Examples of Demerged Companies in a sentence
The Demerged Companies shall in no event be responsible or liable in relation to any such legal or other proceedings against the Applicant Company.
The Applicant Company shall be added as party to such proceedings and shall prosecute or defend such proceedings in co-operation with the respective Demerged Companies.
In the event that such notice has not been received by the Applicant Company in respect of any of the members of the Demerged Companies, the shares shall be issued to such members in dematerialised form provided that the members of the Demerged Companies shall be required to have an account with a depository participant and shall provide details thereof and such other confirmations as may be required.
All Intellectual Property Rights pertaining to the Demerged Undertakings, if any, being used by Demerged Companies shall stand transferred to and vested in and be deemed to be transferred to and vested in the name of Resulting Company without any further act, instrument or deed.
The shareholders of the Demerged Companies shall not be entitled to dividend, if any, declared and paid by the Applicant Company to its shareholders for the accounting period prior to the Appointed Date.
If proceedings are taken against any of the Demerged Companies in respect of the matters referred to in Clause 7.1 above, it shall defend the same in accordance with the advice of the Applicant Company and at the cost of the Applicant Company, and the latter shall reimburse and indemnify such Demerged Company against all liabilities and obligations incurred by the Demerged Company in respect thereof.
The Demerged Companies undertake that they shall preserve and carry on the business of the Demerged Undertakings with business prudence.
Upon the coming into effect of this Scheme, the Applicant Company alone shall be liable to perform all obligations in respect of the Demerged Liabilities, which have been transferred to it in terms of this Scheme, and the Demerged Companies shall not have any obligations in respect of such Demerged Liabilities.
The Board of Directors of the Demerged Companies shall be empowered to remove such difficulties as may arise in the course of implementation of this Scheme and registration of new members in the Applicant Company on account of difficulties faced in the transaction period.
The Applicant Company and Demerged Companies shall be entitled to file/revise their income tax returns, TDS certificates, TDS returns, wealth tax returns and other statutory returns, if required, and shall have the right to claim refunds, credit of tax deducted at source, credit of foreign taxes paid/ withheld etc., if any (except as specifically provided in relation to the ABNL Remaining Business), as may be required consequent to implementation of this Scheme.