⭐ Important points (exam-critical)
- ⭐Sec 2(1B) merger: all assets/liabilities transferred + shareholders holding ≥ 75% become shareholders of amalgamated co.
- ⭐Demerger Sec 2(19AA): resulting co issues shares pro-rata; book values retained.
- ⭐Stamp duty often paid in state where assets are located — significant for asset transfers.
- ⭐Buy-back tax (Sec 115QA) makes share buyback unattractive vs dividend (post-2020).
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