Stamp duty diktat on mergers puts T.N. companies in a spot

Mergers and amalgamations are set to turn costlier for corporates in Tamil Nadu, thanks to a circular clarifying the applicability of stamp duty on transfer of property under the Companies Act.A circular issued by the Inspector General of Registration in Chennai on November 20 said that the scheme of arrangements (mergers) sanctioned by the High Court or competent authorities evidencing transfer of properties “when presented for registration shall not be be registered unless it is unequivocally evident that original instrument is duly stamped.”

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