EFFECT OF NON-RECEIPT OF APPROVALS. 44.1 In the event of any of the said sanctions and approvals referred to in the preceding clause not being obtainedand/ or the Scheme not being sanctioned by the High Court or such other competent authority and / or theOrder not being passed as aforesaid before August 31, 2016 or within such further period or periods asmay be agreed upon between the Transferor Company, the Transferee Company, the Demerged Companies, the First Resulting Company and the Second Resulting Company by their respective Board of Directors (and which the Boardof Directors of the Companies are hereby empowered and authorised to agree to and extend the Scheme fromtime to time without any limitation), this Scheme shall stand revoked, cancelled and be of no effect, saveand except in respect of any act or deed done prior thereto as is contemplated hereunder or as to any rightsand/ or liabilities which might have arisen or accrued pursuant thereto and which shall be governed and bepreserved or worked out as is specifically provided in the Scheme or as may otherwise arise in law.
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.
25.2 Upon the termination, revocation or cancellation of this Scheme as set out in Clause 25.1, no rights and liabilities shall accrue to or be incurred by the Transferor and the Transferee or their shareholders or creditors or employees or any other person. In such case, each of the Transferor and the Transferee shall bear its own costs and expenses or as may be otherwise mutually agreed.
EFFECT OF NON-RECEIPT OF APPROVALS. 16.1 In the event of any of the said sanctions and approvals referred to in the preceding Clause 15 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 September 30, 2014 or such other date as may be agreed by the respective Board of Directors of DMCL and ZEEL 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. 51.1 In the event of any of the said sanctions and approvals referred to in Clause 50 above not being obtained (or to the extent permissible under Applicable Law, waived) and / or the Scheme not being sanctioned by the Tribunal or such other competent authority / Appropriate Authorities and/ or the sanction order(s) not being passed by the NCLT as aforesaid, any of the Companies may opt to terminate this Scheme and the 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.
51.2 The Board of Directors of the Companies shall be entitled to withdraw this Scheme prior to the Effective Date.
51.3 Upon the termination of this Scheme as set out in Clause 51.1 and 51.2 above, no rights and liabilities shall accrue to or be incurred by respective Companies or their shareholders or creditors or employees or any other person. In such case, each Company shall bear its own costs and expenses or as may be otherwise mutually agreed.
51.4 The Board of Directors of the Companies, shall be entitled to revoke, cancel, and declare the Scheme of no effect if they are of the view that the coming into effect of the Scheme with effect from the respective Appointed Dates could have adverse implications on the combined entity post the amalgamation.
51.5 If any part of this Scheme hereof is invalid, ruled illegal by any Tribunal of competent jurisdiction, or unenforceable under present or future laws, then it is the intention of the Companies that such part shall be severable from the remainder of the Scheme. Further, if the deletion of such part of this Scheme may cause this Scheme to become materially adverse to the Companies, then in such case the Companies, shall attempt to bring about a modification in the Scheme, as will best preserve, for the Companies, the benefits, and obligations of the Scheme, including but not limited to such part.
EFFECT OF NON-RECEIPT OF APPROVALS. In the event of any of the said sanctions and approvals referred to in the preceding clause 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 December 31, 2017 or within such further period or periods as may be agreed upon between IHL and 5PCL by their Board of Directors (and which the Board of Directors of IHL and 5PCL 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.
EFFECT OF NON-RECEIPT OF APPROVALS. 15.1. In the event of any of the approvals 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 AFL and RUL 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.
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.
23.2. If any part of this Scheme hereof is invalid, held illegal by Tribunal, or unenforceable under any present or future laws, then it is the intention of the parties that such part shall be severable from the remainder of the Scheme, and the Scheme shall not be affected thereby, unless the deletion of such part shall cause this Scheme to become materially adverse to any party, in which case the parties shall attempt to bring about a modification in the Scheme, as will best preserve for the parties the benefits and obligations of the Scheme, including but not limited to such part.
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.
31.2 Upon the termination of this Scheme as set out in Clause 31.1 above, no rights and liabilities shall accrue to or be incurred by respective Companies or their shareholders or creditors or employees or any other person. In such case, each Company shall bear its own costs and expenses or as may be otherwise mutually agreed.
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. 47.1 In the event any of the said approvals or sanctions referred to in clause 46 above not being obtained or conditions enumerated in the Scheme not being complied with, and/or the Scheme not being sanctioned by the Tribunal, or for any other reason, the Scheme cannot be implemented, the Boards of Directors or committee empowered thereof of the Demerged Company/Transferee Company, Resulting Company, Transferor Company No. 1 and Transferor Companies 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.
