Undertaking 1 definition
Examples of Undertaking 1 in a sentence
Although the Resulting Company becomes entitled to all the benefits of the Business Undertaking 1 from the Appointed Date 1, it is not required to invest its funds (to the extent of Rs. 2600 crores (Rupees Two Thousand Six Hundred Crore)) in relation to Business Undertaking 1 by borrowing from external parties until the date of actual payment of consideration to the Transferor Company.
Pursuant to Section II of the Scheme, the Resulting Company shall account for the transfer and vesting of the assets and liabilities acquired under the Business Undertaking 1 in accordance with an allocation report to be prepared in accordance with Accounting Standard 10 issued by the Institute of Chartered Accountants of India.
All the assets, properties and liabilities of the Demerged Undertaking 1 and Demerged Undertaking 2 shall be vested in the Resulting Company 1 and Resulting Company 2 respectively at the value appearing in the books of the Demerged Company on the close of business on the day immediately preceding the Appointed Date.
It is clarified that all receivables relating to the Demerged Undertaking 1 and Demerged Undertaking 2, for the period prior to the Effective Date, but received after the Effective Date, relate to the Demerged Undertaking 1 and Demerged Undertaking 2 respectively and shall be paid to Solara for no additional consideration.
Foxtel subsequently withdrew the October 2005 Undertaking 1 December 2006, and submitted a revised special access undertaking, which is now the subject of this Discussion Paper (‘the Paper’).
The difference, if any, of value of assets over the value of liabilities, free reservesand balance in profit and loss account acquired as part of the Demerged Undertaking 1 and Demerged Undertaking 2 and as reduced by the reduction in the value of investments as per Clause 9.3.2 above, if any, shall be adjusted / credited to Capital Reserve by the Resulting Company.
The Resulting Company 1 shall, upon the Scheme becoming effective, record the assets and liabilities of the Demerged Undertaking 1 of the Demerged Company vested in it pursuant to this Scheme, at the respective book values, as appearing in the books of the Demerged Company at the close of business on the day immediately preceding the Appointed Date.
Resulting Company shall be deemed to be authorised to execute any such deeds, writings or confirmations on behalf of Demerged Company 1 for the Demerged Undertaking 1 and to implement or carry out all formalities required to give effect to the provisions of this Scheme.
Provided that if any of the assets comprised in the Demerged Undertaking 1 which are being transferred to Transferee Company pursuant to this Scheme have not been Encumbered in respect of the liabilities, such assets shall remain unencumbered, and the existing Encumbrance referred to above shall not be extended to and shall not operate over such assets.
In the event that such liability is incurred or such claim or demand is made upon the Transferor Company 1 pertaining to the Demerged Undertaking 1, then the Transferee Company shall reimburse and indemnify the Transferor Company 1 for any payments made in relation to the same.