{"id":10850,"date":"2020-06-04T15:18:48","date_gmt":"2020-06-04T09:48:48","guid":{"rendered":"https:\/\/swaritadvisors.com\/learning\/?p=10850"},"modified":"2020-11-25T16:35:54","modified_gmt":"2020-11-25T11:05:54","slug":"cross-border-mergers-and-acquisitions-in-india","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/learning\/cross-border-mergers-and-acquisitions-in-india\/","title":{"rendered":"Cross Border Mergers and Acquisitions in India: A Complete Guide"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Businesses across the world are moving towards smarter collaborations by way of alliances with large corporations or new startups. Most businesses look for restricting their operational model through partnerships in the form of Mergers and Acquisition. When a business wishes to expand globally to meet the changing scenarios of globalisation and deglobalisation, it looks to collaborate with a business in another country. New government policies and the importance cross-border deals to grow globally, make it important for businesses to have comprehensive knowledge about cross border <strong><a href=\"https:\/\/swaritadvisors.com\/mergers-and-acquisitions\" class=\"text-primary\">Mergers and Acquisitions<\/a><\/strong>. This blog talks in detail about cross border mergers and acquisitions in India, their meaning, laws applicable and types, along with the issues related to cross border M&amp;A and their effects on businesses.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a54af05400ca\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a54af05400ca\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/learning\/cross-border-mergers-and-acquisitions-in-india\/#What_is_the_Meaning_of_Mergers_and_Acquisitions\" title=\"What is the Meaning of Mergers and Acquisitions?\">What is the Meaning of Mergers and Acquisitions?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/learning\/cross-border-mergers-and-acquisitions-in-india\/#Meaning_of_Mergers\" title=\"Meaning of Mergers\">Meaning of Mergers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/learning\/cross-border-mergers-and-acquisitions-in-india\/#Meaning_of_Acquisition\" title=\"Meaning of Acquisition\">Meaning of Acquisition<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/learning\/cross-border-mergers-and-acquisitions-in-india\/#What_are_Cross_Border_Mergers_and_Acquisitions\" title=\"What are Cross Border Mergers and Acquisitions?\">What are Cross Border Mergers and Acquisitions?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/learning\/cross-border-mergers-and-acquisitions-in-india\/#Benefits_of_Cross_Border_Mergers_and_Acquisitions\" title=\"Benefits of Cross Border Mergers and Acquisitions\">Benefits of Cross Border Mergers and Acquisitions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/learning\/cross-border-mergers-and-acquisitions-in-india\/#Elevation_in_Capital\" title=\"Elevation in Capital\">Elevation in Capital<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/learning\/cross-border-mergers-and-acquisitions-in-india\/#Generation_of_Employment_Opportunities\" title=\"Generation of Employment\nOpportunities\">Generation of Employment\nOpportunities<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/learning\/cross-border-mergers-and-acquisitions-in-india\/#Technology_Exchange\" title=\"Technology Exchange\">Technology Exchange<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/swaritadvisors.com\/learning\/cross-border-mergers-and-acquisitions-in-india\/#Laws_Applicable_Over_Cross_Border_Mergers_and_Acquisitions\" title=\"Laws Applicable Over Cross Border Mergers and Acquisitions\">Laws Applicable Over Cross Border Mergers and Acquisitions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/swaritadvisors.com\/learning\/cross-border-mergers-and-acquisitions-in-india\/#Inward_and_Outward_Cross-_Border_Mergers_and_Acquisitions_in_India\" title=\"Inward and Outward Cross- Border Mergers and Acquisitions in India\">Inward and Outward Cross- Border Mergers and Acquisitions in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/swaritadvisors.com\/learning\/cross-border-mergers-and-acquisitions-in-india\/#Issues_Relating_to_Cross_Border_Mergers_Acquisitions\" title=\"Issues Relating to Cross Border Mergers &amp; Acquisitions\">Issues Relating to Cross Border Mergers &amp; Acquisitions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/swaritadvisors.com\/learning\/cross-border-mergers-and-acquisitions-in-india\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_Meaning_of_Mergers_and_Acquisitions\"><\/span>What is the Meaning of Mergers and Acquisitions?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Meaning_of_Mergers\"><\/span>Meaning of Mergers<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The\nterm \u2018mergers\u2019 is not defined under the Indian laws, but the concept of\nbusiness mergers has been defined as the combination or amalgamation of two or\nmore independent business entities that have different legal identities to form\na single business venture. <\/p>\n\n\n\n<p>Mergers\ngenerally take place when one large firm absorbs a smaller business or\nbusinesses. Commonly, companies look to merge with new startups or small\nbusinesses to merge their customer base, technology and operations. Mergers are\nsegmented as horizontal mergers, vertical mergers and conglomerates.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Meaning_of_Acquisition\"><\/span>Meaning of Acquisition<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>An acquisition is another form of business alliance;\nhowever, in an acquisition, a larger company takes over a small company by\npurchasing it. This way, the larger company controls the share capital and all\nthe assets and liabilities of the acquired business. <\/p>\n\n\n\n<p>A business may acquire another business by acquiring\nits shares which assigns the acquiring company the decision-making power in the\nacquired company relating to its assets without the need to seek approval from\nthe shareholders of the acquired company. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_Cross_Border_Mergers_and_Acquisitions\"><\/span>What are Cross Border Mergers and Acquisitions?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Cross-border mergers and acquisitions happen when a company acquires or merges with another company in a different country. When a company plans its global expansion in a foreign country without establishing a new company and starting from the beginning, it engages in cross-border mergers and acquisitions in order to combine with or overtake a company.<\/p>\n\n\n\n<p>A foreign company that wishes to invest in India or\nestablish its presence in the country can opt for cross border mergers or\nacquisitions with a domestic company which already has a customer base in the\ndomestic market. In India, cross border M&amp;As have increased in the past\ncouple of decades, with an increase in investment deals between various Asia\nPacific countries. Reports estimate a 200% increase in the number of such deals\nin the APAC countries, with companies from China, South Korea, Singapore, etc.\nopting for cross border mergers and acquisitions to set up their footprint in\nIndia. A flourishing market, liberalisation and globalisation paved the way for\nmany foreign companies to see India as a potential and profitable business\nopportunity.<\/p>\n\n\n\n<p>Cross-border M&amp;As result in the restructuring of\nthe assets and operations of the companies. Such deals allow companies to share\ntheir technology, goods, market strategies, know-how and capital. Cross-border\nM&amp;As also contribute significantly to the country\u2019s economy and invites\nmore investments in the company.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_of_Cross_Border_Mergers_and_Acquisitions\"><\/span>Benefits of Cross Border Mergers and Acquisitions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>Cross-border Mergers &amp;Acquisitions in India come with the following benefits:<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Elevation_in_Capital\"><\/span>Elevation in Capital<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Cross border merger and acquisitions significantly\ngive rise to the capital of the business, allowing it to function smoothly in\nthe long run. It enables the new entity to expand its operations as and when\nrequired, purchase more land, buy more plants and machinery, develop its\nproducts and services, and much more. It also allows companies to share their\nintangible assets such as technology, and Intellectual Property like Trademark,\nCopyright and Patent.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Generation_of_Employment_Opportunities\"><\/span>Generation of Employment\nOpportunities<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Cross border mergers and acquisitions also allow companies to start hiring more employees eventually. In the long run, companies resulting out of cross border mergers and acquisitions give rise to more employment opportunities when they expand their operations.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Technology_Exchange\"><\/span>Technology Exchange<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>With combination or acquisition between two companies,\ntheir technical know-how is also exchanged. They are able to share their\nmanagement and operational strategies, IPR, risk management and planning\nstrategies, etc. This, directly and indirectly, gives rise to more innovation\nand product development in the host country.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Laws_Applicable_Over_Cross_Border_Mergers_and_Acquisitions\"><\/span>Laws Applicable Over Cross Border Mergers and Acquisitions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>The laws that regulate cross border merger and acquisitions in India are as follows:<\/strong><\/p>\n\n\n\n<ol><li>The Companies Act, 2013<\/li><li>The SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011<\/li><li>The Competition Act 2002<\/li><li>The Insolvency and Bankruptcy Code, 2016<\/li><li>The <a href=\"https:\/\/swaritadvisors.com\/income-tax-return-filing\" class=\"text-primary\"><strong>Income Tax return<\/strong><\/a> Act, 1961<\/li><li>The Department of Industrial Policy and Promotion (DIPP) Guidelines<\/li><li>The Transfer of Property Act, 1882<\/li><li>The Indian Stamp Act, 1899<\/li><li>The Foreign Exchange Management Act, 1999 (FEMA).<\/li><\/ol>\n\n\n\n<p>Additionally,\nthe Foreign Exchange Management (Transfer or Issue of Security by a Person\nResident Outside India) Regulations, 2000 (the FDI Regulations) and Foreign\nExchange Management (Transfer or Issue of any Foreign Security) Regulations,\n2004 are also applicable over mergers and acquisitions in India.<\/p>\n\n\n\n<p>Recently,\nthe Reserve Bank of India also issued the Foreign Exchange Management\n(Cross-Border Merger) Regulations, 2018 under FEMA. These regulations lay down\nthe provisions relating to mergers, amalgamations, demergers, arrangements,\netc. between foreign companies and Indian companies relating to inward and\noutward cross border mergers and acquisitions in India.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Inward_and_Outward_Cross-_Border_Mergers_and_Acquisitions_in_India\"><\/span>Inward and Outward Cross- Border Mergers and Acquisitions in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In\nIndia, cross border mergers and acquisitions are divided as per the purchase\nand sales. The Indian laws provide for two kinds of mergers and acquisitions: <\/p>\n\n\n\n<ul><li><strong>InwardCross-\nBorder Mergers and Acquisitions<\/strong>: When the company\nformed out of merger and acquisition is an Indian company. This happens when a\nforeign company merges with or acquires an Indian company.<\/li><li><strong>Outward\nCross- Border Mergers and Acquisitions<\/strong>:\nWhen the company formed out of merger and acquisition is a foreign company.\nThis happens when an Indian company merges or acquires a foreign company.<\/li><\/ul>\n\n\n\n<p>The same has been provided under Section 234 of the Companies Act which was notified by the Ministry of Corporate Affairs by way of notification dated April 13. The notification provided the scheme to materialise inbound and outbound mergers.\u00a0 The scheme also provided changes to the Companies (Compromises, Arrangement and Amalgamation) Rules, 2016 to allow cross border acquisitions.<\/p>\n\n\n\n<p>Recently, the Reserve Bank of India (RBI) also came up with draft regulations, which were later notified and implemented from March 20, 2018. These regulations are named the Foreign Exchange Management (Cross Border Merger) Regulations, 2018 and lay down the complete framework for cross border mergers in India. These FEMA Regulations also provide the provisions related to exchange control in terms of inward and outward mergers.<\/p>\n\n\n\n<p>Before\nthe implementation of these FEMA Regulations, the company wanting to engage in\ncross border mergers was required to get an approval from the RBI before filing\nan application with the National Company Law Tribunal to obtain the permission\nto perform such mergers. This was made compulsory since such cross-border\nmergers led to a change in the ownership of assets and liabilities of the\nbusiness. This prevented many investors from entering the Indian market due to\nthe multiple regulatory requirements and additional permits required for the\nprocess.<\/p>\n\n\n\n<p>The\nFEMA Regulations, 2018 provided a simpler way of performing these transactions.\nIt stated that when the underlying transaction was as per the FEMA Regulations,\nthe same would be deemed to have received the approval of the RBI. This was\ndone to provide more liberal and welcoming option to invite foreign investors\nin India and increase foreign director investment in the country.<\/p>\n\n\n\n<p>Additionally, before the FEMA Regulations, when the company resulting out of such inbound and outbound mergers was out of the permission scope of the <strong>Foreign Exchange Management Act, 1999<\/strong> or FEMA Rules to hold assets or securities, it was required to mandatorily sell such assets or securities within 180 days from the date of scheme. In case the company failed to do so, the company was liable to pay penalties, stamp duty and tax, in addition to the fee, duty and tax paid to receive approval for the cross border merger.<\/p>\n\n\n\n<p>However,\nthe FEMA Regulation, 2018 has provided some relief in these regards to the\nforeign companies acquiring or holding assets or securities in India. Under the\nregulations, the company now gets a period of 2 years to sell such assets and\nsecurities. It has also permitted the foreign companies in outward mergers to\nopen their Special Non-Resident Rupee Account (SNRR Account) as per the Foreign\nExchange Management (Deposit) Regulations, 2016 for two years.<\/p>\n\n\n\n<p><strong>The FEMA Regulations have also simplified the provisions relating to the following when it comes to inward or outward mergers in India: <\/strong><\/p>\n\n\n\n<ul><li>Requirements for the\nbusiness valuation.<\/li><li>Deciding the jurisdiction\napplicable over the foreign companies.<\/li><li>Holding of assets and\nsecurities by the company resulting out of such cross border mergers and\nacquisitions. <\/li><li>Requirements for reporting\nto the appropriate authorities.<\/li><\/ul>\n\n\n\n<p>These\nchanges have simplified the manner in which cross border mergers and\nacquisitions are executed by Indian and foreign companies. The new regulations\nhave reduced the complexities and allowed more Indian companies to expand their\noperations by inward and outward mergers.<\/p>\n\n\n\n<p>The\nFEMA Regulations also provide the meaning of cross border mergers in India. The\nRegulations define cross-border mergers as merger, amalgamation or arrangement\nbetween an Indian company and foreign company under the applicable laws. This\ndefinition has more scope and covers various kinds of transactions as compared\nto Section 234 of the Companies Act.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Issues_Relating_to_Cross_Border_Mergers_Acquisitions\"><\/span>Issues Relating to Cross Border Mergers &amp; Acquisitions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>While\ncross border mergers and acquisitions come with innumerable benefits to\nbusinesses, there are various issues and risks associated with such\ncross-country transactions. These issues relating to cross border mergers and\nacquisitions can be summed up as follows:<\/p>\n\n\n\n<p><strong>Political\nIssues<\/strong>: When it comes to defence and other\nsecurity-related sectors, cross border mergers and acquisitions are heavily\naffected by the political climate between India and other countries. <\/p>\n\n\n\n<p><strong>Cultural\nDifferences<\/strong>: Cultural differences between\ncountries also pose numerous threats to successful cross border mergers and\nacquisitions. Foreign companies entering India are unable to cope up with the\ncultural difference, and this often leads to failure of such transactions.<\/p>\n\n\n\n<p><strong>Legal Issues<\/strong>: There are numerous legal and regulatory requirements associated with cross border mergers and acquisitions. This discourages many companies from opting for such transactions and often leads to foreign companies walking out of their merger and acquisition deals.<\/p>\n\n\n\n<p><strong>Taxation\nIssues<\/strong>: Taxation and accounting requirements to\nbe followed in cross border mergers and acquisitions can be overwhelming. This\nmay make it difficult for the resulting company to cope up with the taxation\ncompliances and affect its tax planning and management. <\/p>\n\n\n\n<p><strong>Issues Relating to Due Diligence<\/strong>: Due diligence can also impact the stipulations relating to cross border merger and acquisition transaction. It can also affect the structure of the deal, price relating to it, and the asset sharing structure between the companies.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Cross border mergers &amp; acquisitions allow companies to collaborate with companies in other countries by the way of controlling all the assets or a percentage of a company\u2019s assets. Cross border M&amp;As have become a popular choice for businesses to leverage the advancement and developing markets in other countries. Such transactions also lead to an increase in the price of a company\u2019s shares and give rise to more foreign direct investment deals.<\/p>\n\n\n\n<p>However, there are various aspects of mergers and acquisitions to be carefully considered before opting for the restructuring of a business. Additionally, the various issues associated with cross border M&amp;As also make it important for a business to carefully assess its options before transacting with a foreign country. Similarly, a foreign country must carefully assess the legal and regulatory requirements associated with cross border transactions for entering the Indian market. This makes it crucial for Indian and foreign companies to consult M&amp;A business experts before finalising their deals to ensure that the FEMA regulations and law are adhered to and the interest of both the companies is protected.<\/p>\n\n\n\n<div class=\"read\"><p><b>Also, Read:<\/b> <mark><a href=\"https:\/\/swaritadvisors.com\/learning\/mergers-and-acquisitions-trends-and-outlook-in-this-sector\/\">Mergers and Acquisitions: Trends and Outlook in this Sector<\/a><\/mark>.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Businesses across the world are moving towards smarter collaborations by way of alliances with large corporations or new startups. Most businesses look for restricting their operational model through partnerships in the form of Mergers and Acquisition. When a business wishes to expand globally to meet the changing scenarios of globalisation and deglobalisation, it looks to [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":10874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[622],"tags":[642],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/10850"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/comments?post=10850"}],"version-history":[{"count":17,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/10850\/revisions"}],"predecessor-version":[{"id":16781,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/10850\/revisions\/16781"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media\/10874"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media?parent=10850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/categories?post=10850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/tags?post=10850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}