Demerger

The present ruling of the Delhi High Court is no doubt an important judgment and will change the face of mergers and acquisitions in times to come. So far as the legislation in Delhi is concerned, there is no special enactment relating to stamp duty. The Indian Stamp Act, 1899 continues to hold the field. Interestingly, unlike the states which have adopted separate stamp legislation having special rate of duty on court orders under section 394, the Delhi High Court has simply included the court order under the definition of conveyance which implies that the court order under section 394 shall be charged to duty at the same rate as any other conveyance deed. Nonetheless, the ruling of Delhi High Court assumes great importance in deciding the stampability of mergers in states which have not enacted their separate stamp legislation. Thus, its possible impact upon such states cannot be over-emphasized.

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