CLG Business definition
Examples of CLG Business in a sentence
All the actions taken by the Transferor Company for the CLG Business Undertaking, inter-alia, including any income, advances, payments made/collections received, funds or resources deployed or cost incurred, shall be suitably accounted for and recorded by the Transferor Company and the Transferee Company on such terms and conditions as the Board of Directors of the Transferor Company and the Transferee Company may agree upon.
Housing the CLG Business Undertaking in the Transferee Company is expected to be synergistic and will leverage the experience and expertise available in the Transferee Company of providing IP driven solutions including content, tools and platforms to customers in the education sector.
The transfer of the CLG Business Undertaking into the Transferee Company will enable each business to sharpen their focus and organize their activities and resources to improve their offerings to their respective customers.
This composite scheme of arrangement amongst the Transferor Company and the Transferee Company and their respective shareholders and creditors is presented under Sections 230 to 232 and other applicable provisions of the Act (as defined hereinafter) for transfer and vesting of the CLG Business Undertaking from the Transferor Company to the Transferee Company, reduction of the equity share capital and securities premium of the Transferee Company and other related matters.
Further, if any security or charge exists on the assets comprising the CLG Business Undertaking in respect of the loans and liabilities which have not been transferred to the Transferee Company pursuant to this Scheme, the Transferor Company shall create adequate security over the assets of the Residual Business to the satisfaction of the lenders and upon creation of such security, the assets of the CLG Business Undertaking shall be released and discharged from such encumbrance.
As both these businesses are entering the next phase of growth, the transfer and vesting of the CLG Business Undertaking into the Transferee Company pursuant to this Scheme would result in focused management attention and efficient administration to maximize their respective potential.
As and from the Effective Date, the tax proceedings/ appeals shall be continued and enforced by or against the Transferee Company relating to the CLG Business Undertaking in the same manner and to the same extent as would or might have been continued and enforced by or against the Transferor Company.
For clarity, a CIC event (as defined below) or other such acquisition, merger, transfer of substantially all assets or similar such change of control event involving Streamline Health itself and/or its parent event and all or a majority of its operating business lines will not be considered a CLG Business event for purposes of this paragraph; provided that any such event shall remain subject to the terms of Section 8.2 of the Software Agreement and Section 23 of the Support Agreement, respectively.
It is further clarified that all guarantees provided by the Transferor Company for its activities (including for and on behalf of the Subsidiaries and the Step-Down Subsidiaries) forming a part of the CLG Business Undertaking shall stand transferred to the Transferee Company.
Further, the aforementioned proceedings shall not ▇▇▇▇▇ or be discontinued nor be in any way prejudicially affected by reason of the transfer and vesting of the CLG Business Undertaking into the Transferee Company or anything contained in the Scheme.