Reconstruction of a company

The change in name and change of status from public limited to private limited does not amount to reconstruction of the Company or any of the company in which the said company is having any interest.

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Avika Kapoor

The expression `arrangement' or `reconstruction' is generally used when referring to the involvement of the rights of a company's shareholders and/or creditors, especially in the context of variation of such rights.

According to Halsbury's Laws of England (4th Edition Volume VII, paragraph 1539, page 855): "Neither `reconstruction' nor `amalgamation' has a precise legal meaning. Where an undertaking is being carried by a company and is in substance transferred, not to an outsider, but to another company consisting substantially of the same shareholders with a view to its being continued by the transferee company, there is a reconstruction."

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