A leading firm of Chartered Accountants in New Delhi retained us to assist them in the corporate law matters in their assignment involving a reverse merger. A healthy company Mansarovar Bottling Company Limited, based at Najibabad, a town 200 kms from Delhi, was being merged into a sick company Mansarovar Paper & Industries Limited. It also involved sale of their bottling facilities to Coca-Cola and utilisation of the funds generated to pay off the dues to the lending institutions in the sick company. We assisted actively in the company law matters and also the representations at the insolvency courts. The merger and sale was concluded in 1998.

The owners of Magma Polymers Private Limited, Nasik, Maharashtra had a separate unit in the same city that was manufacturing downstream adhesive products. We advised them to merge the two units and handled the issues in a manner that the valuation of the company went up substantially without any tax liabilities. The company has also benefited from substantial increase in turnover and profitability due to consequent reduction in incidence of duties and taxes.

Valuations have been carried out for numerous companies like Guru Nanak Paper Mills Limited, Chandigarh, Elson Cotton Mills Limited, Faridabad, and Bharat Berg Limited, Kanpur on behalf of the principal lender Industrial Development Bank of India, Mumbai. We retained Chartered Engineers for technical aspects of the valuation. These assignments were carried out in the name of a firm of Chartered Accountants based in New Delhi in which one of the Directors was a partner.