Change in subsidiary shareholding excluded when foreign amalgamation or demerger preserves the same majority shareholders, limiting section 79.

The amendment inserts a proviso specifying that the continuity provision will not apply to a change in the shareholding of an Indian company that is a subsidiary of a foreign company where the change arises from an amalgamation or demerger of a foreign company, provided that the majority shareholders of the amalgamating or demerged foreign company remain shareholders of the amalgamated or resulting foreign company.

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