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Banking & Finance MCQ - Practice Questions with Answers

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Practice questions

Q1With reference to the merger scheme approved by the Boards of PFC and REC, consider the following statements: 1. Under the scheme, PFC will be merged into REC, with REC as the transferee company. 2. The scheme fixes a share exchange ratio of 100 equity shares of PFC for every 88 equity shares of REC. Which of the statements given above is/are correct?

A 1 only

B 2 only

C Both 1 and 2

D Neither 1 nor 2

Explanation

The scheme approved by the Boards merges REC (the transferor company) into PFC (the transferee company) under Sections 230-232 of the Companies Act, 2013, so Statement 1 is wrong because it reverses the two roles. The share exchange ratio is 88 equity shares of PFC for every 100 equity shares of REC, not 100 PFC for every 88 REC, so Statement 2 is also wrong. The merged entity will have a combined loan book of over Rs 11 lakh crore and must remain a Government Company. Hence neither statement is correct.

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