RATTANINDIA POWER Share price

The Company was incorporated on October 8 2007 as Sophia Power Company Limited a public limited company under the Companies Act. The Company obtained a certificate of commencement of business onOctober 12 2007. The Company?s name was changed to Indiabulls Power Limited. pursuant to a special resolution dated July 4 2009. A fresh certificate of incorporation consequent upon the name change was granted to the Company on July 7 2009.A scheme of amalgamation ("Scheme") between IPSL and the Company under Sections 391 to 394 of the Companies Act was sanctioned by the High Court at Delhi through an order dated September 1 2008. Upon coming into effect of the Scheme IPSL stands amalgamated with the Company with effect from April 1 2008 the appointed date. Scheme of amalgamation between IPSL and the CompanyA Scheme was filed by IPSL and the Company under Sections 391 to 394 of the Companies Act before the High Court at Delhi with a view to amalgamate IPSL with the Company in order to reduce the duplication of similar business activities carried on by these two entities and to enable both companies to increase their net worth profitability and market position by consolidating their power generation businesses under a single company. By an order dated September 1 2008 the High Court at Delhi granted sanction to the scheme of amalgamation with effect from the April 1 2008 (the "Appointed Date").The Scheme provides for the transfer and vesting of the "amalgamated undertaking" (as described below) in the Company as a going concern. The amalgamated undertaking means the undertaking and the entirebusiness of IPSL and inter alia includes all the undertakings the entire business all the properties and assets wherever situate including the right to use such assets. In terms of the Scheme as consideration for the transfer and vesting of the undertaking and the liabilities of the amalgamated company the Company has allotted one fully paid equity share of Rs. 10 each for every fully paid equity share of Rs. 10 each held by a shareholder in the amalgamated company on the date fixed. The valuation was prepared by M/s. Ajay Sardana Associates with regard to the share exchange ratios.Set forth below are certain key features of the scheme of amalgamation:* Share capital: As of March 31 2008:(i) The authorised share capital of IPSL was Rs. 1980 million and the issued subscribed and paid up capital was Rs. 1975 million.(ii) The authorised share capital of the Company was Rs. 10000 million and the issued subscribed and paid-up share capital was Rs. 6320 millionUpon the scheme of amalgamation becoming effective the authorised share capital of the Company stands increased to Rs. 11980 million.* Transfer and vesting: With effect from the Appointed Date the amalgamated undertaking stands transferred and vested in the Company as a going concern. The movable assets of the amalgamated undertaking also stand transferred and vested in the Company to become its property estate and assets on the Appointed Date.* Licenses and permits: On the Appointed Date all licenses permits quotas approvals permissions incentives loans subsidies concessions grants claims leases tenancy rights special status and other benefits or privileges of the amalgamated undertaking were transferred in favour of the Company. * Indebtedness: With effect from the Appointed Date all debts liabilities duties and obligations of IPSL stand transferred to the Company.* Investments: With effect from the Appointed Date investments of all kinds cash balances with banks mutual funds loans advances contingent rights or benefits receivables benefits of any deposits made by IPSL stand transferred to the Company.* Legal proceedings: With the coming into effect of the Scheme all suits actions and proceedings by or against IPSL pending on and/or arising on or before the effective date to be continued and be enforced by or against the Company.* Employees: All employees of IPSL on the effective date (last date on which all the conditions and matters in relation to the amalgamation have been obtained or fulfilled) transferred to the Company on terms and conditions not less favourable than those subsisting with reference to IPSL.* Accounting treatment: All the assets and liabilities of IPSL as recorded in its books on the Appointed Date shall be recorded by the Company at their book value as appearing in the books of IPSL. Accounting for the amalgamation of IPSL and the treatment of goodwill or reserves if any in the books of the Company is to be in accordance with the provisions of AS 14 issued by the ICAI.Key MilestonesThe table below sets forth some of the key events and milestones in the history of the Company:Date DetailsOctober 25 2007 Four separate memoranda of agreement entered into between IBREL and the Governor of Arunachal Pradesh for the execution and development of the Tharang Warang Hydro-Power Project with a capacity of 30 MW the Pichang Hydro-Power Project with a capacity of 31 MW Sepla Hydro-Power Project with a capacity of 46 MW and the Phangchung Hydro-Power Project with a capacity of 60 MWDecember 17 2007 Letter of support received from Government of Maharashtra in relation to the Amravati Phase I power ProjectFebruary 11 2008 Shareholders agreement with IBREL FIM Limited LNM India Internet Ventures Limited and IPSLMarch 27 2008 Board of Directors approved the scheme of amalgamation between IPSL and the CompanyApril 2 2008 Letter of intent issued by CSEB accepting the proposal and bid in relation to the Bhaiyathan Power ProjectJune 6 2008 Memorandum of understanding with the Government of Jharkhand with regard to the establishment of a 1320 MW coal fired thermal power project in Jharkhand being considered by the CompanyJuly 30 2008 Memorandum of understanding with the Government of Madhya Pradesh with regard to the establishment of a 2640 MW coal fired thermal power project in Chhindwara Madhya Pradesh being considered by the CompanyOctober 13 2008 ICBPL entered into a long term PPA with CSEB in terms of which 65% of the installed capacity of the Bhaiyathan Power Project to be sold to CSEBNovember 3 2008 Letter of support received from Government of Maharashtra in relation to the Nashik Power ProjectNovember 12 2008 The Standing Linkage Committee Ministry of Coal in its meeting recommended a coal linkage for generating 1320 MW of power each for Amravati Phase I Power Project and Nashik Power Project.December 3 2008 The scheme of amalgamation between IPSL and the Company came into effect.April 29 2009 Memorandum of understanding with MSEDCL for the procurement of generation capacity by MSEDCL and supply of electricity by the Company to the extent of 1000 MW on term and conditions to be specified in the PPA that may be signed between MSEDCL and the Company.June 5 2009 Company entered into a PPA with TPTCL for sale of up to 1000 MW of power to TPTCL from its Amravati Phase I Power Project