triveni engineering & industries limited convened...yamuna nagar saharanpur roorkee haridwar...

TRIVENI ENGINEERING & INDUSTRIES LIMITEDCIN: L15421UP1932PLC022174

Regd.Office: Deoband, District Saharanpur, Uttar Pradesh-247554Corporate Office: 8th Floor, Express Trade Towers, 15-16, Sector-16A, Noida-201 301, U.P.

Email: [email protected], Website: www.trivenigroup.comTel: 91-120-4308000 / Fax: 91 120 4311010-11

COURT CONVENED MEETING OF THE EQUITY SHAREHOLDERS

Day : Saturday

Date : 3rd September, 2016

Time : 11.00 a.m.

Venue : Company’s Guest House at Sugar Unit Complex, Deoband, District Saharanpur-247 554 (U.P.)

Sr.No. Contents Page No.

1. Notice of Court Convened Meeting of the Equity Shareholders of Triveni Engineering & Industries Limited

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2. Explanatory Statement under Section 393/230 of the Companies Act, 1956/2013 3-19

3. Scheme of Arrangement between Triveni Engineering & Industries Limited (Transferor Company) and Triveni Industries Limited (Resulting Company) and their respective shareholders and creditors under Sections 391-394 of the Companies Act, 1956 (‘Scheme’)

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4. Fairness Opinion dated 21st March, 2016 of M/s D&A Financial Services (P) Ltd. 32-36

5. Observation Letters dated 21st June, 2016 and 1st July, 2016 from BSE Ltd. (BSE) and National Stock Exchange of India Limited (NSE) respectively conveying their No Objection to the Scheme

37-40

6. Complaints Report dated 2nd May, 2016 and 26th May, 2016 filed with BSE and NSE respectively

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7. Form of Proxy/Attendance Slip 42

IN THE HIGH COURT OF JUDICATURE AT ALLAHABAD

ORIGINAL COMPANY JURISDICTION

IN THE MATTER OF

COMPANY APPLICATION No. 21 OF 2016

[Under Sections 391/394 of the Companies Act, 1956]

DISTT. : SAHARANPUR

IN THE MATTER OF SCHEME OF ARRANGEMENT

BETWEEN

TRIVENI ENGINEERING AND INDUSTRIES LIMITED

[TRANSFEROR COMPANY]

AND

TRIVENI INDUSTRIES LIMITED

[RESULTING COMPANY]

AND

THEIR RESPECTIVE SHAREHOLDERS AND CREDITORS

FOR DIRECTIONS TO CONVENE MEETINGS UNDER SECTION 391

1. TRIVENI ENGINEERING AND INDUSTRIES LIMITED having its registered office at Deoband, District Saharanpur, Uttar Pradesh – 247554 [Transferor Company]

2. TRIVENI INDUSTRIES LIMITED having its registered office at Sugar Unit Deoband, District Saharanpur, Uttar Pradesh – 247554 [Resulting Company]

................. APPLICANT COMPANIES

NOTICE CONVENING MEETING OF EQUITY SHAREHOLDERS

To,

ALL EQUITY SHAREHOLDERS OF TRIVENI ENGINEERING AND INDUSTRIES LIMITED

Take notice that by an Order made on 14th July, 2016 the Hon’ble Court has directed that a meeting of the EQUITY SHAREHOLDERS of TRIVENI ENGINEERING AND INDUSTRIES LIMITED be held at Company’s Guest House at Sugar Unit Complex, Deoband, District Saharanpur- 247 554, Uttar Pradesh, on Saturday, the 3rd day of September, 2016, at 11.00 A.M. for the purpose of considering, and if thought fit, approving, with or without modification, the proposed Scheme of Arrangement between the above-named Applicant Companies and their respective Shareholders and the Creditors.

Take further notice that in pursuance of the said order, a meeting of the EQUITY SHAREHOLDERS of TRIVENI ENGINEERING AND INDUSTRIES LIMITED will be held at the Company’s Guest House at Sugar Unit Complex, Deoband, District Saharanpur- 247 554, Uttar Pradesh, on Saturday, the 3rd day of September, 2016, at 11.00 A.M., when you are requested to attend.

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Take further notice that you may attend and vote at the said meeting in person or by proxy, provided that a proxy in the prescribed form, duly signed by you, is deposited at the Registered Office of the Transferor Company at Deoband, District Saharanpur, Uttar Pradesh – 247554 not later than 48 hours before the meeting.

This Court has appointed Sri Amit Negi, Advocate, and failing him, Sri Adarsh Bhushan, Advocate, to be the Chairman of the said meeting.

A copy each of the Scheme of Arrangement, the Statement under Section 393/230 of the Companies Act, 1956/2013 and a form of proxy is enclosed.

Dated this 26th day of July, 2016.

Sd/- Sd/-[R.P. AGARWAL] [AMIT NEGI]Advocate AdvocateCounsel for Applicant Companies Chairman appointed for the Meeting

Notes:

1. All alterations made in the Form of Proxy should be initialed.

2. A shareholder may attend the meeting either in person or by proxy. The proxy need not be a shareholder of the Company.

3. The Proxy duly executed in the prescribed form, as attached with the Notice, must be deposited at the Registered Office of the Company at Deoband, District Saharanpur, Uttar Pradesh – 247554 not later than 48 hours before the meeting. .

4. A body corporate may attend and vote through its authorized representative provided a certified copy of the resolution under section 113 of the Companies Act, 2013 of its Board of Directors or other governing body authorizing such representative to attend and vote at the meeting is deposited with the company.

5. In case of persons other than individuals, the proxy should be executed under the official stamp of the organization indicating the name and designation of the person executing the proxy.

6. Foreign Institutional Investors are required to deposit certified copies of Custodial resolutions/Power of Attorney, as the case may be, authorizing the individuals named therein, to attend and vote at the meeting on their behalf.

THE PERSONS ATTENDING THE MEETING ARE ADVISED TO BRING THEIR PHOTO IDENTITY DOCUMENT FOR VERIFICATION. THEY SHOULD ALSO BRING THE DULY FILLED IN ATTENDANCE SLIP WHICH IS ANNEXED HERETO.

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ROUTE MAPDeoband Sugar Unit Complex, Deoband, District Saharanpur, Uttar Pradesh-247 554

Gurgaon

Sonipat

Panipat

Karnal

Kurukshetra

Yamuna Nagar

Saharanpur

Roorkee

Haridwar

Bijnor

Muzaffarnagar

Sugar Unit Deoband

COURT CONVENED

MEETING VENUE

Meerut

BulandshararGreater Noida

Noida

Ghaziabad Muradnagar

NH 58

Khatauli

DELHI

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IN THE HIGH COURT OF JUDICATURE AT ALLAHABADORIGINAL COMPANY JURISDICTION

IN THE MATTER OF COMPANY APPLICATION No. 21 OF 2016

[Under Sections 391/394 of the Companies Act, 1956]DISTT. : SAHARANPUR

IN THE MATTER OF SCHEME OF ARRANGEMENTBETWEEN

TRIVENI ENGINEERING AND INDUSTRIES LIMITED[TRANSFEROR COMPANY]

ANDTRIVENI INDUSTRIES LIMITED

[RESULTING COMPANY]AND

THEIR RESPECTIVE SHAREHOLDERS AND CREDITORSFOR DIRECTIONS TO CONVENE MEETINGS UNDER SECTION 391

1. TRIVENI ENGINEERING AND INDUSTRIES LIMITED havingitsregisteredofficeat Deoband,DistrictSaharanpur, Uttar Pradesh – 247554 [Transferor Company]

2. TRIVENI INDUSTRIES LIMITED havingitsregisteredofficeat SugarUnitDeoband,DistrictSaharanpur, Uttar Pradesh – 247554 [Resulting Company]


EXPLANATORY STATEMENT UNDER SECTION 393/230 OF THE COMPANIES ACT, 1956/2013

ANNEXED TO THE NOTICES OF COURT CONVENED MEETINGS OF EQUITY SHAREHOLDERS, SECURED CREDITORS AND UNSECURED CREDITORS OF TRANSFEROR COMPANY

PURSUANT TO THE ORDER DATED 14th JULY, 2016 PASSED BY THE HON’BLE ALLAHABAD HIGH COURT IN THE ABOVE MATTER1. Theabove-namedApplicantCompanieshavemovedaCompanyApplication,beingCompanyApplicationNo.21of2016, in theHon’ble

AllahabadHighCourtseekingdirectionstoconvenemeetingsoftheEquityShareholders,SecuredCreditorsandUnsecuredCreditorsoftheTransferorCompanyforconsideringand,ifthoughtfit,approving,withorwithoutmodification,theproposedSchemeofArrangementbetweentheabove-namedApplicantCompaniesandtheirrespectiveshareholdersandcreditorsandotherdirectionsincidentalthereto.TheApplicantCompanieshavesoughtdispensationofmeetingsoftheEquityShareholders,SecuredCreditorsandtheUnsecuredCreditorsoftheResultingCompanyforreasonsstatedintheCompanyApplication.

2. On theaboveApplication, theHon’bleHighCourt haspassedOrder dated14th July, 2016, convening separatemeetingsof theEquityShareholders, theSecuredCreditorsandtheUnsecuredCreditorsof theTransferorCompanyandhasappointedChairmanandAlternateChairmanforeachmeeting,fixeddateandtimeofthemeetingsandquorumforthemeetingsandhasgivendirectionsregardingdespatchandpublicationofnoticesandotherdirectionsincidentalthereto.Themeetingsoftheshareholders,securedcreditorsandunsecuredcreditorsoftheResultingCompanyhavebeendispensedwith.

3. CopyoftheaboveOrderoftheHon’bleHighCourtiskeptopenforinspection.

4. TheBoardofDirectorsoftheApplicantCompanieshaveapprovedtheproposedSchemeofArrangementattheirrespectivemeetingsdulyconvenedandheldon22.3.2016.Copiesoftheresolutionsdated22.3.2016passedbytheBoardofDirectorsoftheApplicantCompanies,asreferredtoabove,arekeptopenforinspection.

5. Reg. TRANSFEROR COMPANY :

[TRIVENI ENGINEERING & INDUSTRIES LIMITED]

(i) TheTransferorCompanywasincorporatedon27.07.1932asapubliclimitedcompanyundertheCompaniesAct,1913,inthenameof‘TheGangaSugarCorporationLimited’intheStateofPunjab.OndivisionoftheState,theCompanycameunderthejurisdictionofRegistrarofCompanies,DelhiandHaryana.Subsequentlyon03.04.1973,thenameoftheCompanywaschangedto‘GangeshwarLimited’andafreshCertificateofIncorporationwasissuedbytheRegistrarofCompanies,Delhi&Haryana,NewDelhi.TheregisteredofficeoftheCompanywassubsequentlyshiftedfromNCTofDelhitoUttarPradeshaftercompletingallthelegalformalities.Acertificatedated20.6.1997wasissuedbytheRegistrarofCompanies,U.P.registeringtheorderdated1.4.1997passedbyCompanyLawBoardconfirmingthechangeofplaceofregisteredoffice.Witheffectfrom31.3.2000thenameoftheCompanywaschangedunderaSchemeofAmalgamationto ‘TriveniEngineering&IndustriesLimited’andafreshCertificateofIncorporationwasissuedbytheRegistrarofCompanies,U.P,Kanpur.Thecopiesofcertificatesofincorporationandregistration,referredtoabove,formpartoftheMemorandumandArticlesofAssociationoftheCompany,whichiskeptopenforinspection.

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(ii) The registeredofficeoftheCompanyissituateatDeobandintheDistrictofSaharanpur(U.P.)whichfallswithinthejurisdictionofthisHon’bleCourt.

(iii) TheCompanyreceivedCertificateofCommencementofBusinesson06.02.1933whichformspartoftheMemorandumandArticlesofAssociationoftheCompany.TheCompanyhasbeeninbusinesssincethen.

(iv) Theobjects of theCompanyare set out in theObjectsClauseof theaboveMemorandumofAssociation.For sakeof brevity thesamearenotbeingreproducedherein.TheApplicantsbegtorefertotheobjectsstatedintheObjectClauseoftheMemorandumofAssociationatthetimeofhearingofthispetition,ifrequired.TheTransferorCompanyisengagedinvariousbusinessesnamely,‘SugarBusiness’comprisingofsugarmanufacture,co-generationofpower,anddistillationofalcohol,and‘EngineeringBusiness’comprisingofmanufactureofgear&gearboxesandprovidingproducts,solutionsandexecutionofcontractsinvolvingwater&waste-watertreatmentintheindustrialandmunicipalsectors.

(v) TheAuthorized,IssuedandSubscribedandPaidupCapitaloftheCompanyason31.03.2016hasbeenasunder:

Particulars Rupees (in Lacs)Authorized Capital50,00,00,000EquitysharesofRe.1/-each 5,000.002,00,00,000PreferencesharesofRs.10/-each 2,000.00Total 7,000.00Issued Capital25,79,53,110EquitysharesofRe.1/-eachfullypaidup 2,579.53Total 2,579.53Subscribed and Paid-up Capital25,79,45,110EquitysharesofRe.1/-eachfullypaid-up 2,579.45Add:Paidupvalueof8,000EquitysharesofRe.1/-eachforfeited 0.02Total 2,579.47

There hasbeennochangeinthesharecapitaloftheCompanyafter31.03.2016. (vi) TheequitysharesoftheCompanyarelistedontheBSELimited(“BSE”)andtheNationalStockExchangeofIndiaLimited(“NSE”). (vii) TheauditedaccountsoftheCompanyfortheFinancialYearendedon31stMarch,2015havebeenpresentedtoandapprovedbythe

shareholders.ThesearethelatestapprovedauditedAccounts.ThesummarizedfinancialpositionoftheCompanyaspertheaboveAuditedAccountsisasunder:

As on 31st March, 2015

PARTICULARS Rs. IN LACS Rs. IN LACSLIABILITIESSHAREHOLDERS FUNDS :(a)ShareCapital 2579.47(b)Reserves&Surplus 58964.30 61543.77NON-CURRENT LIABILITIES :(a)LongTermBorrowings 39638.27(b)DeferredTaxLiabilities(Net) 0(c)OtherLongTermLiabilities 1803.52(d) Long Term Provisions 3071.91 44513.70CURRENT LIABILITIES :(a)ShortTermBorrowings 95371.66(b)TradePayables 66242.09(c)OtherCurrentLiabilities 19337.74(d) Short Term Provisions 5740.40 186691.89TOTAL 292749.36ASSETSNON-CURRENT ASSETS :(a)FixedAssets 89387.82(b)Non-currentInvestments 4613.48(c)LongTermLoans&Advances 23071.24(d)OtherNon-currentAssets 3382.60 120455.14CURRENT ASSETS :(a) Inventories 123433.78(b)TradeReceivables 23283.25(c)CashandBankBalances 594.58(d)Short-termLoansandAdvances 19451.10(e)OtherCurrentAssets 5531.51 172294.22TOTAL 292749.36

AcopyoftheAuditedAccountsfortheFinancialYearendedon31stMarch,2015iskeptopenforinspection. ForcomprehensivepictureofthefinancialpositionandoperatingperformanceoftheCompany,theaboveAccountsmaybereferredto.

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(viii) TheauditedaccountsoftheCompanyfortheFinancialYearendedon31stMarch,2016,havebeenapprovedbytheBoardofDirectorsintheirmeetingheldon16.5.2016.TheaboveAccountswillbeplacedbeforetheshareholdersforapprovalandadoptioninthenextAnnualGeneralMeeting,whichisyettobeheld.ThesummarizedfinancialpositionoftheCompanyaspertheaboveAuditedAccountsisasunder:



InviewofimprovementinthesugarindustryscenariothefinancialpositionandperformanceoftheCompanyhasimprovedduringtheFinancialYearendedon31stMarch,2016ascomparedtoearlierfinancialyearandisexpectedtoimprovefurtherinthecurrentfinancialyear.

AcopyoftheAuditedAccountsfortheFinancialYearendedon31stMarch,2016(whichareyettobeapprovedandadoptedbytheshareholders)iskeptopenforinspection.

ForcomprehensivepictureofthefinancialpositionandoperatingperformanceoftheCompany,theaboveAccountsmaybereferredto.6. Reg. RESULTING COMPANY : [TRIVENI INDUSTRES LIMITED] (i) TheResultingCompanyhasbeenincorporatedon22.07.2015asapubliclimitedcompanyundertheCompaniesAct,2013.Acopyof

certificateofincorporationformspartoftheMemorandumandArticlesofAssociationoftheCompany. AcopyofthelatestMemorandumandArticlesofAssociationoftheCompanyiskeptopenforinspection. (ii) TheregisteredofficeoftheCompanyissituateatSugarUnitDeoband,District,Saharanpur,UttarPradesh–247554,whichfallswithin

thejurisdictionofthisHon’bleCourt. (iii) TherequirementoffilingdeclarationbyacompanybeforecommencementofbusinesshasbeendispensedwithundertheCompanies

(Amendment)Act,2015andassuch theCompany isnot required tofileanydeclarationwith theRegistrarofCompanies,U.P., forcommencementofbusiness.TheCompanyshallcommencebusinessproposed tobe transferred to itunder theSchemewhen theSchemebecomeseffective.

(iv) TheobjectsoftheCompanyaresetoutintheObjectsClauseoftheaboveMemorandumofAssociation.Forsakeofbrevitythesamearenotbeingreproducedherein.TheApplicantsbegtorefertotheobjectsstatedintheObjectClauseoftheMemorandumofAssociationatthetimeofhearingofthispetition.

(v) That theAuthorized,IssuedandSubscribedandPaidupCapitaloftheCompanyason31.03.2016hasbeenasunder:

Particulars Rupees (in Lacs)Authorized Capital50,000EquitySharesofRe.1/-each 0.50Total 0.50Issued Capital50,000EquitySharesofRe.1/-eachfullypaid-up 0.50Total 0.50Subscribed and Paid-up Capital50,000EquitySharesofRe.1/-eachfullypaid-up 0.50Total 0.50

TherehasbeennochangeinthesharecapitaloftheCompanyafter31.03.2016.

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(vi) TheResultingCompanyisawhollyownedsubsidiaryoftheTransferorCompany.ItsentiresharecapitalisbeneficiallyownedbytheTransferorCompany.

(vii) ThesharesoftheCompanyarepresentlynotlistedonanystockexchange.

(viii) TheauditedaccountsoftheCompanyforthefirstFinancialYearendedon31stMarch,2016,havebeenapprovedbytheBoardofDirectorsintheirmeetingheldon12.5.2016.TheaboveAccountswillbeplacedbeforetheshareholdersforapprovalandadoptioninthenextAnnualGeneralMeeting,whichisyettobeheld.Thesearethelatestauditedaccounts.ThesummarizedfinancialpositionoftheCompanyaspertheaboveAuditedAccountsisasunder:


PARTICULARS Rs. IN LACS Rs. IN LACSLIABILITIESSHAREHOLDERS FUNDS :(a)ShareCapital 0.50(b)Reserves&Surplus (0.92) (0.42)NON-CURRENT LIABILITIES :(a)LongTermBorrowings 0(b)DeferredTaxLiabilities(Net) 0(c)OtherLongTermLiabilities 0(d) Long Term Provisions 0CURRENT LIABILITIES :(a)ShortTermBorrowings 2.00(b)TradePayables 0(c)OtherCurrentLiabilities 0.54(d) Short Term Provisions 0 2.54TOTAL 2.12ASSETSNON-CURRENT ASSETS :(a)FixedAssets 0(b)Non-currentInvestments 0(c)LongTermLoans&Advances 0(d)OtherNon-currentAssets 0CURRENT ASSETS :(a)TradeReceivables 0(b)CashandBankBalances 2.12(c)Short-termLoansandAdvances 0(d)OtherCurrentAssets 0 2.12TOTAL 2.12

There has beennomaterialchangeinthefinancialpositionoftheCompanyafter31stMarch,2016except intheusualandnormalcourseofbusiness.

AcopyoftheAuditedAccountsfortheFinancialYearendedon31stMarch,2016iskeptopenforinspection.

ForcomprehensivepictureofthefinancialpositionandoperatingperformanceoftheCompany,theaboveAccountsmaybereferredto.

7. ThesalientfeaturesoftheproposedSchemeofArrangementaresummarizedbelow–

(i) TheSchemeprovidesthatthewholeoftheDemergedUndertaking(asdefinedinClause5.1.5)oftheTriveniEngineering&IndustriesLimited, Transferor Company, shall under the provisions of Sections 391 to 394 and all other applicable provisions, if any, of theCompaniesAct,1956andpursuanttotheOrderoftheHighCourtoranyotherappropriateauthoritysanctioningtheSchemeandwithoutanyfurtheractordeed,bedemergedfrom,transferredtoandvestedinorbedeemedtohavebeendemergedfrom,transferredtoandvestedintheTriveniIndustriesLimited,ResultingCompany,asagoingconcernasandfromtheAppointedDate.

(ii) The “Appointed Date” is1stdayofApril2016(Clause5.1.2).ThetransferandvestingofDemergedUndertakingshalloperativefromthis date.

(iii) Clause5.1.6defines“EffectiveDate”asthedateonwhichthecertifiedcopyoftheOrderoftheHon’bleHighCourtofJudicatureatAllahabadorNationalCompanyLawTribunal,oranyotherappropriateauthorityisfiledwiththerelevantRegistrarofCompanies.

(iv) AsperClause15.1, inconsiderationof thedemergerandtransferof theDemergedUndertakingby theTransferorCompanyto theResultingCompanyintermsofthisScheme,theResultingCompanyshall,withoutanyapplicationordeed,issueandallottotheequityshareholdersoftheTransferorCompanyholdingpaidupEquitySharesintheTransferorCompanyandwhosenamesappearinRegisterofMembersoftheTransferorCompanyontheRecordDate(orhis/her/itslegalheirs,executorsoradministratorsorasthecasemaybe,successors),1(One)EquityShareofRe.1/-(RupeeOne)each,creditedasfullypaidintheequitysharecapitaloftheResultingCompanyforevery1(One)EquityShareofRe.1/-(RupeeOne)eachheldbythemintheTransferorCompany.

(v) Asprovided inClause18,all theRemainingBusiness i.e.allbusinessof theTransferorCompanyother than thatcomprised in theDemergedUndertakingandalltheassetsandliabilitiesandobligations,etc.pertainingtosuchremainingbusiness,shallcontinuetobelongtoandvestedintheTransferorCompany.TheTransferorCompanywillcontinuewithitsEngineeringBusinesscomprisingofmanufactureofGearsandGearboxesandprovidingproducts,solutionsandexecutionofcontractsinvolvingwaterandwaste-watertreatmentintheindustrialandmunicipalsector.

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The main terms and conditions of the Scheme are reproduced below–PART I – DEFINITIONS AND SHARE CAPITAL

5. DEFINITIONS 5.1 InthisScheme,unlessrepugnanttothemeaningorcontextthereof,thefollowingexpressionsshallhavethefollowingmeanings:

5.1.1 “Act” or “the Act” means theCompaniesAct, 1956, and / or theCompaniesAct, 2013 and shall include any and all statutoryamendments,modificationsor re-enactment thereof fromtimeto time.Asonthedateofapprovalof thisSchemeby theBoardofDirectorsoftheTransferorCompanyandResultingCompany,sections391to394orsections100to103oftheCompaniesAct,1956continuetobeinforcewiththecorrespondingprovisionsoftheCompaniesAct,2013nothavingbeennotified.Accordingly,referencesinthisSchemetotheparticularprovisionsoftheActarereferencestoparticularprovisionsoftheCompaniesAct,1956.Uponsuchprovisionsstandingre-enactedbyenforcementoftheprovisionsoftheCompaniesAct,2013,suchreferencesshall,unlessadifferentintentionappears,beconstruedasreferencestotheprovisionssore-enacted;

5.1.2 “Appointed Date” for thepurposeofPart IIof theScheme,meanscommencementofbusinesson1stdayofApril2016orsuchotherdateasfixedorapprovedbytheHon’bleHighCourtofJudicatureatAllahabadorNationalCompanyLawTribunaloranyothercompetentauthority

5.1.3 “Board of Directors”meanstheBoardofDirectorsoftheTransferorCompanyortheResultingCompany,asthecontextmayrequireandincludesacommitteethereof;

5.1.4 “Court” or “High Court”meanstheHon’bleHighCourtofJudicatureatAllahabadandshall includetheNationalCompanyLawTribunal,ifapplicable;and“High Courts” or “High Court”shallmeanbothofthem,asthecontext,mayrequire;

5.1.5 “Demerged Undertaking”means theSugarBusiness of theTransferorCompany including the following units: (a)Distillery unitlocatedinDistrictMuzaffarnagar,UttarPradesh;(b)Sugarmanufacturingunit,Cogenerationunit,FueldispensingstationandBrandedgoods division (including branded sugar) located in Khatauli, DistrictMuzaffarnagar,Uttar Pradesh; (c) Sugarmanufacturing unitandCogeneration unit located inDeoband,District Saharanpur, Uttar Pradesh; (d) Sugarmanufacturing unit including incidentalcogeneration facilities located inSabitgarh,DistrictBulandshahar,UttarPradesh; (e)Sugarmanufacturingunit including incidentalcogeneration facilities located in Chandanpur, District J.P. Nagar, Uttar Pradesh; (f) Sugar Manufacturing unit located in RaniNangal,DistrictMoradabad,UttarPradesh;(g)SugarmanufacturingunitincludingincidentalcogenerationfacilitieslocatedinMilakNarayanpur,DistrictRampur,UttarPradesh;(h)SugarmanufacturingunitlocatedinRamkola,DistrictKushinagar,UttarPradeshandadministrative/corporate/salesofficespertainingto theaforesaidSugarbusiness,onagoingconcernbasis, including inter-alia theassetsandliabilitiesrelatingtheretoandwhichshallmeanandinclude(withoutlimitation):

5.1.5.1 Allassets,whereversituated,whethermovableorimmovable,tangibleorintangible,leaseholdorfreehold,includingallland,buildings,plantandmachinery,offices,capitalworkinprogress,furniture,fixtures,officeequipment,appliances,accessories,etc.pertainingtotheDemergedUndertaking;

5.1.5.2 allpermits,quotas,rights(includingrightsundercontracts,governmentcontracts,memorandumofunderstandingetc)entitlements,industrial and other licenses,municipal and other statutory permissions, approvals, consents, tenancies in relation to office and/orinrelationtoresidentialpropertiesfortheemployees,officeanddepots,patents,copyrights,allotherintellectualpropertyrights,investments and / or interest (whether vested, contingent or otherwise), cash balance, benefits of any deposits, financial assetslikebillsofexchange,letterofintentandloansadvances,debtors,recoverableincashorkindorforvaluetobereceivedincludingamounts receivablewith respect to thefinancingcommitmentappearing in thebooksofaccountsasspecificallyapprovedby theBoardofDirectorsoftheTransferorCompanyinconsultationwiththeResultingCompany,accountsandallotherrights,benefitsofallagreement,subsidies,grants,taxes,taxcredits(includingbutnotlimitedtocreditsinrespectofincometax,salestax,valueaddedtax,turnovertax,exciseduty,servicetax,etc),deferredtaxbenefits,privileges,licenses,powerandfacilitiesofeverykind,natureanddescriptionwhatsoever,righttouseoravailoftelephone,telexes,facsimileconnectionsandinstallation,utilities,electricityandotherservices,funds,benefitsofallsubsidies,incentives,reliefpackages,agreements,contractsandarrangements(includingbutnotlimitedtopowerpurchaseagreements, registrations forgrantof renewableenergycertificatesandcarboncredits,unfulfilledcontracts forsuppliesofethanolenteredintowiththeconcernedauthorities/companies)andallotherinterestincludingthebenefitarisingunderU.P.SugarIndustryPromotionPolicy2004issuedbytheStateGovernmentofUttarPradeshinconnectionwithorrelatingtotheDemergedUndertaking;

5.1.5.3 allearnestmoney,advancesand/orsecuritydepositpaidbytheTransferorCompanyinconnectionwiththeDemergedUndertaking;

5.1.5.4 all employees of theTransferorCompany employed in theDemergedUndertaking as identified by theBoard ofDirectors of theTransferorCompany;

5.1.5.5 allexistingandfutureinvestments,contracts,memorandumofunderstanding,etc,entitlements,industrialandotherlicenses,pollutionandenvironmentconsent/clearance,municipalpermissions,approvals,consents,tenancies,inrelationtoanyjointventuresorotherarrangement,whichmaybeenteredintobytheTransferorCompanyinrespectoftheDemergedUndertaking;

5.1.5.6 all necessary records, files,designs,manuals, catalogues,papers, drawings,plans,manuals, dataandother records,whether inphysicalorelectronicform,inconnectionwithorrelatingtotheDemergedUndertaking;and

5.1.5.7 theTransferredLiabilitiesasreferredtoinClause5.1.17;

5.1.5.8 AnyquestionthatmayariseastowhetheraspecifiedassetorliabilitypertainsordoesnotpertaintotheDemergedUndertakingoftheTransferorCompanyorwhetheritarisesoutoftheactivitiesoroperationsoftheDemergedUndertakingoftheTransferorCompanyshallbedecidedbymutualagreementbetween theBoardofDirectorsoranyCommitteeofDirectors thereofof theTransferororResultingCompany;

5.1.6 “Effective Date” meansthedateonwhichthecertifiedcopyoftheOrderoftheHon’bleHighCourtofJudicatureatAllahabadorNationalCompanyLawTribunal,oranyotherappropriateauthorityisfiledwiththerelevantRegistrarofCompanies.ReferencesinthisSchemetothedateofthe “coming into effect of this Scheme” or “effectiveness of this Scheme” or “Scheme becoming effective” shall mean the Effective Date;

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5.1.7 “Governmental Authority”meansanyapplicableCentral,StateorlocalGovernment,legislativebody,regulatoryoradministrativeauthority,agencyorcommissionoranycourt,tribunal,board,bureauorinstrumentalitythereoforarbitrationorarbitralbodyhavingappropriatejurisdiction;

5.1.8 “Income-tax Act”meanstheIncome-taxAct,1961,andshallincludeanystatutorymodifications,re-enactmentoramendmentthereof; 5.1.9 “Law” or “Applicable Law”includesallapplicablestatutes,enactments,actsoflegislatureorParliament,laws,ordinances,rules,bye-

laws,regulations,notifications,guidelines,policies,directions,directivesandordersofanygovernment,statutoryauthority,tribunal,board,CourtofIndiaoranyothercountryorjurisdictionasmaybeapplicable;

5.1.10 “Person”shallincludeanyindividual,jointventure,company,corporation,partnership(whetherlimitedorunlimited),proprietorship,trust or other enterprise (whether incorporated or not), Hindu undivided family, union, association, government (central, state orotherwise),oranyagency,department,authorityorpoliticalsubdivisionthereof,andshallincludetheirrespectivesuccessorsandincaseofanindividualshallincludehis/herlegalrepresentatives,administrators,executorsandheirsandincaseofatrustshallincludethetrusteeorthetrusteesforthetimebeing;

5.1.11 “Record Date”meansthedatetobefixedbytheBoardofDirectorsoftheTransferorCompanyforthepurposeofdeterminingthemembersoftheTransferorCompanytowhomtheEquitysharesoftheResultingCompanywillbeissuedpursuanttothisSchemeintermsofClause15hereof;

5.1.12 “Resulting Company”meansTriveniIndustriesLimited,acompanyincorporatedundertheprovisionsoftheCompaniesAct,2013havingitsregisteredofficeatSugarUnitDeoband,District–Saharanpur,UttarPradesh–247554;

5.1.13 “ROC” or “Registrar of Companies”meansRegistrarofCompanies,UttarPradesh; 5.1.14 “Remaining Business”meansand includesallbusinessof theTransferorCompanyother than thatcomprised in theDemerged

Undertaking; 5.1.15 “Scheme” or “the Scheme” or “this Scheme”meansthisSchemeofArrangementinitspresentformassubmittedtotheHighCourt

orthisSchemewithsuchmodification(s),ifanymadeasperClause21; 5.1.16 “Transferor Company” means Triveni Engineering & Industries Limited, a company incorporated under the provisions of the

CompaniesAct,1913havingitsregisteredofficeatDeoband,District–Saharanpur,UttarPradesh–247554; 5.1.17 “Transferred Liabilities”shallhavethemeaningascribedtoitinClause8.6.2hereofwithrespecttotheliabilitiestransferredtothe

ResultingCompanyunderPartIIofthisScheme. 6 DATE OF TAKING EFFECT AND OPERATIVE DATE TheSchemesetouthereininitspresentformorwithanymodification(s)approvedorimposedordirectedbytheHighCourtshallbe

operativefromtheAppointedDatebutshallbeeffectivefromtheEffectiveDate. 7 SHARE CAPITAL 7.1 Theauthorized,issued,subscribedandpaidupsharecapitaloftheTransferorCompanyasperthelatestauditedbalancesheetason

March31,2015andbasedonunauditedfinancialstatementsasonDecember31,2015isasunder:

Particulars Rupees (in Lacs) Authorized Capital50,00,00,000EquitysharesofRe.1/-each 5,000.002,00,00,000PreferencesharesofRs.10/-each 2,000.00Total 7,000.00Issued Capital25,79,53,110EquitysharesofRe.1/-eachfullypaidup 2,579.53Total 2,579.53Subscribed and Paid-up Capital25,79,45,110EquitysharesofRe.1/-eachfullypaid-up 2,579.45Add:Paidupvalueof8,000EquitysharesofRe.1/-eachforfeited 0.02Total 2,579.47

TherehasbeennochangeinthesharecapitaloftheTransferorCompanyfromtheabovedatetilltheapprovaloftheSchemebytheBoardofDirectors.

7.2 Theauthorized,issued,subscribedandpaidupsharecapitaloftheResultingCompanyaspertheAuditedfinancialstatementsasonDecember31,2015,isasunder:

Particulars Rupees (in Lacs) Authorized Capital50,000EquitySharesofRe.1/-each 0.50Total 0.50Issued Capital50,000EquitySharesofRe.1/-eachfullypaid-up 0.50Total 0.50SubscribedandPaid-upCapital50,000EquitySharesofRe.1/-eachfullypaid-up 0.50Total 0.50

TherehasbeennochangeinthesharecapitaloftheResultingCompanyfromtheabovedatetilltheapprovaloftheSchemebytheBoardofDirectors.

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7.2.1 TheentireissuedandpaidupsharecapitaloftheResultingCompanyisbeneficiallyownedbytheTransferorCompany.AssuchtheResultingCompanyisawhollyownedsubsidiaryoftheTransferorCompany.

PART II – TRANSFER AND VESTING OF THE DEMERGED UNDERTAKING 8. TRANSFER AND VESTING OF THE DEMERGED UNDERTAKING OF THE TRANSFEROR COMPANY INTO THE RESULTING

COMPANY WitheffectfromtheAppointedDateorsuchotherdateasmaybefixedorapprovedbytheHon’bleHighCourtandupontheScheme

becomingeffective,theDemergedUndertakingshallbetransferredandvestedintheResultingCompanyinthefollowingmanner:

8.1 ThewholeoftheDemergedUndertakingoftheTransferorCompanyasdefinedinClause5.1.5,shallundertheprovisionofSection391to394andallotherapplicableprovisions,ifany,oftheAct,andpursuanttotheOrderoftheHighCourtoranyotherappropriateauthoritysanctioningtheSchemeandwithoutanyfurtheractordeed,bedemergedfrom,transferredtoandvestedinorbedeemedtohavebeendemergedfrom,transferredtoandvestedintheResultingCompanyasagoingconcernasandfromtheAppointedDate.

8.2 ThisSchemehasbeendrawnup tocomplywith theconditions relating to “Demerger”asspecifiedunderSection2(19AA)of theIncomeTaxAct,1961.IfanytermsorprovisionsofthisSchemearefoundtobeinterpretedorinconsistentwiththesaidprovisionsatalaterdateincludingresultingfromamendmentofanylaworforanyotherreasonwhatsoever,theprovisionsofthesaidsectionoftheIncomeTaxshallprevailandtheSchemeshallstandmodifiedtotheextentnecessarytocomplywiththeSection2(19AA)oftheIncomeTax.Act,1961.SuchmodificationwillhowevernotaffecttheremainingpartsoftheScheme.

8.3 ItisclarifiedthatsincetheTransferorCompanyowns100%oftheissuedsharecapitaloftheResultingCompany,thetransferoftheDemergedUndertakinginpursuanceofthisSchemeshallbeeligibleforremissionofthestampdutyinstateofUttarPradesh,oninstrumentsevidencing transferofproperty,videFinanceDepartmentNotificationNo.M.599/X-501,datedMarch25,1942 issuedunderSection9(a)oftheIndianStampAct,1899.

8.4 UpontheSchemebecomingeffectiveandwitheffectfromtheappointeddate,theassetsoftheDemergedUndertakingshallstandtransferredandvestedintheResultingCompanyinthefollowingmanner:

8.4.1 InrespectofsuchoftheassetsoftheDemergedUndertakingasaremovableinnatureorotherwisecapableofbeingtransferredbyphysicaldelivery,bypayingoverorbyendorsementanddelivery,thesameshallbesotransferredbytheTransferorCompany,withoutrequiringanydeedorconveyanceforthesameandshallbecomethepropertyoftheResultingCompanyasanintegralpartoftheDemergedUndertaking.

8.4.2 All immovableproperties,assetsandrightsintheimmovablepropertiespertainingtotheDemergedUndertakingoftheTransferorCompanyasdefined inClause5.1.5,whether freeholdor leaseholdorotherwiseand in termsof suchpermittedusagearealsomentioned thereinandalldocumentsof title, rightsandeasements in relation theretoshallpursuant to theprovisionsofSections391to394andpursuanttotheordersoftheHighCourtoranyotherappropriateauthoritysanctioningtheSchemeandwithoutanyfurtheractordeedstandtransferredtoandvestedand/ordeemedtobetransferredtoandvestedintheResultingCompanywithoutanyencumbrances,fixedand/orfloatingchargesand/or rightsgiven to the lendersof theotherdivisionsofTransferorCompany.TheResultingCompanyshallbeentitledtoandexerciseallrightsandprivilegesattachedtheretoandshallbeliabletopaygroundrent,taxesandtofulfillobligationsinrelationtoorapplicabletosuchimmovableproperties.TheResultingCompanyshallundertheprovisionsoftheSchemebedeemedtobeauthorizedtoexecutesuchinstruments,deedsandwritingonbehalfoftheTransferorCompanytoimplementorcarryoutallsuchformalitiesorcompliancesonthepartoftheTransferorcompanyandtobecarriedoutorperformedtogiveeffecttotheprovisionsofthisScheme.Themutationofthetitletotheimmovablepropertiesshallbemadeanddulyrecordedbytheappropriateauthoritiespursuant tothesanctionof theSchemeandupontheSchemebecomingeffective, inaccordancewiththetermshereof,infavouroftheResultingCompany.AnyinchoatetitleorpossessorytitleoftheTransferorCompanyinrelationtotheDemergedUndertakingshallbedeemedtobethetitleoftheResultingCompany.

8.4.3 InrespectofsuchoftheassetsoftheDemergedUndertakingotherthanthosereferredtoinClause8.4.1and8.4.2above,thesameshallbetransferredtoandvestedinand/orbedeemedtobetransferredtoandvestedintheResultingCompanyontheAppointedDatepursuanttotheprovisionsofSection394theAct.Inrespectofsuchassetsincludingactionableclaims,sundrydebtors,outstandingloans,advancesrecoverableincashorkindorforvaluetobereceivedanddepositswiththeGovernment,semi-Government,localandotherauthoritiesandbodiesandcustomers,theResultingCompanymay,andtheTransferorCompanyshall,onbeingsorequestedbytheResultingCompany,issuenoticesinsuchformastheResultingCompanyspecifiesstatingthatpursuanttotheScheme,therelevantdebt,loan,advance,depositorotherasset,bepaidormadegoodto,orbeheldonaccountof,theResultingCompany,asthepersonentitledthereto,totheendandintentthattherightoftheTransferorCompanytoreceive,recoverorrealisethesame,standstransferredtotheResultingCompanyandthatappropriateentriesshouldbepassedintheirrespectivebookstorecordtheaforesaidchanges.

8.4.4 Allassets,estate,rights,title,interestandauthoritiesacquiredbytheTransferorCompanyaftertheAppointedDateandpriortotheEffectiveDateforoperationoftheDemergedUndertaking,shallalsostandtransferredtoandvestedintheResultingCompanywitheffectfromtheEffectiveDateinaccordancewithandinthemannerprescribedinClause8.4.1,8.4.2and8.4.3above.

8.5 UponthecomingintoeffectofthisScheme,theamountstandingtothecreditoftheCapitalReserveAccount(representingcapitalsubsidy)andMolassesStorageFundReserveAccount,totheextenttheyarepertainingtoorrelatabletotheDemergedUndertakingasontheAppointedDate,ifanyshall,withoutanyfurtheractordeedbetransferredtotheResultingCompanyandshallthereuponbecometheCapitalReserve(representingcapitalsubsidy)andMolassesStorageFundReserveoftheResultingCompany.

8.6 UponthecomingintoeffectofthisScheme,theliabilitiesoftheDemergedUndertakingasontheAppointedDateshallbetransferred/dealtwithinthefollowingmanner:

8.6.1 It is clarified thatwitheffect from theEffectiveDate, liabilitiesandobligationsof theTransferorCompanywhicharoseoutof theactivitiesoroperationsof theDemergedUndertakingason theAppointedDate,shallbedeemedtohavebeentransferred to theResultingCompanyandtotheextenttheyareoutstandingontheEffectiveDateshall,withoutanyfurtheractordeedbetransferredtotheResultingCompanyandshallthereuponbecometheliabilitiesandobligationsoftheResultingCompanywhichtheResultingCompanyundertakestomeet,dischargeandsatisfytotheexclusionoftheTransferorCompany.

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8.6.2 All liabilities including loans and borrowings present, future, and contingent liabilities and obligations of theTransferor Companyallocable or pertaining to the Demerged Undertaking, including guarantees in respect of borrowings or non-fund based facilitiespertainingtoorrelatabletotheDemergedUndertaking,(collectivelythe‘TransferredLiabilities’),shallwithoutanyfurtheractordeed,becomeliabilities,loansandborrowingsoftheResultingCompany,andallrights,powers,dutiesandobligationsinrelationtheretoshallbeandstandtransferredtoandvestedinandshallbeexercisedbyoragainsttheResultingCompanyasifithadenteredintosuchloansandincurredsuchborrowings.ForthepurposeofthisScheme,itisclarifiedthattheTransferredLiabilitiesshallinclude:

8.6.2.1 TheliabilitieswhichariseoutoftheactivitiesoroperationsoftheDemergedUndertaking;

8.6.2.2 Thespecificloansorborrowingsraised,incurredandutilizedsolelyfortheactivitiesandoperationsoftheDemergedUndertaking;and

8.6.2.3 SomuchoftheamountsofthegeneralormultipurposeborrowingsoftheTransferorCompany,allocabletotheDemergedUndertakingasstandinthesameproportioninwhichthevalueoftheassetstransferredunderthisSchemebearstothevalueoftheassetsoftheTransferorCompanyimmediatelybeforethedemerger,asprescribedundersection2(19AA)oftheIncomeTaxAct,1961.

8.6.3 SubjecttotheprovisionsofClause8.6.2aboveandfromtheEffectiveDate,theResultingCompanyaloneshallbeeligibletoperformallobligationsinrespectoftheTransferredLiabilitiesastheborrower/issuerthereof,andtheTransferorCompanyshallnothaveanyobligationinrespectoftheTransferredLiabilities.

8.6.4 Itisexpresslyprovidedthat,saveasmentionedinthisClause8.6,noothertermsorconditionoftheTransferredLiabilitiesshallbemodifiedexcepttotheextentthatsuchamendmentisrequiredbynecessaryimplications.

8.6.5 Whereanyof the liabilitiesandobligationof theTransferorCompanyason theAppointedDatedeemed tobe transferred to theResultingCompanyhavebeendischargedbytheTransferorCompanyaftertheAppointedDateandpriortotheEffectiveDate,suchdischargeshallbedeemedtohavebeenforandonaccountoftheResultingCompany,andallloansraisedandusedandallliabilitiesandobligationsincurredbytheTransferorCompanypertainingtotheDemergedUndertakingaftertheAppointedDateandpriortotheEffectiveDate,shallalsowithoutanyfurtheractordeedbeandstandtransferredtotheResultingCompanyandshallbecometheliabilitiesandobligationsoftheResultingCompanywhichshallmeet,dischargeandsatisfythesametotheexclusionoftheTransferorCompany.

8.6.6 TheprovisionsofthisClause8.6shalloperatenotwithstandinganythingtothecontrarycontainedinanydeedorwritingorthetermsof sanctionor issueof any security document, all ofwhich instruments shall standmodifiedand/or supersededby the foregoingprovisions.

9. LEGAL PROCEEDINGS Upon the Scheme becoming effective, andwith effect from theAppointedDate, all legal, taxation and other proceedings of the

DemergedUndertakingshallbetransferred/dealtinthefollowingmanner:

9.1 FromtheEffectiveDate,alllegal,taxationorotherproceedings(includingbeforeanystatutoryorquasi-judicialauthorityortribunal)(‘Proceedings’)byoragainsttheTransferorCompany,whetherpendingontheAppointedDateorwhichmaybeinstitutedanytimeinfutureandineachcaserelatingorpertainingtotheDemergedUndertakingincludingbutnotlimitedtoproceedingspendingbeforetheLucknowBenchoftheAllahabadHighCourtwithrespecttotheU.P.SugarIndustryPromotionPolicy2004issuedbytheStateGovernmentofUttarPradesh,shallbecontinuedandenforcedbyoragainsttheResultingCompanyaftertheEffectiveDatetotheextentlegallypermissible.Totheextent,suchproceedingscannotbetakenoverbytheResultingCompany,theProceedingsshallbepursuedbytheTransferorCompanyaspertheinstructionofandentirelyatthecostoftheResultingCompany.

9.2 If the proceedings are taken against theTransferorCompany in respect of thematters referred to inClause 9.1, theTransferorCompanyshalldefendinaccordancewiththeadviceoftheResultingCompanyandatthecostoftheResultingCompany,andtheResultingCompanyshallreimburseandindemnifyandholdharmlesstheTransferorCompanyagainstallliabilitiesandobligationsincurredbytheTransferorCompanyinrespectthereof.

10. CONTRACTS, LICENSES, APPROVALS AND PERMITS

UpontheSchemebecomingeffective,andwitheffectfromtheAppointedDate,allcontracts,licenses,approval,permitsetcoftheDemergedUndertakingshallbetransferreddeemedassigned/dealtinthefollowingmanner:

10.1 WitheffectfromtheEffectiveDateandsubjecttotheprovisionsofthisScheme,allcontracts,deeds,bonds,schemes,arrangementsandotherinstruments,ifany,ofwhatsoevernatureandrelatingtotheDemergedUndertakingtowhichtheTransferorCompanyisapartyortothebenefitofwhichtheDemergedUndertakingmaybeeligible,andwhicharesubsistingorhavingeffectimmediatelybeforetheEffectiveDate,shallbeinforceandeffectagainstorinfavourof,asthecasemaybe,theResultingCompany,andmaybeenforcedasfullyandeffectuallyasif,insteadoftheTransferorCompany,theResultingCompanyhadbeenapartyorbeneficiaryorobligeethereto.

10.2 WithoutprejudicetotheotherprovisionsoftheSchemeandnotwithstandingthatthevestingoftheDemergedUndertakingwiththeResultingCompanyoccursbyvirtueoftheSchemeitself,theResultingCompanymay,atanytimeafterthecomingintoeffectofthisSchemeinaccordancewiththeprovisionshereof,ifsorequired,underanylaworotherwise,executedeeds,writings,confirmations,novation, tripartiteagreements,declarations,orotherdocumentswith,or in favourofanyparty toanycontractorarrangement towhichtheTransferorCompanyisapartyoranywritingsasmaybenecessarytobeexecutedmerelyinordertogiveformaleffecttotheaboveprovisions.TheTransferorCompanywill,ifnecessary,alsobepartytotheabove.TheResultingCompany,shallundertheprovisionsofthisScheme,bedeemedtobeauthorizedtoexecuteanysuchwritingsonbehalfoftheTransferorCompanyandtocarryoutorperformallsuchformalitiesorcompliancesrequiredforthepurposesreferredtoaboveonthepartoftheTransferorCompanytobecarriedoutorperformed.

10.3 For avoidanceof doubt andwithout prejudice to the generality of the foregoing, it is clarified that upon coming into effect of theScheme,ontheAppointedDate,allconsents,permissions,licenses,certificate,authoritiesgivenby,issuedtoorexecutedinfavouroftheTransferorCompanyinrelationtotheDemergedUndertakingshallstandtransferredtotheResultingCompanyasifthesamewereoriginallygivenby,issuedtoorexecutedinfavouroftheResultingCompany,andtheResultingCompanyshallfiletherelevantintimations,ifany,fortherecordofthestatutoryauthoritieswhoshalltakethemonfile,pursuanttotheSchemecomingintoeffect

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andtherightsandbenefitsundersuchconsents,permissions,licenses,certificatesetc.,shallbeavailabletotheResultingCompany.Anyregistrationfees,chargesetcpaidbytheTransferorCompanyinrelationtotheaforementionedconsents,permissions,licenses,approvals,certificates,clearancesandauthorities,shalldeemedtohavebeenpaidbytheResultingCompany.

10.4 Withoutprejudice to thegeneralityof the foregoing,upon thecoming intoeffect thisschemeon theAppointedDate,allconsents,permissions,licenses,approvals,certificates,clearancesandauthoritiesinrespecttoorundertheprovision(s)oftheFactoriesAct,IndustrialDisputesAct,Industries(DevelopmentandRegulation)Act,PaymentofWagesAct,PaymentofGratuityAct,PaymentofBonusAct,IndustrialEmploymentStandingOrdersAct,EmploymentExchangeAct,StateLabourWelfareFundAct,MotorVehicleAct,EnvironmentProtectionAct&Pollution

ControlAct,ElectricityAct,StateTaxonProfessions,Trades,CeilingandEmploymentActoftherespectivestates,originallygivenby,issuedtoorexecutedinfavouroftheTransferorCompanyinrelationtotheDemergedUndertakingasontheAppointedDateshallstandtransferredordeemedamendedinfavouroftheResultingCompanyasifthesamewereoriginallygivenby,issuedorexecutedinfavouroftheResultingCompany,andtherightsandbenefitsunderthesameshallbeavailabletotheResultingCompany.

10.5 Itisclarifiedthatifanycontract,deed,bond,agreements,scheme,arrangements,orotherinstrumentsofwhatsoevernatureinrelationtotheDemergedUndertaking,towhichtheTransferorCompanyisapartycannotbetransferredtotheResultingCompanyforanyreasonwhatsoever, theTransferorCompany shall hold such contract, deed, bond, agreements, scheme, arrangements, or otherinstrumentsofwhatsoevernatureintrustforthebenefitoftheResultingCompany.

10.6 UpontheSchemecomingintoeffect,thepasttrackrecordoftheTransferorCompanyinrelationtotheDemergedUndertaking,withoutanylimitation,includinginter-aliaprofitability,production,volume,experience,credentialsmarketshare,etc.shallbedeemedtobethetrackrecordoftheResultingCompanyforallcommercialandregulatorypurposesincludingforthepurposeoftheeligibility,standing,evaluationandparticipation,oftheResultingCompanyinallexistingandfuturebids,tender,contractsofallauthorities,agenciesandclientsandwithrespecttoanybenefit,subsidyorclaimarisingtotheResultingCompanyundertheU.P.SugarIndustryPromotionPolicy2004issuedbytheStateGovernmentofUttarPradesh.

11. EMPLOYEES

UpontheSchemebecomingeffective:

11.1 AlltheemployeesoftheTransferorCompany,whoareapartoftheDemergedUndertaking(“theEmployees”),shallstandtransferredto theResultingCompanyon termsandconditionsnot less favorable than thoseonwhich theywereengagedby theTransferorCompany(includinginrelationtothelevelofremunerationandcontractualandstatutorybenefits,incentiveplans,terminalbenefits,gratuityplans,providentplans,superannuationplansandanyotherretirementbenefits)withoutanyinterruptioninserviceasaresultoftransferoftheDemergedUndertakingoftheTransferorCompanytotheResultingCompany.

11.2 TheResultingCompanyagreesthattheservicesofalltheEmployeeswiththeTransferorCompanypriortothetransfer,asaforesaid,shallbetakenintoaccountforthepurposeofthebenefittowhichthesaidEmployeesmaybeeligible,includinginrelationtothelevelofremunerationandcontractualandstatutorybenefits,incentiveplans,terminalbenefits,gratuityplans,providentplans,superannuationplansandanyotherretirementbenefitsandaccordinglybereckonedthereforefromthedateoftheirrespectiveappointmentintheTransferorCompany.

11.3 The existing provident fund, gratuity fund and pension and/or superannuation fund trusts, if any, of which the Employees of theTransferorCompany, being transferredunderClause11.1 above to theResultingCompany, aremembersor beneficiaries asontheAppointedDate,alongwiththeaccumulatedcontributionsthereintilltheEffectiveDate,shallwiththeapprovaloftheconcernedauthoritiesifsorequired,betransferredtoandcontinuedwithoutanybreak,tobeadministeredbytheResultingCompanyforthebenefitofsuchEmployeesonthesametermsandconditions.Accordingly,thebalancesintheprovidentfund,gratuityfundandpensionand/orsuperannuationfund,ifany,pertainingtothesaidEmployeesoftheTransferorCompany,andatthedirectionoftheResultingCompany,shalleitherbecontinuedasseparatefundsoftheResultingCompanyforthebenefitofsuchEmployeesorbetransferredtoandmergedwiththesimilarfundsoftheResultingCompany.IntheeventthattheResultingCompanydoesnothaveitsownfundsinrespectofanyoftheabove,theResultingCompany,maysubjecttothenecessaryapprovalsandpermissions,continuetocontributetotherelevantfundsoftheTransferorCompany,untilsuchtimethattheResultingCompanycreatesitsownfunds/arrangementsatwhichtimethefundsandtheinvestmentsandcontributionpertainingtotheconcernedEmployeesshallbetransferredtothefundscreatedbytheResultingCompany.

12. TAX TREATMENT


12.1 It isclarifiedthatall thetaxesandthedutiespayablebytheTransferorCompany,relatingtotheDemergedUndertaking, fromtheAppointedDateonwards, includingalladvancetaxes, taxdeductionatsource, tax liabilities,oranyrefundsorclaimsshall, forallpurpose,betreatedasadvancetaxpayments,taxdeductionatsource,taxliabilities,refundsorclaimsoftheResultingCompany.Accordingly,upontheSchemebecomingeffective,theTransferorCompany,isexpressly,permittedtoreviseandfileandtheResultingCompanyisexpresslypermittedtoreviseandfiletheirrespective,incometaxreturnsincludingtaxdeductionatsourcecertificates,salestax/valueaddedtaxreturns,excisereturn,servicetaxreturns,andothertaxreturns,andtoclaimrefund/credit,pursuanttotheprovisionsofthisScheme.

12.2 InaccordancewiththeMODVAT/CENVAT/VATrulesframedundertheCentralExciseAct,1944,orrelevantstatelegislation,asareprevalentontheEffectiveDate,theunutilizedcreditrelatingtoexcisedutiesandvalueaddedtaxespaidoninputs/capitalgoodslyingtotheaccountoftheDemergedUndertaking,shallbepermittedtobetransferredtothecreditoftheResultingCompany,asifsuchunutilizedcreditswerelyingtotheaccountoftheResultingCompany.TheResultingCompanyshallaccordinglybeentitledtosetoffallsuchcreditsagainstexciseduty/applicablevaluedaddedtaxpayablebyit.

12.3 UpontheSchemebecomingeffective,anyTDSdeposited,TDScertificatesissuedorTDSreturnsfiledbytheTransferorCompanypertainingtotheDemergedUndertakingshallcontinuetoholdgoodasifsuchTDSamountsweredeposited,TDScertificateswereissuedandTDSreturnswerefiledbytheResultingCompany.

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12.4 TheobligationfordeductionoftaxatsourceonanypaymentmadebyortobemadebytheTransferorCompanypertainingtotheDemergedUndertakingundertheIncomeTaxAct,1961,servicetaxlaws,centralsalestax,statevalueaddedtaxorotherapplicablelawsand/orregulationsdealingwithtaxes,dutiesorleviesshallbedeemedtohavebeenmadeanddulycompliedwithonbehalfoftheResultingCompany.

12.5 All theexpensesincurredbytheTransferorCompanyandtheResultingCompanyinrelationtotheScheme,includingstampdutyexpenses,ifany,shallbeallowedasdeductiontoeachoftheTransferorCompanyandtheResultingCompanyinaccordancewithSection35DDoftheIncomeTaxAct,1961overaperiodof5yearsbeginningwiththepreviousyearinwhichtheSchemebecomeseffective.

13. SECURITY

ThetransferandvestingoftheDemergedUndertakingunderClause8above,shallbesubjecttotheexistingsecurities,chargesandmortgages,ifanyinrelationtotheliabilitiesoftheDemergedUndertakingtransferredbytheTransferorCompany.

13.1 In so far as the assets comprised in the Demerged Undertaking are concerned, the existing securities, mortgages, charges,encumbrancesorliens(the“Encumbrances”),ifany,overorinrespectofanyoftheassetsoranypartthereoforchargeoversuchassetsrelatingtoanyloansorborrowingoftheTransferorCompany,shallwithoutanyfurtheractordeed,bereleasedanddischargedfromthesameandshallnolongerbeavailableassecurityinrelationtothoseliabilitiesretainedintheTransferorCompany.

13.2 InsofarastheassetsretainedintheTransferorCompanyareconcerned,thesecurityoversuchassets,totheextenttheyrelatetotheliabilitiestransferredunderClause8.6.2above,shall,withoutanyfurtheract,instrumentordeedbereleasedanddischargedfromsuchsecurity.Theabsenceofanyformalamendmentwhichmayberequiredbyalenderorathirdpartyinordertoeffectsuchreleaseshallnotaffecttheoperationoftheforegoingsentence.

14. SAVING OF THE CONCLUDED TRANSACTIONS AND CONDUCT OF THE BUSINESS TILL THE EFFECTIVE DATE

14.1 Thetransferandvestingoftheassets,liabilitiesandobligationsoftheDemergedUndertakingasperthisSchemeandcontinuanceoftheproceedingsbyoragainsttheResultingCompanyunderClause9hereofshallnotaffectanytransactionsorproceedings,alreadycompletedby theTransferorCompanyonorbefore theAppointedDate to theendand intent that theResultingCompanyacceptallacts,deedsandthingsdoneandexecutedbyand/oronbehalfoftheTransferorCompanyasacts,deedsandthingsdoneandexecutedbyandonbehalfoftheResultingCompany.

14.2 WitheffectfromtheAppointedDateanduptoandincludingtheEffectiveDate,theTransferorCompanyshallbedeemedtohavebeencarryingonallthebusinessandactivitiesrelatingtotheDemergedUndertakingforandonaccountofandintrustfortheResultingCompany.

14.3 AllprofitsaccruingtotheTransferorCompanyorlossesarisingorincurredbyit(includingtheeffectoftaxesifanythereon)aftertheAppointedDateanduptotheEffectiveDate,relatingtotheDemergedUndertakingshallforallpurposes,betreatedasprofits,taxes,orlosses,asthecasemaybe,oftheResultingCompany.

14.4 TheTransferorCompanyherebyconfirmsthatithasandshallcontinueuptotheEffectiveDate,topreserveandcarryontheDemergedUndertaking,withreasonablediligenceandbusinessprudenceanditwillnot,withoutpriorconsultationwiththeResultingCompany,alienate,charge,orotherwisedealwithordisposeorsuspendbusinessoperationoftheDemergedUndertakingoranypartthereof(ineachcaseexceptintheordinarycourseofbusiness)orundertakesubstantialexpansionoftheDemergedUndertaking,otherthanexpansionswhichhavealreadycommencedpriortotheAppointedDate.

14.5 TheTransferorCompanyandtheResultingCompanyshallbeentitledtodeclareandpaydividends,whetherinterimorfinal,totheirrespectiveshareholders,inrespectoftheaccountingperiodpriortotheEffectiveDate.ItisclarifiedthattheaforesaidprovisionswithreferencetothedeclarationofdividendsisanenablingprovisiononlyandshallnotbedeemedtoconferanyrightonanymemberoftheTransferorCompanyortheResultingCompanytodemandorclaimanydividendwhich,subjecttotheprovisionsoftheAct,shallbeentirelyatthediscretionoftheBoardofDirectoroftheTransferorandtheResultingCompany,asthecasemaybe,subjecttosuchapprovaloftherespectiveshareholders,asmayberequired.

14.6 It isexpresslyclarified that theconsentof themembers to theSchemeshallbedeemed tobe theirconsent/approvalalso toanytransactionsbetweentheTransferorCompanyandtheResultingCompanybetweentheAppointedDateandtheEffectiveDatewhichmaynecessitatemembersapprovalunderSection188of theAct readwithRule15of theCompanies (MeetingofBoardand itsPowers)Rules2014andtherelevantprovisionsoftheListingAgreement/RegulationsasmaybeapplicableaftertheeffectivenessoftheScheme.

15. CONSIDERATION 15.1 UpontheSchemebecomingeffectiveandsubjecttothetermsandconditionofthisSchemeandasmaybedeterminedbytheBoard

ofDirectorsoftheTransferorCompanyandtheResultingCompany,inconsiderationofthedemergerandtransferoftheDemergedUndertakingbytheTransferorCompanytotheResultingCompanyintermsofthisScheme,theResultingCompanyshall,withoutanyapplicationordeed,issueandallottotheequityshareholdersoftheTransferorCompanyholdingpaidupEquitySharesintheTransferorCompanyandwhosenamesappearinRegisterofMembersoftheTransferorCompanyontheRecordDate(orhis/her/itslegalheirs,executorsoradministratorsorasthecasemaybe,successors),1(One)EquityShareofRe.1/-(RupeeOne)each,creditedasfullypaidintheequitysharecapitaloftheResultingCompanyforevery1(One)EquityShareofRe.1/-(RupeeOne)eachheldbythemintheTransferorCompany(the“NewEquityShares”).

15.2 ThetotalnumberofNewEquitySharestobeissuedandallottedtothememberoftheTransferorCompanypursuanttoclause15.1above,shallbeatpar,creditedasfullypaidupandshallhaverightsattachedtheretoasfollows:

15.2.1 TheNewEquitySharestobeissuedandallottedpursuanttotheClause15.1hereofshall inallrespects,rankpari-passuwiththeexistingEquitySharesoftheResultingCompany.

15.2.2 TheNewEquitySharestobeissuedandallottedhereofwillbesubjecttotheapplicableprovisionsoftheMemorandumandArticlesofAssociationoftheResultingCompany.

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15.3 InrespectoftheequitysharesintheTransferorCompanyalreadyheldindematerializedform,theNewEquitySharestobeissuedbytheResultingCompany in lieuhereofshallalsobe issued indematerializedformwiththesharesbeingcreditedtotheexistingdepositoryaccountofthememberoftheTransferorCompanyentitledthereto,unlessotherwisenotifiedinwritingbytheshareholdersoftheTransferorCompanytothe

ResultingCompanyonorbeforetheRecordDate.InrespectoftheequitysharesoftheTransferorCompanyheldinphysicalform,eachmemberoftheTransferorCompanyholdingsuchshareshallhavetheoption,tobeexercisedbywayofgivinganoticetotheResultingCompanyonorbeforetheRecordDate,toreceivetheNewEquitySharesoftheResultingCompanyeitherinphysicalformorinadematerializedform,providedhowever,incaseofthelatter,thesaidnoticeshallcontainthedetailsoftherelevantdepositoryaccount.IntheeventthatsuchnoticehasnotbeenreceivedbytheResultingCompanyinrespectofanymember,theNewEquitySharesoftheResultingCompanyshallbeissuedtosuchmembersinphysicalform.

15.4 TheNewEquitySharestobeissuedtothemembersoftheTransferorCompanybytheResultingCompanywillbelistedand/oradmittedtotradingontheNSEandBSE,wheretheequitysharesoftheTransferorCompanyarelistedandadmittedtotrading.TheResultingCompanyshallenterintosucharrangementsandgivesuchconfirmationsand/orundertakingsasmaybenecessaryinaccordancewiththeapplicablelawsorregulationsincludingSecuritiesandExchangeBoardofIndia(“SEBI”)Guidelines/CircularstocomplywiththerequirementsandformalitiesofthesaidStockExchanges.TheequitysharesoftheResultingCompanyallottedpursuanttotheSchemeshallremainfrozeninthedepositoriessystemtilllistingandtradingpermissionisgivenbytheStockExchange(s).

15.5 TheEquitySharestobeissuedbytheResultingCompanypursuanttoClause15.1ofthisScheme,inrespectofanyequitysharesoftheTransferorCompany,whichareheldinabeyanceundertheprovisionsofSection126oftheCompaniesAct2013oftheActorotherwise,shallpendingallotmentorsettlementofdisputebyorderoftheCourtorotherwisebeheldbythetrusteesappointedbytheResultingCompany.

15.6 Intheeventoftherebeinganypendingsharetransfers,whetherlodgedoroutstanding,ofanyshareholderoftheTransferorCompany,theBoardofDirectorsoftheTransferorCompanyshallbeempoweredinappropriatecases,priortoorevensubsequenttotheRecordDate,toeffectuatesuchatransferasifsuchchangesintheregisteredholderwereoperativeasontheRecordDate,inordertoremoveanydifficultiesarisingtotheResultingCompanyortheTransferorCompanyofsuchshares.

15.7 ThereshallbenochangeintheshareholdingpatternorcontrolintheResultingCompanybetweentheRecordDateandthedateofthelistingoftheequitysharesoftheResultingCompanypursuanttotheScheme,saveandexceptpursuanttotheissuanceofsharesunderthisScheme.

15.8 ApprovalofthisSchemebytheshareholdersoftheTransferorCompanyshallbedeemedtobetheduecomplianceoftheprovisionsofSection62(1)(c)oftheCompaniesAct,2013andtheotherrelevantandapplicableprovisionsoftheActfortheissueandallotmentofequitysharesbytheResultingCompanytotheshareholdersoftheTransferorCompany,asprovidedinthisSchemeandnoseparateresolutionundertheActwouldberequiredtobepassed.

15.9 UpontheSchemebecomingeffectiveanduponissueofequitysharesbytheResultingCompanyinaccordancewithClause15.1above, theexistingequitysharesof theResultingCompanyheldbytheTransferorCompanyand itsnominees,asontheRecordDateshall,withoutanyapplicationordeedorpayment,standcancelled.Further,suchcancellationoftheexistingequitysharesoftheResultingCompanyshall

beeffectedasan integral part of thisSchemewithout having to separately follow theprocessunderSections100 to 103of theCompaniesAct,1956(correspondingtoSection66oftheCompaniesAct,2013asandwhennotified)andtheOrderoftheHighCourtsanctioningthesaidSchemeshallbedeemedtobealsotheOrderunderSection102oftheActforthepurposeofconfirmingthesaidreduction.Thereductionwouldnotinvolveeitheradiminutionofliabilityinrespectofunpaidsharecapitalorpaymentofpaid-upsharecapitalandhencetheprovisionsofSection101ofthesaidActwillnotbeapplicable.Furthermore,theResultingCompanyshallnotberequiredtoaddthewords“andreduced”asasuffixtoitsnameconsequentuponsuchreduction.

15.10 ItisherebyexpresslyclarifiedthattheconsentoftheshareholdersandthesecuredandunsecuredcreditorstotheSchemeshallbedeemedtobesufficientforthepurposesofeffectingtheabovereorganizationintheissuedandpaid-upequitysharecapitaloftheResultingCompany,resulting inareduction intheequitysharecapitalof theResultingCompany,andnofurtherresolutionand/oractionunderSection100oftheCompaniesAct,1956(correspondingtoSection66oftheCompaniesAct,2013asandwhennotified)and/oranyotherapplicableprovisionsoftheActwouldberequiredtobeseparatelypassedortaken.

16 INCREASE IN THE AUTHORISED SHARE CAPITAL 16.1 UpontheSchemecomingintoeffecttheAuthorizedShareCapitaloftheResultingCompanyconsistingofRs.50,000/-dividedinto

50,000equitysharesofRe.1/-eachshallstandincreasedbyRs.34,99,50,000/-toRs.35,00,00,000/-dividedinto35,00,00,000equitysharesofRe.1/-each.

16.2 TheAuthorizedShareCapitaloftheResultingCompanywillstandincreasedasaboveuponthesanctionofthesaidSchemewithoutanyfurtheractordeedonpartoftheResultingCompanyandtheconsentoftheshareholderstotheSchemeshallbedeemedtobesufficientforthepurposesofeffectingtheamendmenttotheMemorandumofAssociationandArticlesofAssociationoftheResultingCompany(relatingtotheauthorizedsharecapital)andnofurtherresolution(s)underSection13,Section14,andSection61oftheCompaniesAct,2013 (corresponding toSection16,Section31,Section94of theCompaniesAct,1956)oranyotherapplicableprovisionsoftheAct,wouldberequiredtobeseparatelypassed.

16.3 TheincreaseinAuthorizedShareCapitalshallbesubjecttothepaymentofnecessaryfeesforregistrationandstampdutybytheResultingCompany.

17 ACCOUNTING TREATMENT 17.1 IN THE BOOKS OF THE RESULTING COMPANY OntheSchemebecomingeffective: 17.1.1 TheResultingCompanyshallrecordtheassetsandliabilities,oftheDemergedUndertakingvestedinitpursuanttothisScheme,at

theirrespectivebookvaluesthereofasappearinginthebooksoftheTransferorCompanyatthecloseofthebusinessdayimmediatelyprecedingtheAppointedDate.

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17.1.2 TheResultingCompanyshallcredittoitsShareCapitalAccountinitsbooksofaccountstheaggregatefacevalueoftheNewEquitySharesissuedbyittothemembersoftheTransferorCompanypursuanttothisScheme.

17.1.3 TheResultingCompanyshallcredittoitsCapitalReserve(relatingtocapitalsubsidy)andMolassesStorageReserveAccount,therespectiveamountspertainingtotheDemergedUndertakingtransferredtoitasperClause8.5.

17.1.4 Theexcessofthebookvalueoftheassetsovertheaggregateofthebookvalueofliabilities,theamountofreservestransferredasperClause8.5oftheDemergedUndertaking,theamountcreditedtothesharecapitalaccountasperClause17.1.2andtheamountofsharecapitalreducedasperClause15.9,pursuanttotheSchemeshallbecreditedtotheCapitalReserveAccount.Howeverwheretheaggregatebookvalueof liabilities,amountofreservestransferredasperClause8.5, theamountcreditedto thesharecapitalaccountasperClause17.1.2andtheamountofsharecapitalreducedasperClause15.9,pursuanttothisScheme,exceedsthebookvalueoftheassetsoftheDemergedUndertaking,suchexcessshallbedebitedbytheResultingCompanytotheGoodwillAccount.

17.2 IN THE BOOKS OF THE TRANSFEROR COMPANY OntheSchemebecomingeffective:

17.2.1 ThebookvalueofallassetsandliabilitiesrelatingtotheDemergedUndertakingtransferredpursuanttothisSchemefromtheTransferorCompanytotheResultingCompanyshallbereducedfromthetotalbookvalueofassetsandliabilitiesasappearinginthebooksoftheTransferorCompanyatthecloseofthebusinessdateimmediatelyprecedingtheAppointedDate.

17.2.2 TheamountoftheCapitalReserve(relatingtocapitalsubsidy)andMolassesStorageFundReserveaccounttransferredpursuanttoClause8.5ofthisSchemebytheTransferorCompanytotheResultingCompanyshallbereducedfromtherespectivebalancesasappearinginthebooksoftheTransferorCompanyatthecloseofthebusinessdateimmediatelyprecedingtheAppointedDate.

17.2.3 TheexcessoftheaggregateofthebookvalueoftheassetsoftheDemergedUndertakingtransferredunderthisSchemeandtheinvestmentinsharecapitaloftheResultingCompanyasreducedunderClause15.9overtheaggregateofbookvalueoftheliabilities,theamountstandingtothecreditofCapitalReserve(relatingtocapitalsubsidy)andtheMolassesStorageFundReserveaccountoftheDemergedUndertakingtransferredunderthisScheme,ifany,shallbeadjustedagainstthefollowingbalancesasappearinginthebooksoftheTransferorCompany,inthefollowingorder:

• AmalgamationReserveAccount;

• CapitalReserveAccount;

• CapitalRedemptionReserve;

• SecuritiesPremiumAccount;

• GeneralReserves;and

• Balance,ifany,shallthenbeadjustedagainstthesurplus/deficitinProfit&LossAccount

17.2.4 Theexcessofaggregateofbookvalueoftheliabilities,theamountstandingtothecreditofCapitalReserve(relatingtocapitalsubsidy)andMolassesStorageFundReserveaccountoftheDemergedUndertakingtransferredunderthisSchemeovertheaggregateofthebookvalueofassetsoftheDemergedUndertakingtransferredunderthisSchemeandtheinvestmentinsharecapitaloftheResultingCompanyasreducedunderClause15.9,ifany,shallbecreditedtotheCapitalReserveAccountoftheTransferorCompany.

17.2.5 TheutilizationoftheCapitalRedemptionReserveandSecuritiesPremiumAccountasmentionedasperclause17.2.3aboveshallbeeffectedasanintegralpartoftheSchemeinaccordancewiththeprovisionsofSection52oftheCompaniesAct,2013(correspondingtoSection78oftheCompaniesAct,1956)andSections100to103oftheActandtheorderoftheHighCourtsanctioningtheSchemeshallbedeemedtobealsotheOrderunderSection102oftheAct.

17.2.6 ItisexpresslyclarifiedthattheconsentoftheshareholdersandthesecuredandunsecuredcreditorstotheSchemeshallbedeemedtobesufficient for thepurposesofeffectingnecessaryaccountingtreatmentcontemplated inClause17.2.5above,andnofurtherresolutionand/oractionunderSection100or101oftheCompaniesAct,1956(correspondingtoSection66oftheCompaniesAct,2013asandwhennotified)and/oranyotherapplicableprovisionsoftheActwouldberequiredtobeseparatelypassedortaken.

18 REMAINING BUSINESS

18.1 TheRemainingBusinessandalltheassets,liabilitiesandobligationspertainingtheretoshallcontinuetobelongtoandbevestedinandbemanagedbytheTransferorCompany.

18.2 All legalandotherproceedingswhethercivilorcriminal (includingbeforeanystatutoryorquasi-judicialauthorityor tribunal)byoragainsttheTransferorCompanyunderanystatute,whetherpendingontheAppointedDateorwhichmaybeinstitutedatanytimethereafter,andineachcaserelatingtotheRemainingBusiness(includingthoserelatingtoanyproperty,right,power,liability,obligationordutiesoftheTransferorCompanyinrespectoftheRemainingBusiness)shallbecontinuedandenforcedbyoragainsttheTransferorCompany,whichshallkeep theResultingCompany fully indemnified in that regard. TheResultingCompanyshall innoeventberesponsibleorliableinrelationtoanysuchlegal,orotherproceedingagainsttheTransferorCompany,whichrelatetotheRemainingBusiness.

PART III – GENERAL TERMS AND CONDITIONS

19 LISTING AGREEMENT AND SEBI COMPLIANCES

19.1 TheTransferorCompanybeingalistedcompany,thisSchemeissubjecttotheCompliancesbytheTransferorCompanyofalltherequirementsunderthelistingagreementandallstatutorydirectivesoftheSecuritiesandExchangeBoardofIndia(‘SEBI’)insofarastheyrelatetosanctionandimplementationoftheScheme.

19.2 TheTransferorCompanyincompliancewiththelistingagreementshallapplyforobtainingObservationletterorNo-objectionletterof theBSEandNSEwhere itsequitysharesare listed in termsofRegulation37of theSEBI (ListingObligationsandDisclosureRequirements)Regulations,2015priortoapproachingtheCourtforsanctionoftheScheme.

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19.3 TheTransferorCompanyshallalsocomplywiththedirectivesofSEBIcontainedintheCircularNo.CIR/CFD/CMD/16/2015datedNovember30,2015,inpursuanceofsub-rule(7)ofrule19oftheSecuritiesContracts(Regulation)Rules,1957forrelaxationfromtheenforcementofclause(b)tosub-rule(2)ofrule19thereof.

20 APPLICATION TO THE HIGH COURT/AUTHORITIES

20.1 TransferorCompanyandResultingCompanyshalljointly,withallreasonabledispatch,makeallapplications/petitions/affidavitsunderSections391-394of theCompaniesAct,1956andotherapplicableprovisionsof theAct to theHighCourtorNCLToranyotherappropriateauthority,fordirectionstoconveneand/ordispensewithalloranyofthemeetingsandotherdirectionsforsanctionofthisSchemeundertheprovisionsoflawandtootherauthoritiesandbodiesforobtainingtheirapprovals,no-objections,consentsetc.,asmayberequiredunderanylaw.

21 MODIFICATION OR AMENDMENTS TO THE SCHEME

TransferorCompanyandResultingCompany,throughtheirrespectiveBoardofDirectorsmayassentfromtimetotime,onbehalfofallpersonsconcerned,toanyextension,modifications/amendmentstotheScheme(includingmodificationintheAppointedDate)ortoanyconditionsorlimitationsthattheCourtand/oranyotherauthoritymaydeemfittodirectorimposeorwhichmayotherwisebeconsiderednecessary,desirableorappropriatebythem.TransferorCompanyandResultingCompany,actingthroughtheirrespectiveauthorizedrepresentatives,beandareherebyauthorizedtotakeallsuchstepsasmaybenecessary,desirableorpropertoresolveanydoubts,difficultiesorquestionswhetherbyreasonofanydirectiveorordersofanyotherauthoritiesorotherwisehowsoeverarisingoutoforunderorbyvirtueoftheSchemeand/oranymatterconcernedorconnectedtherewith.Nofurtherapprovaloftheshareholdersor thecreditorsof theTransferoror theResultingCompanyshallbenecessary forgivingeffect to theprovisionscontained in thisClause.

22 REVOCATION, WITHDRAWAL OF THIS SCHEME

22.1 SubjecttotheorderoftheHighCourt,theBoardofDirectorsoftheCompaniesshallbeentitledtorevoke,cancel,withdrawanddeclarethisSchemeofnoeffectatanystageif:(i)thisSchemeisnotbeingsanctionedbytheHighCourtorifanyoftheconsents,approvals,permissions,resolutions,agreements,sanctionsandconditionsrequiredforgivingeffecttothisSchemearenotobtainedorforanyotherreason;(ii)incaseanyconditionoralterationimposedbytheHighCourt,shareholdersoftheCompaniesoranyotherauthorityisnotacceptabletotheBoardofDirectorsoftheCompanies;(iii)theBoardofDirectorsoftheCompaniesareofviewthatthecomingintoeffectofthisSchemeintermsoftheprovisionsofthisSchemeorfilingofthedrawnuporderwithanyGovernmentalAuthoritycouldhaveadverseimplicationonalloranyoftheTransferorCompanyortheResultingCompany.Onrevocation,withdrawal,orcancellation, thisSchemeshallstandrevoked,withdrawn,cancelledandbeofnoeffectand in thatevent,no rightsand liabilitieswhatsoevershallaccruetoorbeincurredintersebetweentheCompaniesortheirrespectiveshareholdersorcreditorsoremployeesoranyotherperson,saveandexceptinrespectofanyactordeeddonepriortheretoasiscontemplatedhereunderorastoanyright,liabilityorobligationwhichhasarisenoraccruedpursuanttheretoandwhichshallbegovernedandbepreservedorworkedoutinaccordancewiththeapplicablelawandinsuchcase,eachpartyshallbearitsowncostsunlessotherwisemutuallyagreed.NoapprovaloftheshareholdersorthecreditorsofanyoftheTransferorCompanyandResultingCompanyshallbenecessaryforgivingeffecttotheprovisionsofthisClause.

22.2 The non-receipt of any sanctions or approvals or a particular asset or liability forming part of theDemergedUndertaking gettingtransferredpursuanttothisScheme,shallnotaffecttheeffectivenessofthisScheme,iftheBoardofDirectorsoftheCompaniessodecide.

22.3 IfanypartofthisSchemeisfoundtobeunworkableforanyreasonwhatsoever,thesameshallnot,subjecttothedecisionoftheTransferorCompanyand theResultingCompany,affect thevalidityor implementationof theotherpartsand/orprovisionsof thisScheme.

22.4 NopersonclaimingtohaveactedorchangedhispositioninanticipationofthisSchemetakingeffect,shallgetanycauseofactionagainstanyoftheTransferorCompanyorResultingCompanyortheirdirectorsorofficers,iftheSchemedoesnottakeeffectforanyreasonwhatsoever,oriswithdrawn,amendedormodifiedforanyreasonwhatsoever.

23 CONDITIONALITY OF THE SCHEME BECOMING EFFECTIVE

TheEffectivenessoftheSchemeissubjecttothefollowingconditionsprecedent:

23.1 TheSchemebeingapprovedbytherequisitemajoritiesinnumberandvalueofsuchclassesofpersonsincludingtheMembersand/orCreditorsoftheTransferorCompanyandtheResultingCompanyasmaybedirectedbytheHighCourtoranyothercompetentauthority,asmaybeapplicable.

23.2 TheSchemebeingsanctionedbytheHighCourtunderSections391to394andotherrelevantprovisionsoftheActandthenecessaryOrdersunderSection394ofthesaidActbeingobtained.

23.3 CertifiedcopiesoftheOrdersoftheHighCourtsanctioningtheSchemebeingfiledwiththeRegistrarofCompanies,UttarPradeshbytheTransferorCompanyandtheResultingCompany.

23.4 Therequisite,consent,approvalorpermissionofanyGovernment,statutoryorregulatoryauthoritywhichbylawmaybenecessaryfortheimplementationofthisScheme.

24 EFFECT OF NON-RECEIPT OF APPROVALS

IntheeventofanyofthesaidsanctionsandapprovalsreferredtoinClause23notbeingobtainedand/ortheSchemenotbeingsanctionedbytheHighCourt,thisSchemeshallstandrevoked,cancelledandbeofnoeffect,saveandexceptinrespectofanyactordeeddonepriortheretoasiscontemplatedhereunderorastoanyrightsand/orliabilitieswhichmighthavearisenoraccruedpursuanttheretoandwhichshallbegovernedandbepreservedorworkedoutasisspecificallyprovidedintheSchemeorasmayotherwiseariseinlawandagreedbetweentherespectivepartiestothisScheme.Insuchanevent,eachpartyshallbearandpayitsrespectivecosts,chargesandexpensesforandorinconnectionwiththeSchemeunlessotherwisemutuallyagreed.

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25 COSTS, CHARGES & EXPENSES Allcosts,chargesandexpensesincludingstampdutiesarisingoutoforincurredincarryingoutandimplementingthisSchemeand

mattersincidentalthereto,shallbebornebytheTransferorand/orResultingCompanyasmaybemutuallyagreeduponbytheBoardofDirectorsoftheoftheTransferorCompanyandtheResultingCompany.

8. (i) TheTransferorCompanybeneficiallyholdstheentire50,000equitysharesofRe.1eachoftheaggregatepaidupvalueofRs.50,000intheResultingCompany.VideClause15.9oftheScheme,theaboveshareswillstandcancelledupontheSchemebecomingeffectiveanduponissueofequitysharesbytheResultingCompanyinaccordancewithClause15.1.VideClause15.1theResultingCompanywillissueonenewequityshareofRe.1eachtotheshareholdersoftheTransferorCompanyforeveryoneequityshareofRe.1heldbythemintheTransferorCompany.Consequentlytherewillbenoreductionofcapitalconsequentuponcancellationofabove-mentioned50,000equityshares. Ineffectupon theSchemecoming intoeffect, thepaidupsharecapitalof theResultingCompanywillstandincreasedtoRs.2579.47lacsfromtheexistingpaidupsharecapitalofRs.0.50lacsonly.

(ii) Clauses17.2.3.,17.2.5and17.2.6of theScheme,whichdealwithAccountingTreatment in thebooksof theTransferorCompany,providethattheexcessoftheaggregateofthebookvalueoftheassetsoftheDemergedUndertakingtransferredunderthisSchemeandtheinvestmentinsharecapitaloftheResultingCompanyascancelledunderClause15.9overtheaggregateofbookvalueoftheliabilities,theamountstandingtothecreditofCapitalReserve(relatingtocapitalsubsidy)andtheMolassesStorageFundReserveaccount of theDemergedUndertaking transferred under thisScheme, if any, shall be adjusted against the following balances asappearinginthebooksoftheTransferorCompany,inthefollowingorder:

• AmalgamationReserveAccount; • CapitalReserveAccount; • CapitalRedemptionReserve; • SecuritiesPremiumAccount; • GeneralReserves;and • Balance,ifany,shallthenbeadjustedagainstthesurplus/deficitinProfit&LossAccount (iii) ItisfurtherprovidedthattheutilizationoftheCapitalRedemptionReserveandSecuritiesPremiumAccountandthecancellationofthe

existingequitysharesoftheResultingCompanyasmentionedaboveshallbeeffectedasanintegralpartoftheSchemeinaccordancewiththeprovisionsofSection52oftheCompaniesAct,2013(correspondingtoSection78oftheCompaniesAct,1956)andSections100to103oftheCompaniesAct,1956andtheorderoftheHighCourtsanctioningtheSchemeshallbedeemedtobealsotheOrderunderSection102oftheCompaniesAct,1956.TheconsentoftheshareholdersandthesecuredandunsecuredcreditorstotheSchemeshallbedeemedtobesufficientforthepurposesofeffectingnecessaryaccountingtreatmentstatedaboveandcontemplatedinClause17.2.5oftheScheme,andnofurtherresolutionand/oractionunderSection100or101oftheCompaniesAct,1956(correspondingtoSection66oftheCompaniesAct,2013asandwhennotified)and/oranyotherapplicableprovisionsoftheActwouldberequiredtobeseparatelypassedortaken.

(iv) It is clarified that theadjustmentagainstCapitalRedemptionReserveandSecuritiesPremiumAccount contemplated in theaboveclauses ismerelyanaccounting treatment.TheSchemedoesnotprovide foranyoutgoof fundsoutofabovereserves.Exceptasabove,theSchemedoesnotprovideforreductionofcapitalofanyoftheApplicantCompanies.IntheopinionoftheApplicantstheaboveaccountingtreatmentwillnotaffecttheinterestofcreditorsoranyotherpersons.

(v) ThatM/sJ.C.Bhalla&Co.,CharteredAccountants,being theStatutoryAuditorsof theTransferorCompany,havecertified that theaccountingtreatmentcontainedintheSchemeisincompliancewithalltheAccountingStandardsnotifiedbytheCentralGovernmentundersection133oftheCompaniesAct,2013readwiththerulesframedthereunder.

CopyoftheaboveCertificatedated22.3.2016issuedbytheM/sJ.C.Bhalla&Co.,StatutoryAuditors,iskeptopenforinspection.9. TheshareentitlementratiofortheissuanceofequitysharesbytheResultingCompanytotheshareholdersoftheTransferorCompanyin

considerationof transferofDemergedUndertakinghasbeenfixedon thebasisof theAdvisoryReportonShareEntitlementRatiodated19.3.2016ofM/sSSKothariMehta&Co.,NewDelhi,anindependentfirmofCharteredAccountants.ThefairnessoftheshareentitlementratiohasbeenconfirmedbyM/sD&AFinancialServices(P)Ltd.,SEBIapprovedMerchantBankers,videtheirOpiniondated21.3.2016.

AcopyoftheAdvisoryReportdated19.3.2016submittedbyM/sSSKothariMehta&Co.iskeptopenforinspection.

AcopyoftheFairnessOpiniondated21.3.2016submittedbyM/sD&AFinancialServices(P)Ltd.isbeingannexedtothepresentNoticeandisalsokeptopenforinspection.

10. ThecircumstanceswhichhavenecessitatedtheproposedSchemeandtheobjectssoughttobeachievedareexplainedbelow– (i) TheTransferorCompanyisengagedinthebusinessesofmanufacturingandrefiningofsugar,distillationofalcohol,generationofpower,

manufacturingofgears&gearboxesandprovidingwaterandwastewatertreatment/managementsolutions.Aspartofanoverallre-organizationplanandinordertoachievegreaterefficienciesinitsoperationsandwiththeintentofprovidingfocusandgreaterattentiontoeachofitsbusinesses,it isconsidereddesirableandexpedienttotransfertheDemergedUndertakingtotheResultingCompany.ThiswillresultinseparatingSugarBusinessandtheEngineeringBusinessandtheproposedtransferwillenablefocusedmanagementorientationtoeachofthebusinessesduetoindividualspecializationandleadershipvision.

(ii) Theproposedtransferwillcreateopportunitiesforstrategicpartnershipandflexibilityof fundraisingcapability for futuregrowthandexpansionandtocreateabusinessstructurewhichisgearedtotakeadvantageofpossiblegrowthopportunities.

(iii) ThebusinessesandactivitiesoftheTransferorCompanyandResultingCompanywillbecarriedonmoreeconomically,convenientlyandadvantageouslyandthesamewillhavebeneficialresultsforboththecompaniesandallthestakeholders.

(iv) TheTransferorCompanyandtheResultingCompany,posttransferandvestingoftheDemergedUndertaking,willhavebetterfinancial,businessandoperationalprospectsincludingbutnotlimitedtoefficientmanagementofcosts,bettermaintenanceofthemanufacturingfacilitiesandimprovedadministrativecontrolonthesaidbusinesses.

(v) TheseparationofSugarBusinessandEngineeringBusinesswouldalsoresultinunlockingandmaximizingshareholders’value.

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11. IntheopinionoftherespectiveBoardofDirectorsoftheApplicantCompanies,thevalueofsecuritiestobeissuedandallottedbytheResultingCompanyupontransferandvestingoftheDemergedUndertakingandthevarioustermsandconditionsspecifiedintheproposedSchemearefairandreasonableandtheSchemeisintheoverallinterestoftherespectiveApplicantCompaniesandtheirshareholdersandthecreditors.

12. Inviewofprotectiveprovisionsmade inClause13of theSchemeaboutsecuritycreated in respectofsecuredborrowings, theproposedSchemeisnotlikelytoprejudiciallyaffecttheinterestofsecuredcreditors.ThesecuritycreatedinrespectofoutstandingloanspertainingtotheremainingbusinessoftheTransferorCompanyaftertheproposedtransferoftheDemergedUndertakingwillbesufficienttomeettheremainingliabilitytowardssecuredcreditors.TheassetsoftheApplicantCompaniesafterimplementationoftheSchemewillbesufficienttomeettheirrespectiveliabilities,bothsecuredandunsecured.

13. NoneoftheApplicantCompanieshaveanyoutstandingdebentures.

14. IncompliancewiththerequirementofRegulation37oftheSEBI(ListingObligationsandDisclosureRequirements),Regulations,2015andtheapplicableSEBICircular,theTransferorCompanyhassubmittedcopiesoftheproposedSchemeofArrangementtotheStockExchanges(BSEandNSE)onwhichequitysharesoftheTransferorCompanyarelisted.ThetwoStockExchangeshavegiventheirNoObjectionLetters(called“ObservationLetters”)totheproposedScheme.

CopiesofNoObjection/ObservationLettersdated21.6.2016and1.7.2016receivedfromtheBSEandtheNSErespectivelyarebeingannexedtothepresentNoticeandarealsokeptopenforinspection.

15. TheproposedSchemeofArrangementandallotherdocumentswhicharerequiredtobehostedontheCompany’swebsiteunderapplicableSEBICircular,havebeensohostedonthewebsiteoftheTransferorCompanywithintheprescribedtimeandthesamearekeptopen.TheNoObjection/ObservationLettersissuedbyStockExchanges,referredtoabove,havealsobeenhostedontheCompany’swebsitewithin24hoursofreceivingthesameandthesamearebeingkeptopenasrequiredunderapplicableSEBICircular.AllapplicablerequirementsasperapplicableSEBICircularhavebeendulycompliedwith.

16. The names of directorsoftheApplicantCompaniesandtheirpresentshareholdingsineachcompanyareasunder–

Sl. No. Names of Directors No. of shares of Re. 1 each heldIn Transferor

CompanyIn Resulting

CompanyA Directors of Triveni Engineering & Industries Ltd., Transferor Co.1 SriDhruvM.Sawhney 38391756 02 SriTarunSawhney 14695375 03 SriNikhilSawhney 15277653 04 Dr.F.C.Kohli 0 05 Lt.GenK.K.Hazari(Retd.) *1000 06 SriMahendraK.Daga 9000 07 SriShekharDutta 10000 08 Ms.HomaiA.Daruwalla 0 09 Dr. Santosh Pande 0 010 SriSudiptoSarkar 0 0B Directors of Triveni Industries Ltd., Resulting Co.1 SriDebajitBagchi 900 **12 SriSatvinderSinghWalia 17550 **13 SriAtulAggarwal 0 **1

*heldasjointholderwithhiswife. **heldasaNomineeofHolding/TransferorCompanyi.e.TriveniEngineering&IndustriesLtd.

17. Thepre-schemeshareholdingpatternoftheTransferorCompanyisasunder–

Sl. No. Particulars No. of Shares PercentagePromoter and Promoter Group

1 Individuals/HinduUndividedFamily 93261173 36.162 BodiesCorporate 82696056 32.06

Public shareholding3 FinancialInstitutions/Banks/InsuranceCos./MutualFunds 5728918 2.224 FIIs/FPIs 10664617 4.135 Public

5(i) BodiesCorporate/NBF 14368215 5.575(ii) Individualshareholders* 45670188 17.705(iii) NRIs/FN 1822181 0.715(iv) Others–ClearingMembers&Trust/HUF 3733762 1.45

Total 257945110 100.00

*includes20000equitysharesheldbysomedirectorsand/ortheirrelatives

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18. Thepost-schemeshareholdingpatternoftheTransferorCompanyshallremainunchangedsincetheSchemedoesnotcontemplateanyissueandallotmentofsharesbytheTransferorCompany.

19. Thepre-schemeshareholdingpatternoftheResultingCompanyisasunder–


1 Individuals/HinduUndividedFamily -- --2 BodiesCorporate 50000 100.00

Public shareholding3 FinancialInstitutions/Banks/InsuranceCos./MutualFunds -- --4 FIIs/FPIs -- --5 Public -- --

5(i) BodiesCorporate/NBF -- --5(ii) Individualshareholders -- --5(iii) NRIs -- --5(iv) Others -- --

Total 50000 100.0020. Thepost-schemeshareholdingpattern(expected)oftheResultingCompanywillbeasunder–

Sl. No. Particulars No. of Shares PercentagePromoter and Promoter Group 1 Individuals/HinduUndividedFamily 93261173 36.162 BodiesCorporate 82696056 32.06Public shareholding3 FinancialInstitutions/Banks/InsuranceCos./MutualFunds 5728918 2.224 FIIs/FPIs 10664617 4.135 Public5(i) BodiesCorporate/NBF 14368215 5.575(ii) Individualshareholders* 45670188 17.705(iii) NRIs/FN 1822181 0.715(iv) Others–ClearingMembers&Trust/HUF 3733762 1.45 Total 257945110 100.00


21. Noneofthepromoters,directors[includingmanagingandotherwholetimedirectors]andkeymanagerialpersonneloftheApplicantCompaniesandtheirrelativeshaveanymaterialinterest,directorindirect,intheproposedSchemeexcepttotheextentoftheirrespectiveshareholdingintherespectiveCompaniesandtheshareswhichtheywillgetintheResultingCompanylikeanyothershareholder.

22. No investigationproceedingsunderSections235 to251and the likeof theCompaniesAct,1956orunder thecorrespondingprovisionscontainedinsections210to229oftheCompaniesAct,2013,arependingagainstanyoftheApplicantCompanies.

23. VideCompanyApplicationNo.28of2015andCompanyPetitionNo.1of2016,thepresentApplicantCompaniesalongwithanotherApplicantCompanynamely,TriveniSugarLimited,hadfiledacompositeSchemeofArrangementbetweenTriveniEngineering&IndustriesLimitedastheTransferorCompany,TriveniSugarLimitedastheTransfereeCompanyandTriveniIndustriesLimited,astheResultingCompany.Duetochangeincircumstances,theabove-namedpetitionersdecidednottopursuethepetitionandaccordinglyanapplicationwasfiledforwithdrawalofthepetition.TheabovewithdrawalapplicationwasallowedandtheCompanyPetitionNo.1of2016wasdismissedaswithdrawnbytheHon’bleAllahabadCourtvideOrderdated29.04.2016.AcopyoftheOrderdated29.04.2016iskeptopenforinspection.ThepresentschemeismateriallydifferentfromtheearlierschemeanditisbetweentheTriveniEngineering&IndustriesLimitedastheTransferorCompanyandTriveniIndustriesLimited,astheResultingCompany.TheTriveniSugarLimitedisnotapartyinthepresentscheme.

24. Sincenoneoftheconditionsofpara(I)(A)(9)(a)ofAnnexure-ItoSEBIcirculardated30.11.2015areapplicabletotheScheme,theCompanyisexempttoobtainapprovalofpublicshareholdersintermsofpara(I)(A)(9)(c)ofAnnexure-Itothesaidcircular.

25. AcopyoftheComplaintsReportfiledwiththeBSEandNSEisannexedtotheNoticeandisalsokeptopenforinspection.

Thefollowingdocumentswillbeavailableforinspectionbetween11.00.A.M.to4.00P.M.attherespectiveRegisteredOfficesoftheApplicantCom-paniesonallworkingdaystilltheconclusionofthemeetings–

1. CopyoftheOrderdated14thJuly,2016passedbytheHon’bleAllahabadHighCourtinCompanyApplicationNo.21of2016

2. CompletesetoftheCompanyApplicationNo.21of2016filedbytheApplicantCompaniesintheHon’bleAllahabadHighCourt.

3. CopyofSchemeofArrangement

4. Copiesofresolutionsdated22.03.2016passedbytherespectiveBoardofDirectorsoftheApplicantCompaniesapprovingtheSchemeofArrangementandothermattersincidentalthereto.

5. MemorandumandArticlesofAssociationoftheTransferorCompany.

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6. CompletesetofpublishedAuditedAccountsforFYendedon31.03.2015oftheTransferorCompany


8. Memorandum&ArticlesofAssociationoftheResultingCompany

9. CompletesetofpublishedAuditedAccountsforFYendedon31.03.2016oftheResultingCompany

10. CopyofAdvisoryReportonShareEntitlementRatiodated19.03.2016ofM/sSSKothariMehta&Co.,CharteredAccountants.

11. CopyofFairnessOpiniondated21.03.2016submittedbyD&AFinancialServices(P)Ltd.

12. CopyofCertificatedated22.03.2016issuedbyM/sJ.C.Bhalla&Co.,CharteredAccountants,StatutoryAuditors,regardingaccountingtreatment

13. NoObjections/ObservationLettersdated21.06.2016and01.07.2016receivedfromBSEandNSErespectivelyalongwithcopiesofapplicationsfiledforapprovalwithrelateddocuments

14. Hon’bleAllahabadHighCourtOrderinCompanyPetitionNo.1of2016dated29.04.2016withcopyofMiscellaneousApplicationwhichwasfiledbytheApplicantCompanies

15. CopyofCompanyPetitionNo.1of2016withcopyofCompositeSchemeofArrangementwhichwassubjectmatterofaboveCompanyPetition No. 1 of 2016

16. CopyofComplaintsReportshowingdetailsofcomplaints/commentsondraft SchemereceivedfromvarioussourcespriortoobtainingobservationlettersfromStockExchanges.

17. LatestListsofshareholdersoftheApplicantCompanies

18. ListsofSecuredandUnsecuredCreditorsoftheTransferorCompanyason31.05.2016(beingthecut-offdatefixedbytheHon’bleHighCourt].

19. ListofUnsecuredCreditorofResultingCompany[TheCompanyhasnosecuredcreditors].

TheaboverecordswillalsobeavailableforinspectionattheVenueofthemeetingsonthedatefixedforthemeetingsfrom10.00A.M.uptotheconclusionofthemeetings.

Inadditiontoabove,allstatutoryrecordswhicharerequiredtobekeptopenforinspectionatthegeneralmeetingsofshareholdersunderlaw,willbeavailableforinspectiononthedateofthemeetings.

Dated26thJuly,2016.

Sd/- Sd/-[AMIT NEGI] [B.K. PANDEY]Chairman for the meeting of Chairman for the meeting of EquityShareholdersofTransferorCompany SecuredCreditorsofTransferorCompany

Sd/-[Y.K SRIVASTAVA]Chairman for the meeting of UnsecuredCreditorsofTransferorCompany

Sd/- Sd/-[GEETA BHALLA] [R.P. AGARWAL]GroupGeneralManager&Co.Secretary AdvocateofTransferorCompanyandAuthorised forApplicantCompaniesRepresentativeofResultingCompany

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SCHEME OF ARRANGEMENT

BETWEEN

TRIVENI ENGINEERING & INDUSTRIES LIMITED (TEIL)

AND

TRIVENI INDUSTRIES LIMITED (TIL)

AND


UNDER SECTION 391-394 OF THE COMPANIES ACT, 1956

PREAMBLE

1. Background and Description of Companies

1.1 TriveniEngineering& IndustriesLimitedisacompany incorporatedunder theprovisionsof theCompaniesAct,1913having its registeredofficeatDeoband,DistrictSaharanpur,UttarPradesh–247554(‘TransferorCompany’).TheTransferorCompanyistheflagshipcompanyoftheTriveniGroupandisengagedinvariousbusinessesnamely,‘SugarBusiness’comprisingofsugarmanufacture,co-generationofpower,anddistillationofalcohol,and‘EngineeringBusiness’comprisingofmanufactureofgears&gearboxesandprovidingproducts,solutionsandexecutionof contracts involvingwater&waste-water treatment in the industrial andmunicipal sectors.Theequity sharesof theTransferorCompanyarelistedwiththeBSELimited(‘BSE’)andNationalStockExchangeofIndiaLimited(‘NSE’).

1.2 TriveniIndustriesLimitedisacompanyincorporatedundertheprovisionsoftheCompaniesAct,2013havingitsregisteredofficeatSugarUnitDeoband,DistrictSaharanpur,UttarPradesh–247554(‘ResultingCompany’).TheResultingCompanyisawhollyownedsubsidiaryoftheTransferorCompanyhavingtheobjectsofmanufactureandsaleofsugarandalliedproductsincludingco-generationofpower,distillationofalcoholetc.

2. Purpose of the Scheme of Arrangement

This Scheme ofArrangement for demerger of the Demerged Undertaking (as defined hereinafter under Clause 5.1.5) of the TransferorCompanytotheResultingCompanyonagoingconcernbasisispresentedunderSections391to394readwithsections100to103oftheCompaniesAct1956andsection52oftheCompaniesAct2013andotherapplicableprovisionsoftheCompaniesAct,1956andCompaniesAct,2013,asandwhennotifiedandmadeapplicable.

3. Objects and Rationale of the Scheme of Arrangement

TheBoardofDirectorsoftheTransferorCompanyareoftheviewthatthetransferandvestingoftheDemergedUndertakingintotheResultingCompany,isintheinterestofallconcernedincludingtheshareholders,creditorsandemployeesonaccountofthefollowingreasons:

3.1 TheTransferorCompany isengaged in thebusinessesofmanufacturingandrefiningofsugar,distillationofalcohol,generationofpower,manufacturing of gears& gear boxes and providing water and waste water treatment/ management solutions.As part of an overall re-organizationplanandinordertoachievegreaterefficienciesinitsoperationsandwiththeintentofprovidingfocusandgreaterattentiontoeachofitsbusinesses,itisconsidereddesirableandexpedienttotransfertheDemergedUndertakingtotheResultingCompany.ThiswillresultinseparatingSugarBusinessandtheEngineeringBusinessandthetransferthereforewillenablefocusedmanagementorientationtoeachofthebusinessesduetoindividualspecializationandleadershipvision.

3.2 Opportunitiesforcreatingstrategicpartnershipandflexibilityoffundraisingcapabilityforfuturegrowthandexpansionandtocreateabusinessstructurewhichisgearedtotakeadvantageofpossiblegrowthopportunities.

3.3 Thebusinessesandactivitiesof theTransferorCompanyandResultingCompanywillbecarriedonmoreeconomically,convenientlyandadvantageouslyundertheproposedSchemeandthesamewillhavebeneficialresultsforboththecompanies,theirshareholders,stakeholdersandallconcerned.

3.4 TheTransferorCompany and theResultingCompany, post transfer and vesting of theDemergedUndertakingwill have better financial,business and operational prospects including but not limited to efficientmanagement of costs, bettermaintenance of themanufacturingfacilitiesandimprovedadministrativecontrolonthesaidbusinesses.

3.5 TheseparationofSugarBusinessandEngineeringBusinesswouldalsoresultinunlockingandmaximizingshareholdersvalue.

4. Parts of the Scheme

TheSchemeisdividedintothefollowingparts:

PARTI- DefinitionsandShareCapital

PARTII- TransferandvestingoftheDemergedUndertakingoftheTransferorCompanyintotheResultingCompany

PARTIII- Generaltermsandconditions

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PART I – DEFINITIONS AND SHARE CAPITAL

5. DEFINITIONS

5.1 InthisScheme,unlessrepugnanttothemeaningorcontextthereof,thefollowingexpressionsshallhavethefollowingmeanings:

5.1.1 “Act” or “the Act”meanstheCompaniesAct,1956,and/ortheCompaniesAct,2013andshallincludeanyandallstatutoryamendments,modificationsorre-enactmentthereoffromtimetotime.AsonthedateofapprovalofthisSchemebytheBoardofDirectorsoftheTransferorCompanyandResultingCompany,sections391to394orsections100to103oftheCompaniesAct,1956continuetobeinforcewiththecorrespondingprovisionsof theCompaniesAct,2013nothavingbeennotified.Accordingly, references in thisSchemeto theparticularprovisionsof theActare references toparticularprovisionsof theCompaniesAct,1956.Uponsuchprovisionsstanding re-enactedbyenforcementof theprovisionsof theCompaniesAct,2013,suchreferencesshall,unlessadifferent intentionappears,beconstruedasreferencestotheprovisionssore-enacted;

5.1.2 “Appointed Date”forthepurposeofPartIIoftheScheme,meanscommencementofbusinesson1stdayofApril2016orsuchotherdateasfixedorapprovedbytheHon’bleHighCourtofJudicatureatAllahabadorNationalCompanyLawTribunaloranyothercompetentauthority


5.1.4 “Court” or “High Court”meanstheHon’bleHighCourtofJudicatureatAllahabadandshallincludetheNationalCompanyLawTribunal,ifapplicable;and“HighCourts”or“HighCourt”shallmeanbothofthem,asthecontext,mayrequire;

5.1.5 “Demerged Undertaking”meanstheSugarBusinessoftheTransferorCompanyincludingthefollowingunits:(a)DistilleryunitlocatedinDistrictMuzaffarnagar,UttarPradesh;(b)Sugarmanufacturingunit,Cogenerationunit,FueldispensingstationandBrandedgoodsdivision(includingbrandedsugar)locatedinKhatauli,DistrictMuzaffarnagar,UttarPradesh;(c)SugarmanufacturingunitandCogenerationunitlocated inDeoband,DistrictSaharanpur,UttarPradesh; (d)Sugarmanufacturingunit including incidentalcogeneration facilities locatedin Sabitgarh, District Bulandshahar, Uttar Pradesh; (e) Sugar manufacturing unit including incidental cogeneration facilities located inChandanpur,DistrictJ.P.Nagar,UttarPradesh;(f)SugarManufacturingunit locatedinRaniNangal,DistrictMoradabad,UttarPradesh;(g)Sugarmanufacturingunit including incidentalcogenerationfacilities located inMilakNarayanpur,DistrictRampur,UttarPradesh;(h)SugarmanufacturingunitlocatedinRamkola,DistrictKushinagar,UttarPradeshandadministrative/corporate/salesofficespertainingtotheaforesaidSugarbusiness,onagoingconcernbasis,includinginter-aliatheassetsandliabilitiesrelatingtheretoandwhichshallmeanandinclude(withoutlimitation):

5.1.5.1 Allassets,whereversituated,whethermovableor immovable, tangibleor intangible, leaseholdor freehold, includingall land,buildings,plantandmachinery,offices,capitalworkinprogress,furniture,fixtures,officeequipment,appliances,accessories,etc.pertainingtotheDemergedUndertaking;

5.1.5.2 all permits, quotas, rights (including rights under contracts, government contracts, memorandum of understanding etc) entitlements,industrialandotherlicenses,municipalandotherstatutorypermissions,approvals,consents,tenanciesinrelationtoofficeand/orinrelationtoresidentialpropertiesfortheemployees,officeanddepots,patents,copyrights,allotherintellectualpropertyrights,investmentsand/orinterest(whethervested,contingentorotherwise),cashbalance,benefitsofanydeposits,financialassetslikebillsofexchange,letterofintentandloansadvances,debtors,recoverableincashorkindorforvaluetobereceivedincludingamountsreceivablewithrespecttothefinancingcommitmentappearinginthebooksofaccountsasspecificallyapprovedbytheBoardofDirectorsoftheTransferorCompanyinconsultationwiththeResultingCompany,accountsandallotherrights,benefitsofallagreement,subsidies,grants,taxes,taxcredits(includingbutnotlimitedtocreditsinrespectofincometax,salestax,valueaddedtax,turnovertax,exciseduty,servicetax,etc),deferredtaxbenefits,privileges,licenses,powerandfacilitiesofeverykind,natureanddescriptionwhatsoever,righttouseoravailoftelephone,telexes,facsimileconnectionsand installation,utilities,electricityandotherservices, funds,benefitsofallsubsidies, incentives, reliefpackages,agreements,contractsandarrangements (includingbutnot limited topowerpurchaseagreements, registrations forgrantof renewableenergycertificatesandcarboncredits,unfulfilledcontractsforsuppliesofethanolenteredintowiththeconcernedauthorities/companies)andallotherinterestincludingthebenefitarisingunderU.P.SugarIndustryPromotionPolicy2004issuedbytheStateGovernmentofUttarPradeshinconnectionwithorrelatingtotheDemergedUndertaking;


5.1.5.4 allemployeesoftheTransferorCompanyemployedintheDemergedUndertakingasidentifiedbytheBoardofDirectorsoftheTransferorCompany;

5.1.5.5 all existing and future investments, contracts,memorandumof understanding, etc, entitlements, industrial and other licenses, pollutionand environment consent/clearance, municipal permissions, approvals, consents, tenancies, in relation to any joint ventures or otherarrangement,whichmaybeenteredintobytheTransferorCompanyinrespectoftheDemergedUndertaking;

5.1.5.6 allnecessaryrecords,files,designs,manuals,catalogues,papers,drawings,plans,manuals,dataandotherrecords,whetherinphysicalorelectronicform,inconnectionwithorrelatingtotheDemergedUndertaking;and


5.1.5.8 Anyquestionthatmayariseastowhetheraspecifiedassetor liabilitypertainsordoesnotpertaintotheDemergedUndertakingoftheTransferorCompanyorwhetheritarisesoutoftheactivitiesoroperationsoftheDemergedUndertakingoftheTransferorCompanyshallbedecidedbymutualagreementbetweentheBoardofDirectorsoranyCommitteeofDirectorsthereofoftheTransferororResultingCompany;

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5.1.6 “Effective Date” meansthedateonwhichthecertifiedcopyoftheOrderoftheHon’bleHighCourtofJudicatureatAllahabadorNationalCompanyLawTribunal,oranyotherappropriateauthorityisfiledwiththerelevantRegistrarofCompanies.ReferencesinthisSchemetothe date of the “coming into effect of this Scheme” or “effectiveness of this Scheme” or “Scheme becoming effective”shallmeantheEffectiveDate;

5.1.7 “Governmental Authority”meansanyapplicableCentral,StateorlocalGovernment,legislativebody,regulatoryoradministrativeauthority,agencyor commissionor any court, tribunal, board, bureauor instrumentality thereof or arbitration or arbitral bodyhavingappropriatejurisdiction;

5.1.8 “Income-tax Act” meanstheIncome-taxAct,1961,andshallincludeanystatutorymodifications,re-enactmentoramendmentthereof;

5.1.9 “Law” or “Applicable Law”includesallapplicablestatutes,enactments,actsoflegislatureorParliament,laws,ordinances,rules,bye-laws,regulations,notifications,guidelines,policies,directions,directivesandordersofanygovernment,statutoryauthority,tribunal,board,CourtofIndiaoranyothercountryorjurisdictionasmaybeapplicable;

5.1.10 “Person”shallincludeanyindividual,jointventure,company,corporation,partnership(whetherlimitedorunlimited),proprietorship,trustorotherenterprise(whetherincorporatedornot),Hinduundividedfamily,union,association,government(central,stateorotherwise),oranyagency,department,authorityorpoliticalsubdivisionthereof,andshallincludetheirrespectivesuccessorsandincaseofanindividualshallincludehis/herlegalrepresentatives,administrators,executorsandheirsandincaseofatrustshallincludethetrusteeorthetrusteesforthetimebeing;

5.1.11 “Record Date” meansthedatetobefixedbytheBoardofDirectorsoftheTransferorCompanyforthepurposeofdeterminingthemembersoftheTransferorCompanytowhomtheEquitysharesoftheResultingCompanywillbeissuedpursuanttothisSchemeintermsofClause15hereof;


5.1.13 “ROC” or “Registrar of Companies”meansRegistrarofCompanies,UttarPradesh;

5.1.14 “Remaining Business”meansandincludesallbusinessoftheTransferorCompanyotherthanthatcomprisedintheDemergedUndertaking;

5.1.15 “Scheme” or “the Scheme” or “this Scheme” meansthisSchemeofArrangementinitspresentformassubmittedtotheHighCourtorthisSchemewithsuchmodification(s),ifanymadeasperClause21;

5.1.16 “Transferor Company”meansTriveniEngineering&IndustriesLimited,acompanyincorporatedundertheprovisionsoftheCompaniesAct,1913havingitsregisteredofficeatDeoband,District–Saharanpur,UttarPradesh–247554;

5.1.17 “Transferred Liabilities” shall have themeaning ascribed to it inClause 8.6.2 hereofwith respect to the liabilities transferred to theResultingCompanyunderPartIIofthisScheme.

6 DATE OF TAKING EFFECT AND OPERATIVE DATE

TheSchemesetoutherein in itspresent formorwithanymodification(s)approvedor imposedordirectedby theHighCourtshallbeoperativefromtheAppointedDatebutshallbeeffectivefromtheEffectiveDate.

7 SHARE CAPITAL

7.1 Theauthorized,issued,subscribedandpaidupsharecapitaloftheTransferorCompanyasperthelatestauditedbalancesheetasonMarch31, 2015 and based onunauditedfinancialstatementsasonDecember31,2015isasunder:

Particulars Rupees (in Lacs)

Authorized Capital

50,00,00,000EquitysharesofRe.1/-each 5,000.00

2,00,00,000PreferencesharesofRs.10/-each 2,000.00

Total 7,000.00

Issued Capital

25,79,53,110EquitysharesofRe.1/-eachfullypaidup 2,579.53

Total 2,579.53

Subscribed and Paid-up Capital

25,79,45,110EquitysharesofRe.1/-eachfullypaid-up 2,579.45

Add:Paidupvalueof8,000EquitysharesofRe.1/-eachforfeited 0.02

Total 2,579.47


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7.2 Theauthorized, issued, subscribedandpaid up share capital of theResultingCompanyasper theAudited financial statements as onDecember31,2015,isasunder:


Authorized Capital

50,000EquitySharesofRe.1/-each 0.50

Total 0.50

Issued Capital

50,000EquitySharesofRe.1/-eachfullypaid-up 0.50

Total 0.50



Total 0.50


7.2.1 Theentire issuedandpaid up share capital of theResultingCompany is beneficially ownedby theTransferorCompany.As such theResultingCompanyisawhollyownedsubsidiaryoftheTransferorCompany.

PART II – TRANSFER AND VESTING OF THE DEMERGED UNDERTAKING

8. TRANSFER AND VESTING OF THE DEMERGED UNDERTAKING OF THE TRANSFEROR COMPANY INTO THE RESULTING COMPANY

WitheffectfromtheAppointedDateorsuchotherdateasmaybefixedorapprovedbytheHon’bleHighCourtandupontheSchemebecomingeffective,theDemergedUndertakingshallbetransferredandvestedintheResultingCompanyinthefollowingmanner:


8.2 ThisSchemehasbeendrawnuptocomplywiththeconditionsrelatingto“Demerger”asspecifiedunderSection2(19AA)oftheIncomeTaxAct,1961.IfanytermsorprovisionsofthisSchemearefoundtobeinterpretedorinconsistentwiththesaidprovisionsatalaterdateincludingresultingfromamendmentofanylaworforanyotherreasonwhatsoever,theprovisionsofthesaidsectionoftheIncomeTaxshallprevailandtheSchemeshallstandmodifiedtotheextentnecessarytocomplywiththeSection2(19AA)oftheIncomeTax.Act,1961.SuchmodificationwillhowevernotaffecttheremainingpartsoftheScheme.

8.3 ItisclarifiedthatsincetheTransferorCompanyowns100%oftheissuedsharecapitaloftheResultingCompany,thetransferoftheDemergedUndertakinginpursuanceofthisSchemeshallbeeligibleforremissionofthestampdutyinstateofUttarPradesh,oninstrumentsevidencingtransferofproperty,videFinanceDepartmentNotificationNo.M.599/X-501,datedMarch25,1942issuedunderSection9(a)oftheIndianStampAct,1899.



8.4.2 Allimmovableproperties,assetsandrightsintheimmovablepropertiespertainingtotheDemergedUndertakingoftheTransferorCompanyasdefinedinClause5.1.5,whetherfreeholdorleaseholdorotherwiseandintermsofsuchpermittedusagearealsomentionedthereinandalldocumentsoftitle,rightsandeasementsinrelationtheretoshallpursuanttotheprovisionsofSections391to394andpursuanttotheordersoftheHighCourtoranyotherappropriateauthoritysanctioningtheSchemeandwithoutanyfurtheractordeedstandtransferredtoandvestedand/ordeemedtobetransferredtoandvestedintheResultingCompanywithoutanyencumbrances,fixedand/orfloatingchargesand/or rightsgiven to the lendersof theotherdivisionsofTransferorCompany.TheResultingCompanyshallbeentitled toandexerciseallrightsandprivilegesattachedtheretoandshallbeliabletopaygroundrent,taxesandtofulfillobligationsinrelationtoorapplicabletosuchimmovableproperties.TheResultingCompanyshallundertheprovisionsoftheSchemebedeemedtobeauthorizedtoexecutesuchinstruments,deedsandwritingonbehalfoftheTransferorCompanytoimplementorcarryoutallsuchformalitiesorcompliancesonthepartoftheTransferorcompanyandtobecarriedoutorperformedtogiveeffecttotheprovisionsofthisScheme.ThemutationofthetitletotheimmovablepropertiesshallbemadeanddulyrecordedbytheappropriateauthoritiespursuanttothesanctionoftheSchemeandupontheSchemebecomingeffective,inaccordancewiththetermshereof,infavouroftheResultingCompany.AnyinchoatetitleorpossessorytitleoftheTransferorCompanyinrelationtotheDemergedUndertakingshallbedeemedtobethetitleoftheResultingCompany.

24





8.6.1 ItisclarifiedthatwitheffectfromtheEffectiveDate,liabilitiesandobligationsoftheTransferorCompanywhicharoseoutoftheactivitiesoroperationsoftheDemergedUndertakingasontheAppointedDate,shallbedeemedtohavebeentransferredtotheResultingCompanyandtotheextenttheyareoutstandingontheEffectiveDateshall,withoutanyfurtheractordeedbetransferredtotheResultingCompanyandshallthereuponbecometheliabilitiesandobligationsoftheResultingCompanywhichtheResultingCompanyundertakestomeet,dischargeandsatisfytotheexclusionoftheTransferorCompany.

8.6.2 Allliabilitiesincludingloansandborrowingspresent,future,andcontingentliabilitiesandobligationsoftheTransferorCompanyallocableorpertainingtotheDemergedUndertaking,includingguaranteesinrespectofborrowingsornon-fundbasedfacilitiespertainingtoorrelatableto theDemergedUndertaking, (collectively the ‘TransferredLiabilities’),shallwithoutany furtheractordeed,become liabilities, loansandborrowingsoftheResultingCompany,andallrights,powers,dutiesandobligationsinrelationtheretoshallbeandstandtransferredtoandvestedinandshallbeexercisedbyoragainsttheResultingCompanyasifithadenteredintosuchloansandincurredsuchborrowings.ForthepurposeofthisScheme,itisclarifiedthattheTransferredLiabilitiesshallinclude:






8.6.5 WhereanyoftheliabilitiesandobligationoftheTransferorCompanyasontheAppointedDatedeemedtobetransferredtotheResultingCompanyhavebeendischargedbytheTransferorCompanyaftertheAppointedDateandpriortotheEffectiveDate,suchdischargeshallbedeemedtohavebeenforandonaccountof theResultingCompany,andall loansraisedandusedandall liabilitiesandobligationsincurredbytheTransferorCompanypertainingtotheDemergedUndertakingaftertheAppointedDateandpriortotheEffectiveDate,shallalsowithoutanyfurtheractordeedbeandstandtransferredtotheResultingCompanyandshallbecometheliabilitiesandobligationsoftheResultingCompanywhichshallmeet,dischargeandsatisfythesametotheexclusionoftheTransferorCompany.

8.6.6 TheprovisionsofthisClause8.6shalloperatenotwithstandinganythingtothecontrarycontainedinanydeedorwritingorthetermsofsanctionorissueofanysecuritydocument,allofwhichinstrumentsshallstandmodifiedand/orsupersededbytheforegoingprovisions.

9. LEGAL PROCEEDINGS

UpontheSchemebecomingeffective,andwitheffectfromtheAppointedDate,alllegal,taxationandotherproceedingsoftheDemergedUndertakingshallbetransferred/dealtinthefollowingmanner:

9.1 From the Effective Date, all legal, taxation or other proceedings (including before any statutory or quasi-judicial authority or tribunal)(‘Proceedings’)byoragainsttheTransferorCompany,whetherpendingontheAppointedDateorwhichmaybeinstitutedanytimeinfutureandineachcaserelatingorpertainingtotheDemergedUndertakingincludingbutnotlimitedtoproceedingspendingbeforetheLucknowBenchoftheAllahabadHighCourtwithrespecttotheU.P.SugarIndustryPromotionPolicy2004issuedbytheStateGovernmentofUttar

25

Pradesh,shallbecontinuedandenforcedbyoragainsttheResultingCompanyaftertheEffectiveDatetotheextentlegallypermissible.Totheextent,suchproceedingscannotbetakenoverbytheResultingCompany,theProceedingsshallbepursuedbytheTransferorCompanyaspertheinstructionofandentirelyatthecostoftheResultingCompany

9.2 IftheproceedingsaretakenagainsttheTransferorCompanyinrespectofthemattersreferredtoinClause9.1,theTransferorCompanyshalldefendinaccordancewiththeadviceoftheResultingCompanyandatthecostoftheResultingCompany,andtheResultingCompanyshallreimburseandindemnifyandholdharmlesstheTransferorCompanyagainstallliabilitiesandobligationsincurredbytheTransferorCompanyinrespectthereof.




10.2 WithoutprejudicetotheotherprovisionsoftheSchemeandnotwithstandingthatthevestingoftheDemergedUndertakingwiththeResultingCompanyoccursbyvirtueof theSchemeitself, theResultingCompanymay,atanytimeafter thecoming intoeffectof thisSchemeinaccordancewiththeprovisionshereof,ifsorequired,underanylaworotherwise,executedeeds,writings,confirmations,novation,tripartiteagreements,declarations,orotherdocumentswith,orinfavourofanypartytoanycontractorarrangementtowhichtheTransferorCompanyisapartyoranywritingsasmaybenecessarytobeexecutedmerelyinordertogiveformaleffecttotheaboveprovisions.TheTransferorCompanywill,ifnecessary,alsobepartytotheabove.TheResultingCompany,shallundertheprovisionsofthisScheme,bedeemedtobeauthorizedtoexecuteanysuchwritingsonbehalfoftheTransferorCompanyandtocarryoutorperformallsuchformalitiesorcompliancesrequiredforthepurposesreferredtoaboveonthepartoftheTransferorCompanytobecarriedoutorperformed.

10.3 Foravoidanceofdoubtandwithoutprejudicetothegeneralityoftheforegoing,itisclarifiedthatuponcomingintoeffectoftheScheme,ontheAppointedDate,allconsents,permissions,licenses,certificate,authoritiesgivenby,issuedtoorexecutedinfavouroftheTransferorCompanyinrelationtotheDemergedUndertakingshallstandtransferredtotheResultingCompanyasifthesamewereoriginallygivenby,issuedtoorexecutedinfavouroftheResultingCompany,andtheResultingCompanyshallfiletherelevantintimations,ifany,fortherecordofthestatutoryauthoritieswhoshalltakethemonfile,pursuanttotheSchemecomingintoeffectandtherightsandbenefitsundersuchconsents,permissions,licenses,certificatesetc.,shallbeavailabletotheResultingCompany.Anyregistrationfees,chargesetcpaidbytheTransferorCompanyinrelationtotheaforementionedconsents,permissions,licenses,approvals,certificates,clearancesandauthorities,shalldeemedtohavebeenpaidbytheResultingCompany.

10.4 Withoutprejudicetothegeneralityoftheforegoing,uponthecomingintoeffectthisschemeontheAppointedDate,allconsents,permissions,licenses,approvals,certificates,clearancesandauthoritiesinrespecttoorundertheprovision(s)oftheFactoriesAct,IndustrialDisputesAct, Industries (Development andRegulation)Act, Payment ofWagesAct, Payment ofGratuityAct, Payment of BonusAct, IndustrialEmploymentStandingOrdersAct,EmploymentExchangeAct,StateLabourWelfareFundAct,MotorVehicleAct,EnvironmentProtectionAct&PollutionControlAct,ElectricityAct,StateTaxonProfessions,Trades,CeilingandEmploymentActoftherespectivestates,originallygivenby,issuedtoorexecutedinfavouroftheTransferorCompanyinrelationtotheDemergedUndertakingasontheAppointedDateshallstandtransferredordeemedamendedinfavouroftheResultingCompanyasifthesamewereoriginallygivenby,issuedorexecutedinfavouroftheResultingCompany,andtherightsandbenefitsunderthesameshallbeavailabletotheResultingCompany.

10.5 Itisclarifiedthatifanycontract,deed,bond,agreements,scheme,arrangements,orotherinstrumentsofwhatsoevernatureinrelationtotheDemergedUndertaking,towhichtheTransferorCompanyisapartycannotbetransferredtotheResultingCompanyforanyreasonwhatsoever, theTransferorCompanyshallholdsuchcontract,deed,bond,agreements,scheme,arrangements,orother instrumentsofwhatsoevernatureintrustforthebenefitoftheResultingCompany.

10.6 UpontheSchemecomingintoeffect,thepasttrackrecordoftheTransferorCompanyinrelationtotheDemergedUndertaking,withoutanylimitation,includinginter-aliaprofitability,production,volume,experience,credentialsmarketshare,etc.shallbedeemedtobethetrackrecordoftheResultingCompanyforallcommercialandregulatorypurposesincludingforthepurposeoftheeligibility,standing,evaluationandparticipation,oftheResultingCompanyinallexistingandfuturebids,tender,contractsofallauthorities,agenciesandclientsandwithrespecttoanybenefit,subsidyorclaimarisingtotheResultingCompanyundertheU.P.SugarIndustryPromotionPolicy2004issuedbytheState Government of Uttar Pradesh.

11. EMPLOYEES


11.1 AlltheemployeesoftheTransferorCompany,whoareapartoftheDemergedUndertaking(“theEmployees”),shallstandtransferredtotheResultingCompanyontermsandconditionsnotlessfavorablethanthoseonwhichtheywereengagedbytheTransferorCompany(includinginrelationtothelevelofremunerationandcontractualandstatutorybenefits,incentiveplans,terminalbenefits,gratuityplans,providentplans,superannuationplansandanyotherretirementbenefits)withoutanyinterruptioninserviceasaresultoftransferoftheDemergedUndertakingoftheTransferorCompanytotheResultingCompany.

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11.2 TheResultingCompanyagrees that theservicesofall theEmployeeswith theTransferorCompanyprior to the transfer,asaforesaid,shallbetakenintoaccountforthepurposeofthebenefittowhichthesaidEmployeesmaybeeligible,includinginrelationtothelevelofremunerationandcontractualandstatutorybenefits,incentiveplans,terminalbenefits,gratuityplans,providentplans,superannuationplansandanyotherretirementbenefitsandaccordinglybereckonedthereforefromthedateoftheirrespectiveappointment intheTransferorCompany.

11.3 Theexistingprovidentfund,gratuityfundandpensionand/orsuperannuationfundtrusts,ifany,ofwhichtheEmployeesoftheTransferorCompany,beingtransferredunderClause11.1abovetotheResultingCompany,aremembersorbeneficiariesasontheAppointedDate,alongwiththeaccumulatedcontributionsthereintilltheEffectiveDate,shallwiththeapprovaloftheconcernedauthoritiesifsorequired,betransferredtoandcontinuedwithoutanybreak,tobeadministeredbytheResultingCompanyforthebenefitofsuchEmployeesonthesametermsandconditions.Accordingly,thebalancesintheprovidentfund,gratuityfundandpensionand/orsuperannuationfund,ifany,pertainingtothesaidEmployeesoftheTransferorCompany,andatthedirectionoftheResultingCompany,shalleitherbecontinuedasseparatefundsoftheResultingCompanyforthebenefitofsuchEmployeesorbetransferredtoandmergedwiththesimilarfundsoftheResultingCompany.IntheeventthattheResultingCompanydoesnothaveitsownfundsinrespectofanyoftheabove,theResultingCompany,maysubjecttothenecessaryapprovalsandpermissions,continuetocontributetotherelevantfundsoftheTransferorCompany,untilsuchtimethattheResultingCompanycreatesitsownfunds/arrangementsatwhichtimethefundsandtheinvestmentsandcontributionpertainingtotheconcernedEmployeesshallbetransferredtothefundscreatedbytheResultingCompany.

12. TAX TREATMENT


12.1 ItisclarifiedthatallthetaxesandthedutiespayablebytheTransferorCompany,relatingtotheDemergedUndertaking,fromtheAppointedDateonwards,includingalladvancetaxes,taxdeductionatsource,taxliabilities,oranyrefundsorclaimsshall,forallpurpose,betreatedasadvancetaxpayments,taxdeductionatsource,taxliabilities,refundsorclaimsoftheResultingCompany.Accordingly,upontheSchemebecomingeffective,theTransferorCompany,isexpressly,permittedtoreviseandfileandtheResultingCompanyisexpresslypermittedtoreviseandfiletheirrespective,incometaxreturnsincludingtaxdeductionatsourcecertificates,salestax/valueaddedtaxreturns,excisereturn,servicetaxreturns,andothertaxreturns,andtoclaimrefund/credit,pursuanttotheprovisionsofthisScheme.



12.4 TheobligationfordeductionoftaxatsourceonanypaymentmadebyortobemadebytheTransferorCompanypertainingtotheDemergedUndertakingunder the IncomeTaxAct,1961,service tax laws,centralsales tax,statevalueadded taxorotherapplicable lawsand/orregulationsdealingwith taxes,dutiesor leviesshallbedeemed tohavebeenmadeanddulycompliedwithonbehalfof theResultingCompany.

12.5 AlltheexpensesincurredbytheTransferorCompanyandtheResultingCompanyinrelationtotheScheme,includingstampdutyexpenses,ifany,shallbeallowedasdeductiontoeachoftheTransferorCompanyandtheResultingCompanyinaccordancewithSection35DDoftheIncomeTaxAct,1961overaperiodof5yearsbeginningwiththepreviousyearinwhichtheSchemebecomeseffective.

13. SECURITY

The transfer and vesting of theDemergedUndertaking underClause 8above, shall be subject to the existing securities, charges andmortgages,ifanyinrelationtotheliabilitiesoftheDemergedUndertakingtransferredbytheTransferorCompany.

13.1 InsofarastheassetscomprisedintheDemergedUndertakingareconcerned,theexistingsecurities,mortgages,charges,encumbrancesorliens(the“Encumbrances”),ifany,overorinrespectofanyoftheassetsoranypartthereoforchargeoversuchassetsrelatingtoanyloansorborrowingoftheTransferorCompany,shallwithoutanyfurtheractordeed,bereleasedanddischargedfromthesameandshallnolongerbeavailableassecurityinrelationtothoseliabilitiesretainedintheTransferorCompany.

13.2 InsofarastheassetsretainedintheTransferorCompanyareconcerned,thesecurityoversuchassets,totheextenttheyrelatetotheliabilitiestransferredunderClause8.6.2above,shall,withoutanyfurtheract, instrumentordeedbereleasedanddischargedfromsuchsecurity.Theabsenceofanyformalamendmentwhichmayberequiredbyalenderorathirdpartyinordertoeffectsuchreleaseshallnotaffecttheoperationoftheforegoingsentence.


14.1 Thetransferandvestingoftheassets,liabilitiesandobligationsoftheDemergedUndertakingasperthisSchemeandcontinuanceoftheproceedingsbyoragainsttheResultingCompanyunderClause9hereofshallnotaffectanytransactionsorproceedings,alreadycompletedbytheTransferorCompanyonorbeforetheAppointedDatetotheendandintentthattheResultingCompanyacceptallacts,deedsandthingsdoneandexecutedbyand/oronbehalfoftheTransferorCompanyasacts,deedsandthingsdoneandexecutedbyandonbehalfoftheResultingCompany.

27


14.3 All profitsaccruing to theTransferorCompanyor lossesarisingor incurredby it (including theeffectof taxes if any thereon)after theAppointedDateanduptotheEffectiveDate,relatingtotheDemergedUndertakingshallforallpurposes,betreatedasprofits,taxes,orlosses,asthecasemaybe,oftheResultingCompany.


14.5 TheTransferorCompany and theResultingCompany shall be entitled to declare and pay dividends,whether interim or final, to theirrespective shareholders, in respectof theaccountingperiodprior to theEffectiveDate. It is clarified that theaforesaidprovisionswithreferencetothedeclarationofdividendsisanenablingprovisiononlyandshallnotbedeemedtoconferanyrightonanymemberoftheTransferorCompanyortheResultingCompanytodemandorclaimanydividendwhich,subjecttotheprovisionsoftheAct,shallbeentirelyatthediscretionoftheBoardofDirectoroftheTransferorandtheResultingCompany,asthecasemaybe,subjecttosuchapprovaloftherespectiveshareholders,asmayberequired.

14.6 ItisexpresslyclarifiedthattheconsentofthememberstotheSchemeshallbedeemedtobetheirconsent/approvalalsotoanytransactionsbetweentheTransferorCompanyandtheResultingCompanybetweentheAppointedDateandtheEffectiveDatewhichmaynecessitatemembersapprovalunderSection188oftheActreadwithRule15oftheCompanies(MeetingofBoardanditsPowers)Rules2014andtherelevantprovisionsoftheListingAgreement/RegulationsasmaybeapplicableaftertheeffectivenessoftheScheme.

15. CONSIDERATION

15.1 UpontheSchemebecomingeffectiveandsubjecttothetermsandconditionofthisSchemeandasmaybedeterminedbytheBoardofDirectorsoftheTransferorCompanyandtheResultingCompany,inconsiderationofthedemergerandtransferoftheDemergedUndertakingbytheTransferorCompanytotheResultingCompanyintermsofthisScheme,theResultingCompanyshall,withoutanyapplicationordeed,issueandallottotheequityshareholdersoftheTransferorCompanyholdingpaidupEquitySharesintheTransferorCompanyandwhosenamesappearinRegisterofMembersoftheTransferorCompanyontheRecordDate(orhis/her/itslegalheirs,executorsoradministratorsorasthecasemaybe,successors),1(One)EquityShareofRe.1/-(RupeeOne)each,creditedasfullypaidintheequitysharecapitaloftheResultingCompanyforevery1(One)EquityShareofRe.1/-(RupeeOne)eachheldbythemintheTransferorCompany(the“NewEquityShares”)


15.2.1 TheNewEquitySharestobeissuedandallottedpursuanttotheClause15.1hereofshallinallrespects,rankpari-passuwiththeexistingEquitySharesoftheResultingCompany.


15.3 Inrespectof theequityshares in theTransferorCompanyalreadyheld indematerialized form, theNewEquityShares tobe issuedbytheResultingCompanyinlieuhereofshallalsobeissuedindematerializedformwiththesharesbeingcreditedtotheexistingdepositoryaccountofthememberoftheTransferorCompanyentitledthereto,unlessotherwisenotifiedinwritingbytheshareholdersoftheTransferorCompanytotheResultingCompanyonorbeforetheRecordDate.InrespectoftheequitysharesoftheTransferorCompanyheldinphysicalform,eachmemberoftheTransferorCompanyholdingsuchshareshallhavetheoption,tobeexercisedbywayofgivinganoticetotheResultingCompanyonorbeforetheRecordDate,toreceivetheNewEquitySharesoftheResultingCompanyeitherinphysicalformorinadematerializedform,providedhowever,incaseofthelatter,thesaidnoticeshallcontainthedetailsoftherelevantdepositoryaccount.IntheeventthatsuchnoticehasnotbeenreceivedbytheResultingCompanyinrespectofanymember,theNewEquitySharesoftheResultingCompanyshallbeissuedtosuchmembersinphysicalform.


15.5 TheEquitySharestobeissuedbytheResultingCompanypursuanttoClause15.1ofthisScheme,inrespectofanyequitysharesoftheTransferorCompany,whichareheldinabeyanceundertheprovisionsofSection126oftheCompaniesAct2013oftheActorotherwise,shallpendingallotmentor settlementofdisputebyorderof theCourtorotherwisebeheldby the trusteesappointedby theResultingCompany.

15.6 Intheeventoftherebeinganypendingsharetransfers,whetherlodgedoroutstanding,ofanyshareholderoftheTransferorCompany,theBoardofDirectorsoftheTransferorCompanyshallbeempoweredinappropriatecases,priortoorevensubsequenttotheRecordDate,to

28

effectuatesuchatransferasifsuchchangesintheregisteredholderwereoperativeasontheRecordDate,inordertoremoveanydifficultiesarisingtotheResultingCompanyortheTransferorCompanyofsuchshares.



15.9 UpontheSchemebecomingeffectiveanduponissueofequitysharesbytheResultingCompanyinaccordancewithClause15.1above,theexistingequitysharesoftheResultingCompanyheldbytheTransferorCompanyanditsnominees,asontheRecordDateshall,withoutanyapplicationordeedorpayment,standcancelled.Further,suchcancellationoftheexistingequitysharesoftheResultingCompanyshallbeeffectedasanintegralpartofthisSchemewithouthavingtoseparatelyfollowtheprocessunderSections100to103oftheCompaniesAct,1956(correspondingtoSection66of theCompaniesAct,2013asandwhennotified)andtheOrderof theHighCourtsanctioningthesaidSchemeshallbedeemedtobealsotheOrderunderSection102oftheActforthepurposeofconfirmingthesaidreduction.Thereductionwouldnotinvolveeitheradiminutionofliabilityinrespectofunpaidsharecapitalorpaymentofpaid-upsharecapitalandhencetheprovisionsofSection101ofthesaidActwillnotbeapplicable.Furthermore,theResultingCompanyshallnotberequiredtoaddthewords“andreduced”asasuffixtoitsnameconsequentuponsuchreduction.

15.10 It is herebyexpressly clarified that theconsentof theshareholdersand thesecuredandunsecuredcreditors to theSchemeshall bedeemedtobesufficientforthepurposesofeffectingtheabovereorganizationintheissuedandpaid-upequitysharecapitaloftheResultingCompany,resultinginareductionintheequitysharecapitaloftheResultingCompany,andnofurtherresolutionand/oractionunderSection100oftheCompaniesAct,1956(correspondingtoSection66oftheCompaniesAct,2013asandwhennotified)and/oranyotherapplicableprovisionsoftheActwouldberequiredtobeseparatelypassedortaken.

16 INCREASE IN THE AUTHORISED SHARE CAPITAL

16.1 UpontheSchemecomingintoeffecttheAuthorizedShareCapitaloftheResultingCompanyconsistingofRs.50,000/-dividedinto50,000equitysharesofRe.1/-eachshallstandincreasedbyRs.34,99,50,000/-toRs.35,00,00,000/-dividedinto35,00,00,000equitysharesofRe.1/-each.

16.2 TheAuthorizedShareCapitaloftheResultingCompanywillstandincreasedasaboveuponthesanctionofthesaidSchemewithoutanyfurtheractordeedonpartoftheResultingCompanyandtheconsentoftheshareholderstotheSchemeshallbedeemedtobesufficientforthepurposesofeffectingtheamendmenttotheMemorandumofAssociationandArticlesofAssociationoftheResultingCompany(relatingto theauthorizedsharecapital)andno further resolution(s)underSection13,Section14,andSection61of theCompaniesAct,2013(correspondingtoSection16,Section31,Section94oftheCompaniesAct,1956)oranyotherapplicableprovisionsoftheAct,wouldberequiredtobeseparatelypassed.


17 ACCOUNTING TREATMENT

17.1 IN THE BOOKS OF THE RESULTING COMPANY

OntheSchemebecomingeffective:

17.1.1 TheResultingCompanyshallrecordtheassetsandliabilities,oftheDemergedUndertakingvestedinitpursuanttothisScheme,attheirrespectivebookvaluesthereofasappearinginthebooksoftheTransferorCompanyatthecloseofthebusinessdayimmediatelyprecedingtheAppointedDate.



17.1.4 Theexcessofthebookvalueoftheassetsovertheaggregateofthebookvalueofliabilities,theamountofreservestransferredasperClause8.5oftheDemergedUndertaking,theamountcreditedtothesharecapitalaccountasperClause17.1.2andtheamountofsharecapitalreducedasperClause15.9,pursuanttotheSchemeshallbecreditedtotheCapitalReserveAccount.Howeverwheretheaggregatebookvalueofliabilities,amountofreservestransferredasperClause8.5,theamountcreditedtothesharecapitalaccountasperClause17.1.2andtheamountofsharecapitalreducedasperClause15.9,pursuanttothisScheme,exceedsthebookvalueoftheassetsoftheDemergedUndertaking,suchexcessshallbedebitedbytheResultingCompanytotheGoodwillAccount.

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17.2 IN THE BOOKS OF THE TRANSFEROR COMPANY




17.2.3 TheexcessoftheaggregateofthebookvalueoftheassetsoftheDemergedUndertakingtransferredunderthisSchemeandtheinvestmentinsharecapitaloftheResultingCompanyasreducedunderClause15.9overtheaggregateofbookvalueoftheliabilities,theamountstandingtothecreditofCapitalReserve(relatingtocapitalsubsidy)andtheMolassesStorageFundReserveaccountoftheDemergedUndertaking transferredunder thisScheme, if any, shall beadjustedagainst the followingbalancesasappearing in thebooksof theTransferorCompany,inthefollowingorder:

•AmalgamationReserveAccount;

•CapitalReserveAccount;

•CapitalRedemptionReserve;

•SecuritiesPremiumAccount;

•GeneralReserves;and

•Balance,ifany,shallthenbeadjustedagainstthesurplus/deficitinProfit&LossAccount


17.2.5 Theutilizationof theCapitalRedemptionReserveandSecuritiesPremiumAccountasmentionedasperclause17.2.3aboveshallbeeffectedasanintegralpartoftheSchemeinaccordancewiththeprovisionsofSection52oftheCompaniesAct,2013(correspondingtoSection78oftheCompaniesAct,1956)andSections100to103oftheActandtheorderoftheHighCourtsanctioningtheSchemeshallbedeemedtobealsotheOrderunderSection102oftheAct.

17.2.6 ItisexpresslyclarifiedthattheconsentoftheshareholdersandthesecuredandunsecuredcreditorstotheSchemeshallbedeemedtobesufficientforthepurposesofeffectingnecessaryaccountingtreatmentcontemplatedinClause17.2.5above,andnofurtherresolutionand/oractionunderSection100or101oftheCompaniesAct,1956(correspondingtoSection66oftheCompaniesAct,2013asandwhennotified)and/oranyotherapplicableprovisionsoftheActwouldberequiredtobeseparatelypassedortaken.



18.2 Alllegalandotherproceedingswhethercivilorcriminal(includingbeforeanystatutoryorquasi-judicialauthorityortribunal)byoragainsttheTransferorCompanyunderanystatute,whetherpendingontheAppointedDateorwhichmaybeinstitutedatanytimethereafter,andineachcaserelatingtotheRemainingBusiness(includingthoserelatingtoanyproperty,right,power,liability,obligationordutiesoftheTransferorCompanyinrespectoftheRemainingBusiness)shallbecontinuedandenforcedbyoragainsttheTransferorCompany,whichshallkeeptheResultingCompanyfullyindemnifiedinthatregard.TheResultingCompanyshallinnoeventberesponsibleorliableinrelationtoanysuchlegal,orotherproceedingagainsttheTransferorCompany,whichrelatetotheRemainingBusiness.



19.1 The Transferor Company being a listed company, this Scheme is subject to the Compliances by the Transferor Company of all therequirementsunderthelistingagreementandallstatutorydirectivesoftheSecuritiesandExchangeBoardofIndia(‘SEBI’)insofarastheyrelatetosanctionandimplementationoftheScheme.

30

19.2 TheTransferorCompanyincompliancewiththelistingagreementshallapplyforobtainingObservationletterorNo-objectionletteroftheBSEandNSEwhereitsequitysharesarelistedintermsofRegulation37oftheSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015priortoapproachingtheCourtforsanctionoftheScheme.



20.1 Transferor Companyand Resulting Company shall jointly, with all reasonable dispatch, make all applications/petitions/affidavits underSections391-394oftheCompaniesAct,1956andotherapplicableprovisionsoftheActtotheHighCourtorNCLToranyotherappropriateauthority,fordirectionstoconveneand/ordispensewithalloranyofthemeetingsandotherdirectionsforsanctionofthisSchemeundertheprovisionsoflawandtootherauthoritiesandbodiesforobtainingtheirapprovals,no-objections,consentsetc.,asmayberequiredunderanylaw.


TransferorCompanyandResultingCompany,throughtheirrespectiveBoardofDirectorsmayassentfromtimetotime,onbehalfofallpersonsconcerned,toanyextension,modifications/amendmentstotheScheme(includingmodificationintheAppointedDate)ortoanyconditionsorlimitationsthattheCourtand/oranyotherauthoritymaydeemfittodirectorimposeorwhichmayotherwisebeconsiderednecessary, desirable or appropriate by them.Transferor Company andResultingCompany, acting through their respective authorizedrepresentatives,beandareherebyauthorized to takeall suchstepsasmaybenecessary,desirableorproper to resolveanydoubts,difficultiesorquestionswhetherbyreasonofanydirectiveorordersofanyotherauthoritiesorotherwisehowsoeverarisingoutoforunderorbyvirtueoftheSchemeand/oranymatterconcernedorconnectedtherewith.NofurtherapprovaloftheshareholdersorthecreditorsoftheTransferorortheResultingCompanyshallbenecessaryforgivingeffecttotheprovisionscontainedinthisClause.


22.1 SubjecttotheorderoftheHighCourt,theBoardofDirectorsoftheCompaniesshallbeentitledtorevoke,cancel,withdrawanddeclarethisSchemeofnoeffectatanystageif:(i) thisSchemeisnotbeingsanctionedbytheHighCourtor ifanyoftheconsents,approvals,permissions,resolutions,agreements,sanctionsandconditionsrequiredforgivingeffecttothisSchemearenotobtainedorforanyotherreason; (ii) incaseanyconditionoralteration imposedby theHighCourt,shareholdersof theCompaniesoranyotherauthority isnotacceptabletotheBoardofDirectorsoftheCompanies;(iii)theBoardofDirectorsoftheCompaniesareofviewthatthecomingintoeffectofthisSchemeintermsoftheprovisionsofthisSchemeorfilingofthedrawnuporderwithanyGovernmentalAuthoritycouldhaveadverseimplicationonalloranyoftheTransferorCompanyortheResultingCompany.Onrevocation,withdrawal,orcancellation,thisSchemeshallstandrevoked,withdrawn,cancelledandbeofnoeffectandinthatevent,norightsandliabilitieswhatsoevershallaccruetoorbeincurredintersebetweentheCompaniesortheirrespectiveshareholdersorcreditorsoremployeesoranyotherperson,saveandexceptinrespectofanyactordeeddonepriortheretoasiscontemplatedhereunderorastoanyright, liabilityorobligationwhichhasarisenoraccruedpursuanttheretoandwhichshallbegovernedandbepreservedorworkedoutinaccordancewiththeapplicablelawandinsuchcase,eachpartyshallbearitsowncostsunlessotherwisemutuallyagreed.NoapprovaloftheshareholdersorthecreditorsofanyoftheTransferorCompanyandResultingCompanyshallbenecessaryforgivingeffecttotheprovisionsofthisClause.

22.2 Thenon-receiptofanysanctionsorapprovalsoraparticularassetorliabilityformingpartoftheDemergedUndertakinggettingtransferredpursuanttothisScheme,shallnotaffecttheeffectivenessofthisScheme,iftheBoardofDirectorsoftheCompaniessodecide.

22.3 IfanypartofthisSchemeisfoundtobeunworkableforanyreasonwhatsoever,thesameshallnot,subjecttothedecisionoftheTransferorCompanyandtheResultingCompany,affectthevalidityorimplementationoftheotherpartsand/orprovisionsofthisScheme.

22.4 NopersonclaimingtohaveactedorchangedhispositioninanticipationofthisSchemetakingeffect,shallgetanycauseofactionagainstanyof theTransferorCompanyorResultingCompanyor their directorsorofficers, if theSchemedoesnot takeeffect forany reasonwhatsoever,oriswithdrawn,amendedormodifiedforanyreasonwhatsoever.



23.1 TheSchemebeingapprovedbytherequisitemajoritiesinnumberandvalueofsuchclassesofpersonsincludingtheMembersand/orCreditors of the TransferorCompanyandtheResultingCompanyasmaybedirectedbytheHighCourtoranyothercompetentauthority,asmaybeapplicable.



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25 COSTS, CHARGES & EXPENSES

Allcosts,chargesandexpensesincludingstampdutiesarisingoutoforincurredincarryingoutandimplementingthisSchemeandmattersincidentalthereto,shallbebornebytheTransferorand/orResultingCompanyasmaybemutuallyagreeduponbytheBoardofDirectorsoftheoftheTransferorCompanyandtheResultingCompany.

41

Place: NoidaDate : May 2, 2016 / May 26, 2016












FORM OF PROXYI/We, the undersigned, as Equity Shareholder of the above-named Transferor Company hereby appoint ______________________________ of _________________________________ and failing him/her _________________________________ of ____________________________________ as my/our proxy, to act for me/us at the meeting of the Equity Shareholders to be held at the Company’s Guest House at Sugar Unit Complex, Deoband, District Saharanpur-247 554 (U.P.) on Saturday, the 3rd day of September, 2016 at 11.00 A.M. for the purpose of considering and, if thought fit, approving with or without modification, the proposed Scheme of Arrangement between the above-named Applicant Companies and their respective Shareholders and Creditors (‘SCHEME’) and at such meeting and any adjournment thereof, to vote for me/us and in my/our name(s)_______ (here, if ‘for’, insert “FOR”, or if ‘against’, insert “AGAINST”, and in the latter case, strike out the words below after ‘SCHEME’), the said proposed SCHEME either with or without modification as my/our proxy may approve.

*strike out what is not necessary.

Dated this ………. day of ……………………. 2016.

Name and Address of the Equity Shareholder

..............................................................................................................................................................................................................................

..............................................................................................................................................................................................................................

Folio No./DP & Client ID No..................................................

Notes:

1. All alterations made in the Form of the Proxy should be initialed.

2. A shareholder entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote instead of himself/herself and such proxy need not be a member of the Transferor Company. The Form of Proxy, duly executed, must be deposited at the Registered Office of the Transferor Company at Deoband, District Saharanpur, Uttar Pradesh-247554 not later than 48 hours before the meeting.

3. In case of shareholders other than individuals, the proxy should be executed under the official stamp of the organization indicating the name and designation of the person executing the proxy.

................................................................................................................................................................................................................

TRIVENI ENGINEERING & INDUSTRIES LIMITEDATTENDANCE SLIP

I/We _____________________________________________________ (Name of the Equity Shareholder/ Proxy/ Authorized Representative*) hereby record my/our presence at the court convened meeting of the Equity Shareholders of Triveni Engineering & Industries Limited held on Saturday, the 3rd day of September, 2016 at 11.00 A.M. at the Company’s Guest House at Sugar Unit Complex, Deoband, District Saharanpur-247 554 (U.P.) for the purpose of considering and, if thought fit, approving with or without modification(s) the Scheme of Arrangement between Triveni Engineering & Industries Limited (Transferor Company) and Triveni Industries Limited (Resulting Company) and their respective shareholders and creditors under Sections 391-394 of the Companies Act, 1956.

Name of the Member...............................................................................................................................

Name of the Proxy / Authorized Representative.......................................................................................(in case attends the meeting in place of member)

Address .............................................................................................................................................................................................. Signature…………………………..

Folio No./DP & Client ID No..................................................

*Strike out whichever is not applicable.

THE PERSON ATTENDING THE MEETING MUST BRING THE DULY FILLED IN ATTENDANCE SLIP WITH HIM

Affix Revenue Stamp

of Re.1/- and sign across the

stamp

42

If undelivered, please return to:

TRIVENI ENGINEERING & INDUSTRIES LIMITEDCIN: L15421UP1932PLC022174Corporate Office: 8th Floor, Express Trade Towers, 15-16, Sector-16A, Noida-201 301, U.P.

BOOK POST




COURT CONVENED MEETING OF THE SECURED CREDITORS

Day : Saturday


Time : 12.30 p.m.



1. Notice of Court Convened Meeting of the Secured Creditors of Triveni Engineering & Industries Limited

1-2



20-31



37-40


41













NOTICE CONVENING MEETING OF SECURED CREDITORS

To,ALL SECURED CREDITORSOF TRIVENI ENGINEERING AND INDUSTRIES LIMITED

Take notice that by an Order made on 14th July, 2016 the Hon’ble Court has directed that a meeting of the SECURED CREDITORS of TRIVENI ENGINEERING AND INDUSTRIES LIMITED be held at Company’s Guest House at Sugar Unit Complex, Deoband, District Saharanpur- 247 554, Uttar Pradesh, on Saturday, the 3rd day of September, 2016, at 12.30 P.M. for the purpose of considering, and if thought fit, approving, with or without modification, the proposed Scheme of Arrangement between the above-named Applicant Companies and their respective Shareholders and the Creditors.

Take further notice that in pursuance of the said order, a meeting of the SECURED CREDITORS of TRIVENI ENGINEERING AND INDUSTRIES LIMITED will be held at the Company’s Guest House at Sugar Unit Complex, Deoband, District Saharanpur- 247 554, Uttar Pradesh, on Saturday, the 3rd day of September, 2016, at 12.30 P.M., when you are requested to attend.


1

This Court has appointed Sri B.K. Pandey, Advocate, and failing him, Sri Manu Ghildiyal, Advocate, to be the Chairman of the said meeting.



Sd/- Sd/-[R.P. AGARWAL] [B.K. PANDEY]Advocate AdvocateCounsel for Applicant Companies Chairman appointed for the Meeting

Notes:

1. All alterations made in the Form of Proxy should be initialed.

2. A secured creditor may attend the meeting either in person or by proxy. The proxy need not be a secured creditor of the Company.





2


Gurgaon

Sonipat

Panipat

Karnal

Kurukshetra

Yamuna Nagar

Saharanpur

Roorkee

Haridwar

Bijnor

Muzaffarnagar

Sugar Unit Deoband

COURT CONVENED

MEETING VENUE

Meerut


Noida


NH 58

Khatauli

DELHI

3






















4











5














6















7

















8



















9
















10


















11






11. EMPLOYEES





12. TAX TREATMENT





12



13. SECURITY
















13

















14
























15



















16



















17









CompanyIn Resulting








Total 257945110 100.00


18





















19

















Dated26thJuly,2016.




20


BETWEEN


AND


AND



PREAMBLE


















21


5. DEFINITIONS















22















7 SHARE CAPITAL



Authorized Capital



Total 7,000.00

Issued Capital


Total 2,579.53




Total 2,579.47


23



Authorized Capital


Total 0.50

Issued Capital


Total 0.50



Total 0.50












24

















25











11. EMPLOYEES



26



12. TAX TREATMENT







13. SECURITY






27






15. CONSIDERATION









28

















29





















30

















31






41


42












FORM OF PROXYI/We, the undersigned, as Secured Creditor of the above-named Transferor Company hereby appoint ______________________________ of _________________________________ and failing him/her _________________________________ of ____________________________________ as my/our proxy, to act for me/us at the meeting of the Secured Creditors to be held at the Company’s Guest House at Sugar Unit Complex, Deoband, District Saharanpur-247 554 (U.P.) on Saturday, the 3rd day of September, 2016 at 12.30 P.M. for the purpose of considering and, if thought fit, approving with or without modification, the proposed Scheme of Arrangement between the above-named Applicant Companies and their respective Shareholders and Creditors (‘SCHEME’) and at such meeting and any adjournment thereof, to vote for me/us and in my/our name(s)_______ (here, if ‘for’, insert “FOR”, or if ‘against’, insert “AGAINST”, and in the latter case, strike out the words below after ‘SCHEME’), the said proposed SCHEME either with or without modification as my/our proxy may approve.


Dated this ………. day of ……………………. 2016.

Name and Address of the Secured Creditor

..............................................................................................................................................................................................................................

..............................................................................................................................................................................................................................

Notes:


2. A Secured Creditor entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote instead of himself/herself and such proxy need not be a creditor of the Transferor Company. The Form of Proxy, duly executed, must be deposited at the Registered Office of the Transferor Company at Deoband, District Saharanpur, Uttar Pradesh-247554 not later than 48 hours before the meeting.

3. In case of creditors other than individuals, the proxy should be executed under the official stamp of the organization indicating the name and designation of the person executing the proxy.

................................................................................................................................................................................................................


I/We _____________________________________________________ (Name of the Secured Creditor / Proxy/ Authorized Representative*) hereby record my/our presence at the court convened meeting of the Secured Creditors of Triveni Engineering & Industries Limited held on Saturday, the 3rd day of September, 2016 at 12.30 P.M. at the Company’s Guest House at Sugar Unit Complex, Deoband, District Saharanpur-247 554 (U.P.) for the purpose of considering and, if thought fit, approving with or without modification(s) the Scheme of Arrangement between Triveni Engineering & Industries Limited (Transferor Company) and Triveni Industries Limited (Resulting Company) and their respective shareholders and creditors under Sections 391-394 of the Companies Act, 1956.

Name of the Secured Creditor...................................................................................................................................

Name of the Proxy / Authorized Representative........................................................................................................(in case attends the meeting in place of creditor)

Address ............................................................................................................................................................................................ Signature…………………………..



Affix Revenue Stamp


stamp



BOOK POST




COURT CONVENED MEETING OF THE UNSECURED CREDITORS

Day : Saturday


Time : 2.00 p.m.



1. Notice of Court Convened Meeting of the Unsecured Creditors of Triveni Engineering & Industries Limited

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20-31



37-40


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IN THE HIGH COURT OF JUDICATURE AT ALLAHABAD

ORIGINAL COMPANY JURISDICTION

IN THE MATTER OF

COMPANY APPLICATION No. 21 OF 2016

[Under Sections 391/394 of the Companies Act, 1956]

DISTT. : SAHARANPUR

IN THE MATTER OF SCHEME OF ARRANGEMENT

BETWEEN

TRIVENI ENGINEERING AND INDUSTRIES LIMITED

[TRANSFEROR COMPANY]

AND

TRIVENI INDUSTRIES LIMITED

[RESULTING COMPANY]

AND


FOR DIRECTIONS TO CONVENE MEETINGS UNDER SECTION 391




NOTICE CONVENING MEETING OF UNSECURED CREDITORS

To,ALL UNSECURED CREDITORSOF TRIVENI ENGINEERING AND INDUSTRIES LIMITED

Take notice that by an Order made on 14th July, 2016 the Hon’ble Court has directed that a meeting of the UNSECURED CREDITORS of TRIVENI ENGINEERING AND INDUSTRIES LIMITED be held at Company’s Guest House at Sugar Unit Complex, Deoband, District Saharanpur- 247 554, Uttar Pradesh, on Saturday, the 3rd day of September, 2016, at 2.00 P.M. for the purpose of considering, and if thought fit, approving, with or without modification, the proposed Scheme of Arrangement between the above-named Applicant Companies and their respective Shareholders and the Creditors.

Take further notice that in pursuance of the said order, a meeting of the UNSECURED CREDITORS of TRIVENI ENGINEERING AND INDUSTRIES LIMITED will be held at the Company’s Guest House at Sugar Unit Complex, Deoband, District Saharanpur- 247 554, Uttar Pradesh, on Saturday, the 3rd day of September, 2016, at 2.00 P.M., when you are requested to attend.


1

This Court has appointed Dr. Y.K. Srivastava, Advocate, and failing him, Sri Bipin Behari Pandey, Advocate, to be the Chairman of the said meeting.



Sd/- Sd/-[R.P. AGARWAL] [Y.K. SRIVASTAVA]Advocate AdvocateCounsel for Applicant Companies Chairman appointed for the Meeting

Notes:1. All alterations made in the Form of Proxy should be initialed.

2. An unsecured creditor may attend the meeting either in person or by proxy. The proxy need not be an unsecured creditor of the Company.





2


Gurgaon

Sonipat

Panipat

Karnal

Kurukshetra

Yamuna Nagar

Saharanpur

Roorkee

Haridwar

Bijnor

Muzaffarnagar

Sugar Unit Deoband

COURT CONVENED

MEETING VENUE

Meerut


Noida


NH 58

Khatauli

DELHI

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11. EMPLOYEES





12. TAX TREATMENT





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13. SECURITY
















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CompanyIn Resulting








Total 257945110 100.00


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Dated26thJuly,2016.




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BETWEEN


AND


AND



PREAMBLE


















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5. DEFINITIONS















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7 SHARE CAPITAL



Authorized Capital



Total 7,000.00

Issued Capital


Total 2,579.53




Total 2,579.47


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Authorized Capital


Total 0.50

Issued Capital


Total 0.50



Total 0.50












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11. EMPLOYEES



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12. TAX TREATMENT







13. SECURITY






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15. CONSIDERATION









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FORM OF PROXYI/We, the undersigned, as Unsecured Creditor of the above-named Transferor Company hereby appoint ______________________________ of _________________________________ and failing him/her _________________________________ of ____________________________________ as my/our proxy, to act for me/us at the meeting of the Unsecured Creditors to be held at the Company’s Guest House at Sugar Unit Complex, Deoband, District Saharanpur-247 554 (U.P.) on Saturday, the 3rd day of September, 2016 at 2.00 P.M. for the purpose of considering and, if thought fit, approving with or without modification, the proposed Scheme of Arrangement between the above-named Applicant Companies and their respective Shareholders and Creditors (‘SCHEME’) and at such meeting and any adjournment thereof, to vote for me/us and in my/our name(s)_______ (here, if ‘for’, insert “FOR”, or if ‘against’, insert “AGAINST”, and in the latter case, strike out the words below after ‘SCHEME’), the said proposed SCHEME either with or without modification as my/our proxy may approve.


Dated this ………. day of ……………………. 2016.

Name and Address of the Unsecured Creditor

..............................................................................................................................................................................................................................

..............................................................................................................................................................................................................................

Notes:


2. An Unsecured Creditor entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote instead of himself/herself and such proxy need not be a creditor of the Transferor Company. The Form of Proxy, duly executed, must be deposited at the Registered Office of the Transferor Company at Deoband, District Saharanpur, Uttar Pradesh-247554 not later than 48 hours before the meeting.

3. In case of creditors other than individuals, the proxy should be executed under the official stamp of the organization indicating the name and designation of the person executing the proxy.

................................................................................................................................................................................................................


I/We _____________________________________________________ (Name of the Unsecured Creditor / Proxy/ Authorized Representative*) hereby record my/our presence at the court convened meeting of the Unsecured Creditors of Triveni Engineering & Industries Limited held on Saturday, the 3rd day of September, 2016 at 2.00 P.M. at the Company’s Guest House at Sugar Unit Complex, Deoband, District Saharanpur-247 554 (U.P.) for the purpose of considering and, if thought fit, approving with or without modification(s) the Scheme of Arrangement between Triveni Engineering & Industries Limited (Transferor Company) and Triveni Industries Limited (Resulting Company) and their respective shareholders and creditors under Sections 391-394 of the Companies Act, 1956.

Name of the Unsecured Creditor...............................................................................................................................

Name of the Proxy / Authorized Representative........................................................................................................(in case attends the meeting in place of creditor)

Address ........................................................................................................................................................................................... Signature…………………………..



Affix Revenue Stamp


stamp



BOOK POST

triveni engineering & industries limited convened...yamuna nagar saharanpur roorkee haridwar...

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