BBN Bureau
October 1 to be ‘Appointed Date of Scheme’
AHMEDABAD/March 22-2022: The Board of Directors of Adani Power Ltd (APL) at its meeting held today (March 22, 2022) approved the Scheme of Amalgamation of six wholly-owned subsidiaries of the APL, subject to requisite approvals/consents.
The six transferor companies are Adani Power Maharashtra Ltd (APML), Adani Power Rajasthan Ltd(APRL), Adani Power (Mundra) Ltd (APMuL), Udupi Power Corporation Ltd (UPCL), Raipur Energen Ltd (REL) and Raigarh Energy Generation Ltd (REGL).
Salient features
The salient features of the proposed Scheme, inter alia, are 1) The Appointed Date of the Scheme would be October 1, 2021, 2) The entire assets and liabilities of the Transferor Companies to be transferred to and recorded by the Transferee Company (APL) at their carrying values, 3) The entire share capital of the Transferor Companies is held by the Transferee Company.
Upon the Scheme becoming effective, no equity shares of the Transferee Company shall be allotted in lieu or exchange of the holding of the Transferee Company in the Transferor Companies and accordingly, equity shares held by the Transferee Company in the Transferor Companies shall stand cancelled on the Effective Date without any further act, instrument. or deed.
