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Landmark & favourable ruling for mergers of foreign companies with Indian companies
A landmark and favourable advance ruling, delivered by the Authority for Advance Rulings ('AAR'), in the case of non-resident STAR Group entities was recently announced. The ruling focuses on the amalgamations and tax planning benefits of cross border mergers. This will prove advantageous for foreign companies looking to merge with Indian companies. BMR Advisors, our Indian member, discuss the ruling in more detail in their latest newsletter.
The ruling assumes significance in view of reiteration by the AAR of the important principle that tax payers can organise their affairs in a manner to avail the benefit of exemption available under taxation laws. It is also a booster for cross border mergers and restructurings.
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