CS Professional CRVI case studies
CS Professional CRVI · Put your knowledge to work in context.
CS Professional – Corporate Restructuring, Valuation and Insolvency (CRVI) is a specialised paper in the Company Secretary Professional programme, delivered in India by the Institute of Company Secretaries of India (ICSI). It is written for candidates who already hold CS Executive level knowledge and now need to advise boards on transactions that reshape a company's capital and control - mergers and demergers, takeovers, distress situations, and the valuations that underpin them. The CS Professional CRVI case studies are 5 cases and about 4,825 words.
1The Demerger the Minority Would Not Bless
Zenith Alloys Ltd (ZAL), listed on NSE and BSE, proposes a composite scheme under sections 230 to 232 of the Companies Act, 2013: demerger of its aluminium-rolling undertaking into Zenith Foils Ltd (ZFL), a wholly-owned subsidiary, with ZFL issuing one share for every four held in ZAL to ZAL's shareholders; merger of the promoter vehicle Zenith Holdings (61.4%) into ZAL; and reduction of ZAL's securities premium by Rs 210 crore. The appointed date is 1 April 2023, but the petition reaches the Ahmedabad NCLT only in February 2024, supported by a registered valuer's report dated December 2023.
967 words, about 5 min2The Creeping Acquisition That Crossed 25%
Sunrise Cements Ltd (SCL) has 12.4 crore equity shares of Rs 10 each. The promoter group holds 21.42% - Sunrise Holdings 15.10% and Mr A.
954 words, about 5 min3Valuing a Brand Bought from the Promoter
Veda Wellness Ltd (VWL), listed, is 56.8% promoter-held. It proposes to buy the 'Sattva' brand - 42 trademark registrations, 19 formulations and a distribution network - from Sattva Consumer Care Ltd (SCC), a promoter-group company, for Rs 615 crore, paid by allotting 4.10 crore VWL shares at Rs 150 each.
950 words, about 5 min4The Resolution Plan That Paid the Dissenter Less
Prakash Ispat Ltd (PIL) was admitted to CIRP on 12 February 2024 on a section 7 application by Union Bank of India, whose admitted claim of Rs 312 crore forms part of total financial debt of Rs 840 crore. The CoC has seven financial creditors: Union Bank 38.2%, State Bank 22.4%, three other banks 27.6%, an NBFC 7.4% and an unsecured financial creditor 4.4%.
968 words, about 5 min5Closing Before the CCI Says Yes
Alturo NV, a European health insurer with global assets of about Rs 5.2 lakh crore, signed agreements on 5 April 2024 to acquire 100% of MedCare Services Ltd (MSL) for Rs 3,100 crore and 26% of Suraksha Health Insurance Ltd (SHIL) for Rs 1,640 crore, both from a private equity fund. MSL is India's largest third-party administrator, with a 39% share of a market whose HHI is 2,600 and revenue of Rs 1,450 crore.
986 words, about 5 min