JOINT VENTURE AGREEMENT

TABLE OF CONTENTS

1. Definitions ........................................................................2 2. Formation of JVC.............................................................3 3. Business of JVC ..............................................................4 4. Share Ca ita!....................................................................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" -. Di.i#en#s.........................................................................1" 1/. Finan&ia! )ear Au#itors an# Au#it..................................1% 11. A&&ounts0 1e&or#s0 1e orts an# 2ns e&tion....................1% 12. Confi#entia!it3.................................................................1+ 13. Termination .....................................................................2/ 14. Dea#!o&4..........................................................................21 1". Conse5uen&es of Termination ........................................23 1%. Dama(es..........................................................................24 1+. For&e 'a6eure...............................................................2" 1*. A !i&a7!e !a80 2nter retation0 Amen#ment 9
Su !ementation of the A(reement..............................2%

1-. Sett!ement of Dis utes..................................................2+ 2/. Communi&ation.............................................................2* 21. 'is&e!!aneous...............................................................2* 22. Assi(nment...................................................................2* 23. :ea#in(s.......................................................................224. 'o#ifi&ations................................................................22". ;ai.er...........................................................................22%. 2n#e en#ent $arties......................................................22+. 1e resentation an# Authorit3......................................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

This Joint Venture A(reement<hereinafter referre# to as =A(reement,> ma#e an# entere# into at .......................this .............#a3 of ...............2//??.

B) AND A'ON@ SE2L EN@2NE 2NT,L L2'2TED0 a &om an3 re(istere# in ????????????????? un#er the ????????????????? Offshore Business A&ti.ities A&t 1--2 an# ha.in( its re(istere# offi&e at $.O. BoA NO.????0 ?????????????????<hereinafter referre# to as =SE2LB 8hi&h eA ression sha!! mean an# in&!u#e its su&&essors an# ermitte# assi(ns.>0 @LOBAL $O;E1S L2'2TED a &om an3 re(istere# in ????????????????? un#er the ????????????????? Offshore Business A&ti.ities A&t 1--2 an# ha.in( its re(istere# offi&e at $.O. BoA No.????0 ????????????????? <hereinafter referre# to as =@$LB 8hi&h eA ressions sha!! mean an# in&!u#e its su&&essors an# ermitte# assi(ns> AND T1ADE 2NT,L CO1$.0 a &om an3 #u!3 eAitin( an# or(aniCe# un#er the !a8s of Dorea0 ha.in( its rin&i a! offi&e at ???????????????????????????????????????????????????????????????????????????????????????????????0 Dorea<hereinafter referre# to as =T2CB 8hi&h eA ressions sha!! mean an# in&!u#e its su&&essors an# ermitte# assi(ns>

;2TNESSET: E ;:E1EAS0 SE2L is a su7si#iar3 &om an3 of Dorea En(ineerin( Co.0 Limite#0 a !ea#in( Dorean &om an3 ha.in( ro.en &a a7i!ities in the en(ineerin(0 #esi(n an# &onstru&tion on a turn?4e3 7asis of o8er !ants0 an# ossessin( fa&i!ities for the manufa&ture of e5ui ment an# ma&hiner3 for o8er !ants. ;:E1EAS0 @$L is an esta7!ishe# ????????????????? &om an3 ha.in( eA erien&e in #iese! o8er ro6e&ts in&!u#in( o.erseein( o eration0 maintenan&e an# re air of #iese! o8er !ants0 o.era!! !ant su er.ision0 ro.i#in( ro&urement an# !ant &onstru&tion assistan&e an# finan&in( stru&ture assistan&e ;:E1EAS0 T2C is a &om an3 ha.in( eA erien&e in ro&urement an# internationa! tra#e of e5ui ment ma&hiner3 an# ra8 materia!s et&. forei(n in.estment an# ro6e&t finan&in(. SE2L02$@L an# T2C 8ish to form a Joint Venture Com an3 <JVC> in ????????????????? to

6oint!3 romote0 o8n0 o erate an# mana(e #iese! o8er ro6e&ts in ?????????????????. SE2L0 @$L an# T2C ha.e ha# #is&ussions to fina!iCe the terms an# &on#itions of the arti&i ation of SE2L0 @$L an# T2C in the JVC0 the manner in 8hi&h the JVC 8i!! &on#u&t 7usiness an# its #a3 to #a3 mana(ement an# o erations an# 8ish to re&or# in 8ritin( the sai# terms an# &on#itions mutua!!3 a(ree# u on 73 an# amon( them an# matters in&i#enta! an# an&i!!ar3 thereto. NO;0 T:E1EFO1E0 in &onsi#eration of the mutua! &o.enants &ontaine# herein0 SE2L0 @$L an# T2C hereto a(ree as fo!!o8sF

ARTICLE 1. DEFINITIONS

1. The terms state# 7e!o8 ha.e the fo!!o8in( res e&ti.e meanin(s 8ithin this
A(reement0 un!ess the &onteAt resu!ts in a #ifferent meanin(.

<a> =ACTB means the ????????????????? Offshore Business A&ti.ities A&t0 1--20 as
men#e# from time to time.

<7> =AFF2L2ATEB sha!! mean 8ith res e&t to SE2L or 2$@L or T2C0 an3 entit3
<other than the JVC> 8hi&h &ontro!s or is &ontro!!e# 73 or is un#er the &ommon &ontro! 8ith SE2L or @$L or T2C res e&ti.e!3. An entit3 &ontro!s another 8hen its o8ns or &ontro!s0 #ire&t!3 or in#ire&t!30 more than fift3 er&ent <"/G> of the .otin( se&urities or .otin( interests of the sai# other entit3 or 8hen it &ontro!s the &om osition of the 7oar# of #ire&tors of the sai# other entit3.

<&> =BOA1DB or =BOA1D OF D21ECT2O1SB sha!! mean the 7oar# of Dire&tors

of the JVC.

<#> ='E'O1ANDH' AND A1T2CLES OF ASSOC2AT2ONB refers to the

#o&ument a(ree# amon( the $arties to this A(reement 8hi&h sti u!ates the o76e&ti.e0 the or(aniCationa! rin&i !es an# the metho#s of interna! mana(ement an# a#ministration for the JVC in a&&or#an&e 8ith the rin&i !es !ai# #o8n in this A(reement

<e> =$E1'2TTTED NO'2NEEB means an3 =AFF2LATEB of a $art3 8ho has

7een ermitte# 73 that $art3 to a&5uire share in the JVC.

<f> =$A1T)B an# =$A1T2ESB sha!! mean SE2L0 @$L an# T2C in#i.i#ua!!3 an#
&o!!e&ti.e!3 as the &onteAt ma3 re5uire.

<(> =JO2NT VENTH1E A@1EE'ENTB or =T:2S A@1EE'ENTB sha!! mean

this resent A(reement an# sha!! in&!u#e an3 su7se5uent 8ritten mo#ifi&ation an# amen#ments thereto.

<h> =JVCB means the Joint Venture Com an3 to 7e 6oint!3 romote# 73 the
$A1T2ES 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&or orate# 8ith the name of 2NTE1NAT2ONAL $O;E1
$1OJECT 2NVEST'ENT L2'2TED or su&h other name as ma3 7e mutua!!3 a(ree# an# a ro.e# 73 the re(u!ator3 authorities in ?????????????. The re(istere# offi&e of the JVC 8i!! 7e situate# at su&h !a&e as sha!! 7e mutua!!3 a(ree#.

2.2 The JVC 8i!! 7e a ri.ate &om an3 8ith !ia7i!it3 73 share in a&&or#an&e 8ith the
!a8s of ?????????????. The !ia7i!it3 of the shareho!#er in the JVC 8i!! 7e !imite# to their res e&ti.e in.estments on this issue# an# ai#?u &a ita!.

2.3 The 'E'O1ANDH' an# A1T2CLES OF ASSOC2AT2ON of the JVC sha!!

ref!e&t the terms of this A(reement an# 7e in su&h form as ma3 7e a(ree# amon( the $A1T2ES. 2t is a(ree# that as amon( the $A1T2ES this A(reement sha!! re.ai! an# ha.e an o.erri#in( effe&t0 not8ithstan#in( an3thin( &ontaine# in the 'E'O1ANDH' an# A1T2CLES OF ASSOC2AT2ON of the JVC. 2n the e.ent of an3 in&onsisten&3 7et8een this A(reement an# the 'E'O1ANDH' an# A1T2CLES OF ASSOC2AT2ON of the JVC0 the $A1T2ES a(ree an# &onfirm that this A(reement 8ou!# re.ai! an# that the3 8ou!# 7e 7oun# 73 this A(reement an# that the3 8ou!# forth8ith ta4e ste s to amen# the 'E'O1ANDH' an# A1T2CLES OF ASSOC2AT2ON of the JVC so as to remo.e su&h in&onsisten&3.

ARTICLE 3. BUSINESS OF JVC 3.1 JVC shall:

<a> &arr3 on the 7usiness of romotin( 0o8nin(0 o eratin(0 an# maintainin( o8er
ro6e&ts in 2n#ia

<7> o erate effi&ient!3 an# e&onomi&a!!3 <&> attain maAimum &om etiti.e osition an# stri.e for si(nifi&ant mar4et share in
2n#iaF

"

<#> maAimiCe rofits an# ro.i#e attra&ti.e return on in.estment to the $arties on
an on(oin( 7asis.

ARTICLE 4. SHARE CAPITAL

4.1 JVC 8i!! initia!!3 ha.e an authorise# share &a ita! of ????. mi!!ion #i.i#e#
into ...................mi!!ion E5uit3 Share of ????.1/<ten> ea&h0 8hi&h authorise# share &a ita! 8i!! 7e in sta(es in&rease# to ????...........mi!!ion or to su&h other amount as ma3 7e a(ree# amon( the $A1T2ES.

4.2 The initia! issue#0 su7s&ri7e# an# ai#?u share &a ita! of the JVC 8i!! 7e ????.
mi!!ion #i.i#e# into mi!!ion E5uit3 Share of ????.1/ <ten> ea&h. Su&h issue#0 su7s&ri7e# an# ai#?u &a ita! sha!! 7e su7s&ri7e# for &ash at ar an# ai#?u an# he!# 73 the $A1T2ES hereto as fo!!o8sF?

<a> %/G of the issue# an# ai#?u e5uit3 share &a ita! of the JVC sha!! 7e
su7s&ri7e# an# he!# 73 SE2LI$E1'2TTED NO'2NEES.

<7> <>G of the issue# an# ai#?u e5uit3 share &a ita! of the JVC sha!! 7e
su7s&ri7e# an# he!# 73 @$L I $E1'2TTED NO'2NEES. C! < >G of the issue# an# ai#?u e5uit3 share &a ita! of the JVC sha!! 7e su7s&ri7e# an# he!# 73 T2CI$E1'2TTED NO'2NEES.

4.3 The issue#0 su7s&ri7e# an# ai#?u e5uit3 share &a ita! ma3 73 mutua! a(reement
7e in&rease#. Su&h further issue of shares sha!! 7e ma#e to the $A1T2ES in the ro ortion referre# to in C!ause 4.2 un!ess other8ise a(ree# in 8ritin( 73 the $A1T2ES. 2n the e.ent a $A1T) #oes not 8ish to su7s&ri7e to su&h further issue of share of JVC offere# to it an# re5uire# to finan&e the on(oin( o eration of the JVC,s 7usiness0 then the remainin( $A1T) sha!! ha.e the ri(ht to ta4e u su&h of the shares refuse# to 7e ta4en u 73 the first $A1T) an# the first $A1T) sha!! ha.e its ho!#in( in the e5uit3 share &a ita! of JVC #i!ute# a&&or#in(!3. 4.4 2n the e.ent of $A1T2ES, mutua! a(reement to &han(e the attern of ho!#in( of the e5uit3 share &a ita! of JVC to ena7!e JVC to offer shares to u7!i& or an3 other strate(i& in.estor0 the res e&ti.e shareho!#in( of the $A1T2ES sha!! 7e &han(e# in su&h ro ortion as the $A1T2ES ma3 #e&i#e so ho8e.er that the ho!#in( of @$L sha!! 7e not !ess than 2-.""G an# that of SE2L sha!! 7e not !ess than 2-.""G of the ai#?u e5uit3 &a ita! of JVC an# that of T2C sha!! 7e not !ess than < >G of the ai#?u e5uit3 &a ita! of JVC. Su&h &han(e in the shareho!#in( attern ma3 7e effe&te# on!3 on the terms an# &on#itions 8hi&h ma3 7e mutua!!3 a(ree# in

8ritin( amon( the $A1T2ES.

ARTICLE ". TRANSFER OF SHARES TO THIRD PARTIES

".1 An3 $A1T) or $A1T2ESI $E1'2TTED NO'2NEES <Se!!in( Shareho!#er> sha!!

not 7e entit!e# to transfer Ise!! an3 of the shares he!# 73 itIthem in JVC eA&e t in a&&or#an&e 8ith the ro.isions of this &!auseF

<a> 2f an3 $A1T) or its res e&ti.e $E1'2TTED NO'2NEES <hereinafter

referre# to as =OfferorB> #esire to transfer an3 or a!! of its I their shares in JVC to an3 erson or e5uit30 it sha!! offer su&h shares in 8ritin( in the first instan&e to the other $A1T2ES hereto <hereinafter referre# to as =OffereeB >. The Offeree sha!! 7e entit!e# to ur&hase the shares so offere# or nominate an3 erson or entit3 of its &hoi&e to a&&e t the shares offere#. Su&h Nominee sha!! 7e a ro.e# 73 the other $A1T2ES hereto0 ro.i#e# that su&h a ro.a! sha!! not 7e unreasona7!3 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&&e t or re6e&t su&h offer 8ithin a erio# of -/<ninet3> #a3s from the #ate of re&ei t of the offer or 8ithin a erio# of 3/ <thirt3> #a3s from the #ate of fiAation of Fair $ri&e0 8hi&he.er is !ater. 2f the Offeree or its nominees #o not &on.e3 its I their a&&e tan&e in 8ritin( to the Offeror 8ithin su&h erio#0 the offer sha!! 7e #eeme# to ha.e 7een re6e&te# 73 the Offeree. On!3 if su&h offer is first re6e&te# or is #eeme# to ha.e 7een re6e&te# 73 the Offeree0 the Offeror sha!! 7e entit!e# to se!! the shares to an3 thir# art3 or e5uit3 at the Fair $ri&e or at a ri&e hi(her than the Fair $ri&e<hereinafter referre# to as the =O ortunit3 $ri&eB>0 ro.i#e#0 ho8e.er0 that on&e the Offeror i#entifies su&h thir# art3 the Offeror sha!! forth8ith #is&!ose to the other art3 the name of the thir# art3 an# the O ortunit3 $ri&e at 8hi&h the shares are ro ose# to 7e transferre#. H on su&h notifi&ation 73 the Offeror0 the Offeree on&e a(ain sha!! ha.e the o tion to either ur&hase the sai# shares from the Offeror at the O ortunit3 $ri&e or a!!o8 the Offeror to se!! the sai# shares to the sai# thir# art3 at the O ortunit3 $ri&eF su&h o tion sha!! 7e eAer&ise# 73 the Offeree 8ithin 1/ <ten> #a3s of su&h notifi&ation. Su&h ri(ht of the Offeror to se!! the shares to an3 thir# art3 sha!! 7e eAer&ise# 8ithin a erio# of %/<siAt3> #a3s from the #ate 8hen su&h offer is #eeme# to ha.e 7een re6e&te#.

The Offeree I its nominees sha!! ha.e a ri(ht of first refusa! as aforesai# on!3 if it an# I or its nominees a(ree to ur&hase a!! the shares offere# 73 the Offeror.

<7> Not8ithstan#in( an3thin( herein &ontaine# 8here a $A1T) eAer&ises its

ri(ht to se!! the shares to an3 thir# art3 &onse5uent to the other $A1T2ES re6e&tin( the se&on# offer or su&h se&on# offer 7ein( #eeme# to ha.e 7een re6e&te# as out!ine# in C!ause <a> a7o.e0 the eAer&ise of su&h ri(ht 8i!! 7e su76e&t toF

<i>

the thir# art3 7ein( a&&e ta7!e to the other $A1T2ES

<ii> su&h thir# art3 a(reein( in 8ritin( as a &on#ition re&e#ent to the

transfer of share to it to 7e 7oun# 73 the terms an# &on#itions of this A(reement as thou(h it 8as a si(nator3 to this A(reement

<&> Not8ithstan#in( an3thin( herein &ontaine#0 shou!# an3 $A1T) Iits

$E1'2TTED NO'2NEES a&&e t the offer to ur&hase of the other $A1T2ESIits $E1'2TTED NO'2NEE shares 7ut 7e re.ente# from a&5uirin( su&h shares 73 .irtue of an3 @o.ernment restri&tions or refusa! of a ro.a!0 the first $A1T)Iits $E1'2TTED NO'2NEES sha!! ha.e a ri(ht to nominate an3 art3 8ho is free to a&5uire su&h shares0 an# a(ree to a7i#e 73 this A(reement0 ro.i#e# ho8e.er that the other $A1T2ES to this A(reement has 7een &onsu!te# in this re(ar#.

<#> Not8ithstan#in( an3 transfer0 a&5uisitions of shares as &ontem !ate# in

&!auses <a> a7o.e0 the $A1T2ES sha!! at a!! times 7e res onsi7!e an# !ia7!e to #is&har(e a!! their o7!i(ations to JVC an# to ea&h other so !on( as the3 are the shareho!#ers in JVC.

<e> Nothin( &ontaine# in &!ause <a> a7o.e sha!! a !3 to transfer of shares 73 the
$A1T2ES<hereinafter referre# to as =BTransferorB> to its $E'2TTED NO'2NEES <hereinafter referre# to as BTransfereeB>0 ro.i#e# that su&h nominee a(rees in 8ritin( as a &on#ition re&e#ent to the transfer to 7e 7oun# 73 the terms an# &on#itions of this A(reement as thou(h it 8as a si(nator3 to this A(reement an# un#erta4es to re?transfer the shares to the Transferor in the e.ent that the Transferee &eases to 7e the $E1'2TTED NO'2NEE of the Transferor. Ea&h of the $E1'2TTED NO'2NEES ho!#in( shares of JVC ursuant to this &!ause sha!! 7e #eeme# to 7e a $A1T) to this A(reement as if ori(ina!!3 name# herein. ".3 =Fair $ri&eB means the ri&e to 7e #etermine# 73 mutua! a(reement of the $A1T2ES 8ithin a erio# of 1"<fifteen> #a3s from the #ate of the offer 7ein( &ommuni&ate# to the other $A1T2ES. 2n the e.ent of an a(reement not 7ein(

rea&he#0 the $A1T2ES sha!! 8ithin a maAimum erio# of " <fi.e> #a3s a oint their au#itorsI&hartere# a&&ountants <of their &hoi&e> to .a!ue the shares in#e en#ent!3 an# re5uire su&h .a!uation to 7e ma#e 8ithin a maAimum erio# of 3/ <thirt3> #a3s form the #ate of a ointment. 2n the e.ent of there 7ein( a #ifferen&e in the t8o .a!uations of !ess than 1/ <ten>G of the hi(her .a!ue than the Fair $ri&e sha!! 7e the a.era(e of 7oth the .a!uations. 2f the #ifferen&e in 7oth .a!uation is more than 1/ <ten> G of the hi(her .a!ue than in that e.ent the aforesai# au#itorsI&hartere# a&&ountants of the $A1T2ES sha!! 8ithin a erio# of 1/ <ten> #a3s of the !ater .a!uation mutua!!3 a oint in in#e en#ent internationa!!3 re ute# firm of &hartere# a&&ountants to 7e the fina! .a!uers of the shares. Su&h .a!uers sha!! #etermine the Fair $ri&e as an in#e en#ent .a!uers 8ithin a erio# of 3/ <thirt3>#a3s of the a ointment an# su&h .a!uation sha!! 7e fina! an# 7in#in( u on the $A1T2ES. 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# ta4in( into a&&ount the histori& resu!ts of a re resentati.e erio# an# reasona7!e ro6e&tions of the future.

ARTICLE #. BOARD OF DIRECTORS AND MANAGMENT OF THE JVC #.1

<a> The $A1T2ES sha!! 7e 6oint!3 res onsi7!e for the mana(ement of JVC <7> The Boar# of Dire&tors of JVC<hereinafter referre# to as =Boar#B> sha!!
&onsist of < > #ire&tors of 8hom @$L sha!! 7e entit!e# to nomineeI#esi(nate < > #ire&tors an# SE2L sha!! 7e entit!e# to nominateI#esi(nate < >#ire&tors <in&!u#in( the mana(in( #ire&tor> an# T2C sha!! 7e entit!e# to nominateI#esi(nate < > #ire&tors. An3 in&rease in the stren(th of the Boar# sha!! 7e in the same ro ortion. Su&h ri(hts of re resentation on the Boar# sha!! 7e en6o3e# 73 a $A1T) as !on( as it ho!#s e5uit3 shares in the &a ita! of JVC. A!! #ire&tors eA&e t the mana(in( #ire&tor sha!! 7e !ia7!e for retirement 73 rotation.

%.2 For the ur ose of im !ementin( this A(reement0 the $A1T2ES hereto a(ree an#
un#erta4e that the3 sha!!0 at a!! times0 eAer&ise their res e&ti.e .otin( ri(hts as shareho!#ers in the JVC in su&h manner an# sha!! ensure that their res e&ti.e re resentati.es on the Boar# of the JVC sha!! so .ote at the Boar# an# sha!! so a&t so as to ensure the ro er im !ementation an# o7ser.an&e of the terms an# ro.isions &ontaine# in an# in the s irit of this A(reement.

%.3 @$L or0 as the &ase ma30 SE2L or T2C sha!! 7e entit!e# to re&ommen# the
a ointment of a!ternate #ire&tors in the e.ent that #ire&tors a ointe# or nominate# or #esi(nate# 73 @$L or0 as the &ase ma3 7e0 SE2L or T2C are una7!e to atten# the meetin(s of the Boar#. The Boar# sha!! a&&e t su&h
-

re&ommen#ations an# forth8ith a oint these a!ternate #ire&tors in a&&or#an&e 8ith the A&t. The Boar# sha!!0 if so re5uire# 73 a non?resi#ent #ire&tor0 a oint a erson 8ho is a!rea#3 a #ire&tor or an a!ternate #ire&tor of the JVC to 7e a ointe# as an a!ternate #ire&tor for another #ire&tor<s>0 in 8hi&h e.ent0 the a!ternate #ire&tor<s> so a ointe# sha!! ha.e a##itiona! .ote<s>.

%.4 A .a&an&3 on the Boar# sha!! 7e fi!!e# in as fo!!o8sF <a> 2n the &ase of a #ire&tor 8ho 8as nominate#I#esi(nate# for a ointment 73
@$L .a&atin( his offi&e as a #ire&tor0 the erson to 7e a ointe# to fi!! the .a&an&3 sha!! 7e one nominate# I#esi(nate# 73 @$L.

<7> 2n the &ase of a #ire&tor 8ho 8as nominate#I#esi(nate# for a ointment 73

SE2L .a&atin( his offi&e as a #ire&tor0 the erson to 7e a ointe# to fi!! the .a&an&3 sha!! 7e one nominate# I#esi(nate# 73 SE2L.

<&> 2n the &ase of a #ire&tor 8ho 8as nominate#I#esi(nate# for a ointment 73

T2C .a&atin( his offi&e as a #ire&tor0 the erson to 7e a ointe# to fi!! the .a&an&3 sha!! 7e one nominate# I#esi(nate# 73 T2C.

%." 2n the e.ent of a ointment of a##itiona! #ire&tors an3 $A1T) sha!! ha.e the ri(ht
to nominate su&h #ire&tors0 su76e&t to the ro.isions of C!ause %.1.

%.% The &ost of tra.e!0 !o#(in( an# 7oar#in( of the #ire&tors an# other out of o&4et
eA ense in&urre# 73 them for atten#in( the meetin(s of the Boar# sha!! 7e 7orne 73 the JVC.

%.+ Ea&h #ire&tor sha!! 7e ai# su&h sittin( fees for atten#in( an3 meetin( of the Boar#
as ma3 7e #e&i#e# 73 the Boar# 8ithin the !imits in this res e&t res&ri7e# 73 the A&t.

%.* An3 #ire&tor sha!! a!so 7e entit!e# to re&ei.e su&h remuneration for ser.i&e
erforme# 73 him for JVC as the Boar# ma3 #e&i#e an# 7e a ro.e# 73 the shareho!#ers of the JVC. #.$ a! Su76e&t to &!ause <7> 7e!o80 as !on( as SE2L ho!#s shares in the e5uit3 share &a ita! of JVC0 it sha!! ha.e the ri(ht to a oint Inominate the &hairman of the Boar# of JVC after #ue #e!i7erations an# eAtensi.e &onsu!tations 8ith the @$L an# T2C.

1/

<7> 2t is a(ree# an# un#erstoo# amon( the $A1T2ES that not8ithstan#in( 8hat
is state# in C!ause <a> a7o.e 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 SE2L or its $E1'2TTED NO'2NEE is shareho!#er in the JVC.

%.1/ SE2L sha!! ha.e the ri(ht to a oint an# nominate a mana(in( #ire&tor of JVC.
The mana(in( #ire&tor sha!! 7e in &har(e of the #a3 to #a3 o erations an# mana(ement of JVC. The mana(in( #ire&tor sha!! 7e .este# 8ith su7stantia! o8ers of mana(ement 8hi&h he sha!! eAer&ise su76e&t to the o.era!! su erinten#en&e0 &ontro! an# #ire&tion 73 the Boar#. The mana(in( #ire&tor sha!! ha.e the fu!! res onsi7i!it3 an# authorit3 to mana(e the affairs of JVC 8ithin the frame8or4 of the 7usiness !an0 an# su76e&t to the o8er re5uire# to 7e eAer&ise# 73 the Boar# or the shareho!#ers un#er this A(reement or the ro.isions of the A&t.

%.11 The re resentation of the $A1T2ES on an3 &ommittee or su7? &ommittee of the
Boar# sha!! 7e in the same ro ortion an# 7e &om ute# in the same manner as their re resentation on the Boar#0

%.12 A!! matters sha!! 7e #e&i#e# 73 the Boar# of JVC 73 a sim !e ma6orit3 of .otes.
$ro.i#e# that0 the Boar# or an3 &ommittee thereof <8hether at its meetin( or 73 &ir&u!ar reso!ution> or an3 eAe&uti.eIem !o3ee of the JVC or an3 ersonI&ommittee un#er the o8er #e!e(ate# 73 the Boar# sha!! not ta4e an3 #e&isionIa&tion on the fo!!o8in( matters in.o!.in( the JVC eA&e t 8ith the ma6orit3 of #ire&tors 8hi&h ma6orit3 sha!! &om rise of at !east one affirmati.e .ote of a #ire&tor nominate# I#esi(nate# 73 @$L an# one affirmati.e .ote of a #ire&tor nominate# I#esi(nate# 73 SE2L an# one affirmati.e .ote of a #ire&tor nominate# I #esi(nate# 73 T2C.

<a>

to a!ter the ro.isions of the 'E'O1ANDH' an# A1T2CLES of Asso&iation of the JVCF

<7> to issue an# a!!ot ne8 shares0 #e7entures or an3 #eta&ha7!e 8arrants or
&ou ons or other instruments 8hi&h ena7!es the ho!#er to o7tain share in the JVC0 transfer of shares an# su&h other se&urities <8hi&h in&!u#es transfer of shares an# su&h other se&urities amon(st the $E1'2TTED NO'2NEES an# AFF2L2ATES as #efine# in C!ause 1 of this A(reement>F

<&>

to en(a(e in an3 a&ti.ities other than those en.isa(e# in this A(reementF

<#> to fiA remuneration of the #ire&torsF

11

<e> <f>

to a#o t a&&ounts an# re orts to 7e !ai# 7efore the mem7ers in @enera! 'eetin( an# #e&ision in a&&ountin( o!i&ies of the JVCF to 6oin an3 other &om an3 or to in.est in an3 other &om an3F

<(> to (rant !oans an# I or &re#its other than those ro.i#e# for in the 7usiness
!an or a ro.e# in the annua! 7u#(et0 to assume an3 !ia7i!ities 0 (uarantees or &ommitments to thir# arties other than those a ro.e# in the 7usiness !an an# in the annua! 7u#(etF

<h> to &han(e the tota! num7er of #ire&tors on the Boar#. <i> to issue #e7t instruments an# 7orro8in(s in eA&ess of 1s. ..........mi!!ion an#Ior
for a term of more than..................monthsF

<6> to #is ose of assets other than those &o.ere# in the a ro.e# annua! 7u#(et or
#is osa! of assets eA&ee#in( 1s...................mi!!ion an# ur&hase of assets of a .a!ue eA&ee#in( 1s....................mi!!ion an# 8rite off !oans eA&ee#in( 1s......................mi!!ion.

<4> to #e&!are #i.i#en#s an# a ro riation of rofits. <!>

to #e!e(ate authorities to an3 &ommittee of #ire&tors0 mana(in( #ire&tor0 mana(er0 se&retar3 or an3 other rin&i a! offi&er of JVCF

<m> to a oint an# remo.e 4e3 first !e.e! eAe&uti.es of the JVCF <n> to a ro.e the annua! 7u#(ets in&!u#in( &a ita! eA en#itures0 strate(i&
!ans 0 in.estment !ans 0 7usiness #e.e!o ment !ans0 finan&ia! statements an# 7a!an&e sheet or an3 #e.iation therefrom an# to un#erta4e eA en#iture 7e3on# a ro.e# 7u#(etF

<o> to offer (uarantees to finan&ia! institutions I 7an4s < > a ointment I remo.a! of au#itorsF <5> a&5uire from or (rant to thir# arties 73 !i&ense or other8ise atents0
tra#emar4s0 te&hno!o(3 or other inte!!e&tua! Iin#ustria! ro ert3 ri(htsF

12

<r> to enter into transa&tions 7et8een the JVC an# an3 of the rin&i a!
shareho!#ers of the JVC or in the &ase of &or orate rin&i a! shareho!#ers0 their ho!#in( &om an30 su7si#iar3 or AFF2L2ATESF

<s> to (rant !oans to #ire&torsF <t> initiation of0 or an a(reement to sett!e0 an3 #is ute0 o7!i(ation0 ar7itration or
other ro&ee#in( 8ith an3 other thir# art30 8hether as etitioner I !aintiff I or res on#ent I#efen#ant in res e&t of matters ha.in( a su7stantia! 7earin( on JVC,s a&ti.itiesF

<u> to &onsent to a #ire&tor or his re!ati.e or artner or firm or ri.ate &om an3
ho!#in( an offi&e or !a&e or rofit in the JVCF

<.> to ma4e !ia7i!it3 of an3 #ire&tor or mana(er un!imite# if so authorise# 73 the

A1T2CLES OF ASSOC2AT2ONS F

<8> to a oint se!!in( or ur&hasin( a(ents or #istri7utorsF <A> to in&reaseI#is ose of an3 in.estment ma#e in the e5uit3 shares of a
&om an3 in 2n#ia in the 7usiness of o8er ro6e&tsF

<3> to #e&i#e on the matter of in&reasin( Ire#u&in( the sta4e in a &om an3
referre# to in <A> a7o.e.

%.13 ;here.er !e(a!!3 ne&essar30 eAer&ise of the o8ers of the Boar# sha!! 7e su76e&t
to the a ro.a!I&onsent of the shareho!#ers at a #u!!3 &on.ene# (enera! meetin( of the shareho!#ers.

%.14 An3 7usiness 8hi&h re5uire# a ro.a! of the (enera! meetin( of the
shareho!#ers 73 s e&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 s e&ia! reso!ution as a resu!t of &han(e in !a80 then su&h 7usiness sha!! a!so 7e #eeme# to ha.e 7een in&!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 of
the Boar# for the time 7ein( or three #ire&tors 8hi&he.er is hi(her ro.i#e# that0 so !on( as @$L0 SE2L an# T2C are entit!e# to nominate I #esi(nate #ire&tors0 the 5uorum for the Boar# 'eetin(s or an3 meetin(s of &ommittees
13

thereof sha!! not 7e .a!i#!3 &onstitute# un!ess at !east one nominee #ire&tor ea&h of @$L0 SE2L an# T2C is resent0 un!ess su&h re5uirement is 8ai.e# in 8ritin( 73 @$L 0SE2L an# T2C for the s e&ifi& Boar# 'eetin(. a! At !east 1" &!ear #a3s noti&e in 8ritin( a!on( 8ith a(en#a mentionin( the matters to 7e #is&usse# an# ro ose# to 7e #e&i#e# at the Boar# 'eetin( sha!! 7e (i.en to a!! the #ire&tors 08hether in 2n#ia or outsi#e 0 su&h noti&es sha!! 7e sent to the 7usiness a##ress of ea&h su&h #ire&tor. A!! noti&es (i.en sha!! 7e (i.en to a!! the #ire&tors 8ith a &o 3 to the $arties hereto 73 faA or other e!e&troni& &ommuni&ation an# &onfirme# in 8ritin( sent 73 internationa! airmai!

<7> No #e&ision at the Boar# 'eetin( on an3 item sha!! 7e ta4en 8hi&h 8as not
mentione# in the a(en#a of the Boar# 'eetin( un!ess a!! the #ire&tors or their a!ternate a(ree in 8ritin( other8ise.

<&> Boar# 'eetin(s ma3 7e &on.ene# at the shorter noti&e if a!! the #ire&tors of
the JVC a(ree in 8ritin(.

+.3 The 5uorum for the (enera! meetin( of the the shareho!#ers meetin( sha!! 7e t8o
ersons resent in erson ro.i#e# that0 so !on( as @$L 0 SE2L an# T2C are entit!e# to nominate I#esi(nate #ire&tors0 the 5uorum for the (enera! meetin( of the shareho!#ers sha!! not 7e .a!i#!3 &onstitute# un!ess at !east one re resentati.e ea&h of @$L0SE2L an# T2C is resent at !east at su&h meetin( 0 un!ess su&h re5uirement is 8ai.e# in 8ritin( 73 @$L or SE2L or T2C0 as the &ase ma3 7e0 for the s e&ifi& (enera! meetin( of the shareho!#ers.

+.4 ;here at a (enera! meetin( of the shareho!#ers an3 7usiness re5uires a ro.a! of
the shareho!#ers 73 8a3 of a s e&ia! reso!ution <in&!u#in( 7usiness 8hi&h as er the !a8 in for&e on the #ate of si(nin( this A(reement re5uires a ro.a! 73 8a3 of s e&ia! reso!ution 7ut mi(ht not re5uire in future su&h s e&ia! reso!ution as a resu!t of &han(e in !a8>0 su&h a ro.a! in or#er to 7e .a!i# an# 7in#in( on the JVC 8ou!# ha.e to 7e 73 8a3 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!
re are a strate(i& !an for ea&h su&&ee#in( " 3ear term at !east 3 months 7efore the eA ir3 of ea&h &urrent strate(i& !an. The strate(i& !an sha!! 7e re5uire# to 7e a ro.e# 73 the Boar#. 2f the mana(in( #ire&tor &onsi#ers it a ro riate he ma3 re are a se arate or mo#ifie# strate(i& !an for a " 3ear erio# at an3 time #urin( the erio# of su7sisten&e of an3 strate(i& !an. Su&h se arate or mo#ifie# strate(i& !an sha!! if a ro.e# 73 the Boar# re !a&es an3 eAistin(

14

strate(i& !an.

*.2 The mana(in( #ire&tor sha!! 8ithin the frame8or4 of the strate(i& !an <as
a ro.e# 73 the Boar#> su7mit annua!!3 at !east 1 month 7efore the 7e(innin( of ea&h finan&ia! 3ear of JVC0 a ro ose# annua! 7u#(et of JVC to the Boar# for su&h finan&ia! 3ear. Su&h annua! 7u#(et sha!! 7e re5uire# to 7e a ro.e# 73 the Boar#.

ARITLCE $. DIVIDENDS

-.1 Su76e&t to the ro.isions of the A&t0 an# the 'E'O1ANDH' AND A1T2CLES
OF ASSOC2AT2ON of the JVC an# ha.in( re(ar# to the future 7usiness re5uirements of JVC an# &ommer&ia! ru#en&e the JVC for ea&h finan&ia! 3ear 8i!! #e&!are the maAimum ossi7!e #i.i#en#. Su76e&t to the !imits as aforesai#0 the Boar# ma3 #e&!are 73 8a3 of interim #i.i#en# an# I or re&ommen# to the annua! (enera! meetin( of the shareho!#ers of JVC #i.i#en# a3ment as the Boar# ma3 fee! eA e#ient.

ARTICLE 1(. FINANCIAL )EAR AUDITORS AND AUDIT

1/.1 Finan&ia! )ear

The $arties a(ree that the finan&ia! 3ear of JVC 8i!! 7e A ri! 1st to 'ar&h 31st.

1/.2 Au#itors
The first au#itor sha!! 7e a ointe# 73 the Boar# as 7ein( nominate# 73 SE2L in &onsu!tation 8ith @$L an# T2C an# the a ointment of the au#itors sha!! in su7se5uent 3ears 7e ma#e in a&&or#an&e 8ith the re!e.ant ro.isions of the A&t 73 the shareho!#ers of JVC 7ase# on the ro osa! of SE2L after &onsu!tation 8ith @$L an# T2C.

1/.3 Annua! Au#it

An annua! au#it of the 7oo4s of a&&ounts0 re&or#s an# affairs of JVC at JVC,s eA ense sha!! 7e ma#e ea&h 3ear imme#iate!3 fo!!o8in( the &!ose of the finan&ia! 3ear 73 JVC au#itors. A si(ne# &o 3 of the re ort of the annua! au#it sha!! 7e su7mitte# to ea&h mem7er of the Boar#.

ARTICLE 11. ACCOUNTS* RECORDS* REPORTS AND INSPECTION

11.1 'aintenan&e of 1e&or#s

1"

JVC 8i!! maintain se arate 0 in#e en#ent 0 a&&urate0 &om !ete0 &!ear an# satisfa&tor3 finan&ia! a&&ounts for its 7usiness o erations an# sha!! 4ee re&or#s &onfirmin( to soun# internationa! ra&ti&e in a&&or#an&e 8ith 2n#ian !a8 re5uirements0 8hi&h a&&ounts sha!! 7e au#ite# at the eA ense of JVC 7ut its Au#itors.

11.2 'onth!3 Finan&ia! Statements

The $arties sha!! ensure an# &ause JVC to #e!i.er to the $arties month!3 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 <1"> 8or4 #a3 after the en# of ea&h month.

11.3 2ns e&tions of 1e&or#s

The $arties sha!! ensure that a!! the 7oo4s an# re&or#s of JVC in&!u#in( &ontra&ts0 un#erta4in(s an# a!! other #o&uments eAe&ute# 73 JVC0 its #ire&tors or offi&ers sha!! 7e o en to ins e&tion 73 the $arties an# their authorise# re resentati.es at a!! reasona7!e times.

11.4 S e&ia! Au#it

The $arties 8i!! ha.e the ri(ht at an3 time to ha.e s e&ia! au#it ma#e of the 7oo4s of a&&ounts0 re&or#s an# affairs of JVC 7ut an3 s e&ia! au#it sha!! 7e at the eA enses of the re5uestin( $art30 an# if materia! #is&re an&ies in an3 of JVC,s a&&ounts0 re&or#s or affairs are #is&o.ere# as a resu!t of su&h au#it0 the eA enses for su&h au#it sha!! 7e ai# for 73 JVC.

11." A&&ess
Ea&h $art3 throu(h its nominate# #ire&tors or re resentati.e sha!! at its o8n eA enses 7e entit!e# to ha.eE

11.".1 reasona7!e a&&ess at a!! reasona7!e times to ins e&t an# o7tain &o ies of
7oo4s0 re&or#s an# #o&uments un#er the &ontro! of JVC.

11.".2 reasona7!e a&&ess at a!! reasona7!e times to o7ser.e an# ins e&t o erations
of JVC as 8ou!# 7e a!!o8e# un#er a !i&a7!e !a8s state# in C!ause 1*.1.

ARTICLE 12. CONFIDENTIALIT)

12. 1 Confi#entia!it3 of the information

Durin( the su7sisten&e of this A(reement0 ea&h $art3 an#Ior its Affi!iate<s> sha!! re&ei.e an# maintain a!! Confi#entia! 2nformation <as #efine# hereafter0 ho8e.er #is&!ose#> in the stri&test &onfi#en&e.

1%

12.2 Limit to Dis&!ose

Ea&h $art3 an#Ior its Affi!iate<s> sha!! !imit #is&!osure of an3 Confi#entia! 2nformation to those of its em !o3ees0 a(ents0 an# re resentati.es on a nee# ?to? 4no8 7asis. Either $art3 rior to ma4in( #is&!osure of an3 Confi#entia! 2nformation sha!! eAert 7est efforts to &ause the re&ei.in( entit3<ies> to eAe&ute a ers an# #o&uments to effe&t su7stantia! &om !ian&e 8ith the ro.isions of this C!ause.

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

2n &ase either $art3 an#Ior its Affi!iate<s> or an3 of their em !o3ee0 a(ents or re resentati.es0 7e&omes !e(a!!3 &om e!!e# to #is&!ose an3 Confi#entia! 2nformation0 su&h $art3 sha!! (i.e suffi&ient noti&e to the other $art3 so as to ermit su&h other $art3 to see4 a time!3 rote&ti.e or#er or other a ro riate re!ief. 2f su&h or#er or or#er re!ief &annot 7e o7taine#0 the $art3 7ein( &om e!!e# to ma4e #is&!osure sha!! on!3 ma4e #is&!osure of that 8hi&h is !e(a!!3 re5uire# an# no more.

12.4 2nformation in u7!i& #omain.

The o7!i(ation of &onfi#entia!it3 in res e&t of Confi#entia! 2nformation sha!! not a !3 to Confi#entia! 2nformation 8hi&h is no8 in0 or hereafter &omes into0 the u7!i& #omain other8ise than 73 7rea&h of this A(reement.

12." Co ies
Ea&h $art3 an#Ior its Affi!iate<s> sha!! ma4e on!3 su&h notes0 s4et&hes0 #ra8in(s0 hoto&o ies or other 8ritten or hoto(ra hi& re&or#s re!atin( to a!! Confi#entia! 2nformation as are a7so!ute!3 ne&essar3. A!! su&h materia!s sha!! 7e!on( to the $art3 an#Ior its Affi!iates to 8hi&h the Confi#entia! 2nformation re!ates an#0 to(ether 8ith a!! other tan(i7!e eA ressions of Confi#entia! 2nformation he!# 73 an3 $art3 an#Ior its Affi!iates<s> sha!! 7e returne# to the o8ner forth8ith u on the termination of this A(reement.

12.%

Confi#entia! 2nformation. For the ur ose of this &!ause0 =Confi#entia! 2nformation sha!! mean

12.%.1 8ith res e&t to JVC0 a!! information <.er7a! or #o&umente#> re!atin( to the
7usiness or o erations of JVC0 8hi&h is s e&ifi&a!!3 i#entifie# 73 JVC at the time of the #is&!osure as 7ein( &onfi#entia! or ro rietar3F an#

12.%.2 8ith res e&t to an3 $art30 a!! information <.er7a! or #o&umente#> re!atin(
to the 7usiness or o erations of su&h $art3 or an3 of its Affi!iates 8hi&h is s e&ifi&a!!3 i#entifie# 73 su&h $art3 at the time of the #is&!osure as 7ein( &onfi#entia! or ro rietar3.

1+

The term =Confi#entia! 2nformationB sha!! s e&ifi&a!!3 in&!u#e an3 tan(i7!e eA ression of su&h information 0 in&!u#in( 0 8ithout !imitation0 hoto(ra hs0 !ans0 #ra8in(s0 ren#erin(s0 6ourna!s0 note7oo4s0 &om uter ro(rams0 sam !es0 mo#e!s0 rotot3 es an# mo&4?u s re!atin( thereto0 an# sha!! further in&!u#e an3 &onfi#entia! or ro rietar3 information o8ne# 73 an3 other erson or entit3 an# furnishe# 73 su&h other erson or entit3 ursuant to an un#erta4in( to maintain the same in &onfi#en&e.

12.+

EA&e tions Not8ithstan#in( an3thin( &ontaine# in this A(reement to the &ontrar30 the restri&tions &o.ere# un#er this A(reement for the use or #is&!osure of Confi#entia! 2nformation sha!! not a !3 to an3 information.

12.+.1 8hi&h is in#e en#ent!3 #e.e!o e# 73 the re&ei.in( $art3 or an3 her
Affi!iate or !a8fu!!3 re&ei.e# free of restri&tion from another sour&e ha.in( the ri(ht to so furnish su&h informationF or

12.+.2 after it has 7e&ome (enera!!3 a.ai!a7!e to the u7!i& 8ithout 7rea&h of this
A(reement 73 the re&ei.in( $art3 or an3 Affi!iateF or

12.+.3 8hi&h at the time of #is&!osure to the re&ei.in( $art3 8as 4no8n to su&h
$art3 or Affi!iate free of restri&tion so !on( as su&h rior 4no8!e#(e is rom t!3 #is&!ose# in 8ritin( fo!!o8in( #is&!osure of the informationF or

12.+.4 8hi&h the #is&!osin( $art3 a(rees in 8ritin( is free of su&h restri&tions. 12.*
2nurement Not8ithstan#in( an3thin( &ontaine# in this A(reement0 the ro.isions of C!ause 12.1 sha!! &ontinue to 7e a !i&a7!e to an# to 7in# the $arties0 8ithout !imit in oint in time eA&e t an# unti! su&h information enters u7!i& #omain or is &o.ere# un#er C!ause 12.+. Continue# Hse Not8ithstan#in( an3thin( to the &ontrar3 &ontaine# in this C!ause 120 in the e.ent of termination of this A(reement 73 reason of an3 7rea&h 73 a $art30 the other $art3 sha!! entit!e# to &ontinue to use Confi#entia! 2nformation for the ur ose of the a&ti.ities of the JVC an# su&h use of Confi#entia! 2nformation sha!! not 7e #eeme# to 7e a 7rea&h of the &onfi#entia!it3 o7!i(ation &ontaine# in this Arti&!e 12.

12.-

ARTICLE 13. TERMINATION

1*

13.1

Not8ithstan#in( an3thin( &ontaine# in this A(reement0 either $art3 sha!! 7e entit!e# to terminate this A(reement in an3 of the fo!!o8in( e.entsF

<a> either $art3 sha!! ha.e the ri(ht to terminate this A(reement 73 (i.in(
1"<fifteen> #a3s 8ritten noti&e to the other $arties if that other $art3 or $arties .o!untari!3 or other8ise &ommits a materia! 7rea&h of an3 of the terms an# &on#itions of this A(reement 0 ro.i#e# that if the 7rea&h is reme#ia7!e 0 the ri(ht aforesai# sha!! 7e eAer&isa7!e on!3 if the 7rea&h is not reme#ie# 8ithin 4" <fort3?fi.e> #a3s of a 8ritten noti&e re5uirin( to reme#3 the sameF

<7> either $art3 sha!! 7e entit!e# to terminate this A(reement forth8ith 73 (i.in(
a 8ritten noti&e to the other $arties in the e.ent of the other $art3 or $arties 7ein( or#ere# to 7e 8oun# u or enterin( into a &om romise or arran(ement 8ith its &re#itors as a resu!t of its 7an4ru t&3 or if a #istress eAe&ution or other ro&ess sha!! 7e effe&te# u on or if an en&um7ran&er sha!! ta4e ossession of or a re&ei.er sha!! 7e a ointe# of su7stantia! art of the assets or ro ert3 of the other $art3 or $arties.

<&> u on one $art3 (i.in( noti&e to the other $art3 or $arties &onse5uent u on
the other $art3 or $arties or its $E1'2TTED NO'2NEES &easin( to 7e the shareho!#ers in the JVC.

<#> u on one $art3 (i.in( noti&e to the other $art3 or $arties &onse5uent u on a
&han(e in the o8nershi or &ontro! of the other $art3 or $artiesF &han(e of o8nershi or &ontro! in so far as a $art3 is &on&erne# sha!! 7e #eeme# to 7e o&&urre# if there is a &han(e in the o8nershi of shares in the $art3 8hi&h has the resu!t of o erati.e &ontro! 7ein( #ire&t!3 or in#ire&t!3 eAer&ise# 73 an3 other entit3 other than that 8hi&h resent!3 &ontro!s the sai# $art3.

<e> if the JVC,s a&ti.ities are serious!3 im e#e# as a resu!t of for&e ma6eure for a
erio# of more than % months as mentione# in Arti&!e 1+ herein 7e!o8.

<f> if an3 one or more of the &on#itions re&e#ent set forth in Arti&!e 31 ha.e not
7een fu!!3 met 8ithin ........months from the #ate of this A(reement or su&h other eAten#e# #ate as ma3 7e mutua!!3 #e&i#e# 73 the $arties.

13.2

Durin( the erio# that the noti&e of termination is (i.en 73 an3 $art3 unti! the time the issue is reso!.e# or termination 7e&omes effe&ti.e the mem7ers of the Boar# sha!! fun&tion as trustees for the smooth an# &ontinue# o erations an# fun&tions of the JVC.

1-

ARTICLE 14. DEADLOC+

14.1

The $arties an# their res e&ti.e $E1'2TTED NO'2NEES eA ress!3 a(ree an# &onfirm that in &ase of an3 ma6or im asse I #ea#!o&4 ha.in( arisen in the o eration of the JVC 8hi&h ertains an# is materia! to the further or future o eration of the 7usiness of JVC0 the $arties sha!! &ause their nominate# #ire&tors to re are an# &ir&u!ate to the other $art3 or $arties a memoran#um or a statement settin( out its osition on the issue on 8hi&h there is #isa(reement an# its reasons for a#o tin( su&h osition. Ea&h su&h memoran#um or statement sha!! then 7e &onsi#ere# 73 the &hairman of mana(in( 7oar# of @$L0 SE2L an# T2C then ho!#in( offi&e 8ho sha!! use their 7est en#ea.ours to reso!.e su&h an im asse I #ea#!o&4. Su&h ro&ess sha!! 7e &om !ete# 8ithin a erio# of 4" <fort3?fi.e> #a3s of the im asseI#ea#!o&4 ha.in( arisen0 un!ess su&h erio# is eAten#e# 73 mutua! a(reement73 three &hairman. An im asses I #ea#!o&4 arises on the #ate one $art3 re&ei.es a 8ritten &ommuni&ation from the other &on.e3in( the 7asis of su&h other $art3 &omin( to the &on&!usion of 8hi&h the #ea#!o&4 is an# ho8 it has arisen. Des ite the aforesai# if the ane! of the &hairman is una7!e to reso!.e the im asse I #ea#!o&40 that the #ea#!o&4 sha!! 7e #eeme# to 7e a ma6or im asse I #ea#!o&4 an# in the e.ent u!timate so!ution of an3 ma6or im assesI#ea#!o&4 sha!! 7e as ro.i#e# hereinafter in this C!ause. 2n the e.ent an3 $art3<hereinafter referre# to as =Se!!in( $art3B> #esires to se!! its shareho!#in( in the JVC0 the other $arties<hereinafter referre# to as =$ur&hasin( $artiesB> sha!! ha.e the first ri(ht to in5uire it in&!u#in( its $E1'2TTED NO'2NEES 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 ".3 of this A(reement. 2n &ase $ur&hasin( $arties ha.e notifie# Se!!in( $art3 in 8ritin( that it or its $E1'2TTED NO'2NEES #o not 8ish to ur&hase the entire shareho!#in( of Se!!in( $art3 in&!u#in( its $E1'2TTED NO'2NEES0 in that e.ent0 Se!!in( $art3 sha!! 7e entit!e# to se!! a!! the share he!# 73 itIits $E1'2TTED NO'2NEES to a thir# art3 at a ri&e not !ess than the fair ri&e referre# to in C!ause 14.10 ro.i#e# that su&h a thir# art3 is a&&e ta7!e to $ur&hasin( $arties an# a(ree in 8ritin( as a &on#ition re&e#ent to the transfer of share to it to 7e 7oun# 73 the terms an# &on#itions of this A(reement as thou(h it 8as a si(nator3 to this A(reement. On&e an im assesI #ea#!o&4 has #eeme# to ha.e arisen ti!! su&h time the im assesI #ea#!o&4 is reso!.e#0 the #ire&tors of the Boar#sha!! fun&tion as trustees for the smooth an# &ontinue# o eration an# fun&tionin( of the JVC.

14.2

14.3

ARTICLE 1". CONSE,UENCE OF TERMINATION

1".1

2t is eA ress!3 a(ree# 73 an# amon( the $arties that in &ase of termination of

2/

this A(reement 73 an3 $art3 un#er C!ause 13.1 Jother than <e> an# <f>K0 SE2L sha!! ha.e the ri(ht to re5uire @$L in&!u#in( its $E1'2TTED NO'2NEES to se!! their entire shareho!#in( in the JVC to SE2L an# @$LI$E1'2TTED NO'2NEES sha!! 7e o7!i(e# to se!! their shares to SE2L at the ri&e mutua!!3 a(ree# 7et8een the $arties fai!in( 8hi&h at the fair ri&e #etermine# in a&&or#an&e 8ith C!ause ".3.

1".2

2n &ase $ur&hasin( $arties has notifie# Se!!in( $art3 in 8ritin( that the3 or their $E1'2TTED NO'2NEES #o not 8ish to ur&hase the entire shareho!#in( of Se!!in( $art3 in&!u#in( its $E1'2TTED NO'2NEES0 in that e.ent0 Se!!in( $art3 sha!! 7e entit!e# to se!! a!! the share he!# 73 itIits $E1'2TTED NO'2NEES to a thir# art3 at a ri&e not !ess than the fair ri&e referre# to in C!ause 14.10 ro.i#e# that su&h a thir# art3 is a&&e ta7!e to $ur&hasin( $arties an# a(rees in 8ritin( as a &on#ition re&e#ent to the transfer of shares to it to 7e 7oun# 73 the terms an# &on#itions of this A(reement as thou(h it 8as a si(nator3 to this A(reement. No 8ai.er of ante&e#ent 7rea&h an# no (rant of time an# in#u!(en&e sha!! re6u#i&e an3 su7se5uent ri(ht to terminate this A(reement. The termination sha!! not re6u#i&e the ri(ht of non? #efau!tin( $art3 or $arties a(ainst the #efau!tin( $art3 that ma3 ha.e a&&rue# rior to the #ate of termination or eA iration of this A(reement. On the termination of this A(reement the $arties hereto sha!! refrain from an3 a&ts0 in#i&ations0 u7!i&it3 or a#.ertisements 8hi&h ma3 mis!ea# an3 thir# art3 into the 7e!ief that the $arties hereto sti!! maintain 7usiness re!ationshi s 8ith one another 8ith referen&e to the JVC an# neither $art3 hereto sha!! &ommit an3 a&t #etrimenta! to the 7usiness or re utation of the other $artiesF a!so the $arties sha!! ensure that the JVC sha!! not use the name of the out(oin( shareho!#er in an3 manner either in u7!i&it3 materia! or other8ise. ;hen this A(reement is terminate# #ue to the &ir&umstan&es set out in su7 C!ause <f> of C!ause 13.10 if the JVC is in eAisten&e0 $ur&hasin( $arties sha!! ha.e the ri(ht to re5uire Se!!in( $art3 in&!u#in( its $E1'2TTED NO'2NEES to se!! their entire shareho!#in( in the JVC to $ur&hasin( $arties an# Se!!in( $art3 I$E1'2TTED NO'2NEES sha!! 7e o7!i(e# to se!! their shares to $ur&hasin( $arties at a mutua!!3 a(ree# ri&e fai!in( 8hi&h at the fair ri&e 8hi&h sha!! #etermine# in a&&or#an&e 8ith C!ause ".3 of this A(reement.

1".3 1".4

1"."

1".%

2n &ase $ur&hasin( $arties has notifie# Se!!in( $art3 in 8ritin( that the3 or their $E1'2TTED NO'2NEES #o not 8ish to ur&hase the entire shareho!#in( of Se!!in( $art3 in&!u#in( its $E1'2TTED NO'2NEES0 in the e.ent0 Se!!in( $art3 sha!! 7e entit!e# to se!! a!! the share he!# 73 itIits $E1'2TTED NO'2NEES to a

21

thir# art3 at a ri&e not !ess than the fair ri&e referre# to in C!ause 14.10 ro.i#e# that su&h a thir# art3 is a&&e ta7!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# 73 the terms an# &on#itions of this A(reement as thou(h it 8as a si(nator3 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 &om ensation from the other $arties for an3 #ama(e 8hi&h ma3 7e in&urre#.

ARTICLE 1#. DAMAGES

1%.1

2n the e.ent of 7rea&h of an3 o7!i(ation sti u!ate# in this A(reement or the fai!ure to #u!3 fu!fi!! an o7!i(ation in a&&or#an&e 8ith the ro.isions of this A(reement on the art of one of the $arties0 the #efau!tin( $art3 sha!! 7e o7!i(e# to &om ensate the non?#efau!tin( $arties for the resu!tant #ama(es in&urre#. Com ensation for #ama(es is to 7e ai# in the &urren&3 of the Hnite# State Do!!ars. The assertion of a &!aim for #ama(es sha!! not affe&t the ri(ht to terminate this A(reement in a&&or#an&e 8ith C!ause 13.1.

1%.2

ARTICLE 1%. FORCE MAJEURE

1+.1

Ea&h $art3 sha!! 7e re!ease# from the res onsi7i!it3 for the &om !ete or artia! non?fu!fi!!ment of an o7!i(ation arisin( from this A(reement0 8hen su&h non?fu!fi!!ment resu!ts from an e.ent of for&e ma6eure 8hi&h o&&urs after si(nin( of this A(reement an# 8hi&h the $art3 &on&erne# &ou!# not ha.e re.ente# 73 reasona7!e means. Su&h e.ents of for&e ma6eure sha!! in&!u#e 7ut are not

1+.2
!imite# to the fo!!o8in(F

A 7an on the eA ort of ro#u&ts from a &ountr3 or on im ortation into a &ountr3 <em7ar(o> 0 (o.ernment #e&rees or or#ers issue# 73 state 7o#ies0 in&!u#in( amen#ments to the im erati.e state e&onomi& !ans0 natura! #isasters0 stri4es0 !o&4outs0 riots0 8ar0 et&.

1+.3

2n the e.ent of an3 one of the state# &ir&umstan&es o&&urrin(0 the $art3 affe&te# sha!! rom t!3 ro.i#e the other $arties 8ith a 8ritten notifi&ation. This notifi&ation sha!! #es&ri7e the e.ents &on&erne# an# insofar as ossi7!e assess the effe&ts of the e.ents on fu!fi!!ment of the $art3,s o7!i(ations un#er this A(reement an# state the estimate# #ate of its a7i!it3 to fu!fi!! these o7!i(ations.
22

H on re5uests of the other $arties0 8ithin a reasona7!e erio# the $art3 &on&erne# sha!! for8ar# a &onfirmation from the Cham7er of 2n#ustr3 an# Commer&e in its &ountr3 or from a &om ara7!e or(aniCation or an3 a(en&3 of (o.ernment .erif3in( that these &ir&umstan&es #o eAist.

1+.4

H on &essation of the state# &ir&umstan&es0 the $art3 &on&erne# sha!! rom t!3 ro.i#e the other $arties 8ith a 8ritten notifi&ation to this effe&t. This notifi&ation must s e&if3 a erio# 8ithin 8hi&h the $art3 eA e&ts to fu!fi!! its o7!i(ation un#er this A(reement affe&te# 73 su&h for&e ma6eure. Shou!# the $art3 &on&erne# &u! a7!3 fai! to sen# the ne&essar3 notifi&ation0 or fai! to for8ar# them in (oo# time0 it sha!! 7e o7!i(e# to &om ensate the other $arties for the !osses 8hi&h are in&urre# as a resu!t of the fai!ure to sen# the notifi&ation or the #e!a3e# for8ar#in( of the notifi&ations.

1+."

2n &ase of the e.ent of for&e ma6eure o&&urrin(0 fu!fi!!ment of the o7!i(ation of the $art3 &on&erne# un#er this A(reement sha!! 7e ost one# 73 the #uration of these &ir&umstan&es an# their &onse5uen&es. The $art3 sha!!0 ho8e.er0 en#ea.or to eA e#itious!3 fu!fi!! its o7!i(ations 8hi&h 8ere affe&te# 73 su&h for&e ma6eure. Shou!# the &ir&umstan&es of for&e ma6eure an# their &onse5uen&es &ontinue for !on(er than % <siA> months0 there73 serious!3 im e#in( the JVC,s a&ti.ities 0 ea&h $art3 sha!! 7e entit!e# to terminate this A(reement. 2n this &ase0 neither of the $arties sha!! 7e entit!e# to &!aim &om ensation from the other $arties for an3 #ama(e 8hi&h ma3 7e in&urre# #ue to the for&e ma6eure.

1+.%

ARTICLE 1'. APPLICABLE LA-* INTERPRETATION* AMENDMENT AND SUPPLEMENTATION OF THE AGREEMENT

1*.1 1*.2

This A(reement sha!! in a!! res e&ts 7e (o.erne# 73 an# &onstrue# in a&&or#an&e 8ith the !a8s of ?????????????. 2n the e.ent that an3 one or more of the ro.isions &ontaine# in this A(reement sha!! 7e in.a!i#0 i!!e(a!0 unenfor&ea7!e or in&om !ete in an3 res e&t un#er an3 a !i&a7!e !a80 the .a!i#it30 !e(a!it3 an# enfor&ea7i!it3 of the remin#in( ro.isions &ontaine# herein sha!! not in an3 8a3 7e affe&te# or im aire# there73. The .u!nera7!e ro.ision sha!! 7e re !a&e# 0 amen#e# or su !emente# 73 su&h a ro.ision 8hi&h the $arties 8ou!# ha.e &hosen so as to attain the inten#e# e&onomi& o76e&ti.e of the $arties ha# the3 7een a8are of the .u!nera7i!it3 of the sai# ro.ision. An3 amen#ments or su !ements to this A(reement
23

1*.3

sha!! 7e effe&ti.e an# 7in#in( on!3 8hen a(ree# amon( the $arties in 8ritin( an#0 8here ne&essar3 0 8hen the a urtenant !i&enses or re(istration &ertifi&ates ha.e 7een re&ei.e# from the state 7o#ies.

ARTICLE 1$. SETTLEMENT OF DISPUTES

1-.1

The $arties sha!! en#ea.or to reso!.e 73 ne(otiation an3 #ifferen&e of o inion an# #is utes 8hi&h ma3 arise from or in &onne&tion 8ith this A(reement or 8ith re(ar# to the .a!i#it3 of this A(reement itse!f0 in the &ourse of o eration of the JVC. 2f it ro.es im ossi7!e to sett!e #is utes 8ithin 3/<thirt3> #a3s an# !e(a! ro&ee#in(s a ear una.oi#a7!e0 su&h #is utes are to 7e #e&i#e# 73 a &ourt or ar7itration 0 8ithout re&ourse to a (enera! &ourt of !a8. The ar7itration sha!! &onsist of three ar7itrators. Ea&h $art3 sha!! a oint one ar7itrator. The &hairman of the &ourt of ar7itration sha!! 7e #e&i#e# 73 three ar7itrators amon( themse!.es. 2n the e.ent that ar7itrators or &hairman of the ar7itration &ourt sha!! not 7e a ointe#0 this &hairman or these ar7itrators sha!! 7e a ointe# 73 the &ourt of ar7itration. The ar7itration ro&ee#in(s sha!! 7e &on#u&te# in a&&or#an&e 8ith the 1u!es of 2nternationa! Cham7er of Commer&e. The &ost of ar7itration sha!! 7e #e&i#e# 73 the 1u!es state# in C!ause 1-.4F an# the inter retation of this A(reement sha!! 7e in a&&or#an&e 8ith the 'auritius La8F the ar7itration !an(ua(e sha!! 7e En(!ish.

1-.2

1-.3

1-.4 1-."

ARTICLE 2(. COMMUNICATION TO THE PARTIES. 2rres e&ti.e of 8hether this is eA ress!3 s e&ifie# in ea&h in#i.i#ua! &ase 0 a!! &ommuni&ations 8hi&h are ne&essar3 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!eA or te!e(ram. These &ommuni&ations are to 7e for8ar#e# to the fo!!o8in( a##ressesF @$L......................................... SE2L............................... T2C............................... An3 &han(e in the a7o.e a##resses sha!! 7e &ommuni&ate# to other $arties in 8ritin(.

24

ARTICLE 21. MISCELLANEOUS

21.1 21.2

The offi&ia! !an(ua(e of this A(reement is En(!ish. A!! #o&uments an# other a ers of im ortan&e 8hi&h re!ate to the JVC sha!! 7e #ra8n u in En(!ish !an(ua(e an# sha!! 7e 7in#in( u on the $arties. Corres on#en&e amon( JVC an# the $arties in the &ourse of #ai!3 7usiness sha!! 7e &on#u&te# in the En(!ish !an(ua(e. Ea&h $art3 sha!! 7ear its o8n &osts in&urre# in the esta7!ishment0 re(istration an# or(aniCation of the JVC0 in&!u#in( &onsu!tation fees. The JVC sha!! 7ear those &osts 8hi&h are #ire&t!3 re!ate# to its re(istration an# or(aniCation an# an3 &onsu!tation &osts 8hi&h #ire&t!3 &on&ern the JVC.

21.3

ARTICLE 22. ASSIGNMENT The ri(hts an# o7!i(ations un#er this A(reement are ersona! an# sha!! not 7e assi(na7!e 73 an3 $art3 8ithout the rior 8ritten &onsent of the other $arties 8hi&h &onsent 8i!! not 7e unreasona7!3 8ithhe!#. Not8ithstan#in( an3thin( to the &ontrar3 in this A(reement0 an3 $art3 sha!! ha.e the ri(ht to refuse ermission to the other $artiesor $art3 to assi(n this A(reement to a thir# art30 8here the assi(nee is a &om etitor or is !i4e!3 to 7e a &om etitor of the first $art3 or its AFF2L2ATES.

ARTICLE 23. HEADINGS The hea#in(s of the se&tions of this A(reement ha.e 7een inserte# on!3 to fa&i!itate referen&e an# sha!! not 7e ta4en as 7ein( of an3 si(nifi&an&e 8hatsoe.er in the &onstru&tion an# inter retation thereof.

ARTICLE 24. MODIFICATIONS This A(reement sha!! not 7e a!tere#0 mo#ifie# or su !emente# eA&e t 8ith the rior 8ritten a ro.a! of the $arties hereto.

ARTICLE 2". -AIVER

2"

The fai!ure0 8ith or 8ithout intent0 of an3 $art3 to insist u on the erforman&e <in stri&t &onformit3 8ith the !itera! re5uirements> 73 the other $arties of an3 term or sti u!ation of this A(reement0 sha!! not 7e treate# or #eeme# to &onstitute a mo#ifi&ation of an3 terms or sti u!ations of this A(reement. Nor sha!! su&h fai!ure or e!e&tion 7e #eeme# to &onstitute a 8ai.er of the ri(ht of the other $arties at an3 time 8hatsoe.er thereafter to insist u on erforman&e 73 the other $arties stri&t!3 in a&&or#an&e 8ith an3 terms or ro.isions hereof. A!! terms0 &on#itions an# o7!i(ations un#er this A(reement sha!! remain in fu!! for&e an# effe&t at a!! times #urin( the su7stan&es of this A(reement eA&e t 8here other8ise amen#e# or mo#ifie# 73 them 73 mutua! 8ritten a(reement.

ARTICLE 2#. INDEPENDENT PARTIES The $arties sha!! a&t in a!! matter ertainin( to this A(reement as in#e en#ent arties an# nothin( &ontaine# herein sha!! &onstitute either as the a(ent or as the artner of the other $arties an# #oes not (i.e an3 $art3 the o8er to re resent the other $arties hereto.

ARTICLE 2%. REPRESENTATIONS AND AUTHORIT) 2%. a! Ea&h $art3 re resents an# 8arrants that it is ermitte# 73 its res e&ti.e &or orate &harter an# in&or oratin( #o&uments to enter into this A(reement0 an# is not restraine#0 re.ente# or inhi7ite# 73 an3 &ontra&t or arran(ement to 8hi&h it is a $art3 from enterin( into this A(reement or un#erta4in( the o7!i(ations herein &ontaine#.

<7> Ea&h si(nator3 to this A(reement re resents an# 8arrants that he is #u!3
authorise# 73 the $art3 for an# on 8hose 7eha!f he is si(nin( this A(reement to eAe&ute the same in a manner 7in#in( u on the sai# $art3 an# that a!! &or orate a ro.a!s an# ro&e#ures ne&essar3 for .estin( su&h authorit3 in him ha.e 7een #u!3 o7taine# an# &om !ie# 8ith.

ARTICLE 2'. COUNTER PARTS This A(reement sha!! 7e eAe&ute# simu!taneous!3 in t8o &ounter arts ea&h of 8hi&h sha!! 7e #eeme# to 7e an ori(ina! 7ut 7oth to(ether sha!! &onstitute one instrument.

ARTICLE 2$. ADDITIONAL DOCUMENTS Ea&h $art3 hereto sha!! rom t!3 eAe&ute an# #e!i.er su&h a##itiona! #o&uments as are
2%

reasona7!3 re5uire# 73 the other $art3 or $arties hereto for the ur ose of im !ementin( this A(reement0 ro.i#e# that su&h #o&uments sha!! 7e &onsistent 8ith the ro.isions hereof.

ARTICLE 3(. ENTIRE AGREEMENT This A(reement sets forth the entire a(reement an# un#erstan#in( amon( the $arties as to the su76e&t matter hereof an# su erse#es a!! &ommuni&ations0 ne(otiations0 &ommitments an# 8ritin(s rior to the #ate hereof ertainin( to the su76e&t matter of this A(reement. ARTICLE 31. CONDITIONS PRECEDENT 31.1 This A(reement sha!! ta4e effe&t on!3 after a!! the fo!!o8in( &on#itions ha.e 7een fu!!3 satisfie#. re&e#ent

31.2 This A(reement has 7een eAe&ute# 73 the $arties an# the fo!!o8in( a ro.a!s ha.e 7een o7taine#F

<1> A ro.a!s re5uire# for effe&tin( in.estments 73 the $arties in the &a ita! of
the JVC.

<2> A ro.a!s re5uire# to ena7!e the JVC to un#erta4e a&ti.ities &ontem !ate#
73 this A(reement.

<3>
reso!utions of the $arties.

A(reement has 7een a ro.e# 73 a forma! Boar#

2N ;2TNESS :E1EOF the $arties hereto ha.e eAe&ute# this A(reement on the #a3 an# 3ear first hereina7o.e 8ritten. SH$E1 EN@2NE 2NT,L @LOBAL $O;E1 L2'2TED

2+

Name0

Tit!e

Name0

Tit!e

T1ADE 2NT,L CO1$

Name0

Tit!e

2*