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(c) Further, while considering the implications of a reverse merger, the Hon'ble Gujarat High Court's illustration quoted above in Bihari Mills Ltd., In re, 1983 SCC OnLine Guj 177, clearly supports Techno's case to the extent it is held that arrangement of takeover by reverse bid(present case also involves a reverse merger) in the present case will not affect the right of control with the existing controllers of the transferor company. This settles the issue concerning ownership of Simran remaining unchanged pursuant to the merger.

(a) The registered entity was a Public Limited Company prior to the merger and retains the same status even after the merger.

(b) This is neither a case of change of partnership to a company nor a case of demerger. Instead, as already explained, it is a case of merger of parent company into its subsidiary i.e. reverse merger.

Accordingly, the transferee company retained its status pursuant to the merger.

Judgment of Appeal No. 57 of 2020

Further while considering the implications of a reverse merger, the Hon'ble Gujarat High Court's illustration quoted in Bihari Mills Ltd., In re, 1983 SCC OnLine Guj 177, clearly supports Techno's case to the extent it is held that arrangement of takeover by reverse bid (present case also involves a reverse merger) in the present case will not affect the right of control with the existing controllersof the Judgment of Appeal No. 57 of 2020 transferor company. Therefore, this settled the issue concerning ownership of Simran remaining unchanged pursuant to the merger.