax structure, the position was scarcely settled when it comes to Slump Sale taxation rule. This Article, analyses and attempts to ...
Views: 1073 - Timken India: Acquires ABC Bearing - by Submitted on Sep 22, 2017 from hu ConsultancyABC Bearings is engaged in the business of engineering, product design, manufacturing, distribution and sale of bearings including inter alia taper roller bearings (contributes over 80% of the total revenue- Mar 16), cylindrical roller bearings, spherical roller bearings and slewing bearings; ...
Views: 1065 - Ashish Hemrajani: If there is a pullback, there is an opportunity - by Submitted on Dec 02, 2017 from hu ConsultancyLeadership & Quotes: Ashish Hemrajani Ashish Hemrajani has made life simple for avid movie-goers. With the click of a bottom, you can book movie tickets and reach the theater on time to enjoy the silver screen. The founder and chief executive officer of Bigtree Entertainment Pvt. Ltd, ...
Views: 1058 - IMPORTANCE OF APPOINTED DATE & EFFECTIVE DATE IN RESTRUCTURING - by Submitted on Jun 02, 2017 from hu ConsultancyIntroduction: In the case of merger and demerger, two dates are crucial, the "Appointed Date" and secondly the "Effective Date". Corporate managers spend a lot of time to plan the exact timing of these dates. ‘Appointed Date’ is normally arranged to secure the interests & objects of the ...
Views: 1031 - IDFC-Shriram merger: Potential to create a large financial conglomerate - by Submitted on Aug 18, 2017 from hu ConsultancyIDFC and Shriram Group have agreed to merge to create a financial conglomerate and offer various types of retail and corporate loans. The companies will finalise the deal within 90 days (from mid-July 2017). If the deal finally happens and gets all regulatory clearances, then it can create a ...
Views: 986 - Aditya Birla Chemicals merges with Grasim Industries - by Submitted on Sep 01, 2017 from hu ConsultancyIn a consolidation move between group companies, Aditya Birla Chemicals Limited (ABCIL) merged with Grasim Industries Limited. The merged consolidated Aditya Birla Group’s chlor-alkali business into Grasim and strengthened its existing portfolio of viscose staple fiber, caustic soda and allied ...
Views: 985 - ARVIND LIMITED: Redefining textiles industry - by Submitted on Apr 14, 2017 from hu ConsultancyIndia is the second largest producer of textiles and garments in the world. The textile and allied product’s earnings from export was $37.14 billion in FY16, or 13.71% share of India’s total exports of $262.29 billion in FY16. Currently, the size of the textile industry is estimated at around ...
Views: 978 - Quikr quickly climbs the M&A ladder - by Submitted on Jun 17, 2017 from hu ConsultancyIn the Indian e-start-up business space, Quikr has become everyone's envy. The pace at which it is acquiring companies to grow and diversify is remarkable. Since January last year, it has acquired around 8 companies, and the latest, it is buying two arms of HDFC's brokerage business – HDFC ...
Views: 947 - Escorts - Excel Through Re-Engineering - by Submitted on Sep 07, 2017 from hu ConsultancyWhile the agriculture sector may not be a major contributor to India’s GDP, India still ranks second worldwide in farm output. HP Nanda knew that the country which runs on agriculture can make his fortune by manufacturing product related to it (tractor). When tractors came to India through ...
Views: 946 - BACL merges two group holding cos to increase shareholders’ value - by Submitted on Oct 09, 2017 from hu ConsultancyOn June 12, 2017 Bengal and Assam Company Ltd announced the scheme of arrangement between Florence Investech Ltd., BMF Investments Ltd., J.K. Fenner (India) Ltd., and Bengal and Assam Company Ltd. Bengal & Assam Company Ltd (BACL) is a public limited company incorporated in the year 1947. The ...
Views: 944 - Non-Core Exit for Reliance, Opportunity for Birla - by Submitted on Oct 20, 2016 from hu ConsultancyToday the cement industry is going through a consolidation phase with large Indian cement players vying for smaller ones and foreign cement majors acquiring controlling stake in Indian majors. In a move to strengthen its position, Birla Corporation announced an acquisition of the entire cement ...
Views: 936 - Chemical Industry: Hotbed for M&A deals - by Submitted on Aug 01, 2017 from hu ConsultancyThe Indian chemical industry is at an inflection phase. Falling global crude prices, tough competition and weaker fundamentals will drive mergers and acquisition activities in the industry. While commodity chemicals will likely comprise most of the M&A activities, significant volumes are ...
Views: 926 - Pharma is a Sweet-Spot in Global Acquisitions in 2015 - by Submitted on Oct 19, 2016 from hu ConsultancyThe year 2015 created a record in terms of global mergers and acquisitions (M&As). The total value touched $5.03 trillion, a massive rise of 37% ($3.67 trillion) from 2014, according to data from Dealogic. In fact, the total value of deals in 2015 was more than double of 2009, the year ...
Views: 918 - CROSS BORDER MERGERS - by Submitted on Aug 02, 2017 from hu ConsultancyThe enforcement of the relevant provisions pertaining to Cross Border Mergers contained in the Companies Act, 2013 by the Ministry of Corporate Affairs with corresponding provisions in Companies (Compromises, Arrangements and Amalgamation) Rules, 2016, including insertion of the Rule 25A and ...
Views: 899 - IndusInd-Bharat Financial: Reaching bottom-of-the-pyramid customers - by Submitted on Oct 16, 2017 from hu ConsultancySignaling consolidation in the private banking space, IndusInd Bank and Bharat Financial Inclusion Ltd (BFIL), formerly known as SKS Microfinance, are in the final stage of merger talks. The two companies have signed an exclusivity agreement to hammer out a deal before the end of this financial ...
Views: 890 - Thomas Cook’s Sterling Move - by Submitted on Jan 04, 2018 from hu ConsultancyBillionaire investor Prem Watsa-backed Thomas Cook India had acquired vacation ownership Sterling Holiday Resorts for Rs 870 crore, marking its foray into the hospitality sector. For Thomas Cook, it was the second purchase after Ikya Human Solutions in February 2013. The transaction was ...
Views: 879 - Strides Arcolab Ltd Has Completed sale of Agila Specialties - by Submitted on Oct 03, 2016 from hu ConsultancyDrug firm Strides Arcolab Ltd has completed a sale of its specialties division Agila Specialties Pvt Ltd to the US-based generic drug major Mylan Inc for up to $1.75 billion. However, the company has agreed to Mylan holding back $250 million following a warning letter it received from the drug ...
Views: 876 - Key Due Diligence Activities In A Merger And Acquisition Transaction - by Submitted on Jul 12, 2017 from hu ConsultancyProper due diligence at every stages will make the M&A a grand success By planning the merger activity carefully and analyzing every issue that may arise, the target company will be better prepared to successfully consummate a sale of the company. The buyer is concerned not only with the ...
Views: 869 - Once a promoter always a promoter? - by Submitted on Nov 15, 2017 from hu ConsultancyShareholders in a listed company are classified under two broad categories, i.e. those that belong to the promoter/promoter group and those shareholders who are members of the public with no family or formal business ties with the promoter/promoter group. SEBI vide Regulation 31A under Chapter ...
Views: 863 - Public Sector Bank Mergers- A myth becoming a reality? - by Submitted on Nov 24, 2017 from hu ConsultancyAbout thirteen years back when an article was penned in this magazine ( ‘Bank Mergers - The fall out and shape of things to come’ –M&A Critique Issues October to December 2004), it was foretold that eventual mergers of Public Sector Banks (PSBs) in India was an economic necessity for becoming ...
Views: 850 - NCLT PUTS INNOVENTIVE INDUSTRIES ON LIQUIDATION COUNTDOWN - by Submitted on Oct 18, 2017 from hu ConsultancyInnoventive Industries, India’s first company to be tried under the new Insolvency and Bankruptcy Code, has failed to finalize a debt resolution plan in the stipulated six months, prompting the National Company Law Tribunal (NCLT) to extend the deadline by another three months – the maximum ...
Views: 848 - Defaulting Promoters barred from being Resolution Applicants - by Submitted on Dec 18, 2017 from hu ConsultancyThe long time discussed subject of credibility of the resolution process under the Insolvency and Bankruptcy Code,2016, which is dependent on the sustainability of the Resolution Plan and credibility of the Resolution Applicant, is now settled by the Insolvency and Bankruptcy Board of ...
Views: 846 - Government Merges NSEL with FTIL - by Submitted on Dec 07, 2017 from hu ConsultancyNATIONAL SPOT EXCHANGE LIMITED DRAFT ORDER ON AMALGAMATION OF NATIONAL SPOT EXCHANGE LIMITED WITH FINANCIAL TECHNOLOGIES (INDIA) LIMITED Ministry of Corporate Affairs, on behalf of the Central Government, has issued a Draft Order on amalgamation of National Spot Exchange Limited with ...
Views: 843 - IS ALL ADVANCE AMOUNTS TO LOAN? - by Submitted on Oct 13, 2017 from hu ConsultancyTerm loans and advances as defined in Banking Regulation Act can be used interchangeably. The act defined “secured loan or advance" means a loan or advance made on the security of assets the market value of which is not at any time less than the amount of such loan or advance, and defined ...
Views: 843 - NSEL Investor Petitions: Sebi Probing FTIL, Promoters - by Submitted on Sep 07, 2016 from hu ConsultancyThe Securities and Exchange Board of India (Sebi) has told the high court at Mumbai that it is investigating complaints against Financial Technologies (FTIL) and connected entities and promoters, including founder Jignesh Shah. The complaints by investors of scam-hit National Spot Exchange ...
Views: 835 - Consolidation of clicks - by Submitted on Nov 24, 2016 from hu ConsultancyOver the last decade, the Internet has changed the way of living of people. Due to the proliferation of Internet use, everything in the world is getting online. From Good Morning to Good Night, everything is available on the internet all you need is to ‘Google it”. India is no exception to it. ...
Views: 828 - STEEL A Deal Impact: JSW and ISPAT ACQUISITION - by Submitted on Oct 14, 2016 from hu ConsultancyWay back in December 2010, JSW Steel entered into an agreement with Ispat Industries Ltd to acquire 41.4% stake in Ispat at a price of Rs 19.85 per share for Rs 2,157 crore on a preferential basis. The funds were mainly used to improve the liquidity in the company and reduce the debt. Later on, ...
Views: 820 - Wipro’s mantra: Acquire to grow - by Submitted on May 18, 2017 from hu ConsultancyThe country’s third-largest software services company, Wipro has been acquiring companies to grow its digital technology strength. The company’s new chief executive officer (CEO) Abidali Neemuchwala had acquired two companies --- HealthPlan Services and Appirio last year for over $1 ...
Views: 819 - Redemption Opportunity for Disqualified Directors - by Submitted on Apr 13, 2018 from hu ConsultancyIn September 2017, Ministry of Corporate Affairs (MCA) identified many directors associated with the companies that had failed to file financial statements or annual returns for a continuous period of three financial years 2013-14, 2014-2015 and 2015-2016 and consequently they became ...
Views: 804 - Diversification: When & How far should one go..! - by Submitted on Jul 03, 2017 from hu ConsultancyIntroduction Diversification today most executives and boards realize how difficult it is to add value to businesses that aren’t connected to each other in some way. Yet too many executives still believe that diversifying into unrelated industries reduces risks for investors or that ...
Views: 794 - Bank Mergers: The need of the Hour - by Submitted on Jul 01, 2017 from hu ConsultancyContext of merger and rising NPAs The steep rise in bad loans or non-performing assets (NPAs) of state-run banks has weighed on the economic development of the country as these banks hold more than two-thirds of deposits and advances in India’s banking industry. The 27 public sector banks ...
Views: 791 - Insolvency & Bankruptcy Code, Section 238: Exploited or Rightly Used - by Submitted on Jan 19, 2018 from hu ConsultancySection 238 of the Insolvency and Bankruptcy Code, 2016, which is termed as a non-obstante clause is once again came into picture in the case of Power Grid Corporation of India Ltd. Vs Jyoti Structures Ltd, after its detailed analysis made by judiciary in the matter of Innoventive Industries ...
Views: 781 - Cognizant Buys TriZetto - by Submitted on May 26, 2017 from hu ConsultancyCognizant has successfully bought Us-based TriZetto for $2.7 billion in cash primarily owned by private equity group Apax. BlueCross BlueShield of Tennessee and Cambria Health Solutions, both minority shareholders, will also sell their stakes. Cognizant has financed the transaction through a ...
Views: 779 - Taking Healthcare To Greater Heights - by Submitted on Aug 28, 2017 from hu ConsultancyHealthcare has become one of India's largest sectors ‐ both in terms of revenue and employment in the country. The industry comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. The healthcare industry is ...
Views: 776 - Impact of mergers on small investors - by Submitted on Nov 05, 2017 from hu ConsultancyWhile companies go for mergers to consolidate market share and strengthen geographical presence, small investors may not always gain much from mergers. Companies merge to improve the wealth of their shareholders, but it can affect the shareholders of both companies in different ways. The ...
Views: 775 - AIRTEL acquires Telenor - by Submitted on Jun 12, 2017 from hu ConsultancyBharti Airtel is engaged in the business of providing global telecommunications with operations in 17 countries across Asia and Africa. In India, the Transferee Company products Offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high-speed home broadband, ...
Views: 771 - Infosys’ Sikka Buys Panaya For a Giant Leap - by Submitted on Sep 09, 2016 from hu ConsultancyIn February 2015, Infosys bought Panaya Inc., a leading provider of automation technology for large scale enterprise software management, for an enterprise value of $200 million (Rs 1,244 crore). The payment was upfront without any earn-outs and in the form of cash. The acquisition is in line ...
Views: 758 - Sun Pharma Ranbaxy : Post Merger Integration - by Submitted on Apr 01, 2017 from hu ConsultancyShares of Sun Pharma witnessed massive selling pressure, plunging over 16 percent after the drug major said it expects to take a hit on profit for the fiscal 2015-16 mainly due to integration process with Ranbaxy. The question which has been raised is as follows: Whether the merger is ...
Views: 753 - IDFC : Moving up the value chain - by Submitted on Sep 03, 2016 from hu ConsultancyA 1994 report from Department of Economic Affairs, Ministry of Finance found a lack of specialised financial intermediaries offering funds for infrastructure projects. This lead to the birth of IDFC Limited (IDFC) on January 30, 1997. In 1998, the company registered with Reserve Bank of India ...
Views: 749 - Case Law : Triune Energy Services Vs. DCIT - by Submitted on Dec 01, 2016 from hu ConsultancyLEGAL CORNER - February 2016 - CASE LAW: Topic: Goodwill value cannot be challenged where slump sale includes the sale of goodwill & such agreement is beyond any doubt. Facts of the Case: The Assessee Company (formerly known as “Saijem Triune Energy Pvt. Ltd.) was incorporated during ...
Views: 747 - How To Choose The Best Valuation Techniques - by Submitted on Jul 25, 2017 from hu ConsultancyWhile there are several valuation techniques, one must choose the one which suits the both the buyer and the seller. Valuation in any merger is the amount a buyer is willing to pay the seller and if the latter is willing to accept the deal amount. There are different techniques to value a ...
Views: 746 - M/s. New Delhi Television Ltd. Vs. ACIT - Case Law - by Submitted on Sep 11, 2017 from hu ConsultancyFacts of the Case NDTV along with its Subsidiaries entered into an agreement dated 23.05.2008 with NBC Universal Inc and Universal Studios International BV, as a result of the same, INR 642.54 cr (9,15,498 Shares @ INR 7015.05 per share) was received by NNIH, for allotting shares to NBC ...
Views: 741 - Six PSU consultancy firms to merge with EIL - by Submitted on Mar 16, 2017 from hu ConsultancyIn order to bring in efficiency in the way of functioning of public sector undertakings, the government is taking the merger routs. The Cabinet has approved the merger of SBI with its five associates, all state-owned oil companies will become one, and now, the government’s six consultancy firms ...
Views: 734 - Is Slump sale is better option than piecemeal Liquidation? - by Submitted on Feb 21, 2018 from hu ConsultancyThe Insolvency and Bankruptcy Code 2016 aims at reviving companies that are going for liquidation. If reviving the company is not possible, the code will enable to liquidate the company in a judicial and rational manner so that it serves the interests of all stakeholders and the public at large. ...
Views: 729 - CLASS ACTION SUIT - by Submitted on Jun 14, 2017 from hu ConsultancyClass Action Suit became reality for Indian investor(s)/depositor(s) under new Companies Act, 2013 which is also known as Representative Suit. This kind of lawsuit is very popular in countries like USA, UK, Singapore, Canada, Austria and other European Countries. Class Action Suit gained ...
Views: 728 - Merger & Acquisition – The Telecom Way - by Submitted on Oct 27, 2017 from hu ConsultancyA panel of Ministers called the EGoM (Empowered Group of Ministers) approved the final draft of the much-awaited merger & acquisition (M&A) guidelines for the Telecom sector which are likely to support the consolidation of the Telecom companies. The M&A guidelines will now be sent to the Union ...
Views: 727 - NCLT Impact On M&A Procedure - by Submitted on Jun 12, 2017 from hu ConsultancyThe Companies Act 2013 (New Act), which was substantially made effective from April 1, 2014, has the potential and capability to be a historic milestone for implementing Mergers & Amalgamations(M& A). So far, the provisions relating to M&A under the New Act are yet to be notified. These are ...
Views: 724 - Empowered Shareholders activism decide fate of Related Party Transactions - by Submitted on Jan 24, 2018 from hu ConsultancyShareholders are the owners of the corporations. Shareholders have the right to access and examine the corporate records and information concerning the governance and financial performance of the corporate. With the changing time, shareholders are increasing their active engagement in the ...
Views: 722 - Strategy for Successful Merger and Acquisition - by Submitted on Jun 08, 2017 from hu ConsultancyThe management of the company doing the acquisition must have a clear and well-defined strategy for their specific business In order to make a merger work, it is pertinent to have a sound strategic planning so that maximum benefit is taken out from the merger. Before signing on the dotted ...
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