COMPANY LAW- MERGERS AND ACQUSITIONS AS A GROWTH STRATEGY

‘MERGERS AND ACQUISITIONS AS A GROWTH

STRATEGY’

Submitted by-
Shivani Srivastava
Division: C
P.R.N-
16010324259
Batch- 2016-21
In
MARCH, 2019
Under the guidance of
Professor- A. CHANDRASEKHAR
Symbiosis Law School, Hyderabad
Symbiosis International (Deemed University)

1
 COMPANY LAW- MERGERS AND ACQUSITIONS AS A GROWTH STRATEGY

DECLARATION

The project entitled ‘IMPACT OF MERGERS AND QCQUSITIONS AS A GROWTH

STRATEGY’ submitted to the Symbiosis Law School, Hyderabad for COMPANY LAW as
part of Internal Assessment is based on our original work carried out under the guidance of
Professor.A. CHANDRASEKHAR. The Research work has not been submitted elsewhere for
award of any degree. The material borrowed from other sources and incorporated in the
research paper has been duly acknowledged.

I understand that I myself would be held responsible and accountable for plagiarism, if any,
detected later on.

Shivani Srivastava

2
 COMPANY LAW- MERGERS AND ACQUSITIONS AS A GROWTH STRATEGY

ACKNOWLEDGEMENT

I would like to offer Prof. A. CHANDRASEKHAR, my heartfelt appreciation for providing

me the opportunity to undertake this project on Mergers and Acquisitions as a growth
strategy. I would like to thank him for all the necessary help and guidance he offered in
completing our project. Without his help, it would have not been possible to carry out this
project. I would like to thank my college, Symbiosis Law School, Hyderabad for providing
me with this excellent opportunities and facilities to help me complete my project. I would
also like to thank our parents and classmates for helping me, in one-way or the other who have
been constant pillars of support for the successful completion of the project.

3
 COMPANY LAW- MERGERS AND ACQUSITIONS AS A GROWTH STRATEGY

INDEX

CONTENT PAGE
Chapter 1
An Introduction –CONCEPT OF MERGERS AND ACQUISITIONS 5-6
…………………………………………………………………………………………………
Chapter 2
- TYPES OF MERGERS AND ACQUSITIONS 7-8
…………………………………………………………………………………………………
Chapter 3
- STRATEGIES FOR MERGERS AND ACQUISITIONS 9-10

- SIGNIFICANCE OF MERGERS AND ACQUISITIONS 11

…………………………………………………………………………………………………
Chapter 4
- MERGERS AND ACQUISTIONS AS A GROWTH STRATEGY 12-13

…………………………………………………………………………………………………
Chapter 5
- MERGERS AND ACQUISITIONS IN INDIA

- FLIPKART AND MYNTRA MERGER 13-15

…………………………………………………………………………………………………
Chapter 5
- CONCLUSION 16
…………………………………………………………………………………………………

4
 COMPANY LAW- MERGERS AND ACQUSITIONS AS A GROWTH STRATEGY

INTRODUCTION

In the quick changing business world, companies need to endeavor hard to accomplish quality
and greatness in their fields of activity. Each company has the prime goal to develop gainfully.
The productive development for the companies can be conceivable inside just as remotely. The
inward development can be accomplished either through the way toward presenting or growing
new items or by extending or by expanding the limit of existing items or supported
improvement in deals. Outside development can be accomplished by merger and securing of
existing business firms. Mergers and Acquisitions (M&A) are very critical types of external
development. In the present globalized economy, mergers and acquisitions are being
progressively utilized the world over as a technique for accomplishing a bigger resource base,
for entering new markets, creating more noteworthy pieces of the pie/extra assembling limits,
and increasing correlative qualities and skills, to turn into increasingly focused in the
commercial center.

‘The term ‘merger’ is not defined under the Companies Act, 1956 (“CA 1956”), and under
Income Tax Act, 1961 (“ITA”). However, the Companies Act, 2013 (“CA 2013”) without
strictly defining the term explains the concept. A ‘merger’ is a combination of two or more
entities into one; the desired effect being not just the accumulation of assets and liabilities of
the distinct entities, but organization of such entity into one business. The possible objectives
of mergers are manifold - economies of scale, acquisition of technologies, access to sectors /
markets etc. Generally, in a merger, the merging entities would cease to be in existence and
would merge into a single surviving entity.’1

Mergers and Acquisitions (M&A) are a broad overall marvel and Mergers and Acquisitions
(M&A) have developed as the regular procedure of business rebuilding all through the world.
The most recent two decades have seen broad mergers and acquisitions as a vital method for
accomplishing reasonable upper hand in the corporate world. Mergers and Acquisitions
(M&A) have turned into the real power in the evolving condition. The approach of
advancement, decontrol and globalization of the economy has uncovered the corporate part to

1
Mergers & Acquisitions in India, Available at: http://www.nishithdesai.com

5
 COMPANY LAW- MERGERS AND ACQUSITIONS AS A GROWTH STRATEGY

residential and worldwide challenge. Mergers and Acquisitions (M&A) have likewise risen as
a standout amongst the best techniques for corporate organizing, and have in this manner,
become a vital piece of the long-haul business procedure of corporate area everywhere
throughout the world. Just about major part of Indian companies is utilizing M&A as a center
development methodology. All our day by day papers are loaded up with instances of mergers,
acquisitions, turn offs, delicate offers, and different types of corporate rebuilding.

Along these lines’ imperative issues both for business choice and open arrangement detailing
have been raised. No company is respected safe from takeover probability. On the more
positive side Mergers and Acquisitions might be basic for the solid expansion and development
of the company. Effective passage into new item and topographical markets may require
Mergers and Acquisitions (M&A) at some phase in the company's advancement. Effective

rivalry in universal markets may rely upon capacities acquired in an opportune what's more,
proficient design through Mergers and Acquisitions (M&A). Many have contended that
mergers increment esteem and effectiveness and move assets to their most astounding and best
uses, along these lines expanding investor esteem. To choose a merger is a complex
undertaking, particularly as far as details included. Along these lines, Mergers and Acquisitions
(M&A) for corporate part are the vital ideas to take it up cautiously.

‘Until up to a couple of years back, the news that Indian companies having acquired American-
European entities was very rare. However, this scenario has taken a sudden U turn. Nowadays,
news of Indian Companies acquiring foreign businesses is more common than other way round.
Buoyant Indian Economy, extra cash with Indian corporate, Government policies and newly
found dynamism in Indian businessmen have all contributed to this new merger and acquisition
trend. Indian companies are now aggressively looking at North American and European
markets to spread their wings and become the global players.’2

The improvement of mergers and acquisitions (M&A) isn't a creation of ongoing occasions.
The main appearance of M&A in a high recurrence advanced toward the finish of the nineteenth
century. From that point forward, cyclic waves are seen with various waves rising because of
radical diverse vital inspirations. The accompanying table draws out the course of events of
M&A advancement and illuminates vital inspirations hidden each wave.

2
Financial Performance Before and After Mergers and Acquisitions of the Selected Indian Companies
Available at: http://shodhganga.inflibnet.ac.in/bitstream/10603/117606/9/09_chapter%201.pdf

6
 COMPANY LAW- MERGERS AND ACQUSITIONS AS A GROWTH STRATEGY

TYPES OF MERGERS AND ACQUISITIONS

Merger is said to happen when at least two companies join into one company. Merger is
characterised as an 'exchange including at least two companies in the trading of securities and
just a single company survives’. When the investors of more than one company, normally two,
choose to pool assets of the companies under a typical element it is called 'merger'. Acquisition
is a demonstration of getting successful control by a company over the advantages (buy of
benefits either by singular amount thought or by thing savvy thought) or then again, the
executives (buy of stocks/shares or dealing with Board) of another company without joining
their organisations physically. By and large a company procures compelling authority over the
objective company by gaining dominant part offers of that company. Takeover is considered
as a type of securing. Takeover is a business technique of securing power over the
administration of target company either legitimately or by implication.

 Horizontal Mergers-
Also referred to as a ‘horizontal integration’, this kind of merger takes place between
entities engaged in competing businesses which are at the same stage of the industrial
process.3 A horizontal merger makes a company a stride nearer towards syndication by
dispensing with a contender and building up a more grounded nearness in the market.
Different advantages of this type of merger are the benefits of economies of scale and
economies of degree. These types of merger are vigorously investigated by the challenge
commission.
 Vertical Mergers-
Vertical mergers allude to the mix of two elements at various phases of the mechanical or
creation process. For instance, the merger of a company occupied with the development
business with a company occupied with generation of block or steel would prompt vertical
mix. Companies remain to pick up by virtue of lower exchange expenses and
synchronization of interest and supply. In addition, vertical joining helps a company move
towards more prominent autonomy and independence.

3
‘Corporate Mergers Amalgamations and Takeovers’, J.C Verma,4th edn., 2002, p.59.

7
 COMPANY LAW- MERGERS AND ACQUSITIONS AS A GROWTH STRATEGY

 Congeneric Mergers –
These are mergers between entities engaged in the same general industry and somewhat
interrelated, but having no common customer-supplier relationship. A company uses this
type of merger in order to use the resulting ability to use the same sales and distribution
channels to reach the customers of both businesses.4
 Conglomerate Merger-
A conglomerate merger is a merger between two substances in random ventures. The
primary reason for a combination merger is use of money related assets, development of
obligation limit, and increment in the benefit of remarkable offers by expanded influence
and profit per share, and by bringing down the normal expense of capital. A merger with a
various business likewise causes the company to invasion into changed organisations
without acquiring huge start-up costs ordinarily connected with another business.
 Cash Merger-
In a 'cash merger', otherwise called a 'cash out merger', the investors of one element gets
money of offers in the blended substance. This is successfully an exit for the got the money
for out investors.
 Triangular Merger-
A triangular merger is regularly turned to, for administrative and charge reasons. As the
name proposes, it is a tripartite plan in which the objective converges with a backup of the
acquirer. In view of which substance is the survivor after such merger, a triangular merger
might be forward (when the target converges into the backup and the auxiliary endures), or
inverted merger.

4
‘Financial Management and Policy-Text and Cases’, V.K Bhalla, 5th revised edn., p.1016.

8
 COMPANY LAW- MERGERS AND ACQUSITIONS AS A GROWTH STRATEGY

LEGAL PROCEDURES PERTAINING TO MERGERS &

ACQUISITIONS

The premise law identified with mergers is arranged in the Indian Companies Act 5which
works couple with different administrative approaches. The general law identifying with
mergers, amalgamations and remaking is epitomized in sections 391 to 396 of the Companies
Act, 1956 which together arrangement with the trade off and game plan with banks and
individuals from a company required for a merger. Section 391 enables the Tribunal to endorse
a trade off or course of action between a company and its leasers/individuals subject to specific
conditions. Section 392 enables to the Tribunal to uphold or potentially oversee such trade-offs
or courses of action with banks and individuals. Section 393 accommodates the accessibility
of the data required by the leasers and individuals from the concerned company when agreeing
to such a game plan. Section 394 makes arrangements for encouraging reproduction and
amalgamation of companies, by making a suitable application to the Tribunal. Section 395
gives power and obligation to secure the offers of investors disagreeing from the plan or
contract affirmed by the lion's share.

‘Further, Section 396 arrangements with the intensity of the focal government to accommodate
an amalgamation of companies in the national intrigue. In any plan of amalgamation, both the
amalgamating company or companies and the amalgamated company ought to consent to the
necessities indicated in sections 391 to 394 and submit subtleties of the considerable number
of conventions for thought of the Tribunal. It isn't sufficient in the event that one of the
companies alone satisfies the essential customs. Sections 394, 394A of the Companies Act
manage the techniques and the prerequisites to be followed so as to impact amalgamations of
companies combined with the arrangements identifying with the forces of the Tribunal and the
focal government in the matter of achieving amalgamations of companies.’6

After the application is recorded, the Tribunal would pass orders concerning the obsession of
the dates of the consultation, and the arrangement of a duplicate of the application to the

5
Indian Companies Act 1956
6
Navpreet, Mergers and Acquisitions in India, Available at:
http://www.legalserviceindia.com/articles/amer.htm

9
 COMPANY LAW- MERGERS AND ACQUSITIONS AS A GROWTH STRATEGY

Registrar of Companies and the Regional Director of the Company Law Board as per section
394A and to the Official Liquidator for the report affirming that the undertakings of the
company have not been led in a way biased to the enthusiasm of the investors or people in
general. Prior to authorizing the plan of amalgamation, the Tribunal has additionally to pull out
of each application made to it under section 391 to 394 to the focal government and the Tribunal
should think about the portrayals, assuming any, made to it by the administration before passing
any request giving or dismissing the plan of amalgamation. Therefore, the focal government is
furnished with a chance to have a voice to be heard of amalgamations of companies before the
plan of amalgamation is endorsed or dismissed by the Tribunal.

The forces and elements of the focal government in such manner are practiced by the Company
Law Board through its Regional Directors. While hearing the petitions of the companies
regarding the plan of amalgamation, the Tribunal would offer the applicant company a chance
to meet every one of the complaints which might be raised by investors, banks, the
administration and others. It is, along these lines, vital for the company to keep itself prepared
to confront the different contentions and difficulties. Hence by the request of the Tribunal, the
properties or liabilities of the amalgamating company get exchanged to the amalgamated
company. Under section 394, the Tribunal has been explicitly engaged to make explicit
arrangements in its request endorsing an amalgamation for the exchange to the amalgamated
company of the entire or any pieces of the properties, liabilities, and so on of the amalgamated
company. The rights and liabilities of the representatives of the amalgamating company would
stand exchanged to the amalgamated company just in those situations where the Tribunal
explicitly coordinates so in its request.

The advantages and liabilities of the amalgamating company naturally gets vested in the
amalgamated company by uprightness of the request of the Tribunal allowing a plan of
amalgamation. The Tribunal additionally make arrangements for the methods for installment
to the investors of the transferor companies, continuation by or against the transferee company
of any legitimate procedures pending by or against any transferor company, the disintegration
(without ending up) of any transferor company, the arrangement to be made for any individual
who disputes from the trade off or course of action, and some other coincidental weighty and
advantageous issues to verify the amalgamation procedure in the event that it is vital. The
request of the Tribunal allowing assent to the plan of amalgamation must be put together by
each company to which the request applies (i.e., the amalgamating company and the
amalgamated company) to the Registrar of Companies for enlistment inside thirty days.

10
 COMPANY LAW- MERGERS AND ACQUSITIONS AS A GROWTH STRATEGY

STRATEGIES PERTAINING TO MERGERS & ACQUISITIONS

Merger and Acquisition Strategies are critical so as to determine the most extreme
advantage out of a merger or obtaining bargain. A sound vital arranging can shield any
merger from disappointment. Through market study and market investigation of diverse
mergers and acquisitions, it has been discovered that there are some brilliant rules which can
be treated as the Strategies for Successful Merger or Acquisition Arrangement. Wherein, it
stands imperative that the entire merger and acquisition process be carried out rather
strategically to proceed with smooth functioning of both the entities so involved in the entire
process as. The following strategies can be incorporated before moving ahead with the process_

STRATEGIES-

 Before entering in to any merger or procurement bargain, the objective company's market
execution and market position is required to be analysed completely so that the ideal target
company can be picked and the arrangement can be finished at a privilege cost.
 Identification of future market openings, ongoing business sector patterns and client's
response to the company's items are additionally essential so as to survey the development
capability of the company.
 After concluding the merger or obtaining bargain, the incorporation procedure of the
companies ought to be begun in time. Prior to the bringing home the bacon, when the
arrangement process is on, from that time, the administration of both the companies
requires to take a shot at a legitimate joining strategy. This is to guarantee that no potential
issue crops up after the getting it done.
 On the off chance that the company which means to gain the objective company plans
rebuilding of the objective company, at that point this arrangement ought to be announced
and executed inside the time of obtaining to keep away from vulnerabilities.
 It is additionally critical to consider the workplace and culture of the workforce of the
objective company, at the season of illustration up Merger and Procurement Strategies, with
the goal that the representatives of the objective company don't feel forgotten and become
dampened. Endeavor to keep the representatives educated, support criticism, speak the truth
about what's coming down the road, and ensure individuals remain centred by guaranteeing
the most ideal begin for the recently extended company.

11
 COMPANY LAW- MERGERS AND ACQUSITIONS AS A GROWTH STRATEGY

MERGER AND ACQUISITIONS AS A GROWTH STRATEGY

As mergers and acquisitions might be productive now and again, the impact of mergers and
acquisitions on different factions of the company may contrast. In the article beneath, subtleties
of how the investors, representatives and the administration individuals are influenced has been
advised. Mergers and acquisitions are gone for improving benefits and profitability of a
company. At the same time, the goal is likewise to diminish costs of the firm. Be that as it may,
mergers and acquisitions are not constantly effective. Now and again, the principle objective
for which the procedure has occurred loses center. The achievement of mergers, acquisitions
or takeovers is dictated by various factors.

Those mergers and acquisitions, which are opposed not just influences the whole work compel
in that association yet in addition hurt the believability of the company. Simultaneously,
furthermore to going amiss from the actual point, mental impacts are likewise many. Studies
have proposed that mergers and acquisitions influence the senior officials, work drive and the
investors.

These intentions are considered to include investor esteem:

- Economies of Scale: This by and large alludes to a strategy in which the normal expense
per unit is diminished through expanded generation, since fixed expenses are shared over
an expanded number of merchandises. In a layman's language, more the items, more is the
bartering power. This is conceivable just when the companies blend/join/obtained, as the
equivalent can regularly pulverize copy divisions or activity, consequently bringing down
the expense of the company in respect to hypothetically a similar income stream,
subsequently expanding benefit. It additionally gives changed pool of assets of both the
consolidating companies alongside a bigger offer in the market, wherein the assets can be
worked out.
- Cross selling: For instance, a bank purchasing a stock intermediary could then pitch its
financial items to the stock agents’ clients, while the specialist can join the bank' clients for
money market fund. Or on the other hand, a manufacturer can obtain and sell
complimentary items.
- Improved market reach and industry perceivability: Companies purchase
companies to achieve new markets and develop incomes and profit. A union may grow two

12
 COMPANY LAW- MERGERS AND ACQUSITIONS AS A GROWTH STRATEGY

companies' promoting and dispersion, giving them new deals openings. A merger can
likewise improve a company's remaining in the speculation network: greater firms
frequently have a simpler time raising capital than littler ones.
- Increased income/Increased Market Share: This thought process accept that the
company will retain the real contender and, in this manner, increment its capacity (by
catching expanded piece of the overall industry) to set costs.
- Corporate Synergy: Better utilization of complimentary assets. It might appear as
income improvement (to produce more income than its two ancestor independent
companies would almost certainly create) and cost reserve funds (to diminish or kill costs
related with maintaining a business).
- Taxes: A beneficial can purchase a misfortune creator to utilize the objective's assessment
directly off for example wherein a debilitated company is purchased by monsters.
- Geographical or other expansion: this is intended to smooth the acquiring
aftereffects of a company, which over the long haul smoothens the stock cost of the
company giving moderate financial specialists more trust in putting resources into the
company. Nonetheless, this does not generally convey an incentive to investors.
- Resource exchange: Resources are unevenly dispersed crosswise over firms and
interaction of target and securing firm assets can make an incentive through either
conquering data asymmetry or by joining rare assets.

FLIPKART AND MYNTRA MERGER

- Flipkart and Myntra Merge

A) Business Expansion and Market Consolidation-

‘Flipkart has already acquired a large consumer base in e-commerce of Books, Electronics
Goods etc. So instead of struggling with its rudimentary vertical of Fashion and Lifestyle
Products, the acquisition of well trusted player of same domain, Myntra, was upright choice
for Flipkart. More than 150k product catalogue of Myntra helped Flipkart in enhancing its
business vertical of apparel. Flipkart co-founder stated about this acquisition that they, at
Flipkart, believed that they wanted to be leaders in every segment and fashion was a category

13
 COMPANY LAW- MERGERS AND ACQUSITIONS AS A GROWTH STRATEGY

of the future, this acquisition would help us become leaders in this category. Further the founder
of Myntra, stated that they wanted to exploit their mutual synergies (like the technology at
Flipkart and market leadership of Myntra) in order to accelerate their growth. Flipkart also
ensured the sector consolidation of e-commerce by acquisition of Myntra. It’s like becoming
one single known name when online shopping comes into mind. So, the best strategy for market
consolidation of e-commerce is by incorporating all possible verticals into one single business
model.’7

B) Market Competition –

Market rivalry that both of the players, Myntra and Flipkart were confronting was tremendous.
All the marketing catching systems could without much of a stretch be repeated by big deal
like Snapdeal, Amazon, E-straight – sufficient regarding assets, innovation and labour.
Likewise, the guideline of FDI was a major worry for both of the player. As the administration
was wanting to permit 100% FDI in retail, players like Amazon, E-bay, Walmart could have
presented their very own items and moved to a stock-based model. Prior model of Flipkart was
likewise stock based before they confronted capital issues and moved to market-based model.
The joined market offer of both the players was at that point half which was relied upon to
increment up to 70% after this attire concentrated securing. So, the arrangement was a success
win circumstance for both to remain against the market rivalry in long run.

C) Buyer Base – Loyalty, Sharing and Acquisition -

Before the Deal however web-based business had made an exceptional nearness in startup eco-
framework, loyalty of shoppers was still in uncertainty. The accessibility of expansive number
of players of same area, money copy strategies for pulling in customers, rebate situated
mentality of open and so forth were a portion of the reasons that were making substantial
disturbance in entrance and loyalty. Additionally, since the securing cost of purchasers was
high for online business players and exchanging cost was non-existing so they both required
an extensive pool of faithful customers. Through the arrangement Myntra and Flipkart had the
capacity to join their unwavering purchaser base into a typical pool

7
Available at: https://www.academia.edu/29727435/merger_and_acquisition_of_flipkart

14
 COMPANY LAW- MERGERS AND ACQUSITIONS AS A GROWTH STRATEGY

D) Loss Reduction by Combining the Services – Technology, Consumers, Logistics -

Up until now, none of the online business player had answered to accomplish gainfulness in
their plan of action. High money consumes, forward and turn around coordination’s cost in
poor foundation, specialized back-end cost and so forth were the variables adding to this
nonstop loss of cash for these E-trade firms. Combined services of both the players, shared
coordination’s, specialized back-end, shoppers would help them in decreasing this loss over
income. So, the arrangement was a success win circumstance for Myntra and Flipkart.

E) Ascent of private mark players – High overall revenues-

One noteworthy preferred standpoint to the retailers in India, and which works for private
names, originates from the way that Indian purchasers are less brand cognizant and greater
quality and freshness cognizant. Retailers have expanded their benefits by offering private
mark items since there are tremendous edges to be accomplished from private name items,
which are 30-40% higher edges than marked items. Retailers are no additionally offering low
quality items at a lesser cost. However, they are making new dimension of separation, better
evaluating for a decent quality item and new marketing and advancement methodologies.

Flipkart which was before into marked item selling saw a superior choice through Myntra’s
private naming technique. Myntra’s relationship with various private name players was another
additional favourable position.

15
 COMPANY LAW- MERGERS AND ACQUSITIONS AS A GROWTH STRATEGY

CONCLUSION

In genuine terms, the basis behind mergers and acquisitions is that the two companies are
progressively important, productive than individual companies and that the investor esteem is
likewise well beyond that of the entirety of the two companies. In spite of negative
examinations and opposition from the financial analysts, Mergers and Acquisitions keep on
being an essential instrument behind development of a company. Reason being, the expansion
isn't restricted by inside assets, no channel on working capital - can utilize trade of stocks, is
attractive as tax reduction or more all can merge industry - increment association's market
control.

With a plenty of financing choices, this yearning has turned into a reality for some corporate
houses, who can now brag of having the best in the business under their wings. Indian
companies have frequently outperformed their remote partners in corporate rebuilding both
inside and past the national outskirts. Mergers what's more, acquisitions are incredible markers
of a vigorous and developing economy. The legitimate structure for such corporate rebuilding
must be simple and facilitative what's more, not prohibitive and buried in bureaucratic and
administrative obstacles

With the foreign direct investment approaches, winding up has all the more changed, Mergers,
Acquisitions and partnership talks are warming up in India and are developing with a
consistently expanding rhythm. The rundown of past and foreseen mergers covers each size
and assortment of business - mergers are on the expansion over the entire commercial center,
giving stages to the little companies being gained by greater ones.

The fundamental purpose for mergers and acquisitions is that associations consolidation and
structure a solitary substance to accomplish economies of scale, augment their span, secure
vital aptitudes, and addition upper hand. In basic wording, mergers are considered as a critical
device by companies for motivation behind extending their activity and expanding their
benefits, which in façade relies upon the sort of companies being consolidated. Indian markets
have seen expanding pattern in mergers which might be because of business union by vast
modern houses, combination of business by multinationals working in India, expanding rivalry
against imports and procurement activities. Thusly, it is ready time for business houses and
corporate to watch the Indian market, and work through their opportunities

16
 COMPANY LAW- MERGERS AND ACQUSITIONS AS A GROWTH STRATEGY

REFERENCES

- WEBLIOGRAPHY:

 www.legalservicesindia.com
 www.shodhganga.ac.in
 www.nishithdesai.in
 www.academia.edu.in
 www.icmr.india.org
 www.economictimes.com

- BIBLIOGRAPHY:

 Financial Management and Policy-Text and Cases’, V.K Bhalla, 5th revised
edn, p.1016.
 Corporate Mergers Amalgamations and Takeovers’, J.C Verma,4th edn.,
2002, p.59.
 Biswas Joydeep, (2004) : Corporate Mergers & Acquisitions in India Indian
Journal of Accounting Vol. XXXV(1), pp.67-72
 Shrimali Vijay and Saxena Karunesh, (2004) : Merger & Acquisitions :
Indian Journal of Accounting Vol. XXXV(1), pp 48-54
 Vanitha, S. and M. Selvam, 2007. Financial Performance of Indian
Manufacturing Companies during Pre and Post Merger. International
Research Journal of Finance and Economics, 12:7-35

17