Letters: Another hasty move

A company goes to the insolvency code-based sale only when all other debt restructure methods of the Reserve Bank of India have failed

With reference to “Stressed unlisted firms may get tax incentives” (December 12), this is another instance of hasty and uncoordinated attempts at framing major legislation. Some of the problems like effective date, price benchmark for shares for debt conversion, eligibility of the existing promoters, other coercive proceedings like Debts Recovery Tribunal, and now tax issues pertaining to transfer of shares and for accumulated loss, could have been foreseen by an experienced group of tax and finance bureaucrats.
 
It stands to reason that imputing a fair market price different than that arrived through a bidding process is illogical. Once such