Question

    What does the term "acquiring company" refer to in the

    context of the General Insurance Business (Nationalisation) Act?
    A An Indian insurance company Correct Answer Incorrect Answer
    B Any foreign insurance company operating in India Correct Answer Incorrect Answer
    C Any Indian insurance company formed as a result of amalgamation Correct Answer Incorrect Answer
    D Both a & c Correct Answer Incorrect Answer
    E All a b & c Correct Answer Incorrect Answer

    Solution

    Section 3 Definitions: (a) acquiring company means any Indian insurance company and, where a scheme has been framed involving the merger of one Indian insurance company in another or the amalgamation of two or more such companies, means the Indian insurance company in which any other company has been merged or the company which has been formed as a result of the amalgamation.

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