Given below are two statements:

Statement I : Amalgamation is the merger to two or more companies when necessity arises into a large organization.

Statement II : The old firms do not lose their identity even after merger.

In the light of the above statements, choose the correct answer from the options given below :

A

Both Statement I and Statement II are correct

B

Both Statement I and Statement II are incorrect

C

Statement I is correct but Statement II is incorrect

D

Statement I is incorrect but Statement II is correct