RESIDUAL PROVISIONS. 14.1 Notwithstanding anything contained in this Scheme, on or after the Effective Date, as the case may be, until any property, asset, Permits and rights and benefits arising therefrom pertaining to the Demerged Undertaking is transferred, vested, recorded, effected and/or perfected, in the records of any Appropriate Authority, regulatory bodies or otherwise, in favour of the Resulting Company, the Resulting Company is deemed to be authorized to enjoy the property, asset or the rights and benefits arising from the Permit as if it were the owner of the property or asset or as if it were the original party to the Permit. It is clarified that till entry is made in the records of the Appropriate Authorities and till such time as may be mutually agreed by the Parties, the Demerged Company will continue to hold the property and/or the asset, Permit and rights and benefits arising therefrom, in trust for and on behalf of the Resulting Company.
14.2 Without prejudice to the aforesaid, it is clarified that if any assets (estate, claims, rights, title, interest in or relating to such assets) or any contract, deeds, bonds, agreements, schemes, tenders, arrangements or other instruments of whatsoever nature in relation to the Demerged Undertaking which the Demerged Company owns or to which the Demerged Company is a party to, cannot be transferred to or vested in the Resulting Company for any reason whatsoever:
14.2.1 The Demerged Company shall hold such asset or contract, deeds, bonds, agreements, schemes, tenders, arrangements or other instruments of whatsoever nature in trust for the benefit of the Resulting Company, in so far as it is permissible so to do, till such time as their transfer or vesting in the Resulting Company is effected;
14.2.2 The Demerged Company and the Resulting Company shall, however, between themselves, treat each other as if all contracts, deeds, bonds, agreements, schemes, tenders, arrangements or other instruments of whatsoever nature in relation to the Demerged Undertaking had been transferred to the Resulting Company on the Effective Date;
14.2.3 The Resulting Company shall perform or assist the Demerged Company in performing all of the obligations under those contracts, deeds, bonds, agreements, schemes, tenders, arrangements or other instruments of whatsoever nature, to be discharged after the Effective Date;
14.2.4 It is clarified that the Demerged Company and the Resulting Company may enter into contracts or arrangements, as may be re...
RESIDUAL PROVISIONS. The laws in force in either of the Contracting States will continue to govern the assessment and taxation of income in the Contracting States except where express provision to the contrary is made in this Agreement.
RESIDUAL PROVISIONS. Upon this Scheme becoming effective, the accounts of the Transferor and the Transferee, as on the Appointed Date shall be reconstructed in accordance with the terms of this Scheme.
RESIDUAL PROVISIONS. (a) The Transferee Company shall be entitled, pending the sanction of the Scheme, to apply to any Governmental Authority, if required, under any law for such consents and approvals which the Transferee Company may require to carry on the business of the Transferor Companies.
(b) The Transferee Company shall be entitled to file/revise its income tax returns, TDS certificates, TDS returns, wealth tax returns and other statutory returns, if required, and shall have the right to claim refunds, advance tax credits, credit of tax deducted at source, credit of foreign taxes paid/ withheld, etc., if any, as may be required consequent to implementation of this Scheme.
(c) It is clarified that all taxes payable by the Transferor Companies from the Appointed Date onwards, including all or any refunds and claims shall, for all purposes, be treated as the tax liabilities or refunds and claims of the Transferee Company. Accordingly, upon the Scheme becoming effective, with effect from the Appointed Date, the Transferee Company, if required, is expressly permitted to revise its sales tax returns, VAT returns, excise, service tax returns, XXXXXX returns and other tax returns, and to claim refunds and/or credits, pursuant to the provisions of this Scheme.
(d) If any part of this Scheme is found to be unworkable for any reason whatsoever, the same shall not, subject to the decision of the Transferor Companies and Transferee Company, affect the validity or implementation of the other parts and/or provisions of this Scheme.
RESIDUAL PROVISIONS. 17.1 Even after this Scheme becomes operative, JWTL shall be entitled to operate all Bank Accounts relating to the Demerged Undertaking and realise all monies and complete and enforce all pending contracts and transactions in respect of the Demerged Undertaking in the name of WTL in so far as may be necessary until the transfer of rights and obligations of WTL to JWTL under this Scheme is formally accepted by the parties concerned.
17.2 Neither WTL nor JWTL shall be named as `Xxxxxx Tea Limited’. Accordingly the existing corporate name of WTL shall be changed to Xxxxxx Tea (India) Limited or such other name as may be approved by the Registrar of Companies. WTL shall also change its existing website domain name accordingly. WTL shall take necessary steps to give effect to such change of its corporate and website domain names. JWTL shall convert itself into a public Company by altering its Articles in terms of Section 44 of the Act.
17.3 Both WTL and JWTL shall be entitled to use the words `Xxxxxx Tea’ as part of their corporate names with the addition of other words as aforesaid. However, the proprietary and all other rights in the patents, logos and trade marks presently used by WTL, including in the registered trade xxxx depicted by the letter `W’ formed by tea leaves, and all other intellectual property rights of WTL but excluding trade marks and trade names relating exclusively to the respective Retained Tea Estates shall stand transferred to and vested in JWTL (“the transferred intellectual property rights”) as part of the demerger and belong to JWTL to the exclusion of WTL. WTL shall have no right to use the transferred intellectual property rights, including the said registered trade xxxx depicted by the letter `W’ as such or in combination with or part of any other xxxx, name or logo, in any manner whatsoever and shall cease and desist from using the same upon the Scheme becoming effective as aforesaid.
17.4 On the approval of the Scheme by the members of WTL and JWTL pursuant to Section 391 of the Act, it shall be deemed that the said members have also accorded all relevant consents under Sections 21, 81(1-A) or any other provisions of the Act to the extent the same may be considered applicable.
17.5 The demerger and transfer and vesting of the Demerged Undertaking under this Scheme has been proposed in compliance with the provisions of Section 2(19AA) of the Income-Tax Act, 1961. Statement of Assets and Liabilities of Demerged Undertaking as on 31...
RESIDUAL PROVISIONS. In the event of this Scheme failing to take effect finally, this Scheme shall become null and void and in that case no rights or liabilities whatsoever shall accrue to or be incurred inter se by the parties or their shareholders or creditors or employees or any other person. - Particulars Non-current assets (a) Property, Plant and Equipment (b) Intangible Assets (c) Financial Assets (i) Investment (ii) Other Financial Assets (d) Deferred tax assets (Net) (e) Other non-current assets Realty Division (Rs.) 60,16,982 - 80,99,95,853 55,42,098 -1,95,86,631 Current assets (a) Inventories (b) Financial Assets (i) Trade receivables (ii) Cash and cash equivalents (iii) Other financial assets (c) Other current assets 31,14,48,170 1,28,68,522 19,93,445 9,67,17,116 4,36,37,438 EQUITY AND LIABILITIES Reserve and Surplus Total equity 86,08,21,898 86,08,21,898 Non-current liabilities (a) Financial Liabilities (i) Borrowings (ii)Other financial liabilities (b) Provisions -77,21,589 - Current liabilities (a) Financial Liabilities
(i) Borrowings (ii) Trade and other payables (iii) Other financial liabilities (b) Other current liabilities 5,03,18,440 3,15,84,408 71,48,789 25,71,40,566 (c) Provisions - ��f-=--�-...<-c· Difference t]� , N ·= ( ., �\_\jUI"\';,.,·,tj rl'!·,·..;.·,. .,·r. V· ' I -1 hO L. ,.:'. -- � -
RESIDUAL PROVISIONS. In the event of this Scheme failing to take effect finally, this Scheme shall become null and void and in that case no rights or liabilities whatsoever shall accrue to or be incurred inter se by the parties or their shareholders or creditors or employees or any other person.
RESIDUAL PROVISIONS. 33.1 Strides, Sequent and Solara shall be entitled to file/ revise its respective income tax returns, TDS certificates, TDS returns, wealth tax returns and other statutory returns, if required, and shall have the right to claim refunds, advance tax credits, credit of tax deducted at source, credit of foreign taxes paid/ withheld, etc., if any, as may be required consequent to implementation of this Scheme.
33.2 Upon this Scheme becoming effective, the accounts of the Companies, as on the Appointed Date shall be reconstructed in accordance with the terms of this Scheme.
RESIDUAL PROVISIONS. Upon this Scheme becoming effective, the accounts of the Companies, as on the Appointed Date shall be reconstructed in accordance with the terms of this Scheme.
RESIDUAL PROVISIONS. 16.1 Even after this Scheme becomes effective, Greenlam shall be entitled to operate all bank accounts relating to the Demerged Undertaking and realise all monies and complete and enforce all pending contracts and transactions in respect of the Demerged Undertaking in the name of Greenply in so far as may be necessary until the transfer of rights and obligations of Greenply to Greenlam under this Scheme is formally accepted by the parties concerned.
16.2 On the approval of this Scheme by the members of Greenply and Greenlam pursuant to Section 100 and 391 of the Act, it shall be deemed that the said members have also accorded all relevant consents under Section 81(1-A) or any other provisions of the Act to the extent the same may be considered applicable.
16.3 The demerger and transfer and vesting of the Demerged Undertaking under this Scheme has been proposed in compliance with the provisions of Section 2 (19AA) of the Income Tax Xxx 0000.
