Examples of Second Appointed Date in a sentence
With effect from the Second Appointed Date and after giving effect to Part II of the Scheme, the Offshore Insurance Operations, as defined in Clause 1.16 shall stand transferred to and vested into MSSIPL, which shall be deemed to have acquired the Offshore Insurance Operations from MCL, as a going concern on a ‘Slump Sale’ basis, without any further deed or act, together with all its assets, properties, liabilities, rights, benefits and interests therein, subject to existing charges if any, thereon.
All liabilities, debts and obligations incurred by or arising against MCL at any time including on and after the start of business on the Second Appointed Date shall, to the extent that the same do not relate to the Offshore Insurance Operations, form part of the Remaining Undertaking of MCL.
In case of difference in the accounting policies between MCL and MSSIPL, the impact of such difference shall be quantified and adjusted to the Profit and Loss Account of MSSIPL to ensure that the true financial statements of MSSIPL as on the Second Appointed Date are prepared on the basis of a consistent accounting policy.
On and from the Second Appointed Date, if any proceedings are taken by or against MCL in relation to the Offshore Insurance Operations, MCL shall till the Effective Date continue and/or defend the same at the cost of MSSIPL, and MSSIPL shall reimburse and indemnify MCL against all liabilities and obligations incurred by MCL in respect thereof.
With effect from the Second Appointed Date and upon the Scheme becoming effective, and after giving effect to Part II of the Scheme any statutory licences, permissions or approvals or consents held by MCL required to carry on operations in the Offshore Insurance Operations shall stand vested in or transferred to MSSIPL without any further act or deed, and shall be appropriately mutated by the statutory authorities concerned therewith in favour of MSSIPL.
All assets (whether moveable or immoveable) and liabilities pertaining to the Offshore Insurance Operations as on the Second Appointed Date.
As on the Second Appointed Date, MSSIPL shall allocate the consideration paid by it amongst the assets and liabilities of the Offshore Insurance Operations transferred by MCL to MSSIPL.
After the Effective Date, the Offshore Insurance Operations of MCL would be transferred to MSSIPL and the same would have been deemed to have been sold on the Second Appointed Date, after giving effect to Part II of the Scheme.
All assets and properties acquired by MCL at any time including on and after the start of business on the Second Appointed Date shall, to the extent that the same do not relate to the Offshore Insurance Operations, form part of the Remaining Undertaking of MCL.
As stated in the letter dated January 6, 2022, the Second Appointed Date under the Scheme (being February 4, 2022) is today.