Section 16 of GIBNA : Section 16: Schemes For Mergers Of Companies, Etc
GIBNA
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Explanation using Example
Imagine a scenario where the Indian government decides that consolidating the general insurance market would enhance efficiency and customer service. To achieve this, it initiates a merger between two major insurance companies, say 'Indian Insurer A' and 'Indian Insurer B', to form a new entity, 'United Insurer'.
Under Section 16 of The General Insurance Business (Nationalisation) Act, 1972, the government issues a notification detailing the scheme of this merger. The scheme includes:
- The transfer of all assets and liabilities of 'Indian Insurer A' and 'Indian Insurer B' to 'United Insurer';
- The formation of 'United ...
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