Composite Scheme definition
Examples of Composite Scheme in a sentence
Upon the Composite Scheme becoming effective, the Amalgamated Company 2 is expressly permitted to revise its financial statements and its income tax returns along with prescribed forms, filings and annexures under the IT Act and other statutory returns, including but not limited to tax deducted / collected at source returns, service tax returns, GSTreturns, excise tax returns, sales tax / VAT returns, as may be applicable.
The mutation or substitution of the title to the immovable properties shall, upon this Composite Scheme becoming effective, be made and duly recorded in the name of the Amalgamated Company 1 by the appropriate authorities pursuant to the sanction of this Composite Scheme by the Tribunal in accordance with the terms hereof.
This Composite Scheme of Arrangement and Amalgamation (‘Scheme’) is presented under sections 230 to 232, section 66 and other applicable provisions of the Companies Act, 2013 for demerger of Demerged Undertaking (as defined below) of Fairchem Speciality Limited (‘FSL’ or ‘Demerged Company’ or ‘Transferee Company’) into Fairchem Organics Limited (‘FOL’ or ‘Resulting Company’) and amalgamation of Privi Organics India Limited (‘Privi Organics’ or ‘Transferor Company’) with Fairchem Speciality Limited.
The transfer and vesting pursuant to this sub-clause shall be deemed to have occurred by physical or constructive delivery or by endorsement and delivery or by delivery of transfer instructions / forms or by vesting and recorda I pursuant to this Composite Scheme, as appropriate to the property being vested and title to the property shall be deemed to have been transferred accordingly.
If any part of this Composite Scheme is found to be unworkable for any reason whatsoever, the same shall not, subject to the decision of the relevant Part II Amalgamating Company and/or the Amalgamated Company 1 and/or the Amalgamated Company 2, as the case may be, affect the validity or implementation of the other parts/ provisions of this Composite Scheme.
Save as otherwise expressly agreed, all costs, charges and expenses, including any taxes and duties of each of the Part II Amalgamating Companies, the Amalgamated Company 1 and the Amalgamated Company 2 in relation to or in connection with this Composite Scheme and incidental to the completion of the amalgamation of the relevant entities in pursuance of this Composite Scheme shall be borne and paid by the Amalgamated Company 2.
The transfer and vesting pursuant to this sub-clause shall be deemed to have occurred by physical or constructive delivery or by endorsement and delivery and/or by delivery of transfer instructions / forms and/or by vesting and recordal pursuant to this Composite Scheme, as appropriate to the property being vested and title to the property shall be deemed to have been transferred accordingly.
This Composite Scheme of Amalgamation and Arrangement ("Scheme") (more particularly described hereinafter) is presented pursuant to Section 391‐394 and other applicable provisions, if any of the Companies Act, 1956 and the Companies Act, 2013.
This Composite Scheme of Arrangement (hereinafter called ‘the Scheme’) has been propounded under Sections 391 to 394 and other applicable provisions, if any, of the Companies Act, 1956.
The Composite Scheme of Arrangement would help in reorganization of reserves and reduction of Equity Share Capital of the First Transferor Company and consolidating and effectively managing the business of the Companies in a single entity, which will provide several benefits including synergy, economies of scale, attain efficiencies, cost competitiveness, etc.