Companies across the world want to improve their performance and profitability in the response of changing business environment. Corporate Restructuring involves significant reorientation or realignment of the investment (assets) or financing (liabilities) structure of a company through conscious management action with a view to drastically alter the quality and quantum of its future cash flow streams. This broad definition includes such corporate actions as mergers, acquisitions, divestitures, demergers (spin offs) and debt - equity changes. The term corporate restructuring is being increasingly used as a euphemism for corporate shrinkage through divestitures and perhaps even more commonly for man power reduction. Restructuring is a set of "articulated actions undertaken by firms to restore competitiveness that has eroded substantially.