Examples of Transferred Undertaking 2 in a sentence
The Consideration has been determined taking into account the book value of all the assets and liabilities of the Transferred Undertaking 2 estimated as on 31 March 2017.
All the profits or income accruing or arising to the Transferor Company and all costs, charges, expenditure, taxes or losses arising or incurred by the Transferor Company pertaining to the Transferred Undertaking 2 shall, for all purposes, be treated and be deemed to be and accrue as the profits, income, costs, charges, expenditure, taxes or losses of the Transferee Company 2, as the case may be.
Without prejudice to the generality of the above, all benefits, credits, refunds, exemptions, incentives or concessions under Tax Laws as may be applicable to which the Transferred Undertaking 2 of Transferor Company is entitled to in terms of the applicable Tax Laws of the Union and State Governments in India, shall be available to and vest in the Transferee Company 2.
Any taxes deducted on such income accruing or arising to the Transferor Company pertaining to the Transferred Undertaking 2 from the Appointed Date till the Effective Date shall be on account of the Transferee Company 2 and the Transferor Company and Transferee Company 2 shall be entitled to file declaration / forms / returns to give effect to such transfer of credit of such taxes deducted in the name of / to the benefit of Transferee Company.iii.
Accordingly, subject to the terms and conditions of Section II of this Scheme, in consideration of the transfer of the Transferred Undertaking 2 by the Transferor Company to the Transferee Company 2 upon the terms of Section II of this Scheme, the Transferee Company 2 shall discharge a consideration of Rs. 6,93,04,409/- (Rupees Six Crores Ninety Three Lakhs Four Thousand Four Hundred and Nine only) (“Consideration”).
All tax related proceedings (excluding income tax and general corporate function) pending with any statutory or judicial authority and at any level / stage pertaining to the Transferred Undertaking 2 will also be transferred to the Transferee Company 2 as part of Section II of this Scheme.
The Transfer and vesting of the Transferred Undertaking 2 and the continuance of the proceedings mentioned in Clauses 3 and 5 shall not in any manner effect the transaction or proceedings already concluded by or against the Transferor Company pertaining to the Transferred Undertaking 2:- (i) On or before the Appointed Date; and that the Transferee Company 2 accepts on behalf of itself all acts, deeds, bonds, agreements and other instruments of whatever nature done and executed by the Transferor Company.
After the Appointed Date and before the Effective Date, if any Proceedings are taken by or against the Transferor Company pertaining to the Transferred Undertaking 2, the same shall be instituted and/or defended by the Transferor Company for and on behalf of the Transferee Company 2.
The Transferor Company shall carry on and be deemed to have carried on all its business and activities of the Transferred Undertaking 2 and shall be deemed to have held and possessed of and shall continue to hold and stand possessed of all the assets, properties and liabilities for and on account of and in trust for the Transferee Company 2.
The Board of Directors of the Transferee Company 2 and Transferor Company have recommended lump sum value of Rs. 6,93,04,409/- (Rupees Six Crores Ninety Three Lakhs Four Thousand Four Hundred and Nine only) towards consideration payable on transfer of the Transferred Undertaking 2 from IOT to IOTI taking into consideration the book value of O&M Business.