Demerger: reconstruction treated as demerger when asset transfer implements shareholders and share purchase agreements and resulting company is public sector. A reconstruction or splitting up of a company that ceased to be a public sector company shall be deemed a demerger where the reconstruction effects transfer of assets to the resulting company to give effect to the Shareholders' Agreement and Share Purchase Agreement, and the resulting company is a public sector company on the appointed date indicated in the scheme approved by the Appellate Tribunal under the Companies Act.