3.1

Paper 3 Corporate Restructuring, Valuation and Insolvency

Syllabus. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3Bird's-Eye View.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7Line Chart Showing Relative Importance of Chapters. . . . . . . . . . 3.12Frequency Table Showing Distribution of Marks. . . . . . . . . . . . . . 3.13Frequency Table Showing Marks of Compulsory Questions. . . . . 3.15Legends for the Graphs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.17

Study Material Based Contents

1. Corporate Restructuring - Introduction and Concepts. . . . . . . 3.19

2. Mergers and Amalgamations - Legal and Procedural Aspects 3.32

3. Economic and Competition Law Aspects of Mergers andAmalgamations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.81

4. Mergers and Amalgamations - Accounting Aspects ofAmalgamations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.96

5. Financial, Stamp Duty and Taxation Aspects of Amalgamation 3.101

6. Interest of the Small Investors in Mergers. . . . . . . . . . . . . . . . 3.106

7. Amalgamation of Banking and Government Companies. . . . . 3.108

8. Corporate Demergers and Reverse Mergers. . . . . . . . . . . . . . 3.114

9. Takeovers.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.142

10. Funding of Mergers and Takeovers. . . . . . . . . . . . . . . . . . . . . 3.181

11. Financial Restructuring. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.197

12. Post Merger Re-organisation. . . . . . . . . . . . . . . . . . . . . . . . . . 3.220

13. Case Studies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.226

14. Valuation Introduction and Techniques . . . . . . . . . . . . . . . . . . 3.230

15. Regulatory Aspects of Valuation with Reference to CorporateStrategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.249

16. Insolvency - Concepts and Evolution. . . . . . . . . . . . . . . . . . . . 3.259

17. Revival and Restructuring of Sick Companies. . . . . . . . . . . . . 3.262

18. Securitization. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.273

19. Debt Recovery. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.299

3.2

20. Winding - Up.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.310

21. Cross Border Insolvency.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.335

Question Paper of June, 2014. . . . . . . . . . . . . . . . . . . . . . . . . 3.349

Question Paper of December, 2014. . . . . . . . . . . . . . . . . . . . . 3.354

Question Paper of June, 2015. . . . . . . . . . . . . . . . . . . . . . . . . 3.360

3.3

SyllabusPaper 3 (100 marks)

Corporate Restructuring, Valuation and InsolvencyLevel of knowledge : Advance knowledge.Objective : To acquire knowledge of the legal, procedural and practicalaspects of Corporate Restructuring, Valuation and Insolvency.

Part A : Corporate Restructuring (50 Marks)Detailed contents :1. Introduction and Concepts

C Meaning of Corporate RestructuringC Need, Scope and Modes of RestructuringC Historical Background C Emerging TrendsC Planning, Formulation and Execution of Various Corporate

Restructuring Strategies - Mergers, Acquisitions, Takeovers, Dis-investments and Strategic Alliances, Demerger and Hiving off

C Expanding Role of Professionals2. Merger and Amalgamation

C IntroductionC Legal, Procedural, Economic, Accounting, Taxation and

Financial Aspects of Mergers and Amalgamations includingStamp Duty and Allied Matters

C Interest of Small InvestorsC Merger Aspects under Competition LawC Jurisdiction of Courts; Filing of Various FormsC Amalgamation of Banking Companies and Government

Companies C Cross Border Acquisition and Merger

3. Corporate Demerger and Reverse MergerC Concept of Demerger; Modes of Demerger - by Agreement,

under Scheme of Arrangement C Demerger and Voluntary Winding UpC Legal and Procedural Aspects; Tax Aspects and ReliefsC Reverse Mergers - Procedural Aspects and Tax Implications

3.4

4. TakeoverC Meaning and Concept C Types of Takeovers; Legal Aspects - SEBI Takeover Regulations C Disclosure and Open Offer Requirements C Bail Out Takeovers and Takeover of Sick UnitsC Takeover DefencesC Cross Border Takeovers

5. Funding of Merger and TakeoverC Financial Alternatives; Merits and Demerits

C Funding through various Types of Financial Instrumentsincluding Equity and Preference Shares, Debentures, Securitieswith Differential Rights, Swaps, Stock Options; ECBs, Fundingthrough Financial Institutions and Banks

C Rehabilitation Finance C Management Buyouts/Leveraged Buyouts

6. Financial Restructuring C Reduction of CapitalC Reorganization of Share CapitalC Buy-Back of Shares - Concept and NecessityC Procedure for Buy-Back of Shares by Listed and Unlisted

Companies 7. Post Merger Reorganization

C Factors involved in Post Merger ReorganizationC Integration of Businesses and Operations C Assessing Accomplishment of Post Merger Objectives;

Measuring Post Merger Efficiency.8. Case Studies

Part B – Valuation (30 Marks)9. Introduction

C Meaning, Objective & Scope of ValuationC Principles of ValuationC Preliminary Work relating to ValuationC Valuation Standards and Valuation Analysis

10. Valuation Techniques

3.5

C Historical Earnings ValuationC Asset Based ValuationC Market Based Valuation

11. Regulatory and Taxation AspectsC Legal & Regulatory aspects related to Valuation such as SEBI

Regulations/ RBI RegulationsC Income Tax Implications

12. Valuations for Different StrategiesC Merger & Acquisition, Demerger, Slump SaleC Liquidation and Corporate Insolvency C Internal & External RestructuringC Valuation of IntangiblesC Valuation of Securities

Part C ! Insolvency (20 Marks)

13. IntroductionC Concept of Insolvency, Historical DevelopmentsC History of Bankruptcy Laws in USA, UK and India

14. Revival, Rehabilitation and Restructuring of Sick CompaniesC Sick Companies and their Revival with Special Reference to the

Law and Procedure relating to Sick Companies15. Securitization and Debt Recovery

C Overview of the Securitization and Reconstruction of FinancialAssets and Enforcement of Security Interest Act, 2002; Process;Participants

C Special Purpose Vehicle (SPV), Asset ReconstructionCompanies (ARCs), Qualified Institutional Buyers (QIB)

C Overview of the Recovery of Debts Due to Banks and FinancialInstitution Act, 1993

C Tribunal, Procedure; Compromises and Arrangements withBanks and Creditors

16. Winding Up

3.6

C Concept; Modes of Winding Up; Administrative Machinery forWinding Up.

C Winding up Process and Procedure; Managing Stakeholders andParties in Liquidation; Conducting Meetings ofShareholders/Creditors; Dealing with Contracts; Managing Estate

C Outsourcing Responsibilities to Professionals/Service providerssuch as Valuers, Security Agencies

C Best Practices in Performing Liquidation/Administrator Functions;Accountability and Liabilities; Role of Liquidators and InsolvencyPractitioners

C Consequences of Winding Up; Winding Up of UnregisteredCompanies; Dissolution

17. Cross Border InsolvencyC UNCITRAL Model Law on Cross Border InsolvencyC UNCITRAL Legislative Guide to Insolvency LawC World Bank Principles for Effective Insolvency and Creditor

RightsC Asian Development Bank Principles of Corporate Rescue and

Rehabilitation C Bankruptcy under chapter 11 of US Bankruptcy Code

Bird's-Eye ViewPaper 3

Corporate Restructuring, Valuation and Insolvency

Question Paper Based Contents of Last Five Examinations

Years Q. No. Chapter PageNo.No. Name

2013

June

1. (a)

(b)

(c)

2. (a)

(b)

(c)

3. (a)

(b)

(c)

4. (a)

(b)

5. (b)

(c)

6. (a)

(b)

7. (a)

(b)

(c)

8. (a)(i)

(ii)

(iii)

(b)

1

1

9

3

2

2

12

2

2

8

14

9

9

19

17

20

21

21

21

17

20

18

Corporate Restructuring - Introduction and

Concepts

" " " "

Takeovers

Economic and Competition Law Aspects of

Mergers and Amalgamations

Mergers and Amalgamations - Legal and

Procedural Aspects

" " " "

Post Merger Re-organisation

Mergers and Amalgamations - Legal and

Procedural Aspects

" " " "

Corporate Demergers and Reverse Mergers

Valuation Introduction and Techniques

Takeovers

" "

Debt Recovery

Revival and Restructuring of Sick Companies

Winding-Up

Cross Border Insolvency

" "

" "

Revival and Restructuring of Sick Companies

Winding-Up

Securitization

28

29

162

94

52

78

222

78

78

131

235

163

163

305

269

328

344

344

337

263

314

288

3.7

2013Dec.

1. (a)2. (a)

(b)3. (a)

(b)

(c)4. (a)

(b)

5. (a)(b)(c)

6. (a)(b)(c)

7. (a)(b)(c)

8. (a)(b)(c)

92

102

3

911

2

98

12202021211918211821

TakeoversMergers and Amalgamations - Legal andProcedural AspectsFunding of Mergers and TakeoversMergers and Amalgamations - Legal andProcedural AspectsEconomic and Competition Law Aspects ofMergers and AmalgamationsTakeoversFinancial RestructuringMergers and Amalgamations - Legal andProcedural AspectsTakeoversCorporate Demergers and Reverse MergersPost Merger Re-organisationWinding-Up " "Cross Border Insolvency" " "Debt RecoverySecuritizationCross Border InsolvencySecuritizationCross Border Insolvency

172

52189

53

87164205

53176121222329329345345306289345289337

2014June

1. (a)

(b)(c)

(d)2. (a)

(b)(c)

(Or)(a)(i)

2

24

912

98

11

Mergers and Amalgamations - Legal andProcedural Aspects " " " " "Mergers and Amalgamations - AccountingAspects of AmalgamationsTakeoversPost Merger Re-organisationTakeoversCorporate Demergers and Reverse Mergers

Financial Restructuring

5354

99164223177133

207

3.8

(ii)(iii)

3. (a)(b)

(c)4. (a)

(b)(c)

5. (a)(b)(c)

6. (a)(b)(c)(d)(e)

(Or)(a)(i)

(ii)(iii)(iv)

118

113

1015

1414141415

2119211820

18201817

" "Corporate Demergers and Reverse MergersFinancial RestructuringEconomic and Competition Law Aspects ofMergers and AmalgamationsFunding of Mergers and TakeoversRegulatory Aspects of Valuation with referenceto Corporate StrategiesValuation Introduction and Techniques" " " "" " " "" " " "Regulatory Aspects of Valuation withReference to Corporate StrategiesCross Border InsolvencyDebt RecoveryCross Border InsolvencySecuritizationWinding-Up

SecuritizationWinding-UpSecuritizationRevival and Restructuring of Sick Companies

218133207

88191

257244244235235

254338301338276315

290334290269

2014Dec.

1. (a)

(b)

(c)

(d)

2. (a)(b)

3

2

4

5

112

Economic and Competition Law Aspects ofMergers and AmalgamationsMergers and Amalgamations - Legal andProcedural AspectsMergers and Amalgamations - AccountingAspects of AmalgamationsFinancial, Stamp Duty and Taxation Aspects ofAmalgamationFinancial RestructuringMergers and Amalgamations - Legal andProcedural Aspects

90

54

98

103208

55

3.9

Solved Scanner CS ProfessionalProgramme Module-I New SyllabusPaper-3 Corporate Restructuring

Valuation and Insolvency Green Edition(Jul-2015)

Publisher : Shuchita Prakashan ISBN : 9789351591726Author : Prof. Arun Kumar,CA Ankur Garg & CA AnkitGarg

Type the URL : http://www.kopykitab.com/product/5514

50%OFF

Get this eBook