joint venture between KBL and Copeland Corporation, operational
responsibilities were primarily taken care of by KBL i.e. Indian partner in the joint
venture. However ... post June, 2006, when KBL exited joint venture and the
assessee company became wholly owned subsidiary of Copeland Corporation,
there was need to provide operational
joint venture company and expressed its
desire to exist from the joint venture. Accordingly, an agreement was entered into
between the two joint venture partners ... with the joint
venture partner whereby the joint venture partner agreed to purchase the shares held by
the assessee in the joint venture company
called without their joint consent, and the Members of the
Governing Body were now to be jointly appointed by them.
45. At the same time ... have arrived at a principled agreement for the
latter to exit the Joint Venture and it was this which led to the ultimate
execution
India was permitted. The termination of collaboration with the foreign joint venture partner and exit of the joint venture partner altered the aforesaid basic structure ... manufactured by using indigenous technology. As a result of exit of foreign joint venture collaborator, there was complete loss/sterilization of existing profit earning apparatus
identity of the joint venture (GGL) to be maintained and third parties not be introduced. The very purpose of the joint venture was to ensure ... minded people and that should any one shareholder seek to exit from the joint venture, they would make the shares available to the other continuing
Hero Motocorp Ltd.,, New Delhi vs Addl.Cit, Range-11, New Delhi on 20 June
Kirloskar Brother Ltd. (KBL) and Copeland
Corporation. M/s. KBL exited the joint venture in June, 2006 and the
assessee became wholly owned subsidiary
Kirloskar Brother Ltd. (KBL) and Copeland
Corporation. M/s. KBL exited the joint venture in June, 2006 and the assessee
became wholly owned subsidiary
suffered losses. Thereafter a
settlement was reached between the warring joint venture partners on 13th
September, 2001. Through this settlement agreement, Jindal group agreed ... cited for the sale was TSA's desire to exit the Joint venture. For
justifying the sale price of Rs.18.06 per share
Kirloskar Brother Ltd. (KBL) and
Copeland Corporation. M/s. KBL exited the joint venture in June, 2006
and the assessee became wholly owned subsidiary
