JV Agreement(Diesel Power Plant)

8/13/2019 JV Agreement(Diesel Power Plant)

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1. Definitions ........................................................................2

2. Formation of JVC.............................................................3

3. Business of JVC ..............................................................44. Share Caita!....................................................................4

". Transfer of Shares to thir# $arties..................................."

%. Boar# of Dire&tors an# 'ana(ement of the CO'$AN).*

+. Boar# 'eetin(s an# Shareho!#er,s 'eetin(...................14

*. Strate(i& $!ans an# Bu#(ets.............................................1"

-. Dii#en#s.........................................................................1"

1/. Finan&ia! )ear Au#itors an# Au#it..................................1%

11. A&&ounts0 e&or#s0 eorts an# nse&tion....................1%12. Confi#entia!it.................................................................1+

13. Termination .....................................................................2/

14. Dea#!o&..........................................................................21

1". Conse5uen&es of Termination ........................................23

1%. Dama(es..........................................................................24

1+. For&e 'a6eure...............................................................2"

1*. A!i&a7!e !a80 nterretation0 Amen#ment 9

Su!ementation of the A(reement..............................2%1-. Sett!ement of Disutes..................................................2+

2/. Communi&ation.............................................................2*

21. 'is&e!!aneous...............................................................2*

22. Assi(nment...................................................................2*

23. :ea#in(s.......................................................................2-

24. 'o#ifi&ations................................................................2-

2". ;aier...........................................................................2-

2%. n#een#ent $arties......................................................2-2+. eresentation an# Authorit......................................3/

2*. Counter $arts................................................................3/

2-. A##itiona! Do&uments.................................................3/

3/. Entire A(reement.........................................................3/

31. Con#itions $re&e#ent...................................................31

JOINT VENTURE AGREEMENT

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This Joint Venture A(reement ma#e an#entere# into at .......................this .............#a of ...............2//??.

B) AND A'ON@

SEL EN@NE NT,L L'TED0 a &oman re(istere# in ????????????????? un#er the????????????????? Offshore Business A&tiities A&t 1--2 an# hain( its re(istere# offi&e at$.O. Bo NO.????0 ?????????????????0

@LOBAL $O;ES L'TED a &oman re(istere# in ????????????????? un#er the????????????????? Offshore Business A&tiities A&t 1--2 an# hain( its re(istere# offi&e at$.O. Bo No.????0 ?????????????????

AND

TADE NT,L CO$.0 a &oman #u! eitin( an# or(anie# un#er the !a8s of orea0hain( its rin&ia! offi&e at???????????????????????????????????????????????????????????????????????????????????????????????0orea

;TNESSET:

;:EEAS0 SEL is a su7si#iar &oman of orea En(ineerin( Co.0 Limite#0 a!ea#in( orean &oman hain( roen &aa7i!ities in the en(ineerin(0 #esi(n an#&onstru&tion on a turn?e 7asis of o8er !ants0 an# ossessin( fa&i!ities for themanufa&ture of e5uiment an# ma&hiner for o8er !ants.

;:EEAS0 @$L is an esta7!ishe# ????????????????? &oman hain( eerien&e in #iese!o8er ro6e&ts in&!u#in( oerseein( oeration0 maintenan&e an# reair of #iese! o8er!ants0 oera!! !ant suerision0 roi#in( ro&urement an# !ant &onstru&tionassistan&e an# finan&in( stru&ture assistan&e

;:EEAS0 TC is a &oman hain( eerien&e in ro&urement an# internationa!tra#e of e5uiment ma&hiner an# ra8 materia!s et&. forei(n inestment an# ro6e&tfinan&in(.

SEL0$@L an# TC 8ish to form a Joint Venture Coman in ????????????????? to

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6oint! romote0 o8n0 oerate an# mana(e #iese! o8er ro6e&ts in ?????????????????.

SEL0 @$L an# TC hae ha# #is&ussions to fina!ie the terms an# &on#itions of the

arti&iation of SEL0 @$L an# TC in the JVC0 the manner in 8hi&h the JVC 8i!!&on#u&t 7usiness an# its #a to #a mana(ement an# oerations an# 8ish to re&or# in8ritin( the sai# terms an# &on#itions mutua!! a(ree# uon 7 an# amon( them an#matters in&i#enta! an# an&i!!ar thereto.

NO;0 T:EEFOE0 in &onsi#eration of the mutua! &oenants &ontaine# herein0 SEL0@$L an# TC hereto a(ree as fo!!o8s

ARTICLE 1. DEFINITIONS

1. The terms state# 7e!o8 hae the fo!!o8in( rese&tie meanin(s 8ithin thisA(reement0 un!ess the &ontet resu!ts in a #ifferent meanin(.

=ACT means the ????????????????? Offshore Business A&tiities A&t0 1--20 asmen#e# from time to time.

=AFFLATE sha!! mean 8ith rese&t to SEL or $@L or TC0 an entit 8hi&h &ontro!s or is &ontro!!e# 7 or is un#er the &ommon

&ontro! 8ith SEL or @$L or TC rese&tie!. An entit &ontro!s another8hen its o8ns or &ontro!s0 #ire&t! or in#ire&t!0 more than fift er&ent


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=JONT VENTHE A@EE'ENT or =T:S A@EE'ENT sha!! meanthis resent A(reement an# sha!! in&!u#e an su7se5uent 8ritten mo#ifi&ationan# amen#ments thereto.

=JVC means the Joint Venture Coman to 7e 6oint! romote# 7 the$ATES hereto in a&&or#an&e 8ith an# as in#i&ate# in this A(reement.

ARTICLE 2. FORMATION OF THE JVC

2.1 The JVC 8i!! 7e in&ororate# 8ith the name of NTENATONAL $O;E$OJECT NVEST'ENT L'TED or su&h other name as ma 7e mutua!!

a(ree# an# aroe# 7 the re(u!ator authorities in ?????????????. The re(istere#offi&e of the JVC 8i!! 7e situate# at su&h !a&e as sha!! 7e mutua!! a(ree#.

2.2 The JVC 8i!! 7e a riate &oman 8ith !ia7i!it 7 share in a&&or#an&e 8ith the!a8s of ?????????????. The !ia7i!it of the shareho!#er in the JVC 8i!! 7e !imite# totheir rese&tie inestments on this issue# an# ai#?u &aita!.

2.3 The 'E'OANDH' an# ATCLES OF ASSOCATON of the JVC sha!!ref!e&t the terms of this A(reement an# 7e in su&h form as ma 7e a(ree# amon(the $ATES. t is a(ree# that as amon( the $ATES this A(reement sha!!

reai! an# hae an oerri#in( effe&t0 not8ithstan#in( anthin( &ontaine# in the'E'OANDH' an# ATCLES OF ASSOCATON of the JVC. n the eentof an in&onsisten& 7et8een this A(reement an# the 'E'OANDH' an#ATCLES OF ASSOCATON of the JVC0 the $ATES a(ree an# &onfirmthat this A(reement 8ou!# reai! an# that the 8ou!# 7e 7oun# 7 thisA(reement an# that the 8ou!# forth8ith tae stes to amen# the'E'OANDH' an# ATCLES OF ASSOCATON of the JVC so as toremoe su&h in&onsisten&.

ARTICLE 3. BUSINESS OF JVC

3.1 JVC shall:

&arr on the 7usiness of romotin( 0o8nin(0 oeratin(0 an# maintainin( o8erro6e&ts in n#ia

oerate effi&ient! an# e&onomi&a!!

attain maimum &ometitie osition an# strie for si(nifi&ant maret share in

n#ia

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maimie rofits an# roi#e attra&tie return on inestment to the $arties onan on(oin( 7asis.

ARTICLE 4. SHARE CAPITAL

4.1 JVC 8i!! initia!! hae an authorise# share &aita! of ????. mi!!ion #ii#e#into ...................mi!!ion E5uit Share of ????.1/ ea&h0 8hi&h authorise# share&aita! 8i!! 7e in sta(es in&rease# to ????...........mi!!ion or to su&h other amount asma 7e a(ree# amon( the $ATES.

4.2 The initia! issue#0 su7s&ri7e# an# ai#?u share &aita! of the JVC 8i!! 7e ????.mi!!ion #ii#e# into mi!!ion E5uit Share of ????.1/ ea&h. Su&h issue#0su7s&ri7e# an# ai#?u &aita! sha!! 7e su7s&ri7e# for &ash at ar an# ai#?u an#he!# 7 the $ATES hereto as fo!!o8s?

%/G of the issue# an# ai#?u e5uit share &aita! of the JVC sha!! 7esu7s&ri7e# an# he!# 7 SELI$E'TTED NO'NEES.

G of the issue# an# ai#?u e5uit share &aita! of the JVC sha!! 7esu7s&ri7e# an# he!# 7 @$L I $E'TTED NO'NEES.

C! < >G of the issue# an# ai#?u e5uit share &aita! of the JVC sha!! 7esu7s&ri7e# an# he!# 7 TCI$E'TTED NO'NEES.

4.3 The issue#0 su7s&ri7e# an# ai#?u e5uit share &aita! ma 7 mutua! a(reement7e in&rease#. Su&h further issue of shares sha!! 7e ma#e to the $ATES in theroortion referre# to in C!ause 4.2 un!ess other8ise a(ree# in 8ritin( 7 the$ATES. n the eent a $AT) #oes not 8ish to su7s&ri7e to su&h further issueof share of JVC offere# to it an# re5uire# to finan&e the on(oin( oeration of theJVC,s 7usiness0 then the remainin( $AT) sha!! hae the ri(ht to tae u su&h of

the shares refuse# to 7e taen u 7 the first $AT) an# the first $AT) sha!!hae its ho!#in( in the e5uit share &aita! of JVC #i!ute# a&&or#in(!.

4.4 n the eent of $ATES, mutua! a(reement to &han(e the attern of ho!#in( of thee5uit share &aita! of JVC to ena7!e JVC to offer shares to u7!i& or an otherstrate(i& inestor0 the rese&tie shareho!#in( of the $ATES sha!! 7e &han(e#in su&h roortion as the $ATES ma #e&i#e so ho8eer that the ho!#in( of@$L sha!! 7e not !ess than 2-.""G an# that of SEL sha!! 7e not !ess than 2-.""Gof the ai#?u e5uit &aita! of JVC an# that of TC sha!! 7e not !ess than < >Gof the ai#?u e5uit &aita! of JVC. Su&h &han(e in the shareho!#in( attern ma

7e effe&te# on! on the terms an# &on#itions 8hi&h ma 7e mutua!! a(ree# in

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8ritin( amon( the $ATES.

ARTICLE ". TRANSFER OF SHARES TO THIRD PARTIES

".1 An $AT) or $ATESI $E'TTED NO'NEES sha!!not 7e entit!e# to transfer Ise!! an of the shares he!# 7 itIthem in JVC e&et ina&&or#an&e 8ith the roisions of this &!ause

f an $AT) or its rese&tie $E'TTED NO'NEES #esire to transfer an or a!! of its I their shares inJVC to an erson or e5uit0 it sha!! offer su&h shares in 8ritin( in the first

instan&e to the other $ATES hereto .The Offeree sha!! 7e entit!e# to ur&hase the shares so offere# or nominatean erson or entit of its &hoi&e to a&&et the shares offere#. Su&h Nomineesha!! 7e aroe# 7 the other $ATES hereto0 roi#e# that su&h aroa!sha!! not 7e unreasona7! 8ithhe!#. Sa!e an# ur&hase of su&h shares sha!!

7e at a Fair $ri&e as #efine# hereinafter.

The Offeree sha!! 7e entit!e# to a&&et or re6e&t su&h offer 8ithin a erio# of-/ #as from the #ate of re&eit of the offer or 8ithin a erio# of 3/ #as from the #ate of fiation of Fair $ri&e0 8hi&heer is !ater. f theOfferee or its nominees #o not &one its I their a&&etan&e in 8ritin( to the

Offeror 8ithin su&h erio#0 the offer sha!! 7e #eeme# to hae 7een re6e&te#7 the Offeree.

On! if su&h offer is first re6e&te# or is #eeme# to hae 7een re6e&te# 7 theOfferee0 the Offeror sha!! 7e entit!e# to se!! the shares to an thir# art ore5uit at the Fair $ri&e or at a ri&e hi(her than the Fair $ri&e0 roi#e#0 ho8eer0 that on&e theOfferor i#entifies su&h thir# art the Offeror sha!! forth8ith #is&!ose to theother art the name of the thir# art an# the Oortunit $ri&e at 8hi&hthe shares are roose# to 7e transferre#.

Hon su&h notifi&ation 7 the Offeror0 the Offeree on&e a(ain sha!! hae theotion to either ur&hase the sai# shares from the Offeror at the Oortunit$ri&e or a!!o8 the Offeror to se!! the sai# shares to the sai# thir# art at theOortunit $ri&e su&h otion sha!! 7e eer&ise# 7 the Offeree 8ithin 1/ #as of su&h notifi&ation.

Su&h ri(ht of the Offeror to se!! the shares to an thir# art sha!! 7eeer&ise# 8ithin a erio# of %/ #as from the #ate 8hen su&h offer is#eeme# to hae 7een re6e&te#.

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The Offeree I its nominees sha!! hae a ri(ht of first refusa! as aforesai# on!if it an# I or its nominees a(ree to ur&hase a!! the shares offere# 7 theOfferor.

Not8ithstan#in( anthin( herein &ontaine# 8here a $AT) eer&ises itsri(ht to se!! the shares to an thir# art &onse5uent to the other $ATESre6e&tin( the se&on# offer or su&h se&on# offer 7ein( #eeme# to hae 7eenre6e&te# as out!ine# in C!ause a7oe0 the eer&ise of su&h ri(ht 8i!! 7esu76e&t to

the thir# art 7ein( a&&eta7!e to the other $ATES

su&h thir# art a(reein( in 8ritin( as a &on#ition re&e#ent to thetransfer of share to it to 7e 7oun# 7 the terms an# &on#itions of thisA(reement as thou(h it 8as a si(nator to this A(reement

Not8ithstan#in( anthin( herein &ontaine#0 shou!# an $AT) Iits$E'TTED NO'NEES a&&et the offer to ur&hase of the other$ATESIits $E'TTED NO'NEE shares 7ut 7e reente# froma&5uirin( su&h shares 7 irtue of an @oernment restri&tions or refusa! ofaroa!0 the first $AT)Iits $E'TTED NO'NEES sha!! hae a ri(htto nominate an art 8ho is free to a&5uire su&h shares0 an# a(ree to a7i#e

7 this A(reement0 roi#e# ho8eer that the other $ATES to this

A(reement has 7een &onsu!te# in this re(ar#.

Not8ithstan#in( an transfer0 a&5uisitions of shares as &ontem!ate# in&!auses a7oe0 the $ATES sha!! at a!! times 7e resonsi7!e an# !ia7!eto #is&har(e a!! their o7!i(ations to JVC an# to ea&h other so !on( as the arethe shareho!#ers in JVC.

Nothin( &ontaine# in &!ause a7oe sha!! a! to transfer of shares 7 the$ATES to its $E'TTED

NO'NEES 0 roi#e# that su&hnominee a(rees in 8ritin( as a &on#ition re&e#ent to the transfer to 7e

7oun# 7 the terms an# &on#itions of this A(reement as thou(h it 8as asi(nator to this A(reement an# un#ertaes to re?transfer the shares to theTransferor in the eent that the Transferee &eases to 7e the $E'TTED

NO'NEE of the Transferor. Ea&h of the $E'TTED NO'NEESho!#in( shares of JVC ursuant to this &!ause sha!! 7e #eeme# to 7e a$AT) to this A(reement as if ori(ina!! name# herein.

".3 =Fair $ri&e means the ri&e to 7e #etermine# 7 mutua! a(reement of the$ATES 8ithin a erio# of 1" #as from the #ate of the offer 7ein(

&ommuni&ate# to the other $ATES. n the eent of an a(reement not 7ein(

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rea&he#0 the $ATES sha!! 8ithin a maimum erio# of " #as aointtheir au#itorsI&hartere# a&&ountants to a!ue the sharesin#een#ent! an# re5uire su&h a!uation to 7e ma#e 8ithin a maimum erio#

of 3/ #as form the #ate of aointment. n the eent of there 7ein( a#ifferen&e in the t8o a!uations of !ess than 1/ G of the hi(her a!ue thanthe Fair $ri&e sha!! 7e the aera(e of 7oth the a!uations. f the #ifferen&e in

7oth a!uation is more than 1/ G of the hi(her a!ue than in that eent theaforesai# au#itorsI&hartere# a&&ountants of the $ATES sha!! 8ithin a erio# of1/ #as of the !ater a!uation mutua!! aoint in in#een#entinternationa!! reute# firm of &hartere# a&&ountants to 7e the fina! a!uers ofthe shares. Su&h a!uers sha!! #etermine the Fair $ri&e as an in#een#ent a!uers8ithin a erio# of 3/ #as of the aointment an# su&h a!uation sha!! 7efina! an# 7in#in( uon the $ATES. The au#itorsI&hartere# a&&ountants sha!!a&t as a!uers an# not as ar7itrators. The a!uation sha!! 7e ma#e on the 7asis of

JVC 7ein( a (oin( &on&ern an# tain( into a&&ount the histori& resu!ts of areresentatie erio# an# reasona7!e ro6e&tions of the future.

ARTICLE #. BOARD OF DIRECTORS AND MANAGMENT OF THE JVC

#.1

The $ATES sha!! 7e 6oint! resonsi7!e for the mana(ement of JVC

The Boar# of Dire&tors of JVC sha!!&onsist of < > #ire&tors of 8hom @$L sha!! 7e entit!e# to nomineeI#esi(nate #ire&tors an# SEL sha!! 7e entit!e# to nominateI#esi(nate < >#ire&tors an# TC sha!! 7e entit!e# tonominateI#esi(nate < > #ire&tors. An in&rease in the stren(th of the Boar#sha!! 7e in the same roortion.

Su&h ri(hts of reresentation on the Boar# sha!! 7e en6oe# 7 a $AT) as!on( as it ho!#s e5uit shares in the &aita! of JVC. A!! #ire&tors e&et themana(in( #ire&tor sha!! 7e !ia7!e for retirement 7 rotation.

%.2 For the urose of im!ementin( this A(reement0 the $ATES hereto a(ree an#un#ertae that the sha!!0 at a!! times0 eer&ise their rese&tie otin( ri(hts asshareho!#ers in the JVC in su&h manner an# sha!! ensure that their rese&tiereresentaties on the Boar# of the JVC sha!! so ote at the Boar# an# sha!! so a&tso as to ensure the roer im!ementation an# o7seran&e of the terms an#

roisions &ontaine# in an# in the sirit of this A(reement.

%.3 @$L or0 as the &ase ma0 SEL or TC sha!! 7e entit!e# to re&ommen# theaointment of a!ternate #ire&tors in the eent that #ire&tors aointe# ornominate# or #esi(nate# 7 @$L or0 as the &ase ma 7e0 SEL or TC are una7!eto atten# the meetin(s of the Boar#. The Boar# sha!! a&&et su&h

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re&ommen#ations an# forth8ith aoint these a!ternate #ire&tors in a&&or#an&e8ith the A&t.

The Boar# sha!!0 if so re5uire# 7 a non?resi#ent #ire&tor0 aoint a erson 8ho isa!rea# a #ire&tor or an a!ternate #ire&tor of the JVC to 7e aointe# as ana!ternate #ire&tor for another #ire&tor0 in 8hi&h eent0 the a!ternate #ire&torso aointe# sha!! hae a##itiona! ote.

%.4 A a&an& on the Boar# sha!! 7e fi!!e# in as fo!!o8s

n the &ase of a #ire&tor 8ho 8as nominate#I#esi(nate# for aointment 7@$L a&atin( his offi&e as a #ire&tor0 the erson to 7e aointe# to fi!! thea&an& sha!! 7e one nominate# I#esi(nate# 7 @$L.

n the &ase of a #ire&tor 8ho 8as nominate#I#esi(nate# for aointment 7SEL a&atin( his offi&e as a #ire&tor0 the erson to 7e aointe# to fi!! thea&an& sha!! 7e one nominate# I#esi(nate# 7 SEL.

n the &ase of a #ire&tor 8ho 8as nominate#I#esi(nate# for aointment 7TC a&atin( his offi&e as a #ire&tor0 the erson to 7e aointe# to fi!! thea&an& sha!! 7e one nominate# I#esi(nate# 7 TC.

%." n the eent of aointment of a##itiona! #ire&tors an $AT) sha!! hae the ri(htto nominate su&h #ire&tors0 su76e&t to the roisions of C!ause %.1.

%.% The &ost of trae!0 !o#(in( an# 7oar#in( of the #ire&tors an# other out of o&eteense in&urre# 7 them for atten#in( the meetin(s of the Boar# sha!! 7e 7orne

7 the JVC.

%.+ Ea&h #ire&tor sha!! 7e ai# su&h sittin( fees for atten#in( an meetin( of the Boar#as ma 7e #e&i#e# 7 the Boar# 8ithin the !imits in this rese&t res&ri7e# 7 theA&t.

%.* An #ire&tor sha!! a!so 7e entit!e# to re&eie su&h remuneration for seri&eerforme# 7 him for JVC as the Boar# ma #e&i#e an# 7e aroe# 7 theshareho!#ers of the JVC.

#.$ a! Su76e&t to &!ause 7e!o80 as !on( as SEL ho!#s shares in the e5uit share&aita! of JVC0 it sha!! hae the ri(ht to aoint Inominate the &hairman of theBoar# of JVC after #ue #e!i7erations an# etensie &onsu!tations 8ith the@$L an# TC.

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t is a(ree# an# un#erstoo# amon( the $ATES that not8ithstan#in( 8hatis state# in C!ause a7oe 0 the first &hairman of the JVC sha!! 7e'r. ........................0 8ho sha!! 7e entit!e# to &ontinue to a&t as the &hairman of

the JVC0 so !on( as SEL or its $E'TTED NO'NEE is shareho!#er in theJVC.

%.1/ SEL sha!! hae the ri(ht to aoint an# nominate a mana(in( #ire&tor of JVC.The mana(in( #ire&tor sha!! 7e in &har(e of the #a to #a oerations an#mana(ement of JVC. The mana(in( #ire&tor sha!! 7e este# 8ith su7stantia!

o8ers of mana(ement 8hi&h he sha!! eer&ise su76e&t to the oera!!suerinten#en&e0 &ontro! an# #ire&tion 7 the Boar#.

The mana(in( #ire&tor sha!! hae the fu!! resonsi7i!it an# authorit to mana(e

the affairs of JVC 8ithin the frame8or of the 7usiness !an0 an# su76e&t to theo8er re5uire# to 7e eer&ise# 7 the Boar# or the shareho!#ers un#er thisA(reement or the roisions of the A&t.

%.11 The reresentation of the $ATES on an &ommittee or su7? &ommittee of theBoar# sha!! 7e in the same roortion an# 7e &omute# in the same manner astheir reresentation on the Boar#0

%.12 A!! matters sha!! 7e #e&i#e# 7 the Boar# of JVC 7 a sim!e ma6orit of otes.$roi#e# that0 the Boar# or an &ommittee thereof or an ee&utieIem!oee of the JVC or anersonI&ommittee un#er the o8er #e!e(ate# 7 the Boar# sha!! not tae an#e&isionIa&tion on the fo!!o8in( matters ino!in( the JVC e&et 8ith thema6orit of #ire&tors 8hi&h ma6orit sha!! &omrise of at !east one affirmatieote of a #ire&tor nominate# I#esi(nate# 7 @$L an# one affirmatie ote of a#ire&tor nominate# I#esi(nate# 7 SEL an# one affirmatie ote of a #ire&tornominate# I #esi(nate# 7 TC.

to a!ter the roisions of the 'E'OANDH' an# ATCLES ofAsso&iation of the JVC

to issue an# a!!ot ne8 shares0 #e7entures or an #eta&ha7!e 8arrants or&ouons or other instruments 8hi&h ena7!es the ho!#er to o7tain share in theJVC0 transfer of shares an# su&h other se&urities

to en(a(e in an a&tiities other than those enisa(e# in this A(reement

to fi remuneration of the #ire&tors

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to a#ot a&&ounts an# reorts to 7e !ai# 7efore the mem7ers in @enera!'eetin( an# #e&ision in a&&ountin( o!i&ies of the JVC

to 6oin an other &oman or to inest in an other &oman

to (rant !oans an# I or &re#its other than those roi#e# for in the 7usiness!an or aroe# in the annua! 7u#(et0 to assume an !ia7i!ities 0 (uarantees or&ommitments to thir# arties other than those aroe# in the 7usiness !anan# in the annua! 7u#(et

to &han(e the tota! num7er of #ire&tors on the Boar#.

to issue #e7t instruments an# 7orro8in(s in e&ess of s. ..........mi!!ion an#Iorfor a term of more than..................months

to #isose of assets other than those &oere# in the aroe# annua! 7u#(et or#isosa! of assets e&ee#in( s...................mi!!ion an# ur&hase of assets of aa!ue e&ee#in( s....................mi!!ion an# 8rite off !oans e&ee#in(s......................mi!!ion.

to #e&!are #ii#en#s an# aroriation of rofits.

to #e!e(ate authorities to an &ommittee of #ire&tors0 mana(in( #ire&tor0mana(er0 se&retar or an other rin&ia! offi&er of JVC

to aoint an# remoe e first !ee! ee&uties of the JVC

to aroe the annua! 7u#(ets in&!u#in( &aita! een#itures0 strate(i&!ans 0 inestment !ans 0 7usiness #ee!oment !ans0 finan&ia! statements

an# 7a!an&e sheet or an #eiation therefrom an# to un#ertae een#iture7eon# aroe# 7u#(et

to offer (uarantees to finan&ia! institutions I 7ans

aointment I remoa! of au#itors

a&5uire from or (rant to thir# arties 7 !i&ense or other8ise atents0tra#emars0 te&hno!o( or other inte!!e&tua! Iin#ustria! roert ri(hts

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to enter into transa&tions 7et8een the JVC an# an of the rin&ia!shareho!#ers of the JVC or in the &ase of &ororate rin&ia! shareho!#ers0their ho!#in( &oman0 su7si#iar or AFFLATES

to (rant !oans to #ire&tors

initiation of0 or an a(reement to sett!e0 an #isute0 o7!i(ation0 ar7itration orother ro&ee#in( 8ith an other thir# art0 8hether as etitioner I!aintiff Ior reson#ent I#efen#ant in rese&t of matters hain( a su7stantia! 7earin(on JVC,s a&tiities

to &onsent to a #ire&tor or his re!atie or artner or firm or riate &oman

ho!#in( an offi&e or !a&e or rofit in the JVC

to mae !ia7i!it of an #ire&tor or mana(er un!imite# if so authorise# 7 theATCLES OF ASSOCATONS

to aoint se!!in( or ur&hasin( a(ents or #istri7utors

to in&reaseI#isose of an inestment ma#e in the e5uit shares of a&oman in n#ia in the 7usiness of o8er ro6e&ts

to #e&i#e on the matter of in&reasin( Ire#u&in( the stae in a &omanreferre# to in a7oe.

%.13 ;hereer !e(a!! ne&essar0 eer&ise of the o8ers of the Boar# sha!! 7e su76e&tto the aroa!I&onsent of the shareho!#ers at a #u!! &onene# (enera! meetin(of the shareho!#ers.

%.14 An 7usiness 8hi&h re5uire# aroa! of the (enera! meetin( of theshareho!#ers 7 se&ia! reso!ution as er the !a8 in for&e on the #ate of si(nin(of this A(reement 7ut mi(ht not re5uire in future su&h se&ia! reso!ution as aresu!t of &han(e in !a80 then su&h 7usiness sha!! a!so 7e #eeme# to hae 7eenin&!u#e# in C!ause %. 12

ARTICLE %. BOARD MEETINGAND SHAREHOLDERS& MEETING

+.1 The 5uorum for a meetin( of the Boar# sha!! 7e one?thir# of the tota! stren(th ofthe Boar# for the time 7ein( or three #ire&tors 8hi&heer is hi(her roi#e#

that0 so !on( as @$L0 SEL an# TC are entit!e# to nominate I #esi(nate#ire&tors0 the 5uorum for the Boar# 'eetin(s or an meetin(s of &ommittees

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thereof sha!! not 7e a!i#! &onstitute# un!ess at !east one nominee #ire&tor ea&hof @$L0 SEL an# TC is resent0 un!ess su&h re5uirement is 8aie# in 8ritin(

7 @$L 0SEL an# TC for the se&ifi& Boar# 'eetin(.

a! At !east 1" &!ear #as noti&e in 8ritin( a!on( 8ith a(en#a mentionin( thematters to 7e #is&usse# an# roose# to 7e #e&i#e# at the Boar# 'eetin(sha!! 7e (ien to a!! the #ire&tors 08hether in n#ia or outsi#e 0 su&h noti&essha!! 7e sent to the 7usiness a##ress of ea&h su&h #ire&tor. A!! noti&es (iensha!! 7e (ien to a!! the #ire&tors 8ith a &o to the $arties hereto 7 fa orother e!e&troni& &ommuni&ation an# &onfirme# in 8ritin( sent 7internationa! airmai!

No #e&ision at the Boar# 'eetin( on an item sha!! 7e taen 8hi&h 8as not

mentione# in the a(en#a of the Boar# 'eetin( un!ess a!! the #ire&tors ortheir a!ternate a(ree in 8ritin( other8ise.

Boar# 'eetin(s ma 7e &onene# at the shorter noti&e if a!! the #ire&tors ofthe JVC a(ree in 8ritin(.

+.3 The 5uorum for the (enera! meetin( of the the shareho!#ers meetin( sha!! 7e t8oersons resent in erson roi#e# that0 so !on( as @$L 0 SEL an# TC areentit!e# to nominate I#esi(nate #ire&tors0 the 5uorum for the (enera! meetin( ofthe shareho!#ers sha!! not 7e a!i#! &onstitute# un!ess at !east one

reresentatie ea&h of @$L0SEL an# TC is resent at !east at su&h meetin( 0un!ess su&h re5uirement is 8aie# in 8ritin( 7 @$L or SEL or TC0 as the&ase ma 7e0 for the se&ifi& (enera! meetin( of the shareho!#ers.

+.4 ;here at a (enera! meetin( of the shareho!#ers an 7usiness re5uires aroa! ofthe shareho!#ers 7 8a of a se&ia! reso!ution 0 su&h aroa! in or#er to 7e a!i# an# 7in#in( on theJVC 8ou!# hae to 7e 7 8a of unanimous &onsent of a!! the shareho!#ers.

ARTICLE '. STRATEGIC PLANS AND BUDGETS

*.1 The mana(in( #ire&tor sha!! in &onsu!tation 8ith the senior mana(ement ersona!reare a strate(i& !an for ea&h su&&ee#in( " ear term at !east 3 months 7eforethe eir of ea&h &urrent strate(i& !an. The strate(i& !an sha!! 7e re5uire# to

7e aroe# 7 the Boar#. f the mana(in( #ire&tor &onsi#ers it aroriate hema reare a searate or mo#ifie# strate(i& !an for a " ear erio# at an time#urin( the erio# of su7sisten&e of an strate(i& !an. Su&h searate or

mo#ifie# strate(i& !an sha!! if aroe# 7 the Boar# re!a&es an eistin(

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strate(i& !an.

*.2 The mana(in( #ire&tor sha!! 8ithin the frame8or of the strate(i& !an su7mit annua!! at !east 1 month 7efore the 7e(innin(of ea&h finan&ia! ear of JVC0 a roose# annua! 7u#(et of JVC to the Boar# forsu&h finan&ia! ear. Su&h annua! 7u#(et sha!! 7e re5uire# to 7e aroe# 7 theBoar#.

ARITLCE $. DIVIDENDS

-.1 Su76e&t to the roisions of the A&t0 an# the 'E'OANDH' AND ATCLES

OF ASSOCATON of the JVC an# hain( re(ar# to the future 7usinessre5uirements of JVC an# &ommer&ia! ru#en&e the JVC for ea&h finan&ia! ear8i!! #e&!are the maimum ossi7!e #ii#en#. Su76e&t to the !imits as aforesai#0the Boar# ma #e&!are 7 8a of interim #ii#en# an# I or re&ommen# to theannua! (enera! meetin( of the shareho!#ers of JVC #ii#en# ament as theBoar# ma fee! ee#ient.

ARTICLE 1(. FINANCIAL )EAR AUDITORS AND AUDIT

1/.1 Finan&ia! )earThe $arties a(ree that the finan&ia! ear of JVC 8i!! 7e Ari! 1 stto 'ar&h 31st.

1/.2 Au#itors

The first au#itor sha!! 7e aointe# 7 the Boar# as 7ein( nominate# 7 SEL in&onsu!tation 8ith @$L an# TC an# the aointment of the au#itors sha!! insu7se5uent ears 7e ma#e in a&&or#an&e 8ith the re!eant roisions of the A&t 7the shareho!#ers of JVC 7ase# on the roosa! of SEL after &onsu!tation 8ith@$L an# TC.

1/.3 Annua! Au#it

An annua! au#it of the 7oos of a&&ounts0 re&or#s an# affairs of JVC at JVC,seense sha!! 7e ma#e ea&h ear imme#iate! fo!!o8in( the &!ose of the finan&ia!ear 7 JVC au#itors. A si(ne# &o of the reort of the annua! au#it sha!! 7esu7mitte# to ea&h mem7er of the Boar#.

ARTICLE 11. ACCOUNTS* RECORDS* REPORTS AND INSPECTION

11.1 'aintenan&e of e&or#s

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JVC 8i!! maintain searate 0 in#een#ent 0 a&&urate0 &om!ete0 &!ear an#satisfa&tor finan&ia! a&&ounts for its 7usiness oerations an# sha!! ee re&or#s&onfirmin( to soun# internationa! ra&ti&e in a&&or#an&e 8ith n#ian !a8

re5uirements0 8hi&h a&&ounts sha!! 7e au#ite# at the eense of JVC 7ut itsAu#itors.

11.2 'onth! Finan&ia! Statements

The $arties sha!! ensure an# &ause JVC to #e!ier to the $arties month! finan&ia!statements 8hi&h sha!! in&!u#e a rofit an# !oss statement an# a 7a!an&e sheet not!ater than the fifteenth


17/28

12.2 Limit to Dis&!ose

Ea&h $art an#Ior its Affi!iate sha!! !imit #is&!osure of an Confi#entia!nformation to those of its em!oees0 a(ents0 an# reresentaties on a nee# ?to?

no8 7asis. Either $art rior to main( #is&!osure of an Confi#entia!nformation sha!! eert 7est efforts to &ause the re&eiin( entit to ee&ute

aers an# #o&uments to effe&t su7stantia! &om!ian&e 8ith the roisions of thisC!ause.

12.3 Le(a! O7!i(ation to Dis&!ose

n &ase either $art an#Ior its Affi!iate or an of their em!oee0 a(ents orreresentaties0 7e&omes !e(a!! &ome!!e# to #is&!ose an Confi#entia!nformation0 su&h $art sha!! (ie suffi&ient noti&e to the other $art so as to

ermit su&h other $art to see a time! rote&tie or#er or other aroriate

re!ief. f su&h or#er or or#er re!ief &annot 7e o7taine#0 the $art 7ein( &ome!!e#to mae #is&!osure sha!! on! mae #is&!osure of that 8hi&h is !e(a!! re5uire# an#no more.

12.4 nformation in u7!i& #omain.

The o7!i(ation of &onfi#entia!it in rese&t of Confi#entia! nformation sha!! nota! to Confi#entia! nformation 8hi&h is no8 in0 or hereafter &omes into0 the

u7!i& #omain other8ise than 7 7rea&h of this A(reement.

12." Coies

Ea&h $art an#Ior its Affi!iate sha!! mae on! su&h notes0 set&hes0 #ra8in(s0hoto&oies or other 8ritten or hoto(rahi& re&or#s re!atin( to a!! Confi#entia!nformation as are a7so!ute! ne&essar. A!! su&h materia!s sha!! 7e!on( to the$art an#Ior its Affi!iates to 8hi&h the Confi#entia! nformation re!ates an#0to(ether 8ith a!! other tan(i7!e eressions of Confi#entia! nformation he!# 7an $art an#Ior its Affi!iates sha!! 7e returne# to the o8ner forth8ith uon thetermination of this A(reement.

12.% Confi#entia! nformation.

For the urose of this &!ause0 =Confi#entia! nformation sha!! mean

12.%.1 8ith rese&t to JVC0 a!! information re!atin( to the7usiness or oerations of JVC0 8hi&h is se&ifi&a!! i#entifie# 7 JVC atthe time of the #is&!osure as 7ein( &onfi#entia! or rorietar an#

12.%.2 8ith rese&t to an $art0 a!! information re!atin(to the 7usiness or oerations of su&h $art or an of its Affi!iates 8hi&h isse&ifi&a!! i#entifie# 7 su&h $art at the time of the #is&!osure as 7ein(&onfi#entia! or rorietar.

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The term =Confi#entia! nformation sha!! se&ifi&a!! in&!u#e an tan(i7!eeression of su&h information 0 in&!u#in( 0 8ithout !imitation0 hoto(rahs0 !ans0#ra8in(s0 ren#erin(s0 6ourna!s0 note7oos0 &omuter ro(rams0 sam!es0 mo#e!s0

rototes an# mo&?us re!atin( thereto0 an# sha!! further in&!u#e an&onfi#entia! or rorietar information o8ne# 7 an other erson or entit an#furnishe# 7 su&h other erson or entit ursuant to an un#ertain( to maintain thesame in &onfi#en&e.

12.+ E&etions

Not8ithstan#in( anthin( &ontaine# in this A(reement to the &ontrar0 therestri&tions &oere# un#er this A(reement for the use or #is&!osure of Confi#entia!nformation sha!! not a! to an information.

12.+.1 8hi&h is in#een#ent! #ee!oe# 7 the re&eiin( $art or an herAffi!iate or !a8fu!! re&eie# free of restri&tion from another sour&ehain( the ri(ht to so furnish su&h information or

12.+.2 after it has 7e&ome (enera!! aai!a7!e to the u7!i& 8ithout 7rea&h of thisA(reement 7 the re&eiin( $art or an Affi!iate or

12.+.3 8hi&h at the time of #is&!osure to the re&eiin( $art 8as no8n to su&h$art or Affi!iate free of restri&tion so !on( as su&h rior no8!e#(e is

romt! #is&!ose# in 8ritin( fo!!o8in( #is&!osure of the information or

12.+.4 8hi&h the #is&!osin( $art a(rees in 8ritin( is free of su&h restri&tions.

12.* nurement

Not8ithstan#in( anthin( &ontaine# in this A(reement0 the roisions of C!ause12.1 sha!! &ontinue to 7e a!i&a7!e to an# to 7in# the $arties0 8ithout !imit in

oint in time e&et an# unti! su&h information enters u7!i& #omain or is &oere#un#er C!ause 12.+.

12.- Continue# Hse

Not8ithstan#in( anthin( to the &ontrar &ontaine# in this C!ause 120 in the eentof termination of this A(reement 7 reason of an 7rea&h 7 a $art0 the other$art sha!! entit!e# to &ontinue to use Confi#entia! nformation for the urose ofthe a&tiities of the JVC an# su&h use of Confi#entia! nformation sha!! not 7e#eeme# to 7e a 7rea&h of the &onfi#entia!it o7!i(ation &ontaine# in this Arti&!e 12.

ARTICLE 13. TERMINATION

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19/28

13.1 Not8ithstan#in( anthin( &ontaine# in this A(reement0 either $art sha!! 7eentit!e# to terminate this A(reement in an of the fo!!o8in( eents

either $art sha!! hae the ri(ht to terminate this A(reement 7 (iin(1" #as 8ritten noti&e to the other $arties if that other $art or$arties o!untari! or other8ise &ommits a materia! 7rea&h of an of the termsan# &on#itions of this A(reement 0 roi#e# that if the 7rea&h is reme#ia7!e 0the ri(ht aforesai# sha!! 7e eer&isa7!e on! if the 7rea&h is not reme#ie#8ithin 4" #as of a 8ritten noti&e re5uirin( to reme# the same

either $art sha!! 7e entit!e# to terminate this A(reement forth8ith 7 (iin(a 8ritten noti&e to the other $arties in the eent of the other $art or $arties

7ein( or#ere# to 7e 8oun# u or enterin( into a &omromise or arran(ement

8ith its &re#itors as a resu!t of its 7anrut& or if a #istress ee&ution orother ro&ess sha!! 7e effe&te# uon or if an en&um7ran&er sha!! tae

ossession of or a re&eier sha!! 7e aointe# of su7stantia! art of the assetsor roert of the other $art or $arties.

uon one $art (iin( noti&e to the other $art or $arties &onse5uent uonthe other $art or $arties or its $E'TTED NO'NEES &easin( to 7e theshareho!#ers in the JVC.

uon one $art (iin( noti&e to the other $art or $arties &onse5uent uon a&han(e in the o8nershi or &ontro! of the other $art or $arties

&han(e of o8nershi or &ontro! in so far as a $art is &on&erne# sha!! 7e#eeme# to 7e o&&urre# if there is a &han(e in the o8nershi of shares in the$art 8hi&h has the resu!t of oeratie &ontro! 7ein( #ire&t! or in#ire&t!eer&ise# 7 an other entit other than that 8hi&h resent! &ontro!s the sai#$art.

if the JVC,s a&tiities are serious! ime#e# as a resu!t of for&e ma6eure for aerio# of more than % months as mentione# in Arti&!e 1+ herein 7e!o8.

if an one or more of the &on#itions re&e#ent set forth in Arti&!e 31 hae not7een fu!! met 8ithin ........months from the #ate of this A(reement or su&hother eten#e# #ate as ma 7e mutua!! #e&i#e# 7 the $arties.

13.2 Durin( the erio# that the noti&e of termination is (ien 7 an $art unti! thetime the issue is reso!e# or termination 7e&omes effe&tie the mem7ers of theBoar# sha!! fun&tion as trustees for the smooth an# &ontinue# oerations an#fun&tions of the JVC.

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ARTICLE 14. DEADLOC+

14.1 The $arties an# their rese&tie $E'TTED NO'NEES eress! a(reean# &onfirm that in &ase of an ma6or imasse I #ea#!o& hain( arisen in theoeration of the JVC 8hi&h ertains an# is materia! to the further or futureoeration of the 7usiness of JVC0 the $arties sha!! &ause their nominate# #ire&torsto reare an# &ir&u!ate to the other $art or $arties a memoran#um or a statementsettin( out its osition on the issue on 8hi&h there is #isa(reement an# its reasonsfor a#otin( su&h osition. Ea&h su&h memoran#um or statement sha!! then 7e&onsi#ere# 7 the &hairman of mana(in( 7oar# of @$L0 SEL an# TC thenho!#in( offi&e 8ho sha!! use their 7est en#eaours to reso!e su&h an imasse I#ea#!o&. Su&h ro&ess sha!! 7e &om!ete# 8ithin a erio# of 4" #as

of the imasseI#ea#!o& hain( arisen0 un!ess su&h erio# is eten#e# 7 mutua!a(reement7 three &hairman. An imasses I #ea#!o& arises on the #ate one $artre&eies a 8ritten &ommuni&ation from the other &onein( the 7asis of su&hother $art &omin( to the &on&!usion of 8hi&h the #ea#!o& is an# ho8 it hasarisen. Desite the aforesai# if the ane! of the &hairman is una7!e to reso!e theimasse I #ea#!o&0 that the #ea#!o& sha!! 7e #eeme# to 7e a ma6or imasse I#ea#!o& an# in the eent u!timate so!ution of an ma6or imassesI#ea#!o& sha!!

7e as roi#e# hereinafter in this C!ause. n the eent an $art #esires to se!! its shareho!#in( in the JVC0 the other$arties sha!! hae the first ri(ht toin5uire it in&!u#in( its $E'TTED NO'NEES to se!! its shareho!#in( to

themse!es at a fair ri&e 8hi&h sha!! 7e #etermine# in a&&or#an&e 8ith C!ause ".3of this A(reement.

14.2 n &ase $ur&hasin( $arties hae notifie# Se!!in( $art in 8ritin( that it or its$E'TTED NO'NEES #o not 8ish to ur&hase the entire shareho!#in( ofSe!!in( $art in&!u#in( its $E'TTED NO'NEES0 in that eent0 Se!!in( $artsha!! 7e entit!e# to se!! a!! the share he!# 7 itIits $E'TTED NO'NEES to athir# art at a ri&e not !ess than the fair ri&e referre# to in C!ause 14.10

roi#e# that su&h a thir# art is a&&eta7!e to $ur&hasin( $arties an# a(ree in8ritin( as a &on#ition re&e#ent to the transfer of share to it to 7e 7oun# 7 theterms an# &on#itions of this A(reement as thou(h it 8as a si(nator to this

A(reement.

14.3 On&e an imassesI #ea#!o& has #eeme# to hae arisen ti!! su&h time theimassesI #ea#!o& is reso!e#0 the #ire&tors of the Boar#sha!! fun&tion as trusteesfor the smooth an# &ontinue# oeration an# fun&tionin( of the JVC.

ARTICLE 1". CONSE,UENCE OF TERMINATION

1".1 t is eress! a(ree# 7 an# amon( the $arties that in &ase of termination of

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this A(reement 7 an $art un#er C!ause 13.1 other than an# K0 SELsha!! hae the ri(ht to re5uire @$L in&!u#in( its $E'TTED NO'NEES tose!! their entire shareho!#in( in the JVC to SEL an# @$LI$E'TTED

NO'NEES sha!! 7e o7!i(e# to se!! their shares to SEL at the ri&e mutua!!a(ree# 7et8een the $arties fai!in( 8hi&h at the fair ri&e #etermine# ina&&or#an&e 8ith C!ause ".3.

1".2 n &ase $ur&hasin( $arties has notifie# Se!!in( $art in 8ritin( that the ortheir $E'TTED NO'NEES #o not 8ish to ur&hase the entire shareho!#in(of Se!!in( $art in&!u#in( its $E'TTED NO'NEES0 in that eent0 Se!!in($art sha!! 7e entit!e# to se!! a!! the share he!# 7 itIits $E'TTED NO'NEESto a thir# art at a ri&e not !ess than the fair ri&e referre# to in C!ause 14.10

roi#e# that su&h a thir# art is a&&eta7!e to $ur&hasin( $arties an# a(rees in8ritin( as a &on#ition re&e#ent to the transfer of shares to it to 7e 7oun# 7 theterms an# &on#itions of this A(reement as thou(h it 8as a si(nator to thisA(reement.

1".3 No 8aier of ante&e#ent 7rea&h an# no (rant of time an# in#u!(en&e sha!!re6u#i&e an su7se5uent ri(ht to terminate this A(reement.

1".4 The termination sha!! not re6u#i&e the ri(ht of non?#efau!tin( $art or $arties a(ainst the #efau!tin( $art that ma hae a&&rue#

rior to the #ate of termination or eiration of this A(reement.

1"." On the termination of this A(reement the $artieshereto sha!! refrain from an a&ts0 in#i&ations0 u7!i&it or a#ertisements 8hi&hma mis!ea# an thir# art into the 7e!ief that the $arties hereto sti!! maintain

7usiness re!ationshis 8ith one another 8ith referen&e to the JVC an# neither$art hereto sha!! &ommit an a&t #etrimenta! to the 7usiness or reutation of theother $arties a!so the $arties sha!! ensure that the JVC sha!! not use the name ofthe out(oin( shareho!#er in an manner either in u7!i&it materia! or other8ise.

1".% ;hen this A(reement is terminate# #ue to the

&ir&umstan&es set out in su7 C!ause of C!ause 13.10 if the JVC is in eisten&e0$ur&hasin( $arties sha!! hae the ri(ht to re5uire Se!!in( $art in&!u#in( its$E'TTED NO'NEES to se!! their entire shareho!#in( in the JVC to$ur&hasin( $arties an# Se!!in( $art I$E'TTED NO'NEES sha!! 7e o7!i(e#to se!! their shares to $ur&hasin( $arties at a mutua!! a(ree# ri&e fai!in( 8hi&hat the fair ri&e 8hi&h sha!! #etermine# in a&&or#an&e 8ith C!ause ".3 of thisA(reement.

n &ase $ur&hasin( $arties has notifie# Se!!in( $art in 8ritin( that the or their$E'TTED NO'NEES #o not 8ish to ur&hase the entire shareho!#in( ofSe!!in( $art in&!u#in( its $E'TTED NO'NEES0 in the eent0 Se!!in( $art

sha!! 7e entit!e# to se!! a!! the share he!# 7 itIits $E'TTED NO'NEES to a

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thir# art at a ri&e not !ess than the fair ri&e referre# to in C!ause 14.10 roi#e#that su&h a thir# art is a&&eta7!e to $ur&hasin( $arties an# a(ree in 8ritin( as a&on#ition re&e#ent to the transfer of shares to it to 7e 7oun# 7 the terms an#

&on#itions of this A(reement as thou(h it 8as a si(nator to this A(reement.;here this A(reement is terminate# un#er the sai# su7 C!ause neither of the$arties sha!! 7e entit!e# to &!aim &omensation from the other $arties for an#ama(e 8hi&h ma 7e in&urre#.

ARTICLE 1#. DAMAGES

1%.1 n the eent of 7rea&h of an o7!i(ation stiu!ate# inthis A(reement or the fai!ure to #u! fu!fi!! an o7!i(ation in a&&or#an&e 8ith the

roisions of this A(reement on the art of one of the $arties0 the #efau!tin( $artsha!! 7e o7!i(e# to &omensate the non?#efau!tin( $arties for the resu!tant#ama(es in&urre#. Comensation for #ama(es is to 7e ai# in the &urren& of theHnite# State Do!!ars.

1%.2 The assertion of a &!aim for #ama(es sha!! not affe&tthe ri(ht to terminate this A(reement in a&&or#an&e 8ith C!ause 13.1.

ARTICLE 1%. FORCE MAJEURE

1+.1 Ea&h $art sha!! 7e re!ease# from the resonsi7i!itfor the &om!ete or artia! non?fu!fi!!ment of an o7!i(ation arisin( from thisA(reement0 8hen su&h non?fu!fi!!ment resu!ts from an eent of for&e ma6eure8hi&h o&&urs after si(nin( of this A(reement an# 8hi&h the $art &on&erne#&ou!# not hae reente# 7 reasona7!e means.

1+.2 Su&h eents of for&e ma6eure sha!! in&!u#e 7ut are not!imite# to the fo!!o8in(

A 7an on the eort of ro#u&ts from a &ountr or on imortation into a &ountr 0 (oernment #e&rees or or#ers issue# 7 state 7o#ies0 in&!u#in(amen#ments to the imeratie state e&onomi& !ans0 natura! #isasters0 stries0!o&outs0 riots0 8ar0 et&.

1+.3 n the eent of an one of the state# &ir&umstan&eso&&urrin(0 the $art affe&te# sha!! romt! roi#e the other $arties 8ith a8ritten notifi&ation. This notifi&ation sha!! #es&ri7e the eents &on&erne# an#insofar as ossi7!e assess the effe&ts of the eents on fu!fi!!ment of the $art,so7!i(ations un#er this A(reement an# state the estimate# #ate of its a7i!it tofu!fi!! these o7!i(ations.

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Hon re5uests of the other $arties0 8ithin a reasona7!e erio# the $art &on&erne#sha!! for8ar# a &onfirmation from the Cham7er of n#ustr an# Commer&e in its&ountr or from a &omara7!e or(aniation or an a(en& of (oernment

erifin( that these &ir&umstan&es #o eist.

1+.4 Hon &essation of the state# &ir&umstan&es0 the $art&on&erne# sha!! romt! roi#e the other $arties 8ith a 8ritten notifi&ation tothis effe&t. This notifi&ation must se&if a erio# 8ithin 8hi&h the $art ee&tsto fu!fi!! its o7!i(ation un#er this A(reement affe&te# 7 su&h for&e ma6eure.

Shou!# the $art &on&erne# &u!a7! fai! to sen# the ne&essar notifi&ation0 or fai!to for8ar# them in (oo# time0 it sha!! 7e o7!i(e# to &omensate the other $artiesfor the !osses 8hi&h are in&urre# as a resu!t of the fai!ure to sen# the notifi&ation

or the #e!ae# for8ar#in( of the notifi&ations.

1+." n &ase of the eent of for&e ma6eure o&&urrin(0fu!fi!!ment of the o7!i(ation of the $art &on&erne# un#er this A(reement sha!! 7e

ostone# 7 the #uration of these &ir&umstan&es an# their &onse5uen&es. The$art sha!!0 ho8eer0 en#eaor to ee#itious! fu!fi!! its o7!i(ations 8hi&h 8ereaffe&te# 7 su&h for&e ma6eure.

1+.% Shou!# the &ir&umstan&es of for&e ma6eure an# their&onse5uen&es &ontinue for !on(er than % months0 there7 serious! ime#in(

the JVC,s a&tiities 0 ea&h $art sha!! 7e entit!e# to terminate this A(reement. nthis &ase0 neither of the $arties sha!! 7e entit!e# to &!aim &omensation from theother $arties for an #ama(e 8hi&h ma 7e in&urre# #ue to the for&e ma6eure.

ARTICLE 1'. APPLICABLE LA-* INTERPRETATION* AMENDMENT AND

SUPPLEMENTATION OF THE AGREEMENT

1*.1 This A(reement sha!! in a!! rese&ts 7e (oerne# 7an# &onstrue# in a&&or#an&e 8ith the !a8s of ?????????????.

1*.2 n the eent that an one or more of the roisions&ontaine# in this A(reement sha!! 7e ina!i#0 i!!e(a!0 unenfor&ea7!e or in&om!etein an rese&t un#er an a!i&a7!e !a80 the a!i#it0 !e(a!it an# enfor&ea7i!it ofthe remin#in( roisions &ontaine# herein sha!! not in an 8a 7e affe&te# orimaire# there7. The u!nera7!e roision sha!! 7e re!a&e# 0 amen#e# orsu!emente# 7 su&h a roision 8hi&h the $arties 8ou!# hae &hosen so as toattain the inten#e# e&onomi& o76e&tie of the $arties ha# the 7een a8are of theu!nera7i!it of the sai# roision.

1*.3 An amen#ments or su!ements to this A(reement

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sha!! 7e effe&tie an# 7in#in( on! 8hen a(ree# amon( the $arties in 8ritin( an#08here ne&essar 0 8hen the aurtenant !i&enses or re(istration &ertifi&ates hae

7een re&eie# from the state 7o#ies.

ARTICLE 1$. SETTLEMENT OF DISPUTES

1-.1 The $arties sha!! en#eaor to reso!e 7 ne(otiationan #ifferen&e of oinion an# #isutes 8hi&h ma arise from or in &onne&tion8ith this A(reement or 8ith re(ar# to the a!i#it of this A(reement itse!f0 in the&ourse of oeration of the JVC.

1-.2 f it roes imossi7!e to sett!e #isutes 8ithin3/ #as an# !e(a! ro&ee#in(s aear unaoi#a7!e0 su&h #isutes are to 7e#e&i#e# 7 a &ourt or ar7itration 0 8ithout re&ourse to a (enera! &ourt of !a8.

1-.3 The ar7itration sha!! &onsist of three ar7itrators. Ea&h$art sha!! aoint one ar7itrator. The &hairman of the &ourt of ar7itration sha!! 7e#e&i#e# 7 three ar7itrators amon( themse!es. n the eent that ar7itrators or&hairman of the ar7itration &ourt sha!! not 7e aointe#0 this &hairman or thesear7itrators sha!! 7e aointe# 7 the &ourt of ar7itration.

1-.4 The ar7itration ro&ee#in(s sha!! 7e &on#u&te# ina&&or#an&e 8ith the u!es of nternationa! Cham7er of Commer&e.

1-." The &ost of ar7itration sha!! 7e #e&i#e# 7 the u!esstate# in C!ause 1-.4 an# the interretation of this A(reement sha!! 7e ina&&or#an&e 8ith the 'auritius La8 the ar7itration !an(ua(e sha!! 7e En(!ish.

ARTICLE 2(. COMMUNICATION TO THE PARTIES.

rrese&tie of 8hether this is eress! se&ifie# in ea&h in#ii#ua! &ase 0 a!!&ommuni&ations 8hi&h are ne&essar or ermitte# 8ith re(ar# to this A(reement an#the JVC are to 7e affe&te# in 8ritin(0 i.e. ia !etter0 te!e or te!e(ram. These&ommuni&ations are to 7e for8ar#e# to the fo!!o8in( a##resses

@$L.........................................

SEL...............................

TC...............................

An &han(e in the a7oe a##resses sha!! 7e &ommuni&ate# to other $arties in 8ritin(.

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The fai!ure0 8ith or 8ithout intent0 of an $art to insist uon the erforman&e 7 the other $arties of an term or stiu!ationof this A(reement0 sha!! not 7e treate# or #eeme# to &onstitute a mo#ifi&ation of an

terms or stiu!ations of this A(reement.

Nor sha!! su&h fai!ure or e!e&tion 7e #eeme# to &onstitute a 8aier of the ri(ht of theother $arties at an time 8hatsoeer thereafter to insist uon erforman&e 7 the other$arties stri&t! in a&&or#an&e 8ith an terms or roisions hereof.

A!! terms0 &on#itions an# o7!i(ations un#er this A(reement sha!! remain in fu!! for&ean# effe&t at a!! times #urin( the su7stan&es of this A(reement e&et 8here other8iseamen#e# or mo#ifie# 7 them 7 mutua! 8ritten a(reement.

ARTICLE 2#. INDEPENDENT PARTIES

The $arties sha!! a&t in a!! matter ertainin( to this A(reement as in#een#ent artiesan# nothin( &ontaine# herein sha!! &onstitute either as the a(ent or as the artner of theother $arties an# #oes not (ie an $art the o8er to reresent the other $arties hereto.

ARTICLE 2%. REPRESENTATIONS AND AUTHORIT)

2%.a! Ea&h $art reresents an# 8arrants that it is ermitte# 7 its rese&tie &ororate&harter an# in&ororatin( #o&uments to enter into this A(reement0 an# is notrestraine#0 reente# or inhi7ite# 7 an &ontra&t or arran(ement to 8hi&h it is a$art from enterin( into this A(reement or un#ertain( the o7!i(ations herein&ontaine#.

Ea&h si(nator to this A(reement reresents an# 8arrants that he is #u!authorise# 7 the $art for an# on 8hose 7eha!f he is si(nin( this A(reement toee&ute the same in a manner 7in#in( uon the sai# $art an# that a!! &ororatearoa!s an# ro&e#ures ne&essar for estin( su&h authorit in him hae 7een#u! o7taine# an# &om!ie# 8ith.

ARTICLE 2'. COUNTER PARTS

This A(reement sha!! 7e ee&ute# simu!taneous! in t8o &ounter arts ea&h of 8hi&hsha!! 7e #eeme# to 7e an ori(ina! 7ut 7oth to(ether sha!! &onstitute one instrument.

ARTICLE 2$. ADDITIONAL DOCUMENTS

Ea&h $art hereto sha!! romt! ee&ute an# #e!ier su&h a##itiona! #o&uments as are

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reasona7! re5uire# 7 the other $art or $arties hereto for the urose ofim!ementin( this A(reement0 roi#e# that su&h #o&uments sha!! 7e &onsistent 8iththe roisions hereof.

ARTICLE 3(. ENTIRE AGREEMENT

This A(reement sets forth the entire a(reement an# un#erstan#in( amon( the $arties asto the su76e&t matter hereof an# suerse#es a!! &ommuni&ations0 ne(otiations0&ommitments an# 8ritin(s rior to the #ate hereof ertainin( to the su76e&t matter ofthis A(reement.

ARTICLE 31. CONDITIONS PRECEDENT

31.1 This A(reement sha!! tae effe&t on! after a!! the fo!!o8in( &on#itions re&e#enthae 7een fu!! satisfie#.

31.2 This A(reement has 7een ee&ute# 7 the $arties an# the fo!!o8in( aroa!s hae7een o7taine#

Aroa!s re5uire# for effe&tin( inestments 7 the $arties in the &aita! ofthe JVC.

Aroa!s re5uire# to ena7!e the JVC to un#ertae a&tiities &ontem!ate#7 this A(reement.

A(reement has 7een aroe# 7 a forma! Boar#reso!utions of the $arties.

N ;TNESS :EEOF the $arties hereto hae ee&ute# this A(reement on the #aan# ear first hereina7oe 8ritten.

SH$E EN@NE NT,L @LOBAL $O;E L'TED

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JV Agreement(Diesel Power Plant)

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Transcript of JV Agreement(Diesel Power Plant)