Business Transfer in India: Why, How and When to Use a Slump Sale Structure In any merger or acquisition, the question is not just what is being acquired, but how it is being acquired. The choice of transaction structure—whether through share purchase, asset acquisition, or business transfer—has far-reaching implications on…

Cash Conversion Cycle: The Hidden Driver of Valuation Introduction – The Valuation Gap Nobody Notices In valuation practice, it is common to see two companies with similar revenue, margins, and growth profiles being valued very differently. At first glance, this may appear irrational. However, the answer often lies not in…

Valuation Analysis of Balaji Wafers: DCF, Comparable Multiples & Investment Insights Company Overview Balaji Wafers Private Limited is a leading Indian snack food manufacturer headquartered in Rajkot, Gujarat. Established in 1974 by the Virani family, the Company has evolved into a prominent player in the packaged snacks segment, with strong…

Valuation and Declaration of Solvency in Corporate Restructuring: Regulatory Framework, Methods and Practical Insights Introduction – Importance of Solvency in Restructuring Corporate restructuring—whether through mergers, demergers, capital reduction, or voluntary winding up—requires a foundational assurance: the company must be solvent. Solvency is not merely an accounting concept; it is a…

Valuation for Purchase of Minority Shareholding under Section 236 – Fair Pricing, Methodology and Compliance Introduction – Understanding Minority Squeeze-out In corporate structures, particularly closely held companies and private equity-backed entities, situations often arise where majority shareholders seek to consolidate ownership by acquiring the remaining minority stake. These transactions, commonly…

Valuation for Issue of Shares for Consideration Other Than Cash: Regulatory Framework, Methods and Practical Insights Introduction – Concept of Non-Cash Share Issuance In modern corporate structuring, issuing shares for consideration other than cash has become a widely used mechanism to facilitate acquisitions, restructuring, and strategic partnerships. Instead of cash…

Companies Act Perspective on ESOPs: Section 62(1)(b), Rules, Approvals, and Compliance Requirements Employee Stock Option Plans (ESOPs) have evolved into one of the most effective tools for aligning employee incentives with long-term shareholder value. Particularly for startups, growth-stage companies, and professional service firms, ESOPs serve as a strategic instrument for…