Harsha, there is hardly any diff in the mechanisms given by U and biki. U added an extra step that H2O attacks the already attached H2O+ and H3O+ leaves, its the same thing if we say that H+ leaves. We only omit a step.
Biki, I earlier mentioned that U cant predict whether SN1> OR SN2>. These are experimantal observations and U need to learn them wherever they r known. Last H3O+ attacks as the lone pair of O is attracted towards highly positve Hg2+, so it removes Hg2+ and places a H+ instead.
Hope U got it.
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