triveni engineering & industries limited engineering & industries limited cin:...

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 UNSECURED CREDITORS

Day : Saturday

Date : 19th December, 2015

Time : 2.00 p.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 Unsecured Creditors of Triveni Engineering & Industries Limited

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2. Explanatory Statement under Section 393 of the Companies Act, 1956 3-13

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

14-27

4. Fairness Opinion dated 27th July, 2015 of M/s D&A Financial Services (P) Ltd. 28-32

5. Observation Letters dated 19th October, 2015 and 23rd October, 2015 from NSE and BSE respectively conveying their No Objection to the Scheme

33-36

6. Complaints Report dated 2nd September, 2015 filed with BSE Limited (BSE) and National Stock Exchange of India Limited (NSE)

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7. Form of Proxy/Attendance Slip 38

IN THE HIGH COURT OF JUDICATURE AT ALLAHABADORIGINAL COMPANY JURISDICTION

IN THE MATTER OF COMPANY APPLICATION No. 28 OF 2015

[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 SUGAR LIMITED

[TRANSFEREE COMPANY]AND

TRIVENI INDUSTRIES LIMITED[RESULTING COMPANY]

ANDTHEIR 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 SUGAR LIMITED having its registered office at A-44, Hosiery Complex, Phase II Extension, Noida, Uttar Pradesh-201305 [Transferee Company]

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

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

NOTICE CONVENING MEETING OF UNSECURED CREDITORS

To,ALL UNSECURED CREDITORSOF TRIVENI ENGINEERING AND INDUSTRIES LIMITED

Take notice that by an order made on 4th day of Nov., 2015, 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 (U.P.),on Saturday, the 19th day of December, 2015 at 2.00 P.M. for the purpose of considering, and if thought fit, approving, with or without modification, the proposed composite 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 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 (U.P.),on Saturday, the 19th day of December, 2015 at 2.00 P.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 Avinash Chandra Tripathi, Advocate, and failing him, Sri Mudit Agrawal, Advocate, to be the Chairman of the said meeting.

A copy each of the composite Scheme of Arrangement, the Statement under Section 393 and a form of proxy is enclosed.

Dated this 16th day of November, 2015.

Sd/- Sd/-[R.P. AGARWAL] [AVINASH CHANDRA TRIPATHI]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 creditor may attend the meeting either in person or by proxy. The proxy need not be a creditor 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. The persons attending the meeting are advised to bring their photo identity document for verification.

THE PERSON ATTENDING THE MEETING MUST BRING THE DULY FILLED IN ATTENDANCE SLIP 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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FOR DIRECTIONS TO CONVENE MEETINGS UNDER SECTION 391

1. TRIVENI ENGINEERING AND INDUSTRIES LIMITED havingitsregisteredofficeat Deoband,District,Saharanpur Uttar Pradesh – 247554 [Transferor Company]2. TRIVENI SUGAR LIMITED havingitsregisteredofficeat A-44,HosieryComplex,PhaseIIExtension, Noida, Uttar Pradesh-201305 [Transferee Company]3. TRIVENI INDUSTRIES LIMITED havingitsregisteredofficeat SugarUnitDeoband,District,Saharanpur, Uttar Pradesh – 247554 [Resulting Company]


EXPLANATORY STATEMENT UNDER SECTION 393 OF THE COMPANIES ACT, 1956

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

PURSUANT TO THE ORDER DATED 4TH NOV, 2015 PASSED BY THE HON’BLE ALLAHABAD HIGH COURT IN THE ABOVE MATTER1. The above-namedApplicantCompanies havemoved aCompanyApplication, beingCompanyApplicationNo. 28 of 2015, in theHon’ble

AllahabadHighCourtseekingdirectionstoconvenemeetingsoftheEquityShareholders,SecuredCreditorsandUnsecuredCreditorsoftheTransferorCompanyforconsideringand,ifthoughtfit,approving,withorwithoutmodification,theproposedcompositeSchemeofArrangementbetweentheabove-namedApplicantCompaniesandtheirrespectiveshareholdersandcreditorsandotherdirectionsincidentalthereto.TheApplicantCompanieshavesoughtdispensationofmeetingsoftheshareholdersandthecreditorsoftheTransfereeCompanyandtheResultingCompanyforreasonsstatedintheCompanyApplication.

2. On the above Application, the Hon’ble High Court has passed Order dated 4th Nov, 2015, convening separate meetings of the EquityShareholders, theSecuredCreditorsand theUnsecuredCreditorsof theTransferorCompanyandhasappointedChairmanandAlternateChairmanforeachmeeting,fixeddateandtimeofthemeetingsandquorumforthemeetingsandhasgivendirectionsregardingdespatchandpublicationofnoticesandotherdirectionsincidentalthereto.ThemeetingsoftheshareholdersandthecreditorsoftheTransfereeCompanyandtheResultingCompanyhavebeendispensedwith.

3. CopyoftheaboveOrderoftheHon’bleHighCourtiskeptopenforinspection.4. TherespectiveBoardofDirectorsoftheApplicantCompanieshaveapprovedtheproposedcompositeSchemeofArrangementattheirmeetings

dulyconvenedandheldon28.7.2015.5. Reg. TRANSFEROR COMPANY : [TRIVENI ENGINEERING & INDUSTRIES LIMITED] (i) TheTransferorCompanywasincorporatedon27-7-1932asapubliclimitedcompanyundertheCompaniesAct,1913,inthenameof‘The

GangaSugarCorporationLimited’intheStateofPunjab.OndivisionoftheState,theCompanycameunderthejurisdictionofRegistrarofCompanies,DelhiandHaryana.Subsequentlyon3-4-1973,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.AcopyoftheMemorandumandArticlesofAssociationiskeptopenforinspection.

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(ii) TheregisteredofficeoftheCompanyissituateatDeobandintheDistrictofSaharanpur(U.P.). (iii) TheCompanyreceivedCertificateofCommencementofBusinesson6-2-1933which formspartof theMemorandumandArticlesof

AssociationoftheCompany.TheCompanyhasbeeninbusinesssincethen. (iv) TheobjectsoftheCompanyaresetoutintheObjectsClauseoftheMemorandumofAssociation.TheTransferorCompanyistheflagship

companyof theTriveniGroupand isengaged invariousbusinessesnamely, ‘SugarBusiness’comprisingofsugarmanufacture,co-generationofpower,anddistillationofalcohol,and‘EngineeringBusiness’comprisingofmanufactureofgear&gearboxesandprovidingproducts,solutionsandexecutionofcontractsinvolvingwater&waste-watertreatmentintheindustrialandmunicipalsectors.

(v). TheAuthorized,Issued,SubscribedandPaidupCapitaloftheCompanyasonMarch31st,2015asperthelatestauditedbalancesheet,isasunder:

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

TherehasbeennochangeinthesharecapitaloftheCompanyafter31.3.2015. (vi) TheequitysharesoftheCompanyarelistedontheBSELimited(“BSE”)andtheNationalStockExchangeofIndiaLimited(“NSE”). (vii) TheauditedaccountsoftheCompanyhavebeenpresentedtoandapprovedbytheshareholdersuptothefinancialyearendedon31st

March,2015.TheAccountsfortheFY2014-15arethelatestauditedAccounts.ThesummarizedfinancialpositionoftheCompanyasperthelatestAuditedAccountsisasunder:

PARTICULARS As on 31st March, 2015Rs. IN LACS Rs. IN LACS

LIABILITIESSHAREHOLDERS 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 96371.66(b)TradePayables 66243.50(c)OtherCurrentLiabilities 19002.49(d) Short Term Provisions 5740.40 186358.05TOTAL 292415.52ASSETSNON-CURRENT ASSETS :(a)FixedAssets 89387.82(b)Non-currentInvestments 4613.48(c)LongTermLoans&Advances 23060.47(d)OtherNon-currentAssets 3395.66 120457.43CURRENT ASSETS :(a) Inventories 123433.78(b)TradeReceivables 23271.78(c)CashandBankBalances 592.99(d)Short-termLoansandAdvances 19462.16(e)OtherCurrentAssets 5197.38 171958.09TOTAL 292415.52

TherehasbeennomaterialchangeinthefinancialpositionoftheCompanyafter31stMarch,2015exceptintheusualandnormalcourseofbusiness.

Forcomprehensivepictureof thefinancialpositionandoperatingperformanceof theCompany, theaboveAuditedAccountsmaybereferredto.AcopyofaboveAuditedAccountsiskeptopenforinspection.

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6. Reg. TRANSFREE COMPANY : [TRIVENI SUGAR LIMITED] (i) TheTransfereeCompanywasincorporatedon19.3.2014asapubliclimitedcompanyundertheCompaniesAct,1956,inthenameof

BhudevaProjectsLimitedintheStateofUttarPradesh.ThenameoftheCompanyhasbeenchangedtoitspresentnameandafreshCertificateofIncorporationdated23.7.2015hasbeenissuedbytheRegistrarofCompanies,U.P.ThecopiesofcertificatesofincorporationformpartoftheMemorandumandArticlesofAssociationoftheCompany.AcopyoftheMemorandumandArticlesofAssociationiskeptopenforinspection.

(ii) TheregisteredofficeoftheCompanyissituateatA-44,HosieryComplex,PhaseIIExtension,Noida,UttarPradesh-201305. (iii) On13.05.2014theCompanyhasfiledtherequireddeclarationwiththeRegistrarofCompanies,U.P.,forcommencementofbusiness

undersection11oftheCompaniesAct,2013andafterthatdatetheCompanyhasbecomeentitledtocommencebusiness.ThecompanyshallcommencebusinessproposedtobetransferredtoitundertheSchemewhentheSchemebecomeseffective.

(iv) TheobjectsoftheCompanyaresetoutintheObjectsClauseoftheMemorandumofAssociation. (v). TheAuthorized,Issued,SubscribedandPaidupCapitaloftheCompanyasonMarch31st,2015asperthelatestauditedbalancesheet,

isasunder:

Particulars Rupees (in Lacs)Authorized Capital5,00,000EquitySharesofRe.1/-each 5.00Total 5.00Issued Capital5,00,000EquitySharesofRe.1/-eachfullypaid-up 5.00Total 5.00Subscribed and Paid-up Capital5,00,000EquitySharesofRe.1/-eachfullypaid-up 5.00Total 5.00

TherehasbeennochangeinthesharecapitaloftheCompanyafter31.3.2015. (vi) Outoftotalpaidupsharecapitalcomprising5,00,000equityshares,theTransferorCompanyholds4,99,950sharesi.e.99.999%of

capital.An individual [SriRajKumarGoel]holdsonly50shares i.e.0,001%ofcapital.Thus theTransfereeCompany isa99.999%subsidiaryoftheTransferorCompany.

(vii) ThesharesoftheCompanyarenotlistedonanystockexchange. (viii) TheCompanyhasbeenincorporatedon19.03.2014.TheAuditedAccountsforthefirstfinancialyearendedon31.3.2015havebeen

presentedtoandapprovedbytheshareholders.ThesearethelatestauditedAccounts.ThesummarizedfinancialpositionoftheCompanyasperthelatestAuditedAccountsisasunder:

PARTICULARS As on 31st March, 2015Rs. Rs.

LIABILITIESSHAREHOLDERS FUNDS :(a)ShareCapital 5,00,000(b)Reserves&Surplus (-)1,08,342 3,91,658NON-CURRENT LIABILITIES :(a)LongTermBorrowings 0(b)DeferredTaxLiabilities(Net) 0(c)OtherLongTermLiabilities 0(d) Long Term Provisions 0 0CURRENT LIABILITIES :(a)ShortTermBorrowings 0(b)TradePayables 0(c)OtherCurrentLiabilities 78,652(d) Short Term Provisions 0 78,652TOTAL 4,70,310ASSETSNON-CURRENT ASSETS :(a)FixedAssets 0(b)Non-currentInvestments 0(c)LongTermLoans&Advances 0(d)OtherNon-currentAssets 0 0CURRENT ASSETS :(a)TradeReceivables 0(b)CashandBankBalances 2,65,024(c)Short-termLoansandAdvances 2,05,286(d)OtherCurrentAssets 0 4,70,310TOTAL 4,70,310

TherehasbeennomaterialchangeinthefinancialpositionoftheCompanyafter31stMarch,2015exceptintheusualandnormalcourseofbusiness.

ForcomprehensivepictureofthefinancialpositionandoperatingperformanceoftheCompany,theaboveAccountsmaybereferredto.AcopyofaboveAuditedAccountsiskeptopenforinspection.

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7. Reg. RESULTING COMPANY : [TRIVENI INDUSTRES LIMITED] (i) TheResultingCompanyhasbeenincorporatedrecentlyon22.7.2015asapubliclimitedcompanyundertheCompaniesAct,2013,Acopy

ofcertificateofincorporationformspartoftheMemorandumandArticlesofAssociationoftheCompany.AcopyoftheMemorandumandArticlesofAssociationiskeptopenforinspection.

(ii) TheregisteredofficeoftheCompanyissituateatSugarUnitDeoband,District,Saharanpur,UttarPradesh–247554. (iii) TherequirementoffilingdeclarationbyacompanybeforecommencementofbusinesshasbeendispensedwithundertheCompanies

(Amendment)Act, 2015andas such theCompany is not required to fileanydeclarationwith theRegistrar ofCompanies,U.P., forcommencement of business.TheCompany shall commencebusinessproposed tobe transferred to it under theSchemewhen theSchemebecomeseffective.

(iv) TheobjectsoftheCompanyaresetoutintheObjectsClauseoftheMemorandumofAssociation. (v). TheAuthorized,Issued,SubscribedandPaidupCapitaloftheCompanyasondateisasunder:

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

(vi) The ResultingCompanyisawhollyownedsubsidiaryoftheTransferorCompany.Itsentiresharecapital isbeneficiallyownedbytheTransferorCompany.

(vii) ThesharesoftheCompanyarenotlistedonanystockexchange. (viii) SincetheCompanyhasbeenincorporatedonlyon22.7.2015,ithasnotcompleteditsfirstfinancialyear.Hence,noannualaccountsof

theResultingCompanyhavebeenprepared,auditedandpresentedtotheshareholderssofar.8. ThesalientfeaturesoftheproposedSchemearesummarizedbelow– (i) TheSchemeprovidesfortransferandvestingoftheSugarUndertaking(asdefinedunderClause5.1.16oftheScheme)oftheTransferor

CompanytotheTransfereeCompanyonagoingconcernbasiswithoutanyfurtheractordeedandpursuanttosections391to394oftheCompaniesAct,1956.The“SugarUndertaking”asdefinedinClause5.1.16oftheScheme,meansthesugarbusinesscomprisingofsugarmanufacturingunitslocatedinSabitgarh,(WesternUttarPradesh),Chandanpur,RaniNangalandMilakNarayanpur(CentralUttarPradesh)andRamkola(EasternUttarPradesh)includingincidentalcogenerationfacilitiesatSabitgarh,ChandanpurandMilakNarayanpur(all inCentralUttarPradesh),onagoingconcernbasis,comprisinginter-aliatheassetsandliabilitiesrelatingthereto.ThelumpsumconsiderationfortheabovetransferisRs.140croreswhichwillbedischargedbytheTransfereeCompanybyissueandallotmentof4croresEquitySharesofRe.1/-eachfullypaidupatapremiumofRs.34/-eachtobecreditedasfullypaiduptotheTransferorCompanyinexchangefortransferandvestingoftheSugarUndertaking.

(ii) TheSchemealsoprovidesfordemergerof“DemergedUndertaking”(asdefinedinclause5.1.5oftheScheme)fromtheTransferorCompanyanditstransferandvestingintheResultingCompanyincompliancewiththeconditionsrelatingto“Demerger”asspecifiedunderSection2(19AA)oftheIncome-taxAct,1961,onagoingconcernbasiswithoutanyfurtheractordeedandpursuanttosections391to394oftheCompaniesAct,1956.The“DemergedUndertaking”meanstheSugarbusinesscomprisingthefollowingundertakingsof theTransferorCompany-(a)DistilleryunitlocatedinDistrictMuzaffarnagar,UttarPradesh;(b)Sugarmanufacturingunit,Cogenerationunit,FueldispensingstationandBrandedgoodsdivision (includingbrandedsugar) located inKhatauli,DistrictMuzaffarnagar,UttarPradesh;and (c)SugarmanufacturingunitandCogenerationunitlocatedinDeoband,DistrictSaharanpur,UttarPradeshandallrelatableinvestments,includingtheinvestmentsintheTransfereeCompanyonagoingconcernbasis,comprising,inter-alia,theassetsandliabilitiesrelatingthereto.InconsiderationoftheabovedemergerandtransferoftheDemergedUndertakingbytheTransferorCompanytotheResultingCompany,theResultingCompanyshallissueandallot01(one)equityshareofRe.1/-eachtotheshareholdersoftheTransferorCompany,creditedasfullypaidupintheCapitaloftheResultingCompany,forevery01(one)equityshareofRe.1/-eachheldbythemintheTransferorCompany.Aftertheproposedrestructuring,theTransfereeCompanywillbecomea99.99%subsidiaryoftheResultingCompany.

(iii) The”RemainingBusiness”thatisallbusinessoftheTransferorCompanyotherthanthatcomprisedinthe“SugarUndertaking”andthe“DemergedUndertaking”shallremainwiththeTransferorCompany.TheTransferorCompanywillcontinuewithitsEngineeringBusinesscomprisingofmanufactureofGearsandGearboxesandprovidingproducts,solutionsandexecutionofcontractsinvolvingwaterandwastetreatmentintheindustrialandmunicipalsector.

(iv) Theabovetransferandvestingwilltakeplacewitheffectfrom“AppointedDate”(asdefinedinClause5.1.2oftheScheme).TheAppointedDatefortransferofSugarUndertakingis1.7.2015andfortransferofDemergedUndertakingis1.11.2015.

(v) Allassets,liabilities,movableandimmovableproperties,investments,employees,consents,approvals,licenses,contracts,deedsofthesugarundertakingwillbetransferredtotheTransfereeCompanypursuanttoPartIIoftheScheme.Allassets,liabilities,movableandimmovableproperties,investments,employees,consents,approvals,licenses,contracts,deedsofthedemergedundertakingincludinginvestmentintheTransfereeCompanywillbetransferredtotheResultingCompanypursuanttoPartIIIoftheScheme.

(vi) All legal, taxationorotherproceedingsbyoragainst theTransferorCompany,whetherpendingontheAppointedDateorwhichmaybeinstitutedanytimeinfutureandineachcaserelatingorpertainingtotherespectivetransferredundertakingsshallbecontinuedandenforcedbyoragainsttheTransferee/ResultingCompany,asthecasemaybe.

(vii) All contracts, licenses,approval, permitsetcpertaining to the respective transferredundertakings, towhich theTransferorCompanyisapartyortothebenefitofwhichtheconcernedtransferredundertakingsmaybeeligible,andwhicharesubsistingorhavingeffect

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immediatelybeforetheEffectiveDate,shallbeinforceandeffectagainstorinfavourof,asthecasemaybe,theTransferee/ResultingCompany,andmaybeenforcedasfullyandeffectuallyasif,insteadoftheTransferorCompany,theTransferee/ResultingCompanyhadbeenapartyorbeneficiaryorobligeethereto.

(viii) All theemployeesof theTransferorCompany,whoarepartof the respective transferredundertakings,shallstand transferred to theTransferee/ResultingCompany,asthecasemaybe,ontermsandconditionsnotlessfavorablethanthoseonwhichtheywereengagedbytheTransferorCompany,withoutanyinterruptioninserviceasaresultoftransferofsuchundertakings.

(ix) ThetransferandvestingoftherespectiveundertakingsintheTransferee/ResultingCompany,shallbesubjecttotheexistingsecurities,chargesandmortgages, ifany inrelationto the liabilitiesof theconcernedundertakingstransferredbytheTransferorCompany.Theexistingsecurities,mortgages,charges,encumbrancesorliens,ifany,overorinrespectofanyoftheassetsoranypartthereoforchargeoversuchassetsrelatingtoanyloansorborrowingoftheTransferorCompany,shallwithoutanyfurtheractordeed,bereleasedanddischargedfromthesameandshallnolongerbeavailableassecurityinrelationtothoseliabilitiesretainedintheTransferorCompany.InsofarastheassetsretainedintheTransferorCompanyareconcerned,thesecurityoversuchassets,totheextenttheyrelatedtotheliabilitiestransferredtotheTransferee/ResultingCompany,asthecasemaybe,shall,withoutanyfurtheract,instrumentordeedbereleasedanddischargedfromsuchsecurity.

(x) WitheffectfromtheAppointedDateanduptoandincludingtheEffectiveDate,theTransferorCompanyshallbedeemedtohavebeencarryingonallbusinessandactivitiesrelatingtotheSugarUndertakingandtheDemergedUndertakingforandonaccountofandintrustfortheTransfereeCompanyandtheResultingCompanyrespectively.Allprofits,losses(includingimpactoftaxesifanythereon)arisingorincurredbytheTransferorCompanyaftertheAppointedDateanduptotheEffectiveDate,relatingtotheSugarUndertakingandtheDemergedUndertakingshallforallpurposes,betreatedasprofits,taxes,orlosses,asthecasemaybe,oftheTransfereeCompanyandResultingCompanyrespectively.

(xi) UpontheSchemecomingintoeffect,theAuthorizedShareCapitaloftheTransfereeCompanyconsistingofRs.5,00,000/-dividedinto5,00,000equitysharesofRs.1/-eachshallstandincreasedbyRs.4,00,00,000/-toRs.4,05,00,000/-dividedinto4,05,00,000equitysharesofRs.1/-eachandtheAuthorizedShareCapitaloftheResultingCompanyconsistingofRs.50,000/-dividedinto50,000equitysharesofRe.1/-eachshallstandincreasedbyRs.34,99,50,000/-toRs.35,00,00,000/-dividedinto35,00,00,000equitysharesofRe.1/-each,withoutanyfurtheractordeedonpartoftheTransfereeCompanyandtheResultingCompany.TheconsentoftheshareholderstotheSchemeshallbedeemedtobesufficientforthepurposesofeffectingtheamendmenttotheMemorandumofAssociationandArticlesofAssociationoftheTransfereeCompanyandtheResultingCompany(relatingtotheauthorizedsharecapital)andnofurtherresolution(s)underSection13,Section14,andSection61oftheCompaniesAct,2013(correspondingtoSection16,Section31,Section94oftheCompaniesAct,1956)oranyotherapplicableprovisionsoftheAct,wouldberequiredtobeseparatelypassed.TheaboveincreaseinAuthorizedShareCapitalshallbesubjecttothepaymentofnecessaryfeesforregistrationandstampdutybytheTransfereeCompanyandtheResultingCompany.

(xii) Clause28.2.3oftheScheme,whichdealswithAccountingTreatmentinthebooksoftheTransferorCompany,interalia,providesthattheexcessofbookvalueoftheassetsovertheaggregateofbookvalueoftheliabilitiesandtheamountstandingtothecreditofCapitalReserve(relatingtocapitalsubsidy)andMolassesStorageFundReserveaccountoftheDemergedUndertakingtransferredunderthisScheme,ifany,shallbeadjustedagainstthefollowingbalancesasappearinginthebooksoftheTransferorCompany,inthefollowingorder:

• AmalgamationReserveAccount;

• CapitalReserveAccount;

• CapitalRedemptionReserve;

• SecuritiesPremiumAccount;

• GeneralReserves;and

• Balance,ifany,shallthenbeadjustedagainsttheProfit&lossAccount

Clause28.2.5providesthattheutilizationoftheCapitalRedemptionReserveandSecuritiesPremiumAccountasmentionedintheaboveclauseshallbeeffectedasanintegralpartoftheSchemeinaccordancewiththeprovisionsofSection52oftheCompaniesAct,2013(correspondingtoSection78oftheCompaniesAct,1956)andSections100to103oftheActandtheorderoftheHighCourtsanctioningtheSchemeshallbedeemedtobealsotheOrderunderSection102oftheAct.

TheSchemedoesnotprovideforreductionofpaidupcapitalofanyofthethreeApplicantCompanies.TheaboveaccountingadjustmentcontemplatedinClause28.2.5willnotaffecttheinterestofcreditorsoranyotherpersons.

TheSchemealsomakesdetailedprovisionsforvariousconnected/incidentalmatters.

Thetermsmentionedabovearenotexhaustive.Forcompleteandcomprehensiveviewofallthetermsandconditions,theScheme,whichisannexedtotheNoticeandalsokeptopenforinspection,maybereferredto.

9. TheconsiderationamountforthetransferoftheSugarundertakingbytheTransferorCompanytotheTransfereeCompanyandshareentitlementratiofortheissuanceofequitysharesbytheResultingCompanytotheshareholdersoftheTransferorCompanyinconsiderationoftransferofDemergedUndertakinghavebeenfixedonthebasisofthevaluationreportdated27thJuly,2015ofM/sBansiS.Mehta&Co.,Mumbai,anindependentfirmofCharteredAccountants.ThefairnessoftheshareentitlementratiohasbeenconfirmedbyM/sD&AFinancialServices(P)Ltd.,SEBIapprovedMerchantBankers,videtheirOpiniondated27thJuly,2015.CopiesofaboveValuationReportandFairnessOpinionarekeptopenforinspection.AcopyoftheFairnessOpiniondated27thJuly,2015isenclosed.

10. Para 18 of theSchemeprovides for accounting treatment of various transactions pursuant to theScheme in the books of theTransfereeCompanyandtheTransferorCompany.Para28providesforaccountingtreatmentinthebooksoftheResultingCompanyandtheTransferorCompanyincludingcertainadjustmentsagainstdifferentReservesAccounts,asanintegralpartoftheScheme.M/sJ.C.Bhalla&Co.,CharteredAccountants,beingtheStatutoryAuditorsoftheTransferorCompany,havecertifiedthattheaccountingtreatmentcontainedintheSchemeisincompliancewithalltheAccountingStandardsasnotifiedbytheCentralGovernment.AcopyofthisCertificateiskeptopenforinspection.

11. ThecircumstanceswhichhavenecessitatedtheproposedSchemeandtheobjectssoughttobeachievedareexplainedbelow–

(i) TheTransferorCompanyisengagedinthebusinessesofmanufacturingandrefiningofsugar,distillationofalcohol,generationofpower,manufacturingofgear&gearboxandprovidingproduct,solutionsandexecutingcontractsrelatingtowaterandwastewatertreatment.Aspartofanoverallre-organizationplanandinordertoachievegreaterefficienciesin itsoperationsandwiththeintentofproviding

8

focusandgreater attention to eachof its businesses, it is considereddesirable andexpedient to transfer theSugarUndertaking totheTransfereeCompanyandtheDemergedUndertakingtotheResultingCompany.ThiswillresultinseparatingSugarBusinessandtheEngineeringBusiness.Theproposedreorganizationwillenablefocusedmanagementorientationtoeachofthebusinessesduetoindividualspecializationandleadershipvision.FurtherthetransferandvestingofthesugarbusinessintheTransfereeCompanyandResultingCompanywillhelpinfinanciallyandadministrativelymanagingthislargebusinessinanefficientmannerwithproperfocusandaccountability.

(ii) Theproposedreorganizationwillopenupopportunitiesforcreatingstrategicpartnershipandflexibilityoffundraisingcapabilityforfuturegrowthandexpansionandtocreateabusinessstructurewhichisgearedtotakeadvantageofpossiblegrowthopportunities.

(iii) The businesses and activities of the respective companies will be carried onmore economically, conveniently and advantageouslyundertheproposedSchemeandthesamewillhavebeneficialresultsforthesaidcompanies,theirshareholders,stakeholdersandallconcerned.

(iv) TheTransferorCompany,TransfereeCompanyandtheResultingCompanyposttransferandvestingofthesaidbusinesseswillhavebetterfinancial,businessandoperationalprospectsincludingbutnotlimitedtoefficientmanagementofcosts,bettermaintenanceofthemanufacturingfacilitiesandimprovedadministrativecontrolonthesaidbusinesses.

(v) TheseparationofSugarBusinessandEngineeringBusinesswouldalsoresultinunlockingandmaximizingshareholdersvalue.

TheSchemeshall be in thebeneficial interestof the threecompaniesaswellas in thebeneficial interestof their shareholdersandcreditors.

12. IntheopinionoftherespectiveBoardofDirectorsoftheApplicantCompanies,thevalueofsecuritiestobeissuedandallottedbytheTransfereeCompanyandtheResultingCompanyupontransferandvestingoftherespectiveUndertakingsandthevarioustermsandconditionsspecifiedin theproposedSchemearefairandreasonableandtheSchemeis in theoverall interestof therespectiveApplicantCompaniesandtheirshareholdersandthecreditors.

13. IntheopinionoftherespectiveBoardofDirectorsoftheApplicantCompanies,theproposedSchemewillnotprejudiciallyaffecttheinterestofanyclassofcreditors.TheassetsoftheApplicantCompaniesafterimplementationoftheSchemewillbesufficienttomeettheirrespectiveliabilities.TheSchemealsoprovidesthatthetransferofassetsundertheSchemewillbesubjecttotheexistingchargecreatedthereonbywayofsecurityinrespectofliabilitiestransferredtotheTransfereeCompanyortheResultingCompany.ThesecuritycreatedinrespectofoutstandingloanspertainingtotheremainingbusinessoftheTransferorCompanyaftertheproposedtransferofthespecifiedUndertakingswillbesufficienttomeettheremainingliabilitytowardssecuredandtheunsecuredcreditors.

14. NoneoftheApplicantCompanieshaveanyoutstandingdebentures.

15. IncompliancewiththerequirementofClause24(f)oftheListingAgreementswiththeStockExchanges(BSEandNSE)onwhichsharesoftheTransferorCompanyarelistedandtherelevantSEBICirculars,theTransferorCompanyhassubmittedcopiesoftheproposedSchemeofArrangementtothesaidStockExchanges.ThetwoStockExchangeshavegiventheir“NoObjections”totheproposedScheme.CopiesofNoObjectionlettersreceivedfromthestockexchangesareenclosed.

AsrequiredbytherelevantSEBICirculars,theTransferorCompanyhasfiledtheComplaintsReport(indicatingNILcomplaint)withtherespectiveStockExchangeson2ndSeptember,2015.Acopyoftheabove-mentionedComplaintsReportisenclosed.

16. ImmediatelyafterfilingapplicationsforapprovalofStockExchanges,theproposedSchemealongwithrelateddocuments,havebeenhostedonthewebsiteoftheTransferorCompany.The“NoObjections”lettersissuedbyStockExchanges,referredtoabove,havealsobeenhostedonthecompany’swebsitewithin24hoursofreceivingthesameandthesamearebeingkeptopen.

17. ThenamesofdirectorsofthethreeApplicantCompaniesandtheirpresentshareholdingsineachcompanyareasunder–

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

CompanyIn Transferee

CompanyIn Resulting

CompanyA Directors of Triveni Engineering & Industries Ltd. , Transferor Co.1 SriDhruvM.Sawhney 38391756 **10 02 SriTarunSawhney 14695375 **10 03 SriNikhilSawhney 15277653 **10 04 Dr.F.C.Kohli 0 0 05 Lt.GenK.K.Hazari(Retd.) *1000 0 06 SriM.K.Daga 9000 0 07 SriShekharDatta 10000 0 08 Ms.HomaiA.Daruwalla 0 0 09 Sri Santosh Pande 0 0 0B Directors of Triveni Sugar Limited, Transferee Co.1 SriDebajitBagchi 900 **10 02 SriSatvinderSinghWalia 17550 0 03 Mrs.MadhuArora 129 0 0C Directors of Triveni Industries Ltd., Resulting Co.1 SriAtulAggarwal 0 0 **12 SriDebajitBagchi 900 0 **13 SriSatvinderSinghWalia 17550 0 **1

*heldasjointholderwithhiswife.

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

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18. Thepre-arrangement andexpectedpost-arrangement capital structureof theTransferor,TransfereeandResultingCompaniesason30thSeptember,2015isasunder–

A. Transferor Company

Particulars Pre and Post ArrangementAuthorized Capital (AmountRs.inLacs)50,00,00,000EquitysharesofRe.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

B. Transferee Company

Particulars Pre-Arrangement Post-ArrangementNo. of Shares Amount No. of Shares Amount

A. Authorized Share Capital (Rs. in lacs) (Rs. in Lacs)EquitySharesofRe.1/-each 5,00,000 5.00 4,05,00,000 405.00

B. Issued, Subscribed & Paid-up CapitalEquitySharesofRe.1/-each 5,00,000 5.00 4,05,00,000 405.00

C. Resulting Company

Particulars Pre-Arrangement Post-ArrangementNo. of Shares Amount No. of Shares Amount

A. Authorized Share Capital (Rs. in lacs) (Rs. in lacs)EquitySharesofRe.1/-each 50,000 0.50 35,00,00,000 3500.00

B. Issued, Subscribed & Paid-up CapitalEquitySharesofRe.1/-each 50,000 0.50 25,79.95,110 2579.95

19. Thepre-arrangementandexpectedpost-arrangementshareholdingpatternoftheTransferor,TransfereeandResultingCompaniesason23rdOctober,2015isasunder–

A. Pre and Post-Arrangement Shareholding Pattern of the Transferor Company

Category code

Category of shareholder Pre and Post ArrangementTotal number of

shares %age

(A) Promoter and Promoter Group(1) Indian (a) Individuals/ Hindu Undivided Family(i) SriTarunSawhney 14695375 5.697(ii) SriNikhilSawhney 15277653 5.923(iii) M/sManmohanSawhney(HUF) 4513225 1.750(iv) MsTaranaSawhney 25000 0.010(b) Central Government/ State Government(s) - - (c) Bodies Corporate (i) M/sUmanandaTrade&FinanceLimited 20991589 8.138(ii) M/sTarnikInvestments&TradingLimited 18680527 7.242(iii) M/sSubhadraTrade&FinanceLimited 16907375 6.555(iv) M/sKameniUpaskarLimited 10328525 4.004(v) M/sDhankariInvestmentsLimited 14714901 5.705(vi) M/sTOFSLTrading&InvestmentsLimited 1639 0.001(vii) M/sTheEngineering&TechnicalServicesLimited 250 -(viii) M/sCarvanseraiLimited 422750 0.164(ix) M/sAccurateTradersLimited 648500 0.251(d) FinancialInstitutions/Banks - - (e) AnyOther(specify) - - Sub-Total (A)(1) 117207309 45.440

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(2) Foreign (a) Individuals (Non-Resident Individuals/ Foreign Individuals)(i) SriDhruvM.Sawhney 38391756 14.883(ii) Ms.RatiSawhney 20358164 7.892(b) BodiesCorporate - - (c) Institutions - - (d) QualifiedForeignInvestor - -(e) AnyOther(specify) - - Sub-Total (A)(2) 58749920 22.775 Total Shareholding of Promoter and Promoter Group (A)= (A)(1)+(A)(2) 175957229 68.215

(B) Public shareholding(1) Institutions(a) MutualFunds/UTI - -(b) FinancialInstitutions/Banks 4000 0.001(c) CentralGovernment/StateGovernment(s) - - (d) VentureCapitalFunds - - (e) InsuranceCompanies - - (f) ForeignInstitutionalInvestors 38141283 14.787(g) ForeignVentureCapitalInvestors - - (h) QualifiedForeignInvestor - -(i) AnyOther(specify) - - ForeignPortfolioInvestor(Corporate) 150000 0.058 Sub-Total (B)(1) 38295283 14.846

(2) Non-institutions (a) BodiesCorporate 7841521 3.040(b) Individuals- i.IndividualshareholdersholdingnominalsharecapitaluptoRs.1lakh.* 18682265 7.243

ii.IndividualshareholdersholdingnominalsharecapitalinexcessofRs.1lakh. 13228551 5.128(c) QualifiedForeignInvestor - -(d) Any Other (specify) [i]NRI 1361073 0.528

[ii]HUF 1912977 0.742[iii]ClearingMember 661711 0.257[iv]Trust 4500 0.001Sub-Total (B)(2) 43692598 16.939

Total Public Shareholding (B)= (B)(1)+(B)(2) 81987881 31.785 TOTAL (A)+(B) 257945110 100.000

(C) Shares held by Custodians and against which Depository Receipts have been issued

(1) Promoter and Promoter group - - (2) Public - - Sub Total ( C ) - - GRAND TOTAL (A)+(B)+(C) 257945110 100.000

Thepost-schemeshareholdingpatternoftheTransferorCompanyshallremainunchangedsincetheSchemedoesnotcontemplateanyissueandallotmentofsharesbytheTransferorCompany.

B. Pre and Post-Arrangement Shareholding Pattern of the Transferee Company

Category code

Category of shareholder Pre-arrangement Post-arrangementTotal number

of shares %age Total number

of shares %age

(A) Promoter and Promoter Group(1) Indian (a) Individuals/HinduUndividedFamily - - - - (b) CentralGovernment/StateGovernment(s) - - - - (c) BodiesCorporate 499950* 99.990* 40499950** 99.999**(d) FinancialInstitutions/Banks - - - - (e) AnyOther(specify) - - - - Sub-Total (A)(1) 499950 99.990 40499950 99.999

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(2) Foreign (a) Individuals(Non-ResidentIndividuals/ForeignIndividuals) - - - - (b) BodiesCorporate - - - - (c) Institutions - - - - (d) QualifiedForeignInvestor - - - -(e) AnyOther(specify) - - - - Sub-Total (A)(2) - - - - Total Shareholding of Promoter and Promoter Group

(A)= (A)(1)+(A)(2)499950 99.990 40499950 99.999

(B) Public shareholding(1) Institutions (a) MutualFunds/UTI - - - - (b) FinancialInstitutions/Banks - - - - (c) CentralGovernment/StateGovernment(s) - - - - (d) VentureCapitalFunds - - - - (e) InsuranceCompanies - - - - (f) ForeignInstitutionalInvestors - - - - (g) ForeignVentureCapitalInvestors - - - - (h) QualifiedForeignInvestor - - - -(i) AnyOther(specify) - - - - ForeignPortfolioInvestor(Corporate) - - - - Sub-Total (B)(1) - - - -

(2) Non-institutions - - - - (a) BodiesCorporate - - - - (b) Individuals- - - - - i.Individualshareholdersholdingnominalsharecapital

uptoRs.1lakh.*50 0.010 50 0.001

ii.IndividualshareholdersholdingnominalsharecapitalinexcessofRs.1lakh.

- - - -

(c) QualifiedForeignInvestor - - - - (d) AnyOther(specify) - - - - Sub-Total (B)(2) 50 0.010 50 0.001 Total Public Shareholding (B)= (B)(1)+(B)(2) - - - - TOTAL (A)+(B) 500000 100.00 40500000 100.000


(1) Promoter and Promoter group - - - - (2) Public - - - - Sub Total ( C ) - - - - GRAND TOTAL (A)+(B)+(C) 500000 100.00 40500000 100.000

* Triveni Engineering & Industries Limited ** Triveni Industries LimitedC. Pre and Post-Arrangement Shareholding Pattern of the Resulting Company

Category code

Category of shareholder Pre-arrangement Post-arrangementTotal number

of shares %age Total number

of shares %age

(A) Promoter and Promoter Group(1) Indian (a) Individuals/ Hindu Undivided Family(i) SriTarunSawhney - - 14695375 5.696(ii) SriNikhilSawhney - - 15277653 5.922(iii) M/sManmohanSawhney(HUF) - - 4513225 1.749(iv) MsTaranaSawhney - - 25000 0.010(b) Central Government/ State Government(s) - - - - (c) Bodies Corporate (i) TriveniEngineering&IndustriesLimited 50000 100.00 50000 0.019(ii) M/sUmanandaTrade&FinanceLimited - - 20991589 8.136(iii) M/sTarnikInvestments&TradingLimited - - 18680527 7.241(iv) M/sSubhadraTrade&FinanceLimited - - 16907375 6.553

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(v) M/sKameniUpaskarLimited - - 10328525 4.003(vi) M/sDhankariInvestmentsLimited - - 14714901 5.704(vii) M/sTOFSLTrading&InvestmentsLimited - - 1639 0.001(viii) M/sTheEngineering&TechnicalServicesLimited - - 250 -(ix) M/sCarvanseraiLimited - - 422750 0.164(x) M/sAccurateTradersLimited - - 648500 0.251(d) FinancialInstitutions/Banks - - - - (e) AnyOther(specify) - - - - Sub-Total (A)(1) 50000 100.00 117257309 45.449

(2) Foreign (a) Individuals (Non-Resident Individuals/ Foreign Individuals)(i) SriDhruvM.Sawhney - - 38391756 14.881(ii) Ms.RatiSawhney - - 20358164 7.891(b) BodiesCorporate - - - - (c) Institutions - - - - (d) QualifiedForeignInvestor - - - -(e) AnyOther(specify) - - - - Sub-Total (A)(2) - - 58749920 22.772 Total Shareholding of Promoter and Promoter Group (A)= (A)

(1)+(A)(2)50000 100.00 176007229 68.221

(B) Public shareholding(1) Institutions (a) MutualFunds/UTI - - - -(b) FinancialInstitutions/Banks - - 4000 0.002(c) CentralGovernment/StateGovernment(s) - - - - (d) VentureCapitalFunds - - - - (e) InsuranceCompanies - - - - (f) ForeignInstitutionalInvestors - - 38141283 14.784(g) ForeignVentureCapitalInvestors - - - - (h) QualifiedForeignInvestor - - - -(i) AnyOther(specify) - - - - ForeignPortfolioInvestor(Corporate) - - 150000 0.058 Sub-Total (B)(1) - - 38295283 14.844

(2) Non-institutions (a) BodiesCorporate - - 7841521 3.039(b) Individuals- i.Individualshareholdersholdingnominalsharecapital

uptoRs.1lakh.* - - 18682265 7.242

ii.IndividualshareholdersholdingnominalsharecapitalinexcessofRs.1lakh.

- - 13228551 5.127

(c) QualifiedForeignInvestor - - - -(d) AnyOther(specify) [i]NRI - - 1361073 0.528

[ii]HUF - - 1912977 0.742[iii]ClearingMember - - 661711 0.256[iv]Trust - - 4500 0.001Sub-Total (B)(2) - - 43692598 16.935

Total Public Shareholding (B)= (B)(1)+(B)(2) - - 81987881 31.779 TOTAL (A)+(B) 50000 100.00 257995110 100.000


(1) Promoter and Promoter group - - - - (2) Public - - - - Sub Total ( C ) - - - - GRAND TOTAL (A)+(B)+(C) 50000 100.00 257995110 100.000

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

21. No investigation proceedings under Sections 235 to 251 and the like of theCompaniesAct, 1956 or under the corresponding provisionscontainedinsections210to229oftheCompaniesAct,2013,arependingagainstanyoftheApplicantCompanies.

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22. Sincenoneof theconditionsofpara5.16(a)ofSEBIcirculardated4.2.2013,asmodifiedvidecirculardated21.5.2013areapplicable to theScheme,theCompanyisexempttoobtainapprovalofpublicshareholdersintermsofpara5.16(b)ofthesaidcircular.

Thefollowingdocumentswillbeavailableforinspectionbetween11.00.A.M.to4.00P.M.attherespectiveRegisteredOfficesoftheApplicantCompaniesonallworkingdaystilltheconclusionofthemeetings–

1. CopyoftheOrderdated4thNov,2015passedbytheHon’bleAllahabadHighCourtinCompanyApplicationNo.28of2015

2. CompletesetoftheCompanyApplicationNo.28of2015filedbytheApplicantCompaniesintheHighCourt.

3. CopyofCompositeSchemeofArrangement

4. Copiesofresolutionsdated28-07-2015passedbytherespectiveBoardofDirectorsof thethreeApplicantCompaniesapprovingtheCompositeSchemeofArrangementandothermattersincidentalthereto.

5. MemorandumandArticlesofAssociationoftheTransferorCompany.

6. CompletesetofpublishedAuditedAccountsforFYendedon31-03-2015oftheTransferorCompany

7. Memorandum&ArticlesofAssociationoftheTransfereeCompany

8. CompletesetofpublishedAuditedAccountsforFYendedon31-03-2015oftheTransfereeCompany

9. Memorandum&ArticlesofAssociationoftheResultingCompany

10. CopyofValuationReportdated27.07.2015submittedbyBansiSMehta&Co.,CharteredAccountants.

11. CopyofFairnessOpiniondated27.07.2015submittedbyD&AFinancialServices(P)Ltd.

12. CopyofCertificatedated28.07.2015issuedbyM/sJ.C.Bhalla&Co.,CharteredAccountants,StatutoryAuditors,regardingaccountingtreatment

13. NoObjections/ObservationLettersdated19.10.2015and23.10.2015 received fromNSEandBSE respectivelyalongwith copiesofapplicationsfiledforapprovalwithrelateddocuments

14. CopyofComplaintsReportshowingdetailsofcomplaints/commentsondraftSchemereceivedfromvarioussourcespriortoobtainingobservationlettersfromSE.

15. LatestListsofshareholdersoftheApplicantCompanies

16. ListsofCreditorsoftheTransferorCompanyason30.09.2015

TheaboverecordswillalsobeavailableforinspectionattheVenueofthemeetingsonthedatefixedforthemeetingsfrom10.00A.M.uptotheconclusionofthemeetings.

Inadditiontoabove,allstatutoryrecordswhicharerequiredtobekeptopenforinspectionatthegeneralmeetingsofshareholdersunderlaw,willbeavailableforinspectiononthedateofthemeetings.

Dated16thNov,2015

Sd/- Sd/-[ASHISH BANSAL] [A.K. SAND]Chairman for the meeting of Chairman for the meeting of EquityShareholdersofTransferorCompany SecuredCreditorsofTransferorCompany

Sd/-[AVINASH CHANDRA TRIPATHI]Chairman for the meeting of UnsecuredCreditorsofTransferorCompany

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

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COMPOSITE SCHEME OF ARRANGEMENTBETWEEN

TRIVENI ENGINEERING & INDUSTRIES LIMITED (TEIL)AND

TRIVENI SUGAR LIMITED (TSL)AND

TRIVENI INDUSTRIES LIMITED (TIL)AND

THEIR RESPECTIVE SHAREHOLDERS AND CREDITORS UNDER SECTION 391-394 OF THE COMPANIES ACT, 1956

PREAMBLE

1. Background and Description of Companies1.1 TriveniEngineering&IndustriesLimitedisacompanyincorporatedundertheprovisionsoftheCompaniesAct,1913havingitsregisteredoffice

atDeoband,District,Saharanpur,UttarPradesh–247554(‘TransferorCompany’).TheTransferorCompany is theflagshipcompanyof theTrivenigroupandisengagedinvariousbusinessesnamely,‘SugarBusiness’comprisingofsugarmanufacture,co-generationofpower,anddistillationofalcohol,and‘EngineeringBusiness’comprisingofmanufactureofgear&gearboxesandprovidingproducts,solutionsandexecutionofcontractsinvolvingwater&waste-watertreatmentintheindustrialandmunicipalsectors.TheequitysharesoftheTransferorCompanyarelistedwiththeBombayStockExchangeLimited(‘BSE’)andNationalStockExchangeofIndiaLimited(‘NSE’).

1.2 TriveniSugarLimited(formerlyknownas‘BhudevaProjectsLimited’)isacompanyincorporatedundertheprovisionsoftheCompaniesAct,1956havingitsregisteredofficeatA-44,HosieryComplex,PhaseIIExtension,Noida,UttarPradesh-201305(‘TransfereeCompany’).TheTransfereeCompanyisa99.99%subsidiaryoftheTransferorCompanyhavingtheobjectsofmanufactureandsaleofsugarandalliedproductsincludingco-generationofpower,distillationofalcoholetc.

1.3 TriveniIndustriesLimitedisacompanyincorporatedundertheprovisionsoftheCompaniesAct,2013havingitsregisteredofficeatSugarUnitDeoband,District,Saharanpur,UttarPradesh–247554(‘ResultingCompany’).TheResultingCompany isawhollyownedsubsidiaryof theTransferorCompanyhavingtheobjectsofmanufactureandsaleofsugarandalliedproductsincludingco-generationofpower,distillationofalcoholetc.

2. Purpose of the Composite Scheme of Arrangement ThisCompositeSchemeofArrangementispresentedunderSections391to394readwithsections100to103oftheCompaniesAct1956and

section52oftheCompaniesAct2013andotherapplicableprovisionsoftheCompaniesAct,1956andCompaniesAct,2013,asandwhennotifiedandmadeapplicable

2.1 FortransferandvestingoftheSugarUndertaking(asdefinedhereinafterunderClause5.1.16)oftheTransferorCompanytotheTransfereeCompanyonagoingconcernbasisforalumpsumconsideration.

2.2 FordemergeroftheDemergedUndertaking(asdefinedhereinafterunderClause5.1.5)oftheTransferorCompanytotheResultingCompanyonagoingconcernbasis.

3. Objects and Rationale of the Scheme of Arrangement TheBoardofDirectorsoftheTransferorCompanyareoftheviewthatthetransferandvestingoftheSugarUndertakingintotheTransferee

CompanyanddemergeroftheDemergedUndertakingintotheResultingCompany,isintheinterestofallconcernedincludingtheshareholders,creditorsandemployeesonaccountofthefollowingreasons:

3.1 TheTransferorCompany isengaged in thebusinessesofmanufacturingand refiningof sugar, distillationof alcohol, generationof power,manufacturingofgear&gearboxandprovidingwaterandwastewatertreatment/managementsolutions.Aspartofanoverallre-organizationplanand inorder toachievegreaterefficiencies in itsoperationsandwith the intentofproviding focusandgreaterattention toeachof itsbusinesses,itisconsidereddesirableandexpedienttotransfertheSugarUndertakingtotheTransfereeCompanyandDemergedUndertakingtotheResultingCompany.ThiswillresultinseparatingSugarBusinessandtheEngineeringBusinessandthetransferthereforewillenablefocusedmanagementorientationtoeachofthebusinessesduetoindividualspecializationandleadershipvision.FurthervestingofthesugarbusinessintheTransfereeCompanyandResultingCompanywillhelpinfinanciallyandadministrativelymanagingthislargebusinessinanefficientmannerwithproperfocusandaccountability.

3.2 Opportunitiesforcreatingstrategicpartnershipandflexibilityoffundraisingcapabilityforfuturegrowthandexpansionandtocreateabusinessstructurewhichisgearedtotakeadvantageofpossiblegrowthopportunities.

3.3 Thebusinessesandactivitiesoftherespectivecompanieswillbecarriedonmoreeconomically,convenientlyandadvantageouslyundertheproposedSchemeandthesamewillhavebeneficialresultsforthesaidcompanies,theirshareholders,stakeholdersandallconcerned.

3.4 TheTransferorCompany,TransfereeCompanyandtheResultingCompanyposttransferandvestingofthesaidbusinesseswillhavebetterfinancial,businessandoperationalprospectsincludingbutnotlimitedtoefficientmanagementofcosts,bettermaintenanceofthemanufacturingfacilitiesandimprovedadministrativecontrolonthesaidbusinesses.

3.5 TheseparationofSugarBusinessandEngineeringBusinesswouldalsoresultinunlockingandmaximizingshareholdersvalue.

4. Parts of the Scheme TheSchemeisdividedintothefollowingparts:

PARTI- DefinitionsandShareCapital

PARTII- TransferandvestingoftheSugarUndertakingoftheTransferorCompanyintotheTransfereeCompany

PARTIII- TransferandvestingoftheDemergedUndertakingoftheTransferorCompanyintotheResultingCompany

PARTIV- Generaltermsandconditions

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PART I – DEFINITIONS AND SHARE CAPITAL5. DEFINITIONS5.1 InthisScheme,unlessrepugnanttothemeaningorcontextthereof,thefollowingexpressionsshallhavethefollowingmeanings:

5.1.1 “Act” or “the Act”means theCompaniesAct, 1956, and / or theCompaniesAct, 2013 and shall include any and all statutoryamendments,modificationsorre-enactment thereof fromtimeto time.Asonthedateofapprovalof thisSchemebytheBoardofDirectorsoftheTransferorCompany,TransfereeCompanyandResultingCompany,sections391and394oftheCompaniesAct,1956continuetobeinforcewiththecorrespondingprovisionsoftheCompaniesAct,2013nothavingbeennotified.Accordingly,referencesinthisSchemetotheparticularprovisionsoftheActarereferencestoparticularprovisionsoftheCompaniesAct,1956.Uponsuchprovisionsstandingre-enactedbyenforcementoftheprovisionsoftheCompaniesAct,2013,suchreferencesshall,unlessadifferentintentionappears,beconstruedasreferencestotheprovisionssore-enacted;

5.1.2 “Appointed Date” means: 5.1.2.1 ForthepurposeofPartIIoftheScheme,commencementofbusinesson1stdayofJuly2015orsuchotherdateasfixedorapproved

bytheHon’bleHighCourtofJudicatureatAllahabadorNationalCompanyLawTribunaloranyothercompetentauthority

5.1.2.2 ForthepurposeofPartIIIoftheScheme,commencementofbusinesson1stdayofNovember2015orsuchotherdateasfixedorapprovedbytheHon’bleHighCourtofJudicatureatAllahabadorNationalCompanyLawTribunaloranyothercompetentauthority

5.1.3 “Board of Directors”meanstheBoardofDirectorsoftheTransferorCompanyortheTransfereeCompanyortheResultingCompany,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”meanstheSugarbusinesscomprisingthefollowingundertakingsoftheTransferorCompany(a)DistilleryunitlocatedinDistrictMuzaffarnagar,UttarPradesh;(b)Sugarmanufacturingunit,Cogenerationunit,FueldispensingstationandBrandedgoodsdivision(includingbrandedsugar)locatedinKhatauli,DistrictMuzaffarnagar,UttarPradesh;and(c)SugarmanufacturingunitandCogenerationunitlocatedinDeoband,DistrictSaharanpur,UttarPradeshandallrelatableinvestments,includingtheinvestmentsintheTransfereeCompanyonagoingconcernbasis,comprisinginter-aliatheassetsandliabilitiesrelatingtheretoandwhichshallmeanandinclude(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,registrationsforgrantofrenewalenergycertificatesandcarboncredits,unfulfilledcontractsforsuppliesofethanolenteredintowiththeconcernedauthorities/companies)andallotherinterestincludingthebenefitarisingunderU.P.SugarIndustryPromotionPolicy2004issuedbytheStateGovernmentofU.P.inconnectionwithorrelatingtotheDemergedUndertaking;

5.1.5.3 allearnestmoney,advancesand/orsecuritydepositpaidbytheTransferorCompanyinconnectionwiththeDemergedUndertaking;

5.1.5.4 all employees of the Transferor Company employed in the Demerged Undertaking as identified by the Board of Directorsof 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 theTransferredLiabilitiesasreferredtoinClause5.1.19

5.1.6 “Effective Date”meansthedateonwhichthecertifiedcopyoftheOrderoftheHon’bleHighCourtofJudicatureatAllahabadorNationalCompanyLawTribunal,oranyotherappropriateauthorityisfiledwiththerelevantRegistrarofCompanies.ReferencesinthisSchemetothedateofthe“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,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, directives and orders of any government, statutory authority,tribunal,board,CourtofIndiaoranyothercountryorjurisdictionasmaybeapplicable;

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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”meansthedatetobefixedbytheBoardofDirectorsoftheTransferorCompanyforthepurposeofdeterminingthemembersoftheTransferorCompanytowhomtheEquitysharesoftheResultingCompanywillbeissuedpursuanttothisSchemeintermsofClause26hereof;

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

5.1.13 “ROC” or “Registrar of Companies”meansRegistrarofCompanies,UttarPradesh; 5.1.14 “Remaining Business” means and includes all business of the Transferor Company other than that comprised in the Sugar

UndertakingandDemergedUndertaking; 5.1.15 “Scheme” or “the Scheme”or“thisScheme”meansthisCompositeSchemeofArrangementinitspresentformassubmittedtothe

HighCourtorthisSchemewithsuchmodification(s),ifanymadeasperClause32; 5.1.16 “Sugar Undertaking” means the sugar business comprising of sugar manufacturing units located in Sabitgarh, (Western Uttar

Pradesh),Chandanpur,RaniNangalandMilakNarayanpur(CentralUttarPradesh)andRamkola(EasternUttarPradesh)includingincidentalcogenerationfacilitiesatSabitgarh,ChandanpurandMilakNarayanpur(allinCentralUttarPradesh),onagoingconcernbasis,comprisinginter-aliatheassetsandliabilitiesrelatingtheretoandwhichshallmeanandinclude(withoutlimitation):

5.1.16.1 allassets,whereversituated,whethermovableorimmovable,tangibleorintangible,leaseholdorfreehold,includingallland,buildings,plantandmachinery,offices,capitalworkinprogress,furniture,fixtures,officeequipment,appliances,accessories,etc.pertainingtotheSugarUndertaking;

5.1.16.2 allpermits,quotas,rights(includingrightsundercontracts,governmentcontracts,memorandumofunderstandingetc.)entitlements,industrial and other licenses,municipal and other statutory permissions, approvals, consents, tenancies in relation to office and/or relation to residential properties for theemployees,officeanddepots, patents, copyrights, all other intellectual property rights,investmentsand/orinterest(whethervested,contingentorotherwise),cashbalance,benefitsofanydeposits,financialassetslikebillsofexchange,letterofintentandloansadvances,debtors,recoverableincashorkindorforvaluetobereceivedincludingamountsreceivablewithrespecttotheapprovedfinancingcommitmentasspecificallyapprovedbytheBoardofDirectorsoftheTransferorCompany inconsultationwith theTransfereeCompany,accountsandallotherrights,benefitsofallagreement,subsidies,grants,taxes,taxcredits(includingbutnotlimitedtocreditsinrespectof incometax,salestax,valueaddedtax,turnovertax,excisetax,servicetax,etc),deferredtaxbenefits,privileges,licenses,powerandfacilitiesofeverykind,natureanddescriptionwhatsoever,righttouseoravailoftelephone,telexes,facsimilesconnectionsandinstallation,utilities,electricityandotherservices,provision,funds,benefitsof all subsidies, incentives, relief packages,agreements, contractsandarrangements (includingbut not limited topowerpurchaseagreements,registrationsforgrantofrenewalenergycertificatesandcarboncredits,otherunfulfilledcontractsenteredintowith theconcernedauthorities/companies)andallother interest including thebenefitarisingunderU.P.Sugar IndustryPromotionPolicy2004issuedbytheStateGovernmentofU.P.inconnectionwithorrelatingtotheSugarUndertaking;

5.1.16.3 allearnestmoney,advancesand/orsecuritydepositpaidbytheTransferorCompanyinconnectionwiththeSugarUndertaking; 5.1.16.4 allemployeesoftheTransferorCompanyemployedintheSugarUndertakingasidentifiedbytheBoardofDirectorsoftheTransferor

Company; 5.1.16.5 allexistingandfutureinvestments,contracts,memorandumofunderstanding,etc,entitlements,industrialandotherlicenses,municipal

permissions,approvals,consents,tenancies,inrelationtoanyjointventuresorotherarrangement,whichmaybeenteredintobytheTransferorCompanyinrespectoftheSugarUndertaking;

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

5.1.16.7 allliabilitiesarisingoutofthepropertyincluding,contingentliabilities,debts,currentliabilitiesandprovisions,dutiesandobligationspertainingtoandrelatabletotheSugarUndertakingofeverykind,natureanddescriptionwhatsoeverandhowsoeverarising.ForthepurposeofthisScheme,itisclarifiedthatliabilitiespertainingtotheSugarUndertakingshallinclude:

a. theliabilities,debts/obligationsatthecloseofbusinessonthedayimmediatelyprecedingtheAppointedDatewhichariseoutoftheactivitiesoroperationsoftheSugarUndertaking;

b. anyspecificloansandborrowingsraised,incurredandutilizedsolelyfortheactivitiesoroperationoftheSugarUndertakingatthecloseofbusinessonthedayimmediatelyprecedingtheAppointedDate;and

c. borrowingsotherthanthosereferredtoinsub-clause(b)above,beingtheamountsofotherloanspertainingtotheSugarBusinessof theTransferorCompany,allocated to theSugarUndertakingasmutuallyagreeduponbetween theBoardofDirectorsoftheTransferorCompanyandtheTransfereeCompany,basedontheserviceabilitypotentialofsuchdebtsbytheTransfereeCompany

5.1.16.8 anyquestionthatmayariseastowhetheraspecificassetorliabilitypertainsordoesnotpertaintotheSugarUndertakingorwhetherornotitarisesoutoftheactivitiesoroperationsoftheSugarUndertaking,shallbedecidedbymutualagreementbetweenBoardofDirectorsof theTransferorCompanyand theTransfereeCompanyorcommittee(s) thereofauthorizedby the respectiveBoardofDirectors.

5.1.17 “Transferee Company”meansTriveniSugarLimited,acompany incorporatedunder theprovisionsof theCompaniesAct,1956havingitsregisteredofficeatA-44,HosieryComplex,PhaseIIExtension,Noida,UttarPradesh-201305;

5.1.18 “Transferor Company” means Triveni Engineering & Industries Limited, a company incorporated under the provisions of theCompaniesAct,1913havingitsregisteredofficeatDeoband,District–Saharanpur,UttarPradesh–247554;

5.1.19 “Transferred Liabilities”shallhavethemeaningascribedtoitinClause19.6.2hereofwithrespecttotheliabilitiestransferredtotheResultingCompanyunderPartIIIofthisScheme

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6 DATE OF TAKING EFFECT AND OPERATIVE DATE TheSchemesetouthereininitspresentformorwithanymodification(s)approvedorimposedordirectedbytheHighCourtshallbeoperative

fromtheAppointedDatebutshallbeeffectivefromtheEffectiveDate.7 SHARE CAPITAL7.1 Theauthorized, issued,subscribedandpaidupsharecapitalof theTransferorCompanyasonMarch31st,2015asper the latestaudited

balancesheet,isasunder:

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

TherehasbeennochangeinthesharecapitaloftheTransferorCompanyfromtheabovebalancesheetdateandtilltheapprovaloftheSchemebytheBoardofDirectors

7.2 Theauthorized, issued,subscribedandpaidupsharecapitalof theTransfereeCompanyasonMarch31st,2015asperthelatestauditedbalancesheet,isasunder:

Particulars Rupees (in Lacs)Authorized Capital5,00,000EquitySharesofRe.1/-each 5.00Total 5.00Issued Capital5,00,000EquitySharesofRe.1/-eachfullypaid-up 5.00Total 5.00Subscribed and Paid-up Capital5,00,000EquitySharesofRe.1/-eachfullypaid-up 5.00Total 5.00

TherehasbeennochangeinthesharecapitaloftheTransfereeCompanyfromtheabovebalancesheetdateandtilltheapprovaloftheSchemebytheBoardofDirectors

7.3 Theauthorized, issued,subscribedandpaidupsharecapitalof theResultingCompanyason22July,2015,being thedateof thedateofincorporation,isasunder:

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

TherehasbeennochangeinthesharecapitaloftheResultingCompanyfromtheabovedatetilltheapprovaloftheSchemebytheBoardofDirectorsPART II – TRANSFER AND VESTING OF THE SUGAR UNDERTAKING

8. TRANSFER AND VESTING OF THE SUGAR UNDERTAKING OF THE TRANSFEROR COMPANY INTO THE TRANSFEREE COMPANY WitheffectfromtheappointeddateorsuchotherdateasmaybefixedorapprovedbytheHon’bleHighCourtandupontheSchemebecoming

effective,theSugarUndertakingshallbetransferredandvestedintheTransfereeCompanyinthefollowingmanner:8.1 ThewholeoftheSugarUndertakingoftheTransferorCompanyasdefinedinClause5.1.16,shall,undertheprovisionsofSections391and394

andallotherapplicableprovisions,ifany,oftheAct,andpursuanttotheordersoftheHighCourtoranyotherappropriateauthoritysanctioningtheSchemeandwithoutanyfurtheractordeed,betransferredtoandvestedinand/ordeemedtobetransferredtoandvestedintheTransfereeCompanyonagoingconcernbasisforalumpsumconsiderationasdefinedinClause15.1;

8.2 ItisclarifiedthatsincetheTransferorCompanybeneficiallyowns99.99%oftheissuedsharecapitaloftheTransfereeCompany,thetransferofthesugarundertakinginpursuanceofthisSchemeshallbeeligibleforremissionofthestampdutyinStateofUttarPradesh,oninstrumentsevidencingtransferofproperty,videFinanceDepartmentNotificationNo.M.599/X-501,datedMarch25,1942issuedunderSection9(a)oftheIndianStampAct,1899.

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8.3 UpontheSchemebecomingeffectiveandwitheffectfromtheappointeddate,theassetsoftheSugarUndertakingshallstandtransferredandvestedintheTransfereeCompanyinthefollowingmanner:

8.3.1 In respectofsuchof theassetsof theSugarUndertakingasaremovable innatureorotherwisecapableofbeing transferredbyphysicaldelivery,bypayingoverorbyendorsementanddelivery,thesameshallbesotransferredbytheTransferorCompany,withoutrequiringanydeedorconveyanceforthesameandshallbecomethepropertyoftheTransfereeCompanyasanintegralpartoftheSugarUndertaking.

8.3.2 Allimmovableproperties,assetsandrightsintheimmovablepropertiespertainingtotheSugarUndertakingoftheTransferorCompanyasdefinedinClause5.1.16,whetherfreeholdor leaseholdorotherwiseandintermsofsuchpermittedusagearealsomentionedthereinandalldocumentsoftitle,rightsandeasementsinrelationtheretoshallpursuanttotheprovisionsofSections391to394andpursuanttotheordersoftheHighCourtoranyotherappropriateauthoritysanctioningtheSchemeandwithoutanyfurtheractordeedstandtransferredtoandvestedand/ordeemedtobetransferredtoandvestedintheTransfereeCompanywithoutanyencumbrances,fixedand/orfloatingchargesand/orrightsgiventothelendersoftheotherdivisionsofTransferorCompany.TheTransfereeCompanyshallbeentitledtoandexerciseallrightsandprivilegesattachedtheretoandshallbeliabletopaygroundrent,taxesandtofulfillobligationsinrelationtoorapplicabletosuchimmovableproperties.TheTransfereeCompanyshallundertheprovisionsofSchemeshallbedeemedtobeauthorizedtoexecutesuchinstruments,deedsandwritingonbehalfoftheTransferorCompanytoimplementorcarryoutallsuchformalitiesorcompliancesonthepartoftheTransferorcompanyandtobecarriedoutorperformedtogiveeffecttotheprovisionsofthisScheme.ThemutationofthetitletotheimmovablepropertiesshallbemadeanddulyrecordedbytheappropriateauthoritiespursuanttothesanctionoftheSchemeandupontheSchemebecomingeffective,inaccordancewiththetermshereof,infavouroftheTransfereeCompany.AnyinchoatetitleorpossessorytitleoftheTransferorCompanyinrelationtotheSugarUndertakingshallbedeemedtobethetitleoftheTransfereeCompany.

8.3.3 InrespectofsuchoftheassetsoftheSugarUndertakingotherthanthosereferredtoinClause8.3.1and8.3.2.above,thesameshallbetransferredtoandvestedinand/orbedeemedtobevestedintheTransfereeCompanyontheAppointedDatepursuanttotheprovisionsofSection394theAct.Inrespectofsuchassetsincludingactionableclaims,sundrydebtors,outstandingloans,advancesrecoverableincashorkindorforvaluetobereceivedanddepositswiththeGovernment,semi-Government,localandotherauthoritiesandbodiesandcustomers,theTransfereeCompanymay,andtheTransferorCompanyshall,onbeingsorequestedbytheTransfereeCompany,issuenoticesinsuchformastheTransfereeCompanyspecifiesstatingthatpursuanttotheScheme,therelevantdebt,loan,advance,depositorotherasset,bepaidormadegoodto,orbeheldonaccountof,theTransfereeCompany,asthepersonentitledthereto,totheendandintentthattherightoftheTransferorCompanytoreceive,recoverorrealisethesame,standstransferredtotheTransfereeCompanyandthatappropriateentriesshouldbepassedintheirrespectivebookstorecordtheaforesaidchanges.

8.3.4 Allassets,estate,rights,title,interestandauthoritiesacquiredbytheTransferorCompanyaftertheAppointedDateandpriortotheEffectiveDateforoperationoftheSugarUndertaking,shallalsostandtransferredtoandvestedintheTransfereeCompanywitheffectfromtheEffectiveDateinaccordancewiththemannerprescribedinClause8.3.1,8.3.2and8.3.3above.

8.4 UponthecomingintoeffectofthisScheme,thedebts,liabilitiesandobligationspertainingtotheSugarUndertakingontheAppointedDateasdefinedunderClause5.1.16.7,shallwithoutanyfurtheractordeedbeandstandtransferredtotheTransfereeCompanyandshallthereuponbecomethedebts,liabilitiesandobligationspertainingtotheSugarUndertakingoftheTransfereeCompanywhichtheTransfereeCompanyundertakestomeet,dischargeandsatisfytotheexclusionoftheTransferorCompany.

8.5 WhereanyoftheliabilitiesandobligationoftheTransferorCompanyasontheAppointedDatedeemedtobetransferredtotheTransfereeCompanyhavebeendischargedbytheTransferorCompanyaftertheAppointedDateandpriortotheEffectiveDate,suchdischargeshallbedeemedtohavebeenforandonaccountoftheTransfereeCompany.

8.6 AllloansraisedandusedandallliabilitiesandobligationsincurredbytheTransferorCompanypertainingtotheSugarUndertakingaftertheAppointeddateandprior to theEffectiveDateshallbedeemedtohavebeenraised,usedor incurredforandonbehalfof theTransfereeCompany,andtotheextenttheyareoutstandingontheEffectiveDate,shallalsowithoutanyfurtheractordeedbeandstandtransferredtotheTransfereeCompanyandshallbecometheliabilitiesandobligationsoftheTransfereeCompanywhichshallmeet,dischargeandsatisfythesametotheexclusionoftheTransferorCompany.

9. LEGAL PROCEEDINGS UpontheSchemebecomingeffective,andwitheffectfromtheAppointedDate,alllegal,taxationandotherproceedingsoftheSugarUndertaking

shallbetransferred/dealtinthefollowingmanner:

9.1 FromtheEffectiveDate,alllegal,taxationorotherproceedings(includingbeforeanystatutoryorquasi-judicialauthorityortribunal)(‘Proceedings’)byoragainsttheTransferorCompany,includingbutnotlimitedtoproceedingspendingbeforetheLucknowBenchoftheAllahabadHighCourtwithrespecttotheU.P.SugarIndustryPromotionPolicy2004issuedbytheStateGovernmentofU.P.,whetherpendingontheAppointedDateorwhichmaybeinstitutedanytimeinfutureandineachcaserelatingorpertainingtotheSugarUndertakingshallbecontinuedandenforcedbyoragainsttheTransfereeCompanyaftertheEffectiveDatetotheextentlegallypermissible.Totheextent,suchproceedingscannotbetakenoverbytheTransfereeCompany,theProceedingsshallbepursuedbytheTransferorCompanyaspertheinstructionsofandentirelyatthecostoftheTransfereeCompany.

9.2 IftheproceedingsaretakenagainsttheTransferorCompanyinrespectofthemattersreferredtoinClause9.1,theTransferorCompanyshalldefendinaccordancewiththeadviceoftheTransfereeCompanyandatthecostoftheTransfereeCompany,andtheTransfereeCompanyshallreimburseandindemnifyandholdharmlesstheTransferorCompanyagainstallliabilitiesandobligationsincurredbytheTransferorCompanyinrespectthereof.

10. CONTRACTS, LICENSES, APPROVALS AND PERMITS Upon theSchemebecomingeffective, andwith effect from theAppointedDate, all contracts, licenses, approval, permits etc of theSugar

Undertakingshallbetransferred/deemedassigned/dealtinthefollowingmanner:

10.1 WitheffectfromtheEffectiveDateandsubjecttotheprovisionsofthisScheme,allcontracts,deeds,bonds,schemes,arrangementsandotherinstruments,ifany,ofwhatsoevernatureandrelatingtotheSugarUndertakingtowhichtheTransferorCompanyisapartyortothebenefitofwhichtheSugarUndertakingmaybeeligible,andwhicharesubsistingorhavingeffectimmediatelybeforetheEffectiveDate,shallbeinforceandeffectagainstorinfavourof,asthecasemaybe,theTransfereeCompany,andmaybeenforcedasfullyandeffectuallyasif,insteadoftheTransferorCompany,theTransfereeCompanyhadbeenapartyorbeneficiaryorobligeethereto.

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10.2 WithoutprejudicetotheotherprovisionsoftheSchemeandnotwithstandingthatthetransferandvestingoftheSugarUndertakingwiththeTransfereeCompanyoccursbyvirtueoftheSchemeitself,theTransfereeCompanymay,atanytimeafterthecomingintoeffectofthisSchemeinaccordancewiththeprovisionshereof,ifsorequired,underanylaworotherwise,executedeeds,writings,confirmations,novation,tripartiteagreements,declarations,orotherdocumentswith,orinfavourofanypartytoanycontractorarrangementtowhichtheTransferorCompanyisapartyoranywritingsasmaybenecessarytobeexecutedmerelyinordertogiveformaleffecttotheaboveprovisions.TheTransferorCompanywill,ifnecessary,alsobepartytotheabove.TheTransfereeCompany,shallundertheprovisionsofthisScheme,bedeemedtobeauthorizedtoexecuteanysuchwritingsonbehalfoftheTransferorCompanyandtocarryoutorperformallsuchformalitiesorcompliancesrequiredforthepurposesreferredtoaboveonthepartoftheTransferorCompanytobecarriedoutorperformed.

10.3 Foravoidanceofthedoubtandwithoutprejudicetothegeneralityoftheforegoing,itisclarifiedthatuponcomingintoeffectoftheScheme,ontheAppointedDate,allconsents,permissions,licenses,certificate,authoritiesgivenby,issuedtoorexecutedinfavouroftheTransferorCompanyinrelationtotheSugarUndertakingshallstandtransferredtotheTransfereeCompanyasifthesamewereoriginallygivenby,issuedtoorexecutedinfavourof theTransfereeCompany.TheTransfereeCompanyshallfiletherelevant intimations, ifany, for therecordof thestatutoryauthoritieswhoshalltakethemonfile,pursuanttotheSchemecomingintoeffectandtherightsandbenefitsundersuchconsents,permissions,licenses,certificatesetc.,shallbeavailabletotheTransfereeCompany.Anyregistrationfees,chargesetcpaidbytheTransferorCompanyinrelationtotheaforementionedconsents,permissions,licenses,approvals,certificates,clearancesandauthorities,shalldeemedtohavebeenpaidbytheTransfereeCompany.

10.4 Withoutprejudicetothegeneralityoftheforegoing,uponcomingintoeffectofthisschemeontheAppointedDate,allconsents,permissions,licenses, approvals, certificates, clearances andauthorities,including in respect to or under the provision(s) of theFactoriesAct, IndustrialDisputesAct,Industries(DevelopmentandRegulation)Act,PaymentofWagesAct,PaymentofGratuityAct,PaymentofBonusAct,IndustrialEmploymentStandingOrdersAct,EmploymentExchangeAct,StateLabourWelfareFundAct,MotorVehicleAct,EnvironmentProtectionAct&PollutionControlAct,ElectricityAct,StateTaxonProfessions,Trades,CeilingandEmploymentActoftherespectivestates,originallygivenby,issuedtoorexecutedinfavouroftheTransferorCompanyinrelationtotheSugarUndertakingasontheAppointedDateshallstandtransferredordeemedamendedinfavouroftheTransfereeCompanyasifthesamewereoriginallygivenby,issuedorexecutedinfavouroftheTransfereeCompany,andtherightsandbenefitsunderthesameshallbeavailabletotheTransfereeCompany.

10.5 Itisclarifiedthatifanycontract,deed,bond,agreements,scheme,arrangements,orotherinstrumentsofwhatsoevernatureinrelationtotheSugarUndertaking,towhichtheTransferorCompanyisapartycannotbetransferredtotheTransfereeCompanyforanyreasonwhatsoever,theTransferorCompanyshallholdsuchcontract,deed,bond,agreements,scheme,arrangements,orotherinstrumentsofwhatsoevernatureintrustforthebenefitoftheTransfereeCompany.

10.6 UpontheSchemecomingintoeffect,thepasttrackrecordoftheTransferorCompanyinrelationtotheSugarUndertaking,withoutanylimitation,includinginter-alia,profitability,production,volume,experience,credentials,marketshareetc.,shallbedeemedtobethetrackrecordoftheTransfereeCompanyforallcommercialandregulatorypurposesincludingforthepurposeoftheeligibility,standing,evaluationandparticipation,oftheTransfereeCompanyinallexistingandfuturebids,tender,contractsofallauthorities,agenciesandclientsandwithrespecttoanybenefit,subsidyorclaimarisingtotheTransfereeCompanyundertheU.P.SugarIndustryPromotionPolicy2004issuedbytheStateGovernmentofUttar Pradesh.

11. EMPLOYEES UpontheSchemebecomingeffective,andwitheffectfromtheAppointedDate:11.1 All the employees of theTransferorCompany,who are a part of theSugarUndertaking (“theEmployees”), shall stand transferred to the

TransfereeCompanyontermsandconditionsnotlessfavorablethanthoseonwhichtheywereengagedbytheTransferorCompany(includinginrelationtothelevelofremunerationandcontractualandstatutorybenefits,incentiveplans,terminalbenefits,gratuityplans,providentplans,superannuationplansandanyotherretirementbenefits)withoutanyinterruptioninserviceasaresultoftransferoftheSugarUndertakingoftheTransferorCompanytotheTransfereeCompany.

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

11.3 Theexistingprovident fund,gratuity fundandpensionand/orsuperannuation fundtrusts , ifany,ofwhich theEmployeesof theTransferorCompany,beingtransferredunderClause11.1abovetotheTransfereeCompany,aremembersorbeneficiariesalongwiththeaccumulatedcontributionsthereintill theEffectiveDate,shallwiththeapprovalof theconcernedauthorities,betransferredtoandcontinuedwithoutanybreak,tobeadministeredbytheTransfereeCompanyforthebenefitofsuchEmployeesonthesametermsandconditions.Accordingly,theprovidentfund,gratuityfundandpensionand/orsuperannuationfundtrustsdues,ifany,ofthesaidEmployeesoftheTransferorCompany,andatthedirectionoftheTransfereeCompany,shalleitherbecontinuedasseparatefundsoftheTransfereeCompanyforthebenefitofsuchEmployeesorbetransferredtoandmergedwiththesimilarfundsoftheTransfereeCompany.IntheeventthattheTransfereeCompanydoesnothave itsownfunds inrespectofanyof theabove, theTransfereeCompany,maysubject to thenecessaryapprovalsandpermissions,continuetocontributetotherelevantfundsof theTransferorCompany,untilsuchtimethattheTransfereeCompanycreates itsownfunds/arrangementsatwhichtimethefundsandtheinvestmentsandcontributionpertainingtotheconcernedEmployeesshallbetransferredtothefundscreatedbytheTransfereeCompany.

12. TAX TREATMENT UpontheSchemebecomingeffective:12.1 ItisclarifiedthatallthetaxesandthedutiespayablebytheTransferorCompany,relatingtotheSugarUndertaking,fromtheAppointedDate

onwards,includingalladvancetaxes,taxdeductionatsource,taxliabilities,oranyrefundsorclaimsshall,forallpurpose,betreatedasadvancetaxpayments,taxdeductionatsource,taxliabilities,refundsorclaimsoftheTransfereeCompany.Accordingly,upontheSchemebecomingeffective,theTransferorCompany,isexpressly,permittedtoreviseandfileandtheTransfereeCompanyisexpresslypermittedtoreviseandfiletheirrespective,incometaxreturnssalestax/valueaddedtaxreturns,excisereturn,servicetaxreturns,andothertaxreturns,andtoclaimrefund/credit,pursuanttotheprovisionsofthisScheme.

12.2 InaccordancewiththeMODVAT/CENVAT/VATrulesframedundertheCentralExciseAct,1944,orrelevantstatelegislation,asareprevalentontheEffectiveDate,theunutilizedcreditrelatingtoexcisedutiesandvalueaddedtaxespaidoninputs/capitalgoodslyingtotheaccountof

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theSugarUndertaking,shallbepermittedtobetransferredtothecreditoftheTransfereeCompany,asifsuchunutilizedcreditswerelyingtotheaccountoftheTransfereeCompany.TheTransfereeCompanyshallaccordinglybeentitledtosetoffallsuchcreditsagainstexciseduty/applicablevaluedaddedtaxpayablebyit.

12.3 UpontheSchemebecomingeffective,anyTDSdeposited,TDScertificatesissuedorTDSreturnsfiledbytheTransferorCompanypertainingtotheSugarUndertakingshallcontinuetoholdgoodasifsuchTDSamountsweredeposited,TDScertificateswereissuedandTDSreturnswerefiledbytheTransfereeCompany.

12.4 Theobligation fordeductionof taxatsourceonanypaymentmadebyor tobemadeby theTransferorCompanypertaining to theSugarUndertakingundertheIncomeTaxAct,1961,servicetaxlaws,centralsalestax,statevalueaddedtaxorotherapplicablelawsand/orregulationsdealingwithtaxes,dutiesorleviesshallbedeemedtohavebeenmadeanddulycompliedwithonbehalfoftheTransfereeCompany

13. SECURITY 13.1 ThetransferandvestingoftheSugarUndertakingunderclause8.1above,shallbesubjecttotheexistingsecurities,chargesandmortgages,if

anyinrelationtotheliabilitiesoftheSugarUndertakingtransferredbytheTransferorCompany.

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

13.3 InsofarastheassetsretainedintheTransferorCompanyareconcerned,thesecurityoversuchassets,totheextenttheyrelatedtotheliabilitiestransferredunderClause8.4above,shall,withoutany furtheract, instrumentordeedbe releasedanddischarged fromsuchsecurity.Theabsenceofanyformalamendmentwhichmayberequiredbyalenderorathirdpartyinordertoeffectsuchreleaseshallnotaffecttheoperationoftheforegoingsentence

13.4 WithoutprejudicetotheforegoingandwitheffectfromtheEffectiveDate,theTransferorCompanyandtheTransfereeCompany,shallmutuallyagree,subjecttothenecessaryconsentfromthecreditorsandexecuteanyinstrumentordocumentordoallsuchactsanddeedsasmayberequired,includingthefilingofthenecessaryparticularsand/ormodification(s)ofcharge,withtheconcernedRegistrarofCompaniestogiveformaleffecttotheaboveprovisions,ifrequired.

14. SAVING OF THE CONCLUDED TRANSACTIONS AND CONDUCT OF THE BUSINESS TILL THE EFFECTIVE DATE14.1 Thetransferandvestingoftheassets,liabilitiesandobligationsoftheSugarUndertakingasperthisSchemeandcontinuanceofProceedings

by or against theTransfereeCompany underClause 9 hereof shall not affect any transactions or proceedings, already completed by theTransferorCompanyonorbeforetheAppointedDatetotheendandintentthattheTransfereeCompanyacceptallacts,deedsandthingsdoneandexecutedbyand/oronbehalfoftheTransferorCompanyasacts,deedsandthingsdoneandexecutedbyandonbehalfoftheTransfereeCompany.

14.2 WitheffectfromtheAppointedDateanduptoandincludingtheEffectiveDate,theTransferorCompanyshallbedeemedtohavebeencarryingontheallbusinessandactivitiesrelatingtotheSugarUndertakingforandonaccountofandintrustfortheTransfereeCompany.

14.3 AllprofitsaccruingtoTransferorCompanyorlossesarisingorincurredbyit(includingtheeffectoftaxesifanythereon)aftertheAppointedDateanduptotheEffectiveDate,relatingtotheSugarUndertakingshallforallpurposes,betreatedasprofits,taxes,orlosses,asthecasemaybe,oftheTransfereeCompany.

14.4 TheTransferorCompanyherebyconfirmsthatithasandshallcontinueuptotheEffectiveDate,topreserveandcarryontheSugarUndertaking,withreasonablediligenceandbusinessprudenceand itwillnot,withoutpriorconsultationwith theTransfereeCompany,alienate,suspendoperations,charge,orotherwisedealwithordisposeoftheSugarUndertakingoranypartthereof(ineachcaseexceptintheordinarycourseofbusiness)orundertakesubstantialexpansionoftheSugarUndertaking,otherthanexpansionswhichhavealreadycommencedpriortotheAppointedDate.

14.5 TheTransferorCompanyandtheTransfereeCompanyshallbeentitledtodeclareandpaydividends,whetherinterimorfinal,totheirrespectiveshareholders, inrespectoftheaccountingperiodpriortotheEffectiveDate.It isclarifiedthattheaforesaidprovisionswithreferencetothedeclarationofdividendsisanenablingprovisiononlyandshallnotbedeemedtoconferanyrightonanymemberoftheTransferorCompanyortheTransfereeCompanytodemandorclaimanydividendwhich,subjecttotheprovisionsoftheAct,shallbeentirelyatthediscretionoftheBoardofDirectoroftheTransferorandtheTransfereeCompany,asthecasemaybe,subjecttosuchapprovaloftherespectiveshareholders,asmayberequired.

14.6 ItisexpresslyclarifiedthattheconsentoftheshareholderstotheSchemeshallbedeemedtobetheirconsent/approvalalsotoanytransactionsbetweentheTransferorCompanyandtheTransfereeCompanybetweentheAppointedDateandtheEffectiveDatewhichmaynecessitateshareholders’approvalunderSection188oftheActreadwithRule15oftheCompanies(MeetingofBoardanditsPowers)Rules2014aftertheeffectivenessoftheScheme.

15. CONSIDERATION15.1 ThetotalvalueoftheconsiderationfortransferandvestingoftheSugarUndertakingofTransferorCompanyintheTransfereeCompanyhas

beendeterminedtobeINR140,00,00,000(IndianRupeesOneHundredandFortyCroresonly).

16 MODE OF DISCHARGE OF CONSIDERATION16.1 UpontheSchemebecomingeffective,theTransfereeCompany,withoutanyfurtherapplicationordeed,willissueandallot4,00,00,000(Four

Croresonly)equitysharesofthefacevalueofINR1/-(IndianRupeeOne)atapremiumofINR34(IndianRupeesThirtyFour)eachcreditedasfullypaid-uptotheTransferorCompanyinexchangeoftransferandvestingoftheSugarUndertakingtowardsdischargeofconsiderationasgiveninClause15.1.

17. INCREASE IN THE AUTHORISED SHARE CAPITAL17.1 UpontheSchemecomingintoeffecttheAuthorizedShareCapitaloftheTransfereeCompanyconsistingofINR5,00,000/-dividedinto5,00,000

equitysharesofINR1/-eachshallstandincreasedbyINR4,00,00,000/-toINR4,05,00,000/-dividedinto4,05,00,000equitysharesofINR1/-each.

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17.2 TheAuthorizedShareCapitalof theTransfereeCompanywillstandincreasedasaboveuponthesanctionofthesaidSchemewithoutanyfurtheractordeedonpartoftheTransfereeCompanyandtheconsentoftheshareholderstotheSchemeshallbedeemedtobesufficientforthepurposesofeffectingtheamendmenttotheMemorandumofAssociationandArticlesofAssociationoftheTransfereeCompany(relatingtotheauthorizedsharecapital)andnofurtherresolution(s)underSection13,Section14,andSection61oftheCompaniesAct,2013(correspondingtoSection16,Section31,Section94of theCompaniesAct,1956)oranyotherapplicableprovisionsof theAct,wouldbe required tobeseparatelypassed.

17.3 TheincreaseinAuthorizedShareCapitalshallbesubjecttothepaymentofnecessaryfeesforregistrationandstampdutybytheTransfereeCompany.

18. ACCOUNTING TREATMENT 18.1 IN THE BOOKS OF THE TRANSFEREE COMPANY OntheSchemebecomingeffective:

18.1.1 TheTransfereeCompanyshallrecordtheassetsandliabilitiesoftheSugarUndertakingbyallocatingtheconsiderationasmentionedunderClause15above to the respectiveassetsand liabilitiesbasedupon the valuesdeterminedbyan independent valuer andapprovedbyitsBoardofDirectors.

18.1.2 TheTransfereeCompanyshall credit theaggregate facevalueof thenewequity shares issuedby it to theTransferorCompanypursuanttothisSchemetothe‘EquityShareCapitalAccount’initsbooksofaccounts.

18.1.3 TheTransfereeCompanyshallcredittheaggregatepremiumonthenewequitysharesissuedbyittoTransferorCompanypursuanttothisSchemetothe‘SecuritiesPremiumAccount’initsbooksofaccounts.

18.2 IN THE BOOKS OF THE TRANSFEROR COMPANY OntheSchemebecomingeffective

18.2.1 TheTransferorCompanyshalltransfertheSugarUndertakingonagoingconcernbasisalongwithallitsassets,liabilities,rights&obligationsasdefinedinClause5.1.16ofthisSchemetoTransfereeCompanyasappearinginthebooksatthecloseofbusinessofthedayimmediatelyprecedingtheAppointedDate.

18.2.2 Theaggregatevalueof theEquitysharesallottedunderClause16 indischargeofconsiderationunderClause15aboveshallbeaccountedforandrecordedasInvestmentsinthebooksoftheTransferorCompany.

18.2.3 TheexcessoftheaggregatevalueofconsiderationasperClause16above,overthenetbookvalueofSugarUndertakingtransferredshallbecreditedtotheProfitandLossAccountandwhichshallbetreatedasfreereserveforallpurposes.Conversely,theexcessofnetbookvalueofSugarUndertakingtransferredovertheaggregatevalueofconsiderationasperClause16aboveshallbedebitedtotheProfitandLossAccount.

PART III – TRANSFER AND VESTING OF THE DEMERGED UNDERTAKING19. TRANSFER AND VESTING OF THE DEMERGED UNDERTAKING OF THE TRANSFEROR COMPANY INTO THE RESULTING COMPANY WitheffectfromtheAppointedDateorsuchotherdateasmaybefixedorapprovedbytheHon’bleHighCourtandupontheSchemebecoming

effective,theDemergedUndertakingshallbetransferredandvestedintheResultingCompanyinthefollowingmanner:

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

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

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

19.4 UpontheSchemebecomingeffectiveandwitheffectfromtheappointeddate,theassetsoftheDemergedUndertakingshallstandtransferredandvestedintheResultingCompanyinthefollowingmanner:

19.4.1 InrespectofsuchoftheassetsoftheDemergedUndertakingasaremovableinnatureorotherwisecapableofbeingtransferredbyphysicaldelivery,bypayingoverorbyendorsementanddelivery,thesameshallbesotransferredbytheTransferorCompany,withoutrequiringanydeedorconveyanceforthesameandshallbecomethepropertyoftheResultingCompanyasanintegralpartoftheDemergedUndertaking.

19.4.2 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.TheResultingCompanyshallundertheprovisionsofSchemeshallbedeemedtobeauthorizedtoexecutesuchinstruments,deedsandwritingonbehalfoftheTransferorCompanytoimplementorcarryoutallsuchformalitiesorcompliancesonthepartoftheTransferorcompanyandtobecarriedout

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orperformedtogiveeffecttotheprovisionsofthisScheme.Themutationofthetitletotheimmovablepropertiesshallbemadeanddulyrecordedbytheappropriateauthoritiespursuant to thesanctionof theSchemeandupontheSchemebecomingeffective, inaccordancewiththetermshereof,infavouroftheResultingCompany.AnyinchoatetitleorpossessorytitleoftheTransferorCompanyinrelationtotheSugarUndertakingshallbedeemedtobethetitleoftheResultingCompany

19.4.3 InrespectofsuchoftheassetsoftheDemergedUndertakingotherthanthosereferredtoinClause19.4.1and19.4.2above,thesameshallbetransferredtoandvestedinand/orbedeemedtobevestedintheResultingCompanyontheAppointedDatepursuanttotheprovisionsofSection394theAct.Inrespectofsuchassetsincludingactionableclaims,sundrydebtors,outstandingloans,advancesrecoverableincashorkindorforvaluetobereceivedanddepositswiththeGovernment,semi-Government,localandotherauthoritiesandbodiesandcustomers,theResultingCompanymay,andtheTransferorCompanyshall,onbeingsorequestedbytheResultingCompany,issuenoticesinsuchformastheResultingCompanyspecifiesstatingthatpursuanttotheScheme,therelevantdebt,loan,advance,depositorotherasset,bepaidormadegoodto,orbeheldonaccountof,theResultingCompany,asthepersonentitledthereto,totheendandintentthattherightoftheTransferorCompanytoreceive,recoverorrealisethesame,standstransferredtotheResultingCompanyandthatappropriateentriesshouldbepassedintheirrespectivebookstorecordtheaforesaidchanges.

19.4.4 Allassets,estate,rights,title,interestandauthoritiesacquiredbytheTransferorCompanyaftertheAppointedDateandpriortotheEffectiveDateforoperationoftheDemergedUndertaking,shallalsostandtransferredtoandvestedintheResultingCompanywitheffectfromtheEffectiveDateinaccordancewiththemannerprescribedinClause19.4.1,19.4.2and19.4.3above.

19.5 UponthecomingintoeffectofthisScheme,theamountstandingtothecreditoftheCapitalReserveAccount(representingcapitalsubsidy)andMolassesStorageFundReserveAccount,totheextenttheyarepertainingtoorrelatabletotheDemergedUndertakingasontheAppointedDate,totheextenttheyareoutstandingontheEffectiveDateshall,withoutanyfurtheractordeedbetransferredtotheResultingCompanyandshallthereuponbecometheCapitalReserve(representingcapitalsubsidy)andMolassesStorageFundReserveoftheResultingCompany.

19.6 UponthecomingintoeffectofthisScheme,theliabilitiesoftheDemergedUndertakingasontheAppointedDateshallbetransferred/dealtwithinthefollowingmanner:

19.6.1 ItisclarifiedthatwitheffectfromtheEffectiveDate,liabilitiesandobligationoftheTransferorCompanywhicharoseoutoftheactivitiesoroperationsoftheDemergedUndertakingasontheAppointedDate,shallbedeemedtohavebeentransferredtotheResultingCompanyandto theextent theyareoutstandingontheEffectiveDateshall,withoutany furtheractordeedbetransferred to theResultingCompanyandshallthereuponbecometheliabilitiesandobligationsoftheResultingCompanywhichtheResultingCompanyundertakestomeet,dischargeandsatisfytotheexclusionoftheTransferorCompany.

19.6.2 Allliabilitiesincludingloansandborrowingspresent,future,andcontingentliabilitiesandobligationoftheTransferorCompanyallocableorpertainingtotheDemergedUndertakingincludingguaranteesinrespectofborrowingsornon-fundbasedfacilitiespertainingtoorrelatabletotheDemergedUndertaking,(collectivelythe‘TransferredLiabilities’)beingapartoftheDemergedUndertaking,shallwithoutany furtheractordeed,become liabilities, loansandborrowingsof theResultingCompany,andall rights,powers,dutiesandobligationsinrelationtheretoshallbeandstandtransferredtoandvestedinandshallbeexercisedbyoragainsttheResultingCompanyasif ithadenteredintosuchloansandincurredsuchborrowings.ForthepurposeofthisScheme,it isclarifiedthattheTransferredLiabilitiesshallinclude:

19.6.2.1 TheliabilitieswhichariseoutoftheactivitiesoroperationsoftheDemergedUndertaking; 19.6.2.2 Thespecificloansorborrowingsraised,incurredandutilisedsolelyfortheactivitiesandoperationsoftheDemergedUndertaking;and 19.6.2.3 Incases,otherthanthosereferredinClauses19.6.2.1and19.6.2.2,somuchoftheamountsofthegeneralormultipurposeborrowings

oftheTransferorCompany,allocabletotheDemergedUndertakingasstandinthesameproportioninwhichthevalueoftheassetstransferredunder thisSchemebears to thevalueof theassetsof theTransferorCompany immediatelybefore thedemerger,asprescribedundertheIncomeTax,1961.

19.6.3 SubjecttotheprovisionsofClause19.6.2aboveandfromtheEffectiveDate,theResultingCompanyaloneshallbeeligibletoperformallobligationsinrespectoftheTransferredLiabilitiesastheborrower/issuerthereof,andtheTransferorCompanyshallnothaveanyobligationinrespectoftheTransferredLiabilities.

19.6.4 Itisexpresslyprovidedthat,saveasmentionedinthisClause19.6,noothertermsorconditionoftheTransferredLiabilitiesshallbemodifiedexcepttotheextentthatsuchamendmentisrequiredbynecessaryimplications.

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

19.6.6 TheprovisionsofthisClause19.6shalloperatenotwithstandinganythingtothecontrarycontainedinanydeedorwritingorthetermsof sanctionor issueof any security document, all ofwhich instruments shall standmodifiedand/or supersededby the foregoingprovisions.

20. LEGAL PROCEEDINGS Upon theSchemebecomingeffective,andwitheffect from theAppointedDate,all legal, taxationandotherproceedingsof theDemerged

Undertakingshallbetransferred/dealtinthefollowingmanner:20.1 FromtheEffectiveDate,alllegal,taxationorotherproceedings(includingbeforeanystatutoryorquasi-judicialauthorityortribunal)(‘Proceedings’)

byoragainsttheTransferorCompany,whetherpendingontheAppointedDateorwhichmaybeinstitutedanytimeinfutureandineachcaserelatingorpertainingtotheDemergedUndertakingincludingbutnotlimitedtoproceedingspendingbeforetheLucknowBenchoftheAllahabadHighCourt with respect to theU.P.Sugar IndustryPromotionPolicy2004 issuedby theStateGovernmentofU.P.,shallbecontinuedandenforcedbyoragainsttheResultingCompanyaftertheEffectiveDatetotheextentlegallypermissible.Totheextent,suchproceedingscannotbetakenoverbytheResultingCompany,theProceedingsshallbepursuedbytheTransferorCompanyaspertheinstructionofandentirelyatthecostoftheResultingCompany

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20.2 IftheproceedingsaretakenagainsttheTransferorCompanyinrespectofthemattersreferredtoinClause20.1,theTransferorCompanyshalldefendinaccordancewiththeadviceoftheResultingCompanyandatthecostoftheResultingCompany,andtheResultingCompanyshallreimburseandindemnifyandholdharmlesstheTransferorCompanyagainstallliabilitiesandobligationsincurredbytheTransferorCompanyinrespectthereof.

21. CONTRACTS, LICENSES, APPROVALS AND PERMITS UpontheSchemebecomingeffective,andwitheffectfromtheAppointedDate,allcontracts,licenses,approval,permitsetcoftheDemerged

Undertakingshallbetransferreddeemedassigned/dealtinthefollowingmanner:

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

21.2 WithoutprejudicetotheotherprovisionsoftheSchemeandnotwithstandingthatthevestingoftheDemergedUndertakingwiththeResultingCompanyoccursbyvirtueoftheSchemeitself,theResultingCompanymay,atanytimeafterthecomingintoeffectofthisSchemeinaccordancewiththeprovisionshereof,ifsorequired,underanylaworotherwise,executedeeds,writings,confirmations,novation,tripartiteagreements,declarations,orotherdocumentswith,orinfavourofanypartytoanycontractorarrangementtowhichtheTransferorCompanyisapartyoranywritingsasmaybenecessarytobeexecutedmerelyinordertogiveformaleffecttotheaboveprovisions.TheTransferorCompanywill,ifnecessary,alsobepartytotheabove.TheResultingCompany,shallundertheprovisionsofthisScheme,bedeemedtobeauthorizedtoexecuteanysuchwritingsonbehalfoftheTransferorCompanyandtocarryoutorperformallsuchformalitiesorcompliancesrequiredforthepurposesreferredtoaboveonthepartoftheTransferorCompanytobecarriedoutorperformed.

21.3 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.

21.4 Withoutprejudicetothegeneralityoftheforegoing,uponthecomingintoeffectthisschemeontheAppointedDate,allconsents,permissions,licenses,approvals,certificates,clearancesandauthoritiesinrespecttoorundertheprovision(s)oftheFactoriesAct,IndustrialDisputesAct,Industries(DevelopmentandRegulation)Act,PaymentofWagesAct,PaymentofGratuityAct,PaymentofBonusAct,IndustrialEmploymentStandingOrdersAct,EmploymentExchangeAct,StateLabourWelfareFundAct,MotorVehicleAct,EnvironmentProtectionAct&PollutionControlAct,ElectricityAct,StateTaxonProfessions,Trades,CeilingandEmploymentActoftherespectivestates,originallygivenby,issuedtoorexecutedinfavouroftheTransferorCompanyinrelationtotheDemergedUndertakingasontheAppointedDateshallstandtransferredordeemedamendedinfavouroftheResultingCompanyasifthesamewereoriginallygivenby,issuedorexecutedinfavouroftheResultingCompany,andtherightsandbenefitsunderthesameshallbeavailabletotheResultingCompany.

21.5 Itisclarifiedthatifanycontract,deed,bond,agreements,scheme,arrangements,orotherinstrumentsofwhatsoevernatureinrelationtotheDemergedUndertaking,towhichtheTransferorCompanyisapartycannotbetransferredtotheResultingCompanyforanyreasonwhatsoever,theTransferorCompanyshallholdsuchcontract,deed,bond,agreements,scheme,arrangements,orotherinstrumentsofwhatsoevernatureintrustforthebenefitoftheResultingCompany.

21.6 UpontheSchemecomingintoeffect,thepasttrackrecordoftheTransferorCompanyinrelationtotheDemergedUndertaking,withoutanylimitation, including inter-alia profitability, production, volume,experience, credentialsmarket share, etc. shall bedeemed tobe the trackrecordoftheResultingCompanyforallcommercialandregulatorypurposesincludingforthepurposeoftheeligibility,standing,evaluationandparticipation,oftheResultingCompanyinallexistingandfuturebids,tender,contractsofallauthorities,agenciesandclientsandwithrespecttoanybenefit,subsidyorclaimarisingtotheTransfereeCompanyundertheU.P.SugarIndustryPromotionPolicy2004issuedbytheStateGovernment of U.P.

22. EMPLOYEES UpontheSchemebecomingeffective,andwitheffectfromtheAppointedDate:

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

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

22.3 Theexistingprovident fund,gratuity fundandpensionand/orsuperannuation fundtrusts , ifany,ofwhich theEmployeesof theTransferorCompany,beingtransferredunderClause22.1abovetotheResultingCompany,aremembersorbeneficiariesalongwiththeaccumulatedcontributionsthereintill theEffectiveDate,shallwiththeapprovalof theconcernedauthorities,betransferredtoandcontinuedwithoutanybreak,tobeadministeredbytheResultingCompanyforthebenefitofsuchEmployeesonthesametermsandconditions.Accordingly,theprovidentfund,gratuityfundandpensionand/orsuperannuationfundtrustsdues,ifany,ofthesaidEmployeesoftheTransferorCompany,andatthedirectionoftheResultingCompany,shalleitherbecontinuedasseparatefundsoftheResultingCompanyforthebenefitofsuchEmployeesorbetransferredtoandmergedwiththesimilarfundsoftheResultingCompany.IntheeventthattheResultingCompanydoesnothaveitsownfundsinrespectofanyoftheabove,theResultingCompany,maysubjecttothenecessaryapprovalsandpermissions,continueto

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contributetotherelevantfundsoftheTransferorCompany,untilsuchtimethattheResultingCompanycreatesitsownfunds/arrangementsatwhichtimethefundsandtheinvestmentsandcontributionpertainingtotheconcernedEmployeesshallbetransferredtothefundscreatedbytheResultingCompany.

23. TAX TREATMENT UpontheSchemebecomingeffective:

23.1 ItisclarifiedthatallthetaxesandthedutiespayablebytheTransferorCompany,relatingtotheDemergedUndertaking,fromtheAppointedDateonwards,includingalladvancetaxes,taxdeductionatsource,taxliabilities,oranyrefundsorclaimsshall,forallpurpose,betreatedasadvancetaxpayments, taxdeductionatsource, tax liabilities,refundsorclaimsof theResultingCompany.Accordingly,upontheSchemebecomingeffective,theTransferorCompany,isexpressly,permittedtoreviseandfileandtheResultingCompanyisexpresslypermittedtoreviseandfiletheirrespective,incometaxreturnsincludingtaxdeductionatsourcecertificates,salestax/valueaddedtaxreturns,excisereturn,servicetaxreturns,andothertaxreturns,andtoclaimrefund/credit,pursuanttotheprovisionsofthisScheme.

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

23.3 UpontheSchemebecomingeffective,anyTDSdeposited,TDScertificatesissuedorTDSreturnsfiledbytheTransferorCompanypertainingtotheSugarUndertakingshallcontinuetoholdgoodasifsuchTDSamountsweredeposited,TDScertificateswereissuedandTDSreturnswerefiledbytheTransfereeCompany.

23.4 Theobligation fordeductionof taxatsourceonanypaymentmadebyor tobemadeby theTransferorCompanypertaining to theSugarUndertakingundertheIncomeTaxAct,1961,servicetaxlaws,centralsalestax,statevalueaddedtaxorotherapplicablelawsand/orregulationsdealingwithtaxes,dutiesorleviesshallbedeemedtohavebeenmadeanddulycompliedwithonbehalfoftheTransfereeCompany.

23.5 AlltheexpensesincurredbytheTransferorCompanyandtheResultingCompanyinrelationtotheSchemeincludingstampdutyexpensesshallbeallowedasdeductiontoeachoftheTransferorCompanyandtheResultingCompanyinaccordancewithSection35DDoftheIncomeTaxAct,1961overaperiodof5yearsbeginningwiththepreviousyearinwhichtheSchemebecomeseffective.

24 SECURITY 24.1 The transfer and vesting of theDemergedUndertaking under clause 19.1 above, shall be subject to the existing securities, charges and

mortgages,ifanyinrelationtotheliabilitiesoftheDemergedUndertakingtransferredbytheTransferorCompany.

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

24.3 InsofarastheassetsretainedintheTransferorCompanyareconcerned,thesecurityoversuchassets,totheextenttheyrelatedtotheliabilitiestransferredunderClause19.5above,shall,withoutanyfurtheract, instrumentordeedbereleasedanddischargedfromsuchsecurity.Theabsenceofanyformalamendmentwhichmayberequiredbyalenderorathirdpartyinordertoeffectsuchreleaseshallnotaffecttheoperationoftheforegoingsentence.

25 SAVING OF THE CONCLUDED TRANSACTIONS AND CONDUCT OF THE BUSINESS TILL THE EFFECTIVE DATE 25.1 The transferandvestingof theassets, liabilitiesandobligationsof theDemergedUndertakingasper thisSchemeandcontinuanceof the

proceedingsbyoragainsttheResultingCompanyunderClause20hereofshallnotaffectanytransactionsorproceedings,alreadycompletedby theTransferorCompanyonorbefore theAppointedDate to theendand intent that theResultingCompanyacceptallacts,deedsandthingsdoneandexecutedbyand/oronbehalfoftheTransferorCompanyasacts,deedsandthingsdoneandexecutedbyandonbehalfoftheResultingCompany.

25.2 WitheffectfromtheAppointedDateanduptoanincludingtheEffectiveDate,theTransferorCompanyshallbedeemedtohavebeencarryingontheallbusinessandactivitiesrelatingtotheDemergedUndertakingforandonaccountofandintrustfortheResultingCompany.

25.3 AllprofitsaccruingtoTransferorCompanyorlossesarisingorincurredbyit(includingtheeffectoftaxesifanythereon)aftertheAppointedDateanduptotheEffectiveDate,relatingtotheDemergedUndertakingshallforallpurposes,betreatedasprofits,taxes,orlosses,asthecasemaybe,oftheResultingCompany.

25.4 TheTransferorCompany hereby confirms that it has and shall continue upto theEffectiveDate, to preserve and carry on theDemergedUndertaking,withreasonablediligenceandbusinessprudenceanditwillnot,withoutpriorconsultationwiththeResultingCompany,alienate,charge,orotherwisedealwithordisposeorsuspendbusinessoperationoftheDemergedUndertakingoranypartthereof(ineachcaseexceptintheordinarycourseofbusiness)orundertakesubstantialexpansionoftheDemergedUndertaking,otherthanexpansionswhichhavealreadycommencedpriortotheAppointedDate.

25.5 TheTransferorCompanyandtheResultingCompanyshallbeentitledtodeclareandpaydividends,whetherinterimorfinal,totheirrespectiveshareholders, inrespectoftheaccountingperiodpriortotheEffectiveDate.It isclarifiedthattheaforesaidprovisionswithreferencetothedeclarationofdividendsisanenablingprovisiononlyandshallnotbedeemedtoconferanyrightonanymemberoftheTransferorCompanyortheResultingCompanytodemandorclaimanydividendwhich,subjecttotheprovisionsoftheAct,shallbeentirelyatthediscretionoftheBoardofDirectoroftheTransferorandtheResultingCompany,asthecasemaybe,subjecttosuchapprovaloftherespectiveshareholders,asmayberequired.

25.6 ItisexpresslyclarifiedthattheconsentofthememberstotheSchemeshallbedeemedtobetheirconsent/approvalalsotoanytransactionsbetween theTransferorCompanyand theResultingCompanybetween theAppointedDateand theEffectiveDatewhichmaynecessitatemembersapprovalunderSection188oftheActreadwithRule15oftheCompanies(MeetingofBoardanditsPowers)Rules2014aftertheeffectivenessoftheScheme.

25

26 CONSIDERATION 26.1 UpontheSchemebecomingeffectiveandsubjecttothetermsandconditionofthisSchemeandasmaybedeterminedbytheBoardofDirectors

oftheTransferorCompanyandtheResultingCompany,inconsiderationofthedemergerandtransferoftheDemergedUndertakingbytheTransferorCompanytotheResultingCompanyintermsofthisScheme,theResultingCompanyshall,withoutanyapplicationordeed,issueandallottotheequityshareholdersoftheTransferorCompanyholdingpaidupEquitySharesintheTransferorCompanyandwhosenamesappearinRegisterofMembersoftheTransferorCompanyontheRecordDate(orhis/her/itslegalheirs,executorsoradministratorsorasthecasemaybe,successors),1(One)EquityShareofINR1/-(RupeeOne)each,creditedasfullypaidinthecapitaloftheResultingCompanyforevery1(One)EquitySharesofINR1/-(RupeeOne)eachheldbythemintheTransferorCompany(the“NewEquityShares”)

26.2 ThetotalnumberofNewEquitySharestobeissuedandallottedtothememberoftheTransferorCompanypursuanttoclause26.1above,shallbeatpar,creditedasfullypaidupandshallhaverightsattachedtheretoasfollows:

26.2.1 TheNewEquitySharestobeissuedandallottedpursuanttotheClause26.1hereofshallinallrespects,rankpari-passuwiththeexistingEquitySharesoftheResultingCompany.

26.2.2 TheNewEquitySharestobeissuedandallottedhereofwillbesubjecttotheapplicableprovisionsoftheMemorandumandArticlesofAssociationoftheResultingCompany.

26.3 Inrespectof theequityshares in theTransferorCompanyalreadyheld indematerializedform, theNewEquitySharestobe issuedbytheResultingCompanyinlieuhereofshallalsobeissuedindematerializedformwiththesharesbeingcreditedtotheexistingdepositoryaccountofthememberoftheTransferorCompanyentitledthereto,unlessotherwisenotifiedinwritingbytheshareholdersoftheTransferorCompanytotheResultingCompanyonorbeforetheRecordDate.InrespectoftheequitysharesoftheTransferorCompanyheldinphysicalform,eachmemberoftheTransferorCompanyholdingsuchshareshallhavetheoption,tobeexercisedbywayofgivinganoticetotheResultingCompanyonorbeforetheRecordDate,toreceivetheNewEquitySharesoftheResultingCompanyeitherinphysicalformorinadematerializedform,providedhowever,incaseofthelatter,thesaidnoticeshallcontainthedetailsoftherelevantdepositoryaccount.IntheeventthatsuchnoticehasnotbeenreceivedbytheResultingCompanyinrespectofanymember,theNewEquitySharesoftheResultingCompanyshallbeissuedtosuchmembersinphysicalform.

26.4 TheNewEquitySharestobeissuedtothemembersoftheTransferorCompanyalongwiththeexistingequitysharesoftheResultingCompanywillbelistedand/oradmittedtotradingontheNSEandBSE,wheretheequitysharesoftheTransferorCompanyarelistedandadmittedtotrading.TheResultingCompanyshallenterintosucharrangementsandgivesuchconfirmationsand/orundertakingsasmaybenecessaryinaccordancewiththeapplicablelawsorregulationsincludingSEBIGuidelines/CircularstocomplywiththerequirementsandformalitiesofthesaidStockExchanges.TheequitysharesoftheResultingCompanyallottedpursuanttotheSchemeshallremainfrozeninthedepositoriessystemtilllistingandtradingpermissionisgivenbythedesignatedStockExchange(s).

26.5 TheEquityShares tobe issuedby theResultingCompanypursuant toClause26.1of thisScheme, inrespectofanyequitysharesof theTransferorCompany,whichareheldinabeyanceundertheprovisionsofSection126oftheCompaniesAct2013oftheActorotherwise,shallpendingallotmentorsettlementofdisputebyorderoftheCourtorotherwisebeheldbythetrusteesappointedbytheResultingCompany.

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

26.7 ThereshallbenochangeintheshareholdingpatternorcontrolintheResultingCompanybetweentheRecordDateandthedateofthelistingoftheequitysharesoftheResultingCompanypursuanttotheScheme,saveandexceptpursuanttotheissuanceofsharesunderthisScheme.

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

27 INCREASE IN THE AUTHORISED SHARE CAPITAL27.1 UpontheSchemecomingintoeffecttheAuthorizedShareCapitaloftheResultingCompanyconsistingofINR50,000/-dividedinto50,000

equitysharesofINR1/-eachshallstandincreasedbyINR34,99,50,000/-toINR35,00,00,000/-dividedinto35,00,00,000equitysharesofINR1/-each.

27.2 TheAuthorizedShareCapitaloftheResultingCompanywillstandincreasedasaboveuponthesanctionofthesaidSchemewithoutanyfurtheractordeedonpartof theResultingCompanyandtheconsentof theshareholders to theSchemeshallbedeemedtobesufficient for thepurposesofeffectingtheamendmenttotheMemorandumofAssociationandArticlesofAssociationoftheResultingCompany(relatingtotheauthorizedsharecapital)andnofurtherresolution(s)underSection13,Section14,andSection61oftheCompaniesAct,2013(correspondingtoSection16,Section31,Section94of theCompaniesAct,1956)oranyotherapplicableprovisionsof theAct,wouldbe required tobeseparatelypassed.

27.3 TheincreaseinAuthorizedShareCapitalshallbesubjecttothepaymentofnecessaryfeesforregistrationandstampdutybytheResultingCompany.

28 ACCOUNTING TREATMENT28.1 IN THE BOOKS OF THE RESULTING COMPANY OntheSchemebecomingeffective:

28.1.1 TheResultingCompanyshallrecordtheassetsandliabilities,oftheDemergedUndertakingvestedinitpursuanttothisScheme,attheirrespectivebookvaluesthereofasappearinginthebooksoftheTransferorCompanyatthecloseofthebusinessdayimmediatelyprecedingtheAppointedDate.

28.1.2 TheResultingCompanyshallcredittoitsShareCapitalAccountinitsbooksofaccountstheaggregatefacevalueoftheNewEquitySharesissuedbyittothemembersoftheTransferorCompanypursuanttothisScheme.

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28.1.3 TheResultingCompanyshallcredittoitsCapitalReserve(relatingtocapitalsubsidy)andMolassesStorageReserveAccount,therespectiveamountspertainingtotheDemergedUndertakingtransferredtoitasperClause19.5.

28.1.4 Theexcessofthebookvalueoftheassetsovertheaggregateofthebookvalueofliabilities,theamountofreservestransferredasperClause19.5oftheDemergedUndertakingandtheamountcreditedtothesharecapitalaccountasperClause28.1.2,pursuanttotheSchemeshallbecreditedtotheCapitalReserveAccount.Howeverwheretheaggregatebookvalueofliabilities,amountofreservestransferredasperClause19.5andtheamountcreditedtothesharecapitalaccountasperClause28.1.2,pursuanttothisScheme,exceedsthebookvalueoftheassetsoftheDemergedUndertaking,suchexcessshallbedebitedbytheResultingCompanytotheGoodwillAccount.

28.2 IN THE BOOKS OF THE TRANSFEROR COMPANY

OntheSchemebecomingeffective:

28.2.1 ThebookvalueofallassetsandliabilitiesrelatingtotheDemergedUndertakingtransferredpursuanttothisSchemefromtheTransferorCompanytotheResultingCompanyshallbereducedfromthetotalbookvalueofassetsandliabilitiesasappearinginthebooksoftheTransferorCompanyatthecloseofthebusinessdateimmediatelyprecedingtheAppointedDate.

28.2.2 TheamountoftheCapitalReserve(relatingtocapitalsubsidy)andMolassesStorageFundReserveaccounttransferredpursuanttoClause19.5ofthisSchemebytheTransferorCompanytotheResultingCompanyshallbereducedfromtherespectivebalancesasappearinginthebooksoftheTransferorCompanyatthecloseofthebusinessdateimmediatelyprecedingtheAppointedDate.

28.2.3 TheexcessofbookvalueoftheassetsovertheaggregateofbookvalueoftheliabilitiesandtheamountstandingtothecreditofCapitalReserve(relatingtocapitalsubsidy)andMolassesStorageFundReserveaccountoftheDemergedUndertakingtransferredunderthisScheme,ifany,shallbeadjustedagainstthefollowingbalancesasappearinginthebooksoftheTransferorCompany,inthefollowingorder:

• AmalgamationReserveAccount;

• CapitalReserveAccount;

• CapitalRedemptionReserve;

• SecuritiesPremiumAccount;

• GeneralReserves;and

• Balance,ifany,shallthenbeadjustedagainsttheProfit&lossAccount

28.2.4 TheexcessofaggregateofbookvalueoftheliabilitiesandtheamountstandingtothecreditofCapitalReserve(relatingtocapitalsubsidy)andMolassesStorageFundReserveaccountoverthebookvalueofassetsoftheDemergedUndertakingtransferredunderthisScheme,ifany,shallbecreditedtotheCapitalReserveAccountoftheTransferorCompany.

28.2.5 TheutilizationoftheCapitalRedemptionReserveandSecuritiesPremiumAccountasmentionedasperclause28.2.3aboveshallbeeffectedasanintegralpartoftheSchemeinaccordancewiththeprovisionsofSection52oftheCompaniesAct,2013(correspondingtoSection78oftheCompaniesAct,1956)andSections100to103oftheActandtheorderoftheHighCourtsanctioningtheSchemeshallbedeemedtobealsotheOrderunderSection102oftheAct.

29 REMAINING BUSINESS

29.1 TheRemainingBusinessandalltheassets,liabilitiesandobligationspertainingtheretoshallcontinuetobelongtoandbevestedinandbemanagedbytheTransferorCompany.

29.2 Alllegalandotherproceedingswhethercivilorcriminal(includingbeforeanystatutoryorquasi-judicialauthorityortribunal)byoragainsttheTransferorCompanyunderanystatute,whetherpendingontheAppointedDateorwhichmaybeinstitutedatanytimethereafter,andineachcaserelatingtoTransferorCompanyRemainingBusiness(includingthoserelatingtoanyproperty,right,power,liability,obligationordutiesoftheTransferorCompanyinrespectofTransferorCompanyRemainingBusiness)shallbecontinuedandenforcedbyoragainsttheTransferorCompany,whichshallkeeptheResultingCompanyfullyindemnifiedinthatregard.TheResultingCompanyshallinnoeventberesponsibleorliableinrelationtoanysuchlegal,orotherproceedingagainsttheTransferorCompany,whichrelatetotheTransferorCompanyRemainingBusiness.

PART IV – GENERAL TERMS AND CONDITIONS

30 LISTING AGREEMENT AND SEBI COMPLIANCES

30.1 TheTransferorCompanybeingalistedcompany,thisSchemeissubjecttotheCompliancesbytheTransferorCompanyofalltherequirementsunderthelistingagreementandallstatutorydirectivesoftheSecuritiesExchangeBoardofIndia(‘SEBI’)insofarastheyrelatetosanctionandimplementationoftheScheme.

30.2 TheTransferorCompanyincompliancewiththelistingAgreementshallapplyfortheinprincipleapprovaloftheBSEandNSEwhereitssharesarelistedintermsoftheclause24(f)ofthelistingagreementatleast30dayspriortoapproachingtheCourtforsanctionoftheScheme.

30.3 TheTransferorCompanyshallalsocomplywiththedirectivesofSEBIcontainedintheCircularNo.CIR/CFD/DIL/5/2013dated4thFebruary2013asmodifiedby its subsequentCircularNoCIR/CFD/DIL/8 /2013dated21stMay2013, inpursuanceof sub-rule(7) of rule19of theSecuritiesContract(Regulation)Rules,1957)forrelaxationfromtheenforcementofclause(b)tosub-rule(2)ofrule19thereof.

31 APPLICATION TO THE HIGH COURT/AUTHORITIES

31.1 TransferorCompany,TransfereeCompanyandResultingCompanyshall jointly,withall reasonabledispatch,makeallapplications/petitions/affidavitsunderSections391-394oftheCompaniesAct,1956andotherapplicableprovisionsoftheActtotheHighCourtorNCLToranyotherappropriateauthority,fordirectionstoconveneand/ordispensewithalloranyofthemeetingsandotherdirectionsforsanctionofthisSchemeundertheprovisionsoflawandtootherauthoritiesandbodiesforobtainingtheirapprovals,no-objections,consentsetc.,asmayberequiredunderanylaw.

27

32 MODIFICATION OR AMENDMENTS TO THE SCHEME TransferorCompany,TransfereeCompanyandResultingCompany,throughtheirrespectiveBoardofDirectorsmayassentfromtimetotime,on

behalfofallpersonsconcerned,toanyextension,modifications/amendmentstotheScheme(includingmodificationintheAppointedDate,asapplicabletorespectivepartsoftheScheme)ortoanyconditionsorlimitationsthattheCourtand/oranyotherauthoritymaydeemfittodirectorimposeorwhichmayotherwisebeconsiderednecessary,desirableorappropriatebythem.TransferorCompanyandTransfereeCompanyandResultingCompany,actingthroughtheir respectiveauthorizedrepresentatives,beandareherebyauthorizedto takeallsuchstepsasmaybenecessary,desirableorpropertoresolveanydoubts,difficultiesorquestionswhetherbyreasonofanydirectiveorordersofanyotherauthoritiesorotherwisehowsoeverarisingoutoforunderorbyvirtueoftheSchemeand/oranymatterconcernedorconnectedtherewith.NofurtherapprovaloftheshareholdersorthecreditorsoftheTransferor,TransfereeortheResultingCompanyshallbenecessaryforgivingeffecttotheprovisionscontainedinthisClause.

33 REVOCATION, WITHDRAWAL OF THIS SCHEME33.1 SubjecttotheorderoftheHighCourt,theBoardofDirectorsoftheCompaniesshallbeentitledtorevoke,cancel,withdrawanddeclarethis

Schemeofnoeffectatanystageif:(i)thisSchemeisnotbeingsanctionedbytheHighCourtorifanyoftheconsents,approvals,permissions,resolutions,agreements,sanctionsandconditionsrequiredforgivingeffecttothisSchemearenotobtainedorforanyotherreason;(ii)incaseanyconditionoralterationimposedbytheHighCourt,shareholdersoftheCompaniesoranyotherauthorityisnotacceptabletotheBoardofDirectorsoftheCompanies;(iii)theBoardofDirectorsoftheCompaniesareofviewthatthecomingintoeffectofthisSchemeintermsoftheprovisionsofthisSchemeorfilingofthedrawnuporderwithanyGovernmentalAuthoritycouldhaveadverseimplicationonalloranyoftheTransferorCompanyorTransfereeCompanyortheResultingCompany.Onrevocation,withdrawal,orcancellation,thisSchemeshallstandrevoked,withdrawn,cancelledandbeofnoeffectandinthatevent,norightsandliabilitieswhatsoevershallaccruetoorbeincurredintersebetweentheCompaniesortheirrespectiveshareholdersorcreditorsoremployeesoranyotherperson,saveandexceptinrespectofanyactordeeddonepriortheretoasiscontemplatedhereunderorastoanyright,liabilityorobligationwhichhasarisenoraccruedpursuanttheretoandwhichshallbegovernedandbepreservedorworkedoutinaccordancewiththeapplicablelawandinsuchcase,eachpartyshallbearitsowncostsunlessotherwisemutuallyagreed.NoapprovaloftheshareholdersorthecreditorsofanyoftheTransferorCompany,TransfereeCompanyandResultingCompanyshallbenecessaryforgivingeffecttotheprovisionsofthisClause.

33.2 Thenon-receiptofanysanctionsorapprovalsoraparticularassetorliabilityformingpartoftheSugarUndertakingortheDemergedUndertakinggettingtransferredpursuanttothisScheme,shallnotaffecttheeffectivenessofthisScheme,iftheBoardofDirectorsoftheCompaniessodecide.

33.3 IfanypartofthisSchemeisfoundtobeunworkableforanyreasonwhatsoever,thesameshallnot,subjecttothedecisionoftheTransferorCompany,theTransfereeCompanyandtheResultingCompany,affectthevalidityorimplementationoftheotherpartsand/orprovisionsofthisScheme.

33.4 NopersonclaimingtohaveactedorchangedhispositioninanticipationofthisSchemetakingeffect,shallgetanycauseofactionagainstanyoftheTransferorCompany,TransfereeCompanyorResultingCompanyortheirdirectorsorofficers,iftheSchemedoesnottakeeffectforanyreasonwhatsoever,oriswithdrawn,amendedormodifiedforanyreasonwhatsoever.

34 CONDITIONALITY OF THE SCHEME BECOMING EFFECTIVE TheprovisionsmadeinPartIIandPartIIIofthisSchemefortransferandvestingoftheSugarUndertakingoftheTransferorCompanytothe

TransfereeCompanyonagoingconcernbasisandfordemergeroftheDemergedUndertakingoftheTransferorCompanytotheResultingCompanyonagoingconcernbasis,areintegralandinseparablepartofthisSchemeandassuchtheprovisionscontainedinboththePartsconstituteonecompositeScheme.TheEffectivenessofthecompositeSchemeissubjecttothefollowingconditionsprecedent:

34.1 TheSchemebeingapprovedbytherequisitemajoritiesinnumberandvalueofsuchclassesofpersonsincludingtheMembersand/orCreditorsoftheTransferorCompany,TransfereeCompanyandtheResultingCompanyasmaybedirectedbytheHighCourtoranyothercompetentauthority,asmaybeapplicable.

34.2 TheSchemebeingsanctionedbytheHighCourtunderSections391to394andotherrelevantprovisionsoftheActandthenecessaryOrdersunderSection394ofthesaidActbeingobtained.

34.3 CertifiedcopiesoftheOrdersoftheHighCourtsanctioningtheSchemebeingfiledwiththeRegistrarofCompaniesbytheTransferorCompanyandtheTransfereeCompanyandtheResultingCompany.

34.4 Therequisite,consent,approvalorpermissionofanyGovernment,statutoryorregulatoryauthoritywhichby lawmaybenecessaryfor theimplementationofthisScheme.

35 EFFECT OF NON-RECEIPT OF APPROVALS IntheeventofanyofthesaidsanctionsandapprovalsreferredtoinClause34notbeingobtainedand/ortheSchemenotbeingsanctioned

bytheHighCourt,thisSchemeshallstandrevoked,cancelledandbeofnoeffect,saveandexceptinrespectofanyactordeeddonepriortheretoasiscontemplatedhereunderorastoanyrightsand/orliabilitieswhichmighthavearisenoraccruedpursuanttheretoandwhichshallbegovernedandbepreservedorworkedoutasisspecificallyprovidedintheSchemeorasmayotherwiseariseinlawandagreedbetweentherespectivepartiestothisScheme.Insuchanevent,eachpartyshallbearandpayitsrespectivecosts,chargesandexpensesforandorinconnectionwiththeSchemeunlessotherwisemutuallyagreed.

36 COSTS, CHARGES & EXPENSES Allcosts,chargesandexpensesincludingstampdutiesarisingoutoforincurredincarryingoutandimplementingthisSchemeandmatters

incidentalthereto,shallbeborneasunder:

36.1.1 Forcosts, chargesandexpenses includingstampdutiesarisingoutofor incurred incarryingoutand implementingPart IIof thisSchemeshallbeborneasmutuallyagreedbytheBoardofDirectorsoftheTransferorCompanyandtheTransfereeCompany.

36.1.2 Forcosts,chargesandexpenses includingstampdutiesarisingoutofor incurred incarryingoutand implementingPart IIIof thisSchemeshallbeborneasmutuallyagreedbytheBoardofDirectorsoftheoftheTransferorCompanyandtheResultingCompany.

38










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

2. TRIVENI SUGAR LIMITED having its registered office at A-44, Hosiery Complex, Phase II Extension, Noida, Uttar Pradesh-201305 [Transferee Company]

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


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 19th day of December, 2015 at 2.00 P.M. for the purpose of considering and, if thought fit, approving with or without modification, the proposed Composite 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 ……………………. 2015.

Name and Address of the Unsecured Creditor

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

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

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

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

TRIVENI ENGINEERING & INDUSTRIES LIMITEDATTENDANCE SLIP

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 19th day of December, 2015 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 composite Scheme of Arrangement between Triveni Engineering & Industries Limited (Transferor Company) and Triveni Sugar Limited (Transferee Company) and Triveni Industries Limited (Resulting Company) and their respective shareholders and creditors under Sections 391-394 of the Companies Act, 1956.

Full Name............................................................................................................................... Signature…………………………..

Address ....................................................................................................................................................................................................

*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

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.

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