EFFECT OF NON-RECEIPT OF APPROVALS Sample Clauses
EFFECT OF NON-RECEIPT OF APPROVALS. 15.1 In the event that, (a) the Scheme is not sanctioned by the NCLT; (b) subject to Clause 15.2 below, any consents, approvals, permissions, resolutions, agreements, sanctions or conditions enumerated in the Scheme are not obtained or complied with; (c) the Scheme is revoked, canceled or withdrawn in accordance with Clause 14 above; or (d) for any other reason, the Scheme cannot be implemented, the Scheme shall become null and void, and the Transferor Company shall bear the costs, charges and expenses in connection with the Scheme unless otherwise mutually agreed between the Transferor Company and Transferee Company.
15.2 The non – receipt of any sanctions or approvals for a particular asset or liability forming part of the CLG Business Undertaking getting transferred pursuant to this Scheme, shall not affect the effectiveness of the respective section of the Scheme, if the Boards of Directors of the Transferor Company and/or the Transferee Company so decide. In the event of non – receipt of approval of any lender / creditor for the transfer of any liability, then at the option of the Boards of Directors of the Transferor Company, it may issue a security / recognize a liability in favour of the Transferee Company on the same terms. The transfer of such asset or liability shall become effective from the Appointed Date as and when the said requisite approvals are received or aforesaid liability being recognized / security being issued and the provisions of the Scheme shall apply appropriately to the said transfer / issue / recognition.
EFFECT OF NON-RECEIPT OF APPROVALS. 5.4.1 In the event of any of the sanctions and approvals referred to in Clause 5.3 not being obtained and/ or the Scheme not being sanctioned by the High Court or such other competent authority and / or the Order not being passed as aforesaid before 31st March, 2011 or within such further period or periods as may be agreed upon between the Transferor Company and the Transferee Company by their respective Boards of Directors (and which the Boards of Directors of the Transferor Company and the Transferee Company are hereby empowered and authorised to agree to and extend the Scheme from time to time without any limitation), this Scheme shall stand revoked, cancelled and be of no effect, save and except in respect of any act or deed done prior thereto as is contemplated hereunder or as to any rights and / or liabilities which might have arisen or accrued pursuant thereto and which shall be governed and be preserved or worked out as is specifically provided in the Scheme or as may otherwise arise in law. Each party shall bear and pay its respective costs, charges and expenses for and or in connection with the Scheme.
EFFECT OF NON-RECEIPT OF APPROVALS. 25.1 If any of the sanctions and approvals referred to in Clause 24 are not obtained (or to the extent permissible under Applicable Law, waived) and/ or the Scheme is not sanctioned by NCLT or the Sanction Order(s) is not passed by the NCLT as aforesaid on or prior to December 31, 2019, or within such further period as may be agreed upon between the respective Boards of the Transferor and Transferee, the Boards of the Transferor and the Transferee may opt to terminate this Scheme and then in such cases, the Scheme shall stand terminated, revoked, cancelled and be null and void and of no effect and the Transferor and the Transferee, if required, may file appropriate proceedings before the NCLT in this respect.
25.2 Upon the termination, revocation or cancellation of this Scheme as set out in Clause 25.1, no rights and liabilities shall accrue to or be incurred by the Transferor and the Transferee or their shareholders or creditors or employees or any other person. In such case, each of the Transferor and the Transferee shall bear its own costs and expenses or as may be otherwise mutually agreed.
EFFECT OF NON-RECEIPT OF APPROVALS. In the event of any of the said sanctions and approvals referred to in Clause 18 and 19 above not being obtained (unless otherwise released by the Board of Directors) and / or the Scheme not being sanctioned by the Hon’ble High Court or such other competent authority as aforesaid, this Scheme shall stand revoked, cancelled and be of no effect, save and except in respect of any act or deed done prior thereto as is contemplated hereunder or as to any rights and / or liabilities which might have arisen or accrued pursuant thereto and which shall be governed and be preserved or worked out as is specifically provided in the Scheme or as may otherwise arise in law.
EFFECT OF NON-RECEIPT OF APPROVALS. 16.1 In the event of any of the said sanctions and approvals referred to in the preceding Clause 15 not being obtained and / or the Scheme not being sanctioned by the High Court or such other competent authority and / or the order or orders not being passed as aforesaid before September 30, 2014 or such other date as may be agreed by the respective Board of Directors of DMCL and ZEEL may determine, the Scheme shall become null and void, and each party shall bear and pay their respective costs, charges and expenses in connection with the Scheme.
EFFECT OF NON-RECEIPT OF APPROVALS. 47.1 In the event any of the said approvals or sanctions referred to in clause 46 above not being obtained or conditions enumerated in the Scheme not being complied with, and/or the Scheme not being sanctioned by the Tribunal, or for any other reason, the Scheme cannot be implemented, the Boards of Directors or committee empowered thereof of the Demerged Company/Transferee Company, Resulting Company, Transferor Company No. 1 and Transferor Companies shall by mutual agreement waive such conditions as they consider appropriate to give effect, as far as possible, to this Scheme and failing such mutual agreement, the Scheme shall become null and void and shall stand revoked, cancelled and be of no effect and each party shall bear and pay their respective costs, charges and expenses in connection with the Scheme.
EFFECT OF NON-RECEIPT OF APPROVALS. In the event of any of the said sanctions and approvals referred to in Clause 17 not being obtained and/ or the Scheme not being sanctioned by the High Court or such other appropriate authority, if any, this Scheme shall stand revoked, cancelled and be of no effect, save and except in respect of any act or deed done prior thereto as is contemplated hereunder or as to any rights and/ or liabilities which might have arisen or accrued pursuant thereto and which shall be governed and be preserved or worked out as is specifically provided in the Scheme or as may otherwise arise in law and agreed between the respective parties to this Scheme. Each party shall bear and pay its respective costs, charges and expenses for and or in connection with the Scheme unless otherwise mutually agreed.
EFFECT OF NON-RECEIPT OF APPROVALS. In the event of any of the said sanctions and approvals referred to above not being obtained and/or the Scheme not being sanctioned by the Hon’ble National Company Law Tribunal or such other competent authority, for any reason, this Scheme shall stand revoked, cancelled and be of no effect, save and except in respect of any act or deed done prior thereto as contemplated hereunder or as to any rights and/or liabilities which might have arisen or accrued pursuant thereto and which shall be governed and be preserved or worked out as in specifically provided in the Scheme or as may otherwise arise in law.
EFFECT OF NON-RECEIPT OF APPROVALS. 8.1 In case this Scheme is not sanctioned by the NCLT, or in the event, this Scheme cannot be implemented due to any of consents, approvals, permissions, resolutions, agreements, sanctions or conditions enumerated in this Scheme not being obtained or complied with, unless waived by the Board of the Demerged Company (to the extent permitted under Applicable Laws), or for any other reason, then, this Scheme shall become null and void.
EFFECT OF NON-RECEIPT OF APPROVALS. 44.1. In the event any of the said approvals or sanctions referred to above not being obtained or conditions enumerated in the Scheme not being complied with, or for any other reason, the Scheme cannot be implemented, the Boards of Directors or committee empowered thereof of ATPL, EFFSL, EFL, FCL and FESL shall by mutual agreement waive such conditions as they consider appropriate to give effect, as far as possible, to this Scheme and failing such mutual agreement, the Scheme shall become null and void and shall stand revoked, cancelled and be of no effect and each party shall bear and pay their respective costs, charges and expenses in connection with the Scheme.