EFFECT OF NON-RECEIPT OF APPROVALS. 5.4.1 In the event of any of the sanctions and approvals referred to in Clause 5.3 not being obtained and/ or the Scheme not being sanctioned by the High Court or such other competent authority and / or the Order not being passed as aforesaid before 31st March, 2011 or within such further period or periods as may be agreed upon between the Transferor Company and the Transferee Company by their respective Boards of Directors (and which the Boards of Directors of the Transferor Company and the Transferee Company are hereby empowered and authorised to agree to and extend the Scheme from time to time without any limitation), this Scheme shall stand revoked, cancelled and be of no effect, save and except in respect of any act or deed done prior thereto as is contemplated hereunder or as to any rights and / or liabilities which might have arisen or accrued pursuant thereto and which shall be governed and be preserved or worked out as is specifically provided in the Scheme or as may otherwise arise in law. Each party shall bear and pay its respective costs, charges and expenses for and or in connection with the Scheme.
EFFECT OF NON-RECEIPT OF APPROVALS. 25.1 If any of the sanctions and approvals referred to in Clause 24 are not obtained (or to the extent permissible under Applicable Law, waived) and/ or the Scheme is not sanctioned by NCLT or the Sanction Order(s) is not passed by the NCLT as aforesaid on or prior to December 31, 2019, or within such further period as may be agreed upon between the respective Boards of the Transferor and Transferee, the Boards of the Transferor and the Transferee may opt to terminate this Scheme and then in such cases, the Scheme shall stand terminated, revoked, cancelled and be null and void and of no effect and the Transferor and the Transferee, if required, may file appropriate proceedings before the NCLT in this respect.
EFFECT OF NON-RECEIPT OF APPROVALS. In the event of any of the said sanctions and approvals referred to in the preceding Clause 18 not being obtained and / or the Scheme not being sanctioned by the High Court or such other competent authority and / or the order or orders not being passed as aforesaid before March 31, 2011 or such other date as may be agreed by the respective Board of Directors of PRIL and Resulting Companies may determine, the Scheme shall become null and void, and each party shall bear and pay their respective costs, charges and expenses in connection with the Scheme.
EFFECT OF NON-RECEIPT OF APPROVALS. In the event of any of the said sanctions and approvals referred to in Clause 18 and 19 above not being obtained (unless otherwise released by the Board of Directors) and / or the Scheme not being sanctioned by the Hon’ble High Court or such other competent authority as aforesaid, this Scheme shall stand revoked, cancelled and be of no effect, save and except in respect of any act or deed done prior thereto as is contemplated hereunder or as to any rights and / or liabilities which might have arisen or accrued pursuant thereto and which shall be governed and be preserved or worked out as is specifically provided in the Scheme or as may otherwise arise in law.
EFFECT OF NON-RECEIPT OF APPROVALS. In the event of any of the said sanctions and approvals referred to in Clause 17 not being obtained and/ or the Scheme not being sanctioned by the High Court or such other appropriate authority, if any, this Scheme shall stand revoked, cancelled and be of no effect, save and except in respect of any act or deed done prior thereto as is contemplated hereunder or as to any rights and/ or liabilities which might have arisen or accrued pursuant thereto and which shall be governed and be preserved or worked out as is specifically provided in the Scheme or as may otherwise arise in law and agreed between the respective parties to this Scheme. Each party shall bear and pay its respective costs, charges and expenses for and or in connection with the Scheme unless otherwise mutually agreed.
EFFECT OF NON-RECEIPT OF APPROVALS. 31.1 In the event of any of the said sanctions and approvals referred to in Clause 30 not being obtained (or to the extent permissible under Applicable Law, waived) and/ or the Scheme not being sanctioned by NCLT or such other competent authority and/ or the sanction order(s) not being passed by the NCLT as aforesaid before March 31, 2018 (“Long Stop Date”) or such other date as may be agreed upon in writing between Strides, Sequent and Solara by their respective Boards, any of the Companies may opt to terminate this Scheme and the Scheme shall stand revoked, cancelled and be of no effect and any of the Companies, if required, may file appropriate proceedings before the NCLT in this respect. Provided that the right to terminate this Scheme shall not be available to Strides or Sequent if its failure to fulfil any obligation under this Scheme or the ancillary documents shall have been the cause of, or shall have resulted in, the failure of the Effective Date to occur on or prior to the Long Stop Date.
EFFECT OF NON-RECEIPT OF APPROVALS. In the event of any of the said sanctions and approvals referred to above not being obtained and/or the Scheme not being sanctioned by the Hon’ble National Company Law Tribunal or such other competent authority, for any reason, this Scheme shall stand revoked, cancelled and be of no effect, save and except in respect of any act or deed done prior thereto as contemplated hereunder or as to any rights and/or liabilities which might have arisen or accrued pursuant thereto and which shall be governed and be preserved or worked out as in specifically provided in the Scheme or as may otherwise arise in law.
EFFECT OF NON-RECEIPT OF APPROVALS. 23.1. In case the Scheme is not approved by the Tribunal or any of the approvals or conditions enumerated in the Scheme have not been obtained or complied with, or for any other reason, if this Scheme cannot be implemented, then the board of directors of the Demerged Company and the Resulting Company shall mutually waive such conditions as they consider appropriate to give effect, as far as possible, to this Scheme and failing such mutual agreement, the Scheme shall become null and void and in such event no rights or liabilities whatsoever shall accrue to or be incurred by either the Resulting Company or the Demerged Company and each party shall bear their respective costs, charges and expenses in connection with this Scheme unless otherwise mutually agreed upon.
EFFECT OF NON-RECEIPT OF APPROVALS. 44.1. In the event any of the said approvals or sanctions referred to above not being obtained or conditions enumerated in the Scheme not being complied with, or for any other reason, the Scheme cannot be implemented, the Boards of Directors or committee empowered thereof of ATPL, EFFSL, EFL, FCL and FESL shall by mutual agreement waive such conditions as they consider appropriate to give effect, as far as possible, to this Scheme and failing such mutual agreement, the Scheme shall become null and void and shall stand revoked, cancelled and be of no effect and each party shall bear and pay their respective costs, charges and expenses in connection with the Scheme.
EFFECT OF NON-RECEIPT OF APPROVALS. In the event of any of the consents, approvals, permission, resolutions, agreements, sanctions or conditions enumerated in the Scheme not being obtained or complied, or for any other reason, this Scheme cannot be implemented, then the Board of Directors of the Transferor Companies, the Transferee Company or Resulting Company and Demerged Company shall mutually waive such conditions as they consider appropriate to give effect, as far as possible, to this Scheme and failing such mutual agreement the Scheme shall become null and void and each party shall bear and pay their respective costs, charges and expenses in connection with this Scheme.
