Common use of EFFECT OF NON-RECEIPT OF APPROVALS Clause in Contracts

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. In the event of any of the said sanctions and approvals referred to in Clause 18 and 19 above the preceding clause not being obtained (unless otherwise released by the Board of Directors) and / and/ or the Scheme not being sanctioned by the Hon’ble High Court or such other competent authority and / or the Order not being passed as aforesaidaforesaid before December 31, 2017 or within such further period or periods as may be agreed upon between IHL and 5PCL by their Board of Directors (and which the Board of Directors of IHL and 5PCL 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 / 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.