Tech mahindra

CERTIFIED TRUE COPY OF THE RESOLUTION PASSED BY THE BOARD OF DIRECTORS OF TECH MAHINDRA LIMITED IN ITS MEETING HELD ON MONDAY, 29T" OCTOBER 2018 AND ON TUESDAY, 30"" OCTOBER 2018 AT CAPITOL ROOM (BOARD ROOM), 2ND FLOOR, GATEWAY BUILDING, APOLLO BUNDER, MUMBAI 400 001

TO CONSIDER AND APPROVE MERGER OF TECH MAHINDRA GROWTH FACTORIES LIMITED WITH TECH MAHINDRA LIMITED

RESOLVED THAT pursuant to the provisions of Sections 230 to 234 and other applicable provisions of the Companies Act, 2013 including any statutory modifications, re-enactment or amendments thereof and subject to the requisite approval of the shareholders/ creditors of the Company and subject to the requisite approvals and/ or any other regulatory body, as the case may be, and the sanction of the jurisdictional National Company Law Tribunal(s) or such other competent authority, as may be applicable, consent is hereby accorded to the Scheme of Merger by Absorption of Tech Mahindra Growth Factories Limited (wholly owned subsidiary of Tech Mahindra Limited) with Tech Mahindra Limited ('the Scheme'),

RESOLVED FURTHER THAT Mr: C P Gurnani, Managing Director & CEO, Mr. Manoj Bhat, Chief Financial Officer, Mr, Anil Khatri. Company Secretary and Mr. Milind I'cndse, Assistant General Counsel be and are hereby severally authorized to take all the necessary steps for-

a) Consider and approve the certificate received from an independent Chartered Accountant in relation to non-issuance of shares on merger;
b) Consider and approve Certificate from the Auditors ofTech Mahindra Limited confirming the accounting treatment as required under proviso to Section 230(7) of Companies Act, 2013;
c) To prepare and sign the Scheme, applications, petitions, affidavits, undertakings, vakalatnamas, declarations, letters, notices, documents, papers and the like on behalf of the Company in consultation with the consultants appointed for the purpose ofgiving effect to the said Scheme:
(1) Fili g the Scheme and/or any other information / details with the concerned Stock Exchanges or any other body or regulatory authority or agency to obtain approval or sanction to any of the provisions of the Scheme or for giving effect thereto;
e) To file and submit the Scheme, necessary petitions, affidavits, letters, documents, papers and the like with the National Company Law Tribunal Mumbai Bench, Registrar of Companies, Regional Director, Official Liquidator and/or any other authority as may be required pursuant to the relevant provisions and applicable laws, rules and regulations;

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Make such alterations and changes to the aforesaid Scheme as may be expedient or necessary, particularly for satisfying the requirements or conditions imposed by the Central Government and/ or Stock Exchanges and/ or SEBl and/ or the NCLT Mumbai bench and/ or any other competent authority and/ or any sttch authority as may be required for approving the Scheme or modify the scheme as may be necessary;
Do all such acts as may be required to be complied with under the NCLT Rules, 2016, including but not limited to finalization and issue of Notice and Explanatory statement under Section 230 to 234 of the Companies Act, 2013, advertisement, appointment of Scrutinizer's ete.;
h) Evolve, decide upon or bring into effect the Scheme and make and give effect to any modifications, changes, variations, alterations or revision in the Scheme from time to time or to suspend, withdraw or revive the Scheme from time to time as may be specified by any statutory authority or as the Board of Directors may suo moto decide in its absolute discretion and to do all such acts, deeds, matters and things whatsoever, including settling any questions, doubt or difficulty that may arise with regard to or in relation to the Scheme as it may in its absolute discretion consider necessary, expedient, fit and proper;
i) Declare and file all pleadings, reports, and sign and issue public advertisements and notices;
Obtain approval from such other authorities and parties including the shareholders. creditors, lenders, Registrar of Companies, Regional Director, Income Tax Authorities, Official Liquidator, other Government authorities and/ or as may be considered necessary, to the said Scheme;
k) 'l'o settle any question or difficulty that may arise with regard to the implementation of the above Scheme, and to give effect to the above resolution;
1. To represent the Company before the NCLT(s) and other regulatory authorities including Central or State Government, Regional Director, Ministry of Corporate Affairs, Registrar of Companies. ()l'ficial Liquidator and before all Courts of law or tribunals for the purpose of the proposed Scheme, signing and filing of all documents, deeds, applications, notices, petitions and letters, to finalize and execute all necessary applications/ documents/ papers for and on behalt' of the Company and to do all such acts, deeds, matters and things necessary and convenient for all or any of the purposes aforesaid"

RESOLVED FURTHER THAT a copy of the above resolution be furnished to the concerned authorities duly certified by Mr. Anil Khatri, Company Secretary of the Company.

For Tech Mahindra Limited

.1 " Anfkifii Company Secretary

November 14, 2018

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CERTIFIED TRUE COPY OF THE RESOLUTION PASSED BY THE BOARD OF DIRECTORS OF TECH MAIIINDRA GROWTH FACTORIES LIMITED IN ITS MEETING HELD ON TUESDAY, OCTOBER 30, 2018 AT GATEWAY BUILDING APOLLO BUNDER, MUMBAI 400 001, INDIA.

CONSIDERATION AND APPROVAL OF THE SCHEME OF MERGER BY ABSORPTION OF TECH MAHTNDRA GROWTH FACTORIES LINIITED WITH TECH MAIIINDRA LIMITED.

RESOLVED THAT pursuant to the provisions of Sections 230 to 234 and other applicable provisions ofthe Companies Act, 2013 including any statutory modifications, rc-enactment or amendments thereof and subject to the requisite approval of the shareholders/ creditors of the Company and subject to the requisite approvals and/ or any other regulatory body, as the ease may be. and the sanction ofthejurisdictional National Company Law Tribunal(s) or such other competent authority, as may be applicable, consent be and is hereby accorded to the Scheme of Merger by Absorption of Tech Mahindra Growth Factories Limited with Tech Mahindra Limited ('the Scheme')."

RESOLVED FURTHER THAT the following officials:

1. Mr. Jagdish Mitra -Whole-time Director
1. Ms, Shweta Rai -CFO
1. Mr. Anil Khatri Authorised Signatory

be and are herebyjointly and/ or severally authorized to take all the necessary steps for -

a) Review and approve the certificate received from an independent Chartered Accountant in relation to non-issuance of shares on merger;
b) Review and approve Certificate from the Anditors of Tech Mahindra Limited confirming the accounting treatment as required under proviso to Section 230(7) of Companies Act, 2013; s
c) To prepare and sign the Scheme, applications, petitions, affidavits, undertakings, vakalatnamas, declarations, letters, notices, documents, papers and the like on behalfofthe Company in consultation with the consultants appointed for the purpose ofgiving effect to the said Scheme;
d) Filing the Scheme and/or any other information / details with the concerned body or regulatory authority or agency to obtain approval or sanction to any cfthe provisions ofthe Scheme or for giving eiTect thereto;

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e) To file and submit the Scheme, necessary petitions, affidavits. letters, documents, papers and the like with the National Company Law 'l'ribunal Mumbai Bench, Registrar of Companies, Regional Director. Official Liquidator and/or any other authority as may be required pursuant to the relevant provisions and applicable laws, rules and regulations;
t) Make such alterations and changes to the aforesaid Scheme as may be expedient or necessary, particularly for satisfying the requirements or conditions imposed by the Central Government and/ or Stock Exchanges and/ or SEBl and/ or the NCLT Mumbai bench and/ or any other competent authority and/ or any such authority as may be required for approving the Scheme or modify the scheme as may be necessary;
g) Do all such acts as may be required to be complied with under the NCLT Rules, 2016, including but not limited to finalise and sending ofNotice and Explanatory statement under Section 230 to 234 of the Companies Act, 2013, advertisement, appointment of Scrutinizer's ctc.;
h) Evolve, decide upon or bring into eFfect the Scheme and make and give effect to any modifications, changes, variations, alterations or revision in the Scheme from time to time or to suspend, withdraw or revive the Scheme from time to time as may be specified by any statutory authority or as the Board of Directors may sue moto decide in its absolute discretion and to do all such acts, deeds, matters and things whatsoever, including settling any questions, doubt or difficulty that may arise with regard to or in relation to the Scheme as it may in its absolute discretion consider nccessary, expedient, fit and proper;
i) Declare and file all pleadings, reports, and sign and issue public advertisements and notices;
j) Obtain approval from such other authorities and parties including the shareholders, creditors, lenders, Registrar of Companies, Regional Director, income Tax Authorities, Official Liquidator, other Government authorities and/ or as may be considered necessary, to the said Scheme;
k) 'l'o scltlc any question or difiiculty that may arise with regard to the implementation of the above Scheme, and to give effect to the above resolution;
l) To represent the Company before the NCLT(s) and other regulatory authorities including Central or State Government. Regional Director. Ministry of Corporate Affairs, Registrar ot'Companies, Official Liquidator and before all Courts of law or tribunals for the purpose of the proposed Scheme, signing and filing of all documents, deeds, applications, notices, petitions and letters, to finalise and execute all necessary applications/ documents/ papers for and on behalf of the Company and to do all such acts, deeds, matters and things necessary and convenient for all or any ofthe purposes aforesaid.

RESOLVED FURTHER THAT a copy ofthe above resolution be furnished to the concerned authorities duly certified by Mr, Jagdish Mitre, Whole-time Director or any ofthe directors or Ms. Shweta Rai, CFO or Mrt Anil Khatri, Authorised Signatory ofthe company.

For Tech Mahindra Growth Factories Limited

,5". Amahzf/ hatrl

Authorized signatory

November 14, 2018

CERTiFiEB TRUE COPY For»: Tech Whinolm Growth latitude! lid -

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SCHEME 0F MERGER BY ABSORPTION

TECH MAHINDRA GROWTH FACTORIES LIMITED.... Transferor Company

AND

TECH MAHINDRA LIMITED ....The Transferee Company

AND

THEIR RESPECTIVE SHAREHOLDERS

UNDER SECTIONS 230 TO 234 AND OTHER APPLICABLE PROVISIONS

OF TI-Hi COMPANIES ACT, 2013

This Scheme of Merger by Absorption (the Scheme) is presented under Sections 230 to 234 of the Companies Act, 2013 and other applicable provisions of the Companies Act 2013 (including any statutory modification or re-enactment or amendment thereof) for merger of Tech Mahindra Growth Factories Limited with Tech Mahindra Limited and their respective shareholders.

A. Description of the Companies:

Transferor Company

a. Tech Mahindra Growth Factories Limited is a company incorporated under the Companies Act, 2013 with its registered office at W-l, Oberoi Estate Gardens, Off Saki Vihar Road, Next Chandivali Studio, Chandivali, Sakinaka, Mumbai 400072, India ("Transferor Company" or "TMGFL") [CIN : U72200MI-12015PLC269129]. The business carried out by TMGFL included "Saral Rozgar" business which is a direct to customer service, intended towards creating a job market for blue collared "job seekers" and "Education Lanes" which is 'a virtual-interactive learning through intemet and cloud based education and training service, for Corporate/Working professionals & students. The Transferor Company is a wholly owned subsidiary of the Transferee Companyt

CERTEF'JED 3E CGPY

For Tech Mahindra limited Pagc ""3

1 ComWmany Secretary

Transferee Company

Tech Mahindra Limited is a public limited company incorporated under the Companies Act, 1956 with its registered office at Gateway Building, Apollo Bundcr, Mumbui 7 400 001, Maharashtra, India ("Transferee Company" or "Tech Mahindra") [CIN : L64200lVII-11986PLCO41370]. The Transferee Company, part of the Mahindra Group, is an Indian multinational offering a full range of IT Services and Industry Specific Solutions to help clients to take advantage of opportunities which includes convergence, digital, design experiences, innovation platform, telecom services, consulting, application outsourcing, infrastructure outsourcing, engineering services, BPO. The Company has presence in India and overseas through subsidiaries and branches. The equity shares of the Transferee Company are listed on the BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE").

. Rationale of the Scheme:

0 Consolidation of business to ensure more focused operational efforts;
o Rationalizing the group structure by way of reduction in the number of entities in India;
0 Significant reduction in the multiplicity of legal and regulatory compliances required at present to be carried out by TMGFL;
. Rationalizing costs by simplification of management structure leading to better administration and significant cost savings

. Parts of the Scheme:

The Scheme ofMerger by Absorption is divided into following three parts:

(1) Part I 4 Deals with the definitions and share capital;
(ii) Part [1— Deals with merger of Tech Mahindra Growth Factories Limited with Tech Mahindra Limited; and

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(iii) Part IH — Deals with the dissolution of the Transferor Company and General Clauses, Terms and Conditions applicable to the Scheme.

PART I

DEFINITIONS. INTERPRETATION AND SHARE CAPITAL

1) Definitions and Interpretation

In this Scheme, unless repugnant to the meaning or context thereof, (i) terms defined in the introductory paragraphs and recitals shall have the same meanings throughout this Scheme and (ii) the following words and expressions, wherever used (including in the recitals and the introductory paragraphs above), shall have the following meanings:

1.1, 'Act' or 'the Aet' means the Companies Act, 2013 of India and Rules made thereunder.
1.2, 'Applicablc Law(s)' means any statute, notification, bye laws, rules, regulations, guidelines, rule or common law, policy, code, directives, ordinance, schemes, notices, orders or instructions law enacted or issued or sanctioned by any Appropriate Authority including any modification or re-enactment thereof for the tame being in force
1.3. 'Appointed Date' means the 1" day oprril, 2019
1. 'Appropriate Authority' means any governmental, statutory, regulatory. departmental or public body or authority of India including Securities and Exchange Board of India, Stock Exchanges, Registrar of Companies, the National Company Law Tribunal,
1.5, "Board of Directors" or "Board" in relation to the Transferor Company and the Transferee Company, as the case may be, means the board of directors of such company, and shall include a committee duly constituted and authorised or individuals authorized for the purposes of matters pertaining to the merger, this Scheme and/or any other matter relating thereto;
1.6, 'Effective Date' means the last of the following dates, namely:
- a That on which the last of the aforesaid consents, approvals, permissions, resolutions and orders as mentioned in Clause 20(a) shall be obtained or passed; or
  - b. That on which all necessary certified copies of orders under the applicable section(s) of the Act shall be duly filed with the Registrar of Companies or
  - e, The Appointed Date;
1.7. "Encumbrance" means any mortgage, pledge, equitable interest, assignment by way of security, conditional sales contract, hypothecation, right of other persons, claim, security interest, encumbrance, title defect, title retention agreement, voting trust agreement, interest, option, lien, charge, Commitment, restriction or limitation of any nature whatsoever, including restriction on use, voting rights, transfer, receipt of income or exercise of any other attribute of ownership, right of setoff, any arrangement (for the purpose of, or which has the effect of, granting security), or any other security interest of any kind whatsoever, or any agreement, whether conditional or otherwise, to create any of the same and the term "Encumbered" shall be construed accordingly;
1.8. "Employees" means all the permanent employees of the Transferor Company who are on the pay-roll of the Transferor Company as on the Effective Date;
"Governmental Authority" means (i) a national government, political subdivision thereof; (ii) an instrumentality, board, commission, court, or agency, whether civilian or military. of any of the above, however constituted; and (iii) a govemment-owned/ government-controlled association, organization in the Republic ofIndia;
1.10. 'Scheme' or 'the Scheme' or 'this Scheme' means this Scheme of Merger by Absorption in its present form as submitted to the Tribunal with any modification(s) made under Clause 23 of the Scheme as approved or directed by the Tribunal or such other competent authority, as may be applicable.
'SEBI' means the Securities and Exchange Board of India established under the Securities and Exchange Board ofIndia Act, 1992;
1.12. 'SEBI Circular' shall mean the circular issued by the SEBI, being Circular CFDIDILS/CIR/2017/21 dated March 10, 2017, and any amendments thereof,
1.13. 'Stock Exchanges' means the BSE Limited and National Stock Exchange of India Limited;
1,14. 'Tribunal' means the National Company Law Tribunal, Mumbai Bench as constituted and authorized as per the applicable provisions of the Companies Act, 2013 for approving any scheme of arrangement, compromise or reconstruction of companies under Section 230 to 240 of the Companies Act, 2013, if applicable,
1,15, "Undertaking" means all the undertakings and entire business of the Transferor Company as a going concern, including, without limitation:
- a. all the assets and properties (whether movable or immovable, tangible or intangible, real or personal, in possession or reversion, corporeal or incorporeal, present, finure or contingent of whatsoever nature) of the Transferor Company, whether situated in India or abroad, including, without limitation, all land, buildings and structures, offices, residential and other premises, capital work-in-progress, machines and equipments, furniture, fixtures, office equipment, computers, appliances, accessories, power lines, stocks, current assets (including inventories, sundry debtors, bills of exchange, loans and advances), investmcnts of all kinds (including shares, scrips, stocks, bonds, debenture stocks, units or pass through certificates), cash and bank accounts (including bank balances), contingent rights or benefits, benefits of any deposits, earnest monies, receivables, advances or deposits paid by or deemed to have been paid by the Transferor Company, financial assets, benefit of any bank guarantees, performance guarantees and letters of credit, leases (including lease rights), hire purchase contracts and assets, lending contracts, rights and benefits under any agreement, benefit of any security arrangements or under any guarantees, reversions, powers, tenancies in relation to the office and/or residential properties, rights to use and avail of telephones, telexes, facsimile, email, intemet, leased line connections and installations, utilities, electricity and other services, reserves, provisions, funds, benefits of assets or properties or other interest held in trust, registrations, contracts, engagements, arrangements of all kind, privileges and all other rights, easements, privileges, liberties and advantages of whatsoever nature and wheresoever situate belonging to or in the

ownership, power or possession and in the control of or vested in or granted in favour of or enjoyed by the Transferor Company or in connection with or relating to the 'l'ransferor Company and all other interests of whatsoever nature belonging to or in the ownership, power, possession or the control of or vested in or granted in favour of or held for the benefit of or enjoyed by the Transferor Company, whether in India or abroad;

, all permits, quotas, rights, entitlements, industrial and other licences, bids, tenders, letters of intent, expressions of interest, approvals, consents, subsidies, privileges, income tax benefits, Minimum Alternate Credit ("MAT Credit") entitlement if any, tax losses and exemptions in respect of the profits of the undertaking for the residual period, is, for the period remaining as on the Appointed Date out of the total period for which the benefit or exemption is available in law if the merger pursuant to this Scheme does not take place, all other rights including sales tax deferrals and exemptions and other benefits, receivables, and liabilities related thereto, licenses, powers and facilities of every kind, nature and description whatsoever provisions and benefits of all agreements, contracts and arrangements and all other interests in connection with or relating to the Transferor Company;
all debts, borrowings, obligations, duties and liabilities, both present and future (including deferred tax liabilities, contingent liabilities and the Liabilities and obligations under any licenses or permits or schemes) of every kind, nature and description whatsoever and howsoever arising, raised or incurred or utilized, whether securcd or unsecured, whether in Rupees or foreign currency, whether provided for or not in the books of accounts or disclosed in the balance sheet of the Transferor Company; and

d. all trade and service names and marks, patents, copyrights, designs and other intellectual property rights of any nature whatsoever, books, records, files, papers, engineering and process information, software licenses (Whether proprietary or otherwise), drawings, computer programs, manuals, data, catalogues, quotations, sales and advertising material, lists of present and former customers and suppliers, other customer information, customer credit information, customer pricing information and all other records and documents, whether in physical or electronic form relating to business activities and operations of the Transferor Company.

All terms and words not defined in this Scheme shall, unless repugnant or contrary to the context or meaning thereof, have the same meaning ascribed to them under the Act and other applicable laws, rules, regulations, bye-laws, as the case may be or any statutory modification or re-enactrnent thereof for the time being in force,

References to clauses and recitals, unless otherwise provided, are to clauses and recitals of and to this Scheme

The headings herein shall not affect the construction ofthis Scheme.

Unless the context otherwise requires:

i. the singular shall include the plural and vice versa, and references to one gender include all genders.
ii, references to a person include any individual, firm, body corporate (whether incorporated), government, state or agency of a state or any joint venture, association, partnership, works council or employee representatives body (whether or not having separate legal personality)

iii, reference to any law or to any provision thereof or to any rule or regulation promulgated thereunder includes a reference to such law, provision, rule or regulation as it may, from time to time, be amended, supplemented or rc-enacted, or to any law, provision, rule or regulation that replaces it.

2) DATE OF TAKING EFFECT AND OPERATIVE DATE

The Scheme set out herein in its present form with or without any modification(s) approved or imposed or directed by the Tribunal or made as per the Scheme, shall be effective from the Appointed Date but shall be operative from the Effective Date,

Any references in the Scheme to 'upon the Scheme becoming effective' or 'effectiveness ofthe Scheme' shall mean the Effective Date,

3) SHARE CAPITAL

3.1l The share capital of Transferor Company as at September 30, 2018 is as under:

Amount(Rupees)

"_400,000,000
400,000,000

329,500,000

"329,500,000
31950000?

The equity shares ofthe Transferor Company are not listed on the Stock Exchanges,

Subsequent to September 30, 2018 and up to the date of approval of this Scheme by the Board ofTransferur Company, there has been no change in the stated capital of Transferor Company,

There are no existing commitments, obligations or arrangements by the Transferor Company as on the date of sanction of this Scheme by the Board of Directors to issue any further shares or convertible securities.

Particulars	Amount(Rupees)
AuthorizedCapital
Shares" 0mg,5 each1,586,300,000Equity	'7,931,500,000?
Total	7,931,500,000
Issued
Shares ofRs,5 each98,07,98,811Equity	i4,90,39,94,055
SubscribedandPaid—up
Shares ofRs,5 each98,07,98,811Equity	4,90,39,94,055
Total	4,90,39,94,055

302, The share capital of Transferee Company as at September 30, 2018 is as under:

* These figures are subject to approval of Form INC-28 by the Registrar of Companies in respect of merger of Sofgen India Private Limited with Tech Mahindra approved by the NCLT Chennai Bench vide its

order dated June 12, 2018 and Mumbai Bench vide its order dated August 08, 2018,

The equity shares of the Transferee Company are listed on BSE and NSE, Subsequent to September 30, 2018 and up to the date of approval of this Scheme by the Board of the Transferee Company, though there has been no change in the Authorised Share Capital, issued, subscribed and paid-up share capital of the Transferee Company was increased by 2,05,791 equity shares of Rs.5/— each consequent to exercise of stock options by the employees.

There are no existing commitments, obligations or arrangements by the Transferee Company as on the date of approval of this Scheme by the Board of Directors to issue any further shares or convertible securities except issue of shares on exercise of stock options granted under any of its existing employee stock option schemes

PART H

MERGER 0F TMGFL WITH TECH MAI-HNDRA

Section 1 — Transfer and vesting

Upon the coming into effect of this Scheme and with effect from the Appointed Date, pursuant to the sanction of this Scheme by the Tribunal and pursuant to the provisions of Sections 230 to 234 and other applicable provisions, if any, of the Act, the Undertaking of the Transferor Company shall be and stand vested in or be deemed to have been vested in the Transferee Company, as a going concern without any further act, instrument, deed, matter or thing so as to become, as and from the Appointed Date, the undertaking of the Transferee Company by virtue of and in the manner provided in this Schemei

5) Vesting of Assets

1. Without prejudice to the generality of Clause 4 above, upon the coming into effect of this Scheme and with effect from the Appointed Date, all the estate, assets, properties, rights, claims, title, interest and authorities including accretions and appurtenances comprised in the Undertaking of whatsoever nature and Where so ever situate shall, under the provisions of Sections 230 to 234 of the Act and all other applicable provisions of Applicable Law, if any, without any further act or deed, be and stand transferred to and vested in the Transferee Company and/or be deemed to be transferred to and vested in the Transferee Company as a going concern so as to become, as and from the Appointed Date, the estate, assets, properties, rights, claims, title, interest and authorities of the Transferee Company,
b, Without prejudice to the provisions of Clause 5(a) above, in respect of such of the assets and properties of the Transferor Company as are movable in nature or incorporeal property or are otherwise capable of vesting or transfer by delivery or possession, or by endorsement and/or delivery, the same shall stand so transferred or vested by the Transferor Company upon the coming into effect of this Scheme, and shall, become the assets and property of the Transferee Company with effect from the Appointed Date pursuant to the provisions of Sections 230 to 234 of the Act, without requiring any deed or instrument of conveyance for transfer or vesting ofthe same.
- 1. In respect of such of the assets and properties belonging to the Transferor Company (other than those referred to in Clause (b) above) including sundry debtors, receivables, bills, credits, loans and advances, if any, whether recoverable in cash or in kind or for value to be received, bank balances, investments, earnest money and dcposits with any govemment, quasi government, local or other authority or body or with any company

or other person, the same shall stand transferred to and vested in the Transferee Company and/or be deemed to have been transferred to and vested in the Transferee Company, without any further act, instrument or deed, cost or charge and without any notice or other intimation to any third party, upon the coming into effect of this Scheme and with effect from the Appointed Date pursuant to the provisions of Sections 230 to 234 ofthe Act.

All assets, rights, title, interest, investments and properties of the Transferor Company as on the Appointed Date, whether or not included in the books of the Transferor Company, and all assets, rights, title, interest, investments and properties, which are acquired by the Transferor Company on or afier the Appointed Date but prior to the Effective Date, shall be deemed to be and shall become the assets, rights, title, interest, investments and properties of the Transferee Company, and shall under the provisions of Sections 230 to 234 and all other applicable provisions, if any, of the Act, without any further act, instrument or deed, be and stand transferred to and vested in and be deemed to have been transferred to and vested in the Transferee Company upon the coming into effect of this Scheme and with effect from the Appointed Date pursuant to the provisions of Sections 230 to 234 of the Act,
. All the profits or income taxes (including advance tax, tax deducted at source, Foreign Tax Credits and MAT credit) or any costs, charges, expenditure accruing to the Transferor Company or expenditure or losses arising or incurred or suffered by the Transferor Company shall for all purpose be treated and be deemed to be and accrue as the profits, taxes( namely Advance tax , Tax deducted at source & Foreign Tax Credits ), tax losses, MAT Credit, income costs, charges, expenditure or losses of Transferee Company, as the case may be.

f All the licenses, permits, registrations, quotas, entitlements, approvals, permissions, registrations, incentives, tax deferrals, exemptions and benefits, subsidies, concessions, grants, rights, claims, leases, tenancy rights, liberties, special status and other benefits or privileges enjoyed or conferred upon or held or availed of by the Transferor Company and all rights and benefits that have accrued or which may accrue to the Transferor Company, whether on, before or after the Appointed Date, including income tax benefits and exemptions, shall, under the provisions of Sections 230 to 234 of the Act and all other applicable provisions, if any, without any further act, instrument or deed, cost or charge be and stand transferred to and vest in and/or be deemed to be transferred to and vested in and be available to the Transferee Company so as to become the licenses, permits, registrations, quotas, entitlements, approvals, permissions, registrations, incentives, tax deferrals, exemptions and benefits, subsidies, concessions, grants, rights, claims, leases, tenancy rights, liberties, special status and other benefits or privileges of the Transferee Company and shall remain valid, effective and enforceable on the same terms and conditions.

6) Contracts, Deeds etc.

a, Upon the coming into effect ofthis Scheme, and subject to the provisions of this Scheme, all contracts, deeds, bonds, agreements, schemes, arrangements, insurance, letters of Intent, undertaking, policies and other instruments of whatsoever nature, to which the Transferor Company is a party or to the benefit of which Transferor Company may be eligible, and which are subsisting or have effect immediately before the Effective Date, shall continue in full force and effect on or against or in favour of, as the case may be, the Transferee Company and may be enforced as fiilly and effectually as if, instead of the Transferor Company concerned,

the Transferee Company had been a party or beneficiary or oblige thereto or thereunder.

. Without prejudice to the other provisions of this Scheme and notwithstanding that vesting of the Undertaking occurs by virtue of this Scheme itself, the Transferee Company may, at any time afier the coming into effect of this Scheme, in accordance with the provisions hereof, if so required under any law or otherwise, take such actions and execute such deeds (including deeds of adherence), confirmations or other writings or arrangements with any party to any contract or arrangement to which the Transferor Company is a party or any writings as may be necessary in order to give formal effect to the provisions of this Scheme The Transferee Company shall, after the Effective Date, under the provisions of this Scheme, be deemed to be authorised to execute any such writings on behalf of the Transferor Company and to carry out or perform all such formalities or compliances referred to above on the part of the Transferor Company to be carried out or performed.
. Without prejudice to the generality of the foregoing, upon the coming into effect of this Scheme and with effect from the Appointed Date, all consents, permissions, licences, certificates, clearances, authorities, powers of attorney given by, issued to or executed in favour of the 'l'ransferor Company shall stand transferred to the Transferee Company as ifthe same were originally given by, issued to or executed in favour of the Transferee Company, and the Transferee Company shall be bound by the terms thereof, the obligations and duties thereunder, and the rights and benefits under the same shall be available to the Transferee Company.

7) Transfer and Vesting of Liabilities

a. Upon the coming into effect of this Scheme and with effect from the Appointed Date all debts and liabilities of the Transferor Company including all secured and unsecured debts (in whatsoever currency), liabilities (including contingent liabilities), duties and obligations of the Transferor Company of every kind, nature and description whatsoever whether present or future, and howsoever arising, along with any charge, encumbrance, lien or security thereon (herein referred to as thc "Liabilities") shall, pursuant to the sanction of this Scheme by the Tribunal and under the provisions of Sections 230 to 234 of the Act and other applicable provisions, if any, of the Act, without any further act, instrument, deed, matter or thing, be and stand transferred to and vested in and be deemed to have been transferred to and vested in thc Transferee Company, to the extent they are outstanding on the Effective Date so as to become as and from the Appointed Date the Liabilities of the Transferee Company on the same terms and conditions as were applicable to the Transferor Company, and the Transferee Company shall meet, discharge and satisfy the same and further it shall not be necessary to obtain the consent of any third party or other person who is a party to any contract or arrangement by virtue of which such Liabilities have arisen in order to give effect to the provisions ofthis Clause 7.
b. Where any such debts, liabilities, duties and obligations of the Transfcror Company as on the Appointed Date have been discharged by such Transferor Company on or afier the Appointed Date and prior to the Effective Date, such discharge shall be deemed to be for and on account of the 'l'ransferee Company upon the coming into effect of this Scheme,
c. All loans raised and utilised and all liabilities, duties and obligations incurred or undertaken by the Transferor Company on or afier the Appointed Date and prior to the Effective Date shall be deemed to have

been raised, used, incurred or undertaken for and on behalf of the Transferee Company and to the extent they are outstanding on the Effective Date, shall, upon the coming into effect of this Scheme and under the provisions of Sections 230 to 234 of the Act, without any further act, instrument or deed be stand transferred to and vested in and be deemed to have been transferred to and vested in the Transferee Company and shall become the loans and liabilities, duties and obligations of die Transferee Company which shall meet, discharge and satisfy the same

d. Loans, advances and other obligations (including any guarantees, letters of credit, letters of comfort or any other instrument or arrangement which may give rise to a contingent liability in whatever form), if any, due or which may at any time from the Appointed Date to the Effective Date become due between the Transferor Company and the Transferee Company shall, ipso facto, stand discharged and come to an end and there shall be no liability in that behalf on any party and the appropriate effect shall be given in the books of accounts and records of the Transferee Company.

8) Encumbrauces

a, The transfer and vesting of the assets comprised in the Undertaking to the Transferee Company under Clause 4, Clause 5 and Clause 6 of this Scheme shall be subject to the Encumbrances, if any, affecting the same as hereinafter provided.
b. All Encumbrances, if any. existing prior to the Effective Date over the assets of the Transferor Company shall, after the Effective Date, without any further act, instrument or deed, continue to relate and attach to such assets or any part thereof to which they are related or attached prior to the Effective Date, provided that if any of the assets of the Transferor

Company have not been Encumbered, such assets shall remain unencumbered and the existing Encumbrance referred to above shall not be extended to and shall not operate over such assets, Further, such Encumbrances shall not relate or attach to any of the other assets of the Transferee Company. The absence of any formal amendment which may be required by a lender or trustee or third party shall not affect the operation ofthe above

, The existing Encumbrances over the other assets and properties of the 'l'ransferee Company or any part thereof which relate to the Liabilities of the Transferee Company prior to the Effective Date shall continue to relate to such assets and properties and shall not extend or attach to any ofthe assets and properties of the Transferor Company transferred to and vested in the Transferee Company by virtue of this Scheme.
. Any reference in any security documents or arrangements (to which the Transferor Company is a party) to the Transferor Company and their respective assets and properties, shall be construed as a reference to the Transferee Company and the assets and properties of the Transferor Company transferred to the Transferee Company by Virtue of this Scheme. Without prejudice to the foregoing provisions, the Transferce Company may execute any instruments or documents or do all the acts and deeds as may be considered appropriate, including the filing of necessary particulars arid/or modification(s) of charge, with the Registrar ofCompanies to give formal effect to the above provisions, ifrequired.
. Upon the coming into effect of this Scheme, the Transferee Company shall be liable to perform all obligations in respect of the Liabilities, which have been transferred to it in terms of this Scheme.
f. It is expressly provided that, save as herein provided, no other term or condition of the Liabilities transferred to the Transferee Company is amended by virtue of this Scheme except to the extent that such amendment is required statutorily.
g. The provisions ofthis Clause 8 shall operate notwithstanding anything to the contrary contained in any instrument, deed or writing or the terms of sanction or issue or any security document; all of which instruments, deeds or writings or the terms of sanction or issue or any security document shall stand modified and/or superseded by the foregoing provisions.

9) Employees of Transferor Company

a. Upon the coming into effect of this Scheme, all Employees of the Transferor Company shall, become the employees of the Transferee Company, on same terms and conditions and shall not be less favorable than those on which they are engaged by the Transferor Company and without any interruption of or break in service as a result of the merger of the Transferor Company with the Transferee Company. For the purpose of payment of any compensation, gratuity and other terminal benefits, the past services of such Employees with the Transferor Company and such benefits to which the Employees are entitled in the Transferor Company shall also be taken into account, and paid (as and when payable) by the Transferee Company.
b. It is clarified that save as expressly provided for in this Scheme, the Employees who become the employees of the Transferee Company by virtue of this Scheme, shall not be entitled to the employment policies and shall not be entitled to avail of any schemes and benefits (including employee stock options) that may be applicable and available to any of the other employees of the Transferee Company (including the benefits

of or under any employee stock option schemes applicable to or covering all or any of the other employees of the Transferee Company), unless otherwise determined by the Transferee Company. The Transferee Company undertakes to continue to abide by any agreement/settlement, if any, entered into or deemed to have been entered into by the Transferor Company with any employee of the Transferor Company,

. Insofar as the provident fund, gratuity fund, superannuation fund, retirement fund and any other funds or benefits created by the Transferor Company for its Employees or to which the Transferor Company is contributing for the benefit of its Employees (collectively referred to as the "Funds") are concerned, the Funds or such part thereof as relates to the Employees (including the aggregate of all the contributions made to such Funds for the benefit of the Employees, accretions thereto and the investments made by the Funds in relation to the Employees) shall be transferred to the Transferee Company and shall be held for the benefit of the concerned Employees In the event the Transferee Company has its own funds in respect of any of the employee benefits referred to above, the Funds shall, subject to the necessary approvals and permissions and at the discretion of the Transferee Company, be merged with the relevant funds of the Transferee Company. In the event that the Transferee Company does not have its own funds in respect of any of the above or if deemed appropriate by the Transferee Company, the Transferee Company may, subject to necessary approvals and permissions, maintain the existing funds separately and contribute thereto until such time that the Transferee Company creates its own funds, at which time the Funds and the investments and contributions pertaining to the Employees shall be merged with the funds created by the Transferee Company.

d. In relation to those Employees for whom the Transferor Company is making contributions to the government provident fund or other employee benefit fund, the Transferee Company shall stand substituted for the Transferor Company, for all purposes whatsoever, including relating to the obligation to make contributions to the said fund in accordance with the provisions of such fund, bye laws, etc. in respect of such Employees, such that all the rights, duties, powers and obligations of the Transferor Company as the case may be in relation to such schemes/ Funds shall become those of the Transferec Company.

10) Legal, Taxation and other Proceedings

a. Upon the coming into effect of this Scheme, all suits, actions, and other proceedings including legal and taxation proceedings, (including before any statutory or quasi-judicial authority or tribunal) by or against the Transferor Company pending on the Effective Date shall be continued and/ or enforced by or against the Transferee Company as effectually and in the same manner and to the same extent as if the same had been instituted by or against the Transferee Company,
b If any suit, appeal or other proceeding of whatever nature by or against the Transferor Company is pending, the same shall not abate or be discontinued or in any way be prejudicially affected by reason of or by anything contained in this Scheme, but the said suit, appeal or other legal proceedings may be continued, prosecuted and enforced by or against Transferee Company, as the case may be, in the same manner and to the same extent as it would or might have been continued, prosecuted and enforced by or against the Transferor Company as if this Scheme had not been made.
c. In case of any litigation, suits, recovery proceedings which are to be initiated or may be initiated against the Transferor Company, Transferee Company shall be made party thereto and any payment and expenses made thereto shall be the liability of Transferee Company,
d, Without prejudice to the provisions of Clauses 4) to 10), with effect from the Appointed Date, all inter-party transactions between the Transferor Company and the Transferee Company shall be considered as intra-party transactions for all purposes from the Appointed Datei

Section 2 — Conduct of Business

1. From the date on which the Boards of Directors of the Transferor Company and the Transferee Company approve this Scheme until the Effective Date:
- a, the Transferor Company shall carry on and be deemed to have carried on all business and activities and shall hold and stand possessed of and shall be deemed to hold and stand possessed of all its estates, assets, rights, title, interest, authorities, contracts and investments for and on account of, and in trust for, the Transferee Company;
- b, The Transferor Company shall carry on their business and activities with due business prudence and diligence and shall not, without prior written consent of the Transferee Company or pursuant to any preexisting obligation, sell transfer or otherwise alienate, charge, mortgage, encumber or otherwise deal with any part of its assets nor incur or accept or acknowledge any debt, obligation or liability except as is necessary in the ordinary course of business,
- c, all profits and income accruing or arising to the Transferor Company, and losses and expenditure arising or incurred by them (including taxes, if any, accruing or paid in relation to any profits or income) for the period commencing from the Appointed Date shall, for all purposes, be

treated as and be deemed to be the profits, income, losses or expenditure (including taxes), as the case may be, ofthe 'l'ransferee Company;

. any of the rights, powers, authorities or privileges exercised by the Transferor Company shall be deemed to have been exercised by the Transferor Company for and on behalf of, and in trust for and as an agent of the 'l'ransferee Company. Similarly, any of the obligations, duties and commitments that have been undertaken or discharged by the Transferor Company shall be deemed to have been undertaken for and on behalf of and as an agent for the Transferee Company; and
i all taxes (including, without limitation, income Lax, sales tax, service tax, VAT, Central Goods and Service Tax law (CGST), State Goods and Service Tax law (SGST) and Integrated Goods and Service Tax law (IGST) etc.) paid or payable by the Transferor Company in respect of the operations and/or the profits of the Transferor Company before the Appointed Date, shall be on account of the Transferor Company and, insofar as it relates to the tax payment (including, without limitation, income tax, sales tax, service tax, VAT, CGST, SGST, IGST etcr), whether by way of deduction at source, advance tax or otherwise howsoever, by the Transferor Company in respect of the profits or activities or operation of the Transferor Company with effect from the Appointed Date, the same shall be deemed to be the corresponding item paid by the 'I'ransferee Company, and, shall, in all proceedings, be dealt with accordingly,
Pending sanction of the Scheme, the Transferor Company shall not, except by way of issue of shares / convertible debentures to the Transferee Company, increase their capital (by fresh issue of shares, convertible debentures or otherwise),

Section 3 — Cancellation of share capital of Transferor Company

Upon the Scheme becoming effective, no shares of the Transferee Company shall be allotted in lieu or exchange of the holding of the wholly owned subsidiary of the Transferee Company in the Transforor Company and the stated capital/issued and paid»up capital of the Transferor Company shall stand cancelled on the Effective Date.

Section 4 - Increase in Authorised Share Capital of Transferee Company

1. As a part of this Scheme, and, upon the coming into effect of this Scheme, the authorised share capital of the Transferee Company shall automatically stand increased, without any further act, instrument or deed on the part of the Transferee Company, if any, including payment of stamp duty and fees payable to Registrar of Companies, by the aggregate authorised share capital of the Transferor Company
1. The capital clause V(a) of the Memorandum of Association of the Transferee Company shall, as a part of and, upon the coming into effect of this Scheme and without any further act or deed, be replaced by the following clause:

MEMORANDUM OF ASSOCIATION

"V(a). The Authorised Share Capital of the Company is INR 8,331,500,000 (Rupees Eight billion Seven Hundred and Thirty One million Five Hundred thousand only) divided into 1,666,300,000 (One billion Six Hundred Sixty Six million Three Hundred Thousand Only) Equity Shares of INR 5 (Rupees five only) each"

It is clarified that for the purposes of Clause 13 and 14 above, the stamp duties and fees (including registration fee) paid on the authorised share capital of the Transferor Company shall be utilized and applied to the increased authorised share capital of the Transferee Company and there would be no requirement for any further payment of stamp duty and/or fee (including registration fee) by the Transferee Company for increase in the authorised share capital to that extent. The Transferee Company shall file requisite forms with the concemed Registrar of Companies,

PART III

DISSOLUTION OF TRANSFEROR COMPANY, GENERAL CLAUSES TERMS AND CONDITIONS APPLICABLE TO THE SCHEME

16)Accounting and Tax Treatment

2. Applicability of provisions of Income Tax Act

it The provisions of this Scheme as they relate to the merger of Transferor Company with Transferee Company has been drawn up to comply with the conditions relating to 'amalgamation' as defined under Section 2(1B) of the (Indian) Income-tax Act, 1961 (hereinafter referred to as Income Tax Act). If any terms or provisions of the Scheme are found or interpreted to be inconsistent with the provisions of the said Section of the Income-tax Act, at a later date including resulting from an amendment of law or for any other reason whatsoever, the provisions of the said Section of the Income-tax Act, shall prevail and the Scheme shall stand modified to the extent determined necessary to comply with Section 2(1B) of the Income»tax Act. Such modification will, however, not affect the other parts of the Scheme.
ii. Upon the Scheme becoming effective, the Transferee Company is expressly permitted to revise its financial statements and returns along with prescribed forms, filings and annexures under the Income Tax Act (including for minimum alternate tax purposes, carry forward and set-off of tax losses and tax benefits), service tax law, CGST, SGST, IGST and other tax laws and to claim refunds and/or credits for taxes paid (including minimum alternate tax), and to claim tax benefits

under the Income Tax Act and other tax laws (including STPI or SEZ benefits) etc. and for matters incidental thereto, if required to give effect to the provisions of this Scheme

b. Accounting Treatment

Notwithstanding anything to the contrary herein, upon this Scheme becoming effective, the Transferee Company shall give effect to the accounting treatment in the books of accounts in accordance with the accounting standards specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, or any other relevant or related requirement under the Act, as applicable on the Appointed Date

The Transferor Company and Transferce Company both being entities under common control, the accounting would be done at book values for the all the assets and liabilities acquired by the Transferee Company of the Transferor Company by applying the principles as set out in Appendix C of IND AS 103 'Business Combinations.

c. Tax

is Upon the Scheme coming into effect, all taxes (direct and/or indirect)/ cess/ duties payable by or on behalf of the Transferor Company from the Appointed Date onwards including all or any refunds and claims, including refunds or claims pending with any Governmental Authority and including the right to claim credit for minimum alternate tax, set—off and carry forward of accumulated losses, deferred revenue expenditure, deduction, rebate, allowance, amortization benefit, etc. under the Income-tax Act, 1961, or any other or like benefits under the said acts or under and in accordance with any law or act, whether in India or

anywhere outside India and unutilized CENVAT credit, VAT credit, input tax credit for CGST SGST and IGST etc shall, for all purposes, be treated as the tax/ cess/ duty, liabilities or refunds, claims, accumulated losses and unutilized CENVAT credits, VAT credit, CGST, SGST and IGST credits and rights to claim credit or refund etc of the Transferee Company. Accordingly, upon the Scheme becoming effective, the Transferee Company shall be permitted to revise, if it becomes necessary, its income tax returns, wealth tax returns, sales tax returns, excise and CENVAT retums, service tax returns, other statutory returns, CGST returns, SGST returns, IGST returns and to claim refunds/ credits, pursuant to the provisions ofthis Scheme.

ii, The Transferec Company shall also be permitted to claim refunds / credits in respect of any transaction between the Transferor Company and the Transferee Company. Without prejudice to the generality of Clause 16) c) i) above, upon the Scheme becoming effective, the Transferee Company shall be permitted to revise, if it becomes necessary, its income tax retums and related withholding tax certificates, including withholding tax certificates relating to transactions between the Transferor Company and the Transferee Company, and to claim refunds, advance tax and withholding tax credits, benefit of credit for minimum alternate tax and carry forward of accumulated losses etc, pursuant to the provisions of this Scheme.
iii. The withholding tax/ advance tax/ minimum alternate tax, if any, paid by the Transferor Company under the Income Tax Act, 1961 or any other statute in respect of income ofthe Transferor Company assessable for the period commencing from the Appointed Date shall be deemed to be the tax deducted from/advance tax paid by the Transferee Company and credit for such withholding tax/advance tax/minimum alternate tax shall

be allowed to the Transferee Company notwithstanding that certificates or challans for withholding tax/advance tax are in the name of the Transferor Company and not in the name of the Transferee Company,

The service tax, VAT under the pre 7 GST regime and in the GST regime, CGST, SGST and IGST paid by the 'l'ransferor Company under the Finance Act, 1994 and/ or Central Goods and Service Tax Act, Integrated Goods and Service Tax Act and Union Territory Goods and Service Tax Act in respect of services provided by the Transferor Company for the period commencing from the Appointed Date shall be deemed to be the service tax, CGST, SGST, IGST paid by the Transferee Company and credit for such service tax CGST, SGST, IGST shall be allowed to the Transferee Company notwithstanding that challans for serviee tax payments, CGST payment, SGST payment, IGST payment are in the name of the Transferor Company and not in the name of the Transferee Company,

17) Resolutions

, Upon the coming into effect of this Scheme, the resolutions, if any, of the Transferor Company, which are valid and subsisting on the Effective Date, shall continue to be valid and subsisting and be considered as resolutions of the Transferee Company and if any such resolutions have any monetary limits approved under the provisions of the Act, or any other applicable statutory provisions, then the said limits shall be added to the limits, if any, under like resolutions passed by the Transferee Company and shall constitute the aggregate of the said limits in the Transferee Company.

Upon the coming into effect of this Scheme, the borrowing limits of the Transferee Company in terms of Section 181 of the Act shall be deemed, without any further act or deed, to have been enhanced by the aggregate limits of the Transferor Company which are being transferred to the Transferee Company pursuant to the Scheme, such limits being incremental to the existing limits of the Transferee Company, with effect from the Appointed Date.

18) Savings of concluded transactions

The transfer and vesting of undertaking under Clause 4 above and the continuance of proceedings by or against the Transferee Company under clause 10 above shall not affect any transaction or proceedings already concluded by the Transferor Company on or after the Appointed Date till the Effective Date, to the end and intent that the Transferee Company accepts and adopts all acts, deeds and things done and executed by the Transfer-or Company in respect thereto, as if done and executed on its behalf.

19) Dissolution of the Transferor Company

. Upon the coming into effect of this Scheme, the Transferor Company shall stand dissolved without Winding-up without any further act or deed
. Even after the Scheme becoming effective, the Transferee Company shall be entitled to operate all bank accounts relating to Transfcror Company and realize all monies and complete and enforce all pending contracts and transactions in the name of Transferor Company insofar as may be necessary until the transfer and vesting of rights and obligations

of the 'l'ransferor Company to the Transferee Company under this scheme is formally effected by the parties concerned.

20) Conditions Precedent

at The effectiveness ofthe Scheme is conditional upon and subject to:
- ii The requisite sanction or approval of the Appropriate Authorities from India being obtained and/or granted in relation to any of the matters in respect ofwhich such sanction or approval is required;
- this Scheme being approved by the respective requisite majorities of the various classes of shareholders of the Transferor Company and the Transferee Company if required under the Act and the requisite orders of the Tribunal being obtained;
iii. The certified copy of the order of the Tribunal under Sections 230 to 234 and other applicable provisions of the Act sanctioning the Scheme being filed with the Registrar of Companies, Maharashtra at Mumbai by the Transferor and 'l'ransferee Companies;
iv. such other approvals and sanctions as may be required by Applicable Law in respect of this Scheme being obtained.
b On the approval of this Scheme by the shareholders of the Transferor Company and the Transfcree Company, if required, such shareholders shall also be deemed to have resolved and accorded all relevant consents under the Act or otherwise to the same extent applicable in relation to the merger set out in this Scheme, related matters and this Scheme itself.

21) Effect of Non Receipt of Approvals/Sanctions

In the event of any of the said sanctions and approvals referred to in the preceding Clause not being obtained and/ or the Scheme not being sanctioned by the Appropriate Authority and / or the Order not being passed as aforesaid within

such period or periods as may be agreed upon between the Transferor Company and the Transferee Company by their Board of Directors (and which the Board of Directors of the Transferor Company and Transferee Company are hereby empowered and authorized to agree to and extend the Scheme from time to time without any limitation) failing which 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.

22) Applications

Transferor Company and the Transferee Company, ifrequired shall, with all reasonable dispatch, make applications/ petitions to the Tribunal under Section 230 to 234 and other applicable provisions, of the Act, for sanctionng of this Scheme.

The Transferor Company shall take all necessary steps for sanctioning of this Scheme and for its dissolution without winding up, and apply for and obtain such other approvals, if any, required under the law.

23) Modifications or amendments to the Scheme

a) The Transferor Company and the Transferee Company, through their respective Board ofDirectors, may assent from time to time on behalf of all the persons concemed to any modifications or amendments or additions to this Scheme subject to approval of the Tribunal or to any conditions or limitations which the Tribunal and/or any other competent authorities, if any, under the law may deem fit and approve of or impose

and which the Transferor Company and the Transferee Company may in their discretion deem fit and may resolve all doubts or difficulties that may arise for carrying out this Scheme and do and execute all acts, deeds, matters and things necessary for bringing this Scheme into effect, The aforesaid powers of the Transferor Company and the Transferee Company may be exercised by their respective Boards of Directors, a Committee of the concerned Board or any Director, authorized in that behalf by the concerned Board of Directors (hereinafter referred to as the 'delegate')

b) For the purpose of giving effect to this Scheme or to any modifications or amendments thereof or additions thereto, the delegate of the Transferor Company or the Transferee Company may give and is hereby authorized to determine and give all such directions as are necessary including directions for settling or removing any question of doubt or difficulty that may arise and such determination or directions, as the case may he, shall be binding on all parties in the same manner as if the same were specifically incorporated in this Scheme.

24) Costs, Charges and Expenses

All costs, charges, taxes, including stamp duties, levies and all other expenses, if any (save as expressly otherwise agreed) of the Transferor Company and the Transferee Company arising out of or incurred in carrying out and implementing this Scheme and matters incidental thereto shall be borne and paid by the Transferee Company

CERTIFIED TRUE COPY