(THE COMPANIES ACT, 1956 & THE COMPANIES ACT, 2013 as applicable) (COMPAN !IMITE" # SHA$ES) A$TIC!

ES O% ASSOCIATION O%

&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& P$I'ATE !IMITE"

P$E!IMINA$ 1. a) The reference herein to The Act are to the Companies 1956 (Act No.1 of 1956) as amended thereto, from time to time and to the Companies Act, 201 as app!ica"!e. ") The headin#s are #i$en for con$enience and sha!! not affect the constr%ction of these artic!es. 2. The &e#%!ations contained in Ta"!e A in 'ched%!e 1 to the Act as amended from time to time in so far as the( are app!ica"!e to a pri$ate !imited compan( and so far as the( are not modified or a!tered "( Artic!es hereinafter pro$ided, sha!! app!( to this Compan(. )n!ess the conte*t other+ise re,%ires, +ords or e*pressions contained in the artic!es sha!! "ear the same meanin# as in the act or an( stat%tor( modification thereof and in these artic!es.Artic!es/ means these Artic!es of Association or as a!tered and modified from time to time in accordance to !a+. .0e"ent%res/ inc!%des de"ent%re stoc1s. .0irectors/ mean the directors for the time "ein# of the Compan(. .2n +ritin#/ and .3ritten/ inc!%de printin# !itho#raph( and an( other mode of representin# or reprod%cin# +or1in# in a $isi"!e from. .4onth/ and .5ear/ means a .ca!endar month/ and a .ca!endar (ear/ respecti$e!(. .6ffice/ means the re#istered office for the time "ein# of the Compan(.

.&e#ister/ means the re#ister of mem"ers to "e 1ept p%rs%ant to app!ica"!e pro$isions of the Companies Act, 1956 and to the Companies Act, 201 as app!ica"!e. .'ea!/ means the common sea! for the time "ein# of the Compan(. .'pecia! &eso!%tion/ and .6rdinar( &eso!%tion/ ha$e the same meanin# assi#ned to "( re!e$ant sections of the Companies Act, 1956. .The Act/ means the Companies Act, 1956 and the Companies Act 201 as app!ica"!e inc!%des an( reenactment or stat%tor( modification thereof for the time "ein# in force and .'ection/ sha!! mean a section of the said Act. .The 7oard of 0irectors/ or .The 7oard/ means the 7oard of 0irectors for the time "ein# of the Compan(. .The Compan(/ means &&&&&&&&&&&&&&&&&&&&&&&&&&& P$I'ATE !IMITE" and a!! other name(s) that it ma( ha$e on chan#e of name or its stat%s, if an(. 3ords importin# sin#%!ar n%m"er sha!! inc!%de p!%ra! and $ice $ersa and +ords importin# the masc%!ine #ender sha!! inc!%de feminine and the +ords person sha!! inc!%de "od( corporate, firm, association of firms and societ( re#istered %nder 'ocieties &e#istration Act. P$I'ATE COMPAN 8. The Compan( is a 9ri$ate Compan( +ithin the meanin# of 'ection 2(6:) of the Companies Act, 201 and it means a Compan( ha$in# a minim%m paid;%p share capita! of &s. 1 !ac or s%ch hi#her paid;%p capita! as ma( "e prescri"ed, and +hich "( its artic!es; i) restricts the ri#ht to transfer its shares<

ii) e*cept in case of 6ne 9erson Compan(, !imits the n%m"er of its mem"ers to 200. 9ro$ided that +here t+o or more persons ho!d one or more shares in a Compan( =oint!(, the( sha!!, for the p%rposes of this c!a%se, "e treated as a sin#!e mem"er9ro$ided f%rther that; a) persons +ho are in the emp!o(ment of the Compan(< and ") persons +ho, ha$in# "een former!( in the emp!o(ment of the Compan(, +ere mem"ers of the Compan( +hi!e in that emp!o(ment and ha$e contin%ed to "e mem"ers after the emp!o(ment ceased, sha!! not "e inc!%ded in the n%m"er of mem"ers< and iii) prohi"its an( in$itation to the p%"!ic to s%"scri"e for an( sec%rities of the Compan(<

SHA$E CAPITA! 5. A%thori>ed share capita! The a%thori>ed share capita! of the Compan( is as stated in the 4emorand%m of Association. 6. &edeema"!e preference share The Compan( ma( s%"=ect to the app!ica"!e pro$isions of the Act, iss%e the said preference shares as c%m%!ati$e &edeema"!e 9reference 'hares (&edeema"!e 9reference shares) and?or c%m%!ati$e part!(?f%!!( con$erti"!e 9reference shares (Con$erti"!e 9reference 'hares) and in s%ch proportion as ma( "e decided "( the Compan( at the time of iss%e thereof, and the same sha!! ha$e s%ch ri#hts, pri$i!e#es and conditions attachin# thereto as the Compan( ma( decide in this "eha!f. SHA$ES & CE$TI%ICATES @. A!!otment of shares a) '%"=ect to the pro$isions of these artic!es, shares in the capita! of the Compan( for the time "ein# sha!! "e %nder the a"so!%te contro! of the 7oard of 0irectors +ho ma( a!!ot or other+ise dispose off the same or an( of them to s%ch persons on s%ch terms and conditions and at s%ch times and either at a premi%m or at par or s%"=ect to the pro$isions re!atin# to disco%nt as pro$ided in the Act and as the 7oard ma( thin1 fit. ") Not+ithstandin# an(thin# contained in this Artic!e, +here sec%rities are dea!t +ith in a 0epositor(, the Compan( sha!! intimate the detai!s of a!!otment of sec%rities to 0epositor( immediate!( on a!!otment of s%ch 'ec%rities. :. &e#ister and 2nde* of 4em"ers The Compan( sha!! ca%se to "e 1ept at its &e#istered 6ffice or at s%ch other p!ace as ma( "e decided, &e#ister and 2nde* of mem"ers in accordance +ith the app!ica"!e pro$isions of the Act and the 0epositories Act, 1996 +ith detai!s of shares he!d in ph(sica! and demateria!i>ed forms or in an( media as ma( "e permitted "( !a+ inc!%din# in an( form of e!ectronic media. The &e#ister and inde* of "eneficia! o+ners maintained "( a 0epositor( %nder the app!ica"!e pro$isions of the 0epositories Act, 1996 sha!! a!so "e deemed to "e the &e#ister and inde* of mem"ers for the p%rpose of this Act. The Compan( sha!! ha$e the po+er to 1eep in an( state or co%ntr( o%tside 2ndia, a &e#ister of 4em"ers for the residents in that state or co%ntr(.

9.

Nomination? Transfer of 'hares in name of nomineea) A$er( share ho!der or de"ent%re ho!der of the Compan(, ma( at an( time, nominate a person to +hom his shares or de"ent%res +i!! $est in the e$ent of his death in s%ch manner as ma( "e prescri"ed %nder the Act. ") 3here the share or de"ent%res of the Compan( are he!d "( more than one person =oint!(, =oint ho!ders ma( to#ether nominate a person to +hom a!! the ri#hts in the shares or de"ent%res, as the case ma( "e, sha!! $est in the e$ent of death of a!! the =oint ho!ders in s%ch manner as ma( "e prescri"ed %nder the Act. c) Not+ithstandin# an(thin# contained in an( other !a+ for the time "ein# in force or in an( disposition, +hether testamentar( or other+ise, +here a nomination made in the manner aforesaid p%rports to confer on an( person the ri#ht to $est the shares or de"ent%res, the nominee sha!!, on the death of the share ho!der or de"ent%re ho!der or, as the case ma( "e, on the death of the =oint ho!ders, "ecome entit!ed to a!! the ri#hts in s%ch shares or de"ent%res or, as the case ma( "e, a!! the =oint ho!ders, in re!ation to s%ch shares or de"ent%res, to the e*c!%sion of a!! other persons, %n!ess the nomination is $aried or cance!!ed in the manner as ma( "e prescri"ed %nder the Act. d) 3here the nominee is a minor, it sha!! "e !a+f%! for the ho!der of the shares or de"ent%res, to ma1e the nomination to appoint an( person to "ecome entit!ed to shares in, or de"ent%res of the Compan( in the manner prescri"ed %nder the Act in the e$ent of his death d%rin# minorit(. e) A nominee, %pon prod%ction of s%ch e$idence as ma( "e re,%ired "( the 7oard and s%"=ect as hereinafter pro$ided, e!ect, either(i) To re#ister himse!f as ho!der of the share or de"ent%re, as the case ma( "e or (ii) To ma1e s%ch transfer of the shares and?or de"ent%res as the deceased shareho!der or de"ent%re ho!der, as the case ma( "e, co%!d ha$e made. i$) 2f the nominee e!ects to "e re#istered as ho!der of the shares, or de"ent%res, himse!f, as the case ma( "e, he sha!! de!i$er or send to the Compan(, a notice in +ritin# si#ned "( him statin# that he so e!ects and s%ch notice sha!! "e accompanied +ith the death certificate of the deceased shareho!der or de"ent%re ho!der, as the case ma( "e. A nominee sha!! "e entit!ed to the share di$idend?interest and other ad$anta#es to +hich he +o%!d "e entit!ed if he +ere the re#istered ho!der of the shares or de"ent%res, pro$ided that he sha!! not, "efore "ein# re#istered as a mem"er, "e entit!ed to e*ercise an( ri#ht conferred "( mem"ership in re!ation to meetin# of the Compan(. 9ro$ided f%rther that the 7oard ma(, at an( time, #i$e notice, re,%ire an( s%ch person to e!ect either to "e re#istered himse!f or transfer the shares or de"ent%res, and if the notice is not comp!ied +ithin ninet( da(s, the 7oard ma(
8

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thereafter +ithho!d pa(ment of a!! di$idends, "on%ses or other mone(s pa(a"!e in respect of the shares or de"ent%res, %nti! the re,%irements of the notice ha$e "een comp!ied +ith. (OINT ) HO!"E$S O% SHA$ES 10. 3here t+o or more persons ("%t not more than three) are re#istered as the ho!ders of an( share, the( sha!! "e deemed to ho!d the same as =oint ho!ders +ith "enefits of s%r$i$orship s%"=ect to pro$isions fo!!o+in# and to the other pro$isions of these Artic!es, re!atin# to =oint;ho!dersa) The 7oard sha!! "e at !i"ert( at their so!e discretion to re#ister an( share in the =oint names of an( t+o or more persons or the s%r$i$or of them. ") The =oint;ho!ders of a share sha!! "e !ia"!e se$era!!( as +e!! as =oint!( in respect of a!! ca!!s or pa(ments +hich o%#ht to "e made in respect of s%ch share. c) 6n the death of an( one of s%ch =oint;ho!ders, s%r$i$or or s%r$i$ors sha!! "e the on!( person or persons reco#ni>ed "( the Compan( as ha$in# an( tit!e to or interest in s%ch share "%t the 0irectors ma( re,%ire s%ch e$idence of death as the( ma( deem fit. d) 6n!( the person +hose name stands first in the &e#ister as one of the =oint;ho!ders of an( share sha!! "e entit!ed to the de!i$er( of the certificate re!atin# to s%ch shares as +e!! as to the receipt of di$idends or "on%s or ser$ices of notice and a!! or an( other matter connected +ith the Compan( e*cept $otin# at meetin#s and the transfer of the shares. CA!!S 11. 0irectors ma( ma1e ca!!s The 7oard ma(, from time to time and s%"=ect to the terms on +hich an( share ma( ha$e "een iss%ed and s%"=ect to the conditions of a!!otment, "( a reso!%tion passed at a meetin# of the 7oard (and not "( circ%!ar reso!%tion) ma1e s%ch ca!! as it thin1s fit %pon the mem"ers in respect of a!! mone(s %npaid on the shares he!d "( them respecti$e!( and s%ch mem"er sha!! pa( the amo%nt of e$er( ca!! so made on him to the person or persons and at the time and p!aces appointed "( the 7oard. A ca!! ma( "e made pa(a"!e "( insta!!ments. !IEN 12. (a) The Compan( sha!! ha$e a first and paramo%nt !ien(i) 6n e$er( share (not "ein# f%!!( paid %p share) for a!! mone(s (+hether present!( pa(a"!e or not) ca!!ed or pa(a"!e at a fi*ed time in respect of that share, and

(ii)

6n a!! shares (not "ein# f%!!( paid %p share) standin# re#istered in the name of a sin#!e person, for a!! mone(s present!( pa(a"!e "( him or his estate to the Compan(, pro$ided that the 7oard of 0irectors ma( at an( time dec!are an( share to "e +ho!!( or in part e*empt from the pro$isions of this c!a%se.

(") The Compan(s !ien, if an(, sha!! e*tend to a!! di$idends pa(a"!e thereon. %O$%EIT*$E 1 . 2f a mem"er fai!s to pa( an( ca!! or insta!!ment of a ca!!, on the da( appointed for pa(ment thereof, the 7oard of 0irectors ma( at an( time thereafter d%rin# s%ch time as ma( part of the ca!! or insta!!ment remains %npaid, ser$e a notice on him, re,%irin# pa(ment of so m%ch of the ca!! or insta!!ment as is %npaid, to#ether +ith an( interest +hich ma( ha$e accr%ed. 2f the re,%irement of an( s%ch notice as aforesaid is not comp!ied +ith, an( shares in respect of +hich the notice has "een #i$en, ma( at an( time thereafter "efore the pa(ment re,%ired "( the notice has "een made, "e forfeited "( a reso!%tion of the 7oard of 0irectors to that effect. A person +hose shares ha$e "een forfeited sha!! cease to "e a mem"er in respect of the forfeited shares, "%t sha!! not+ithstandin# the forfeit%re, remain !ia"!e to pa( to "e Compan( a!! mone(s +hich at the date of forfeit%re, +ere present!( pa(a"!e "( him to the Compan( in respect of the said share. The !ia"i!it( of s%ch person sha!! cease as and +hen the Compan( sha!! recei$e in f%!! s%ch mone(s in respect of the said shares. The Compan( ma( recei$e the consideration, if an(, #i$en for the 'hares on an( sa!e or disposa! thereof and ma( e*ec%te transfer of the shares in fa$o%r of the person to +hom the shares are so!d or disposed off. T$ANS%E$ 1:. The 7oard of 0irectors ma( at their a"so!%te discretion dec!ine to re#ister an( transfer of shares of de"ent%res in the fo!!o+in# casesa) ") 19. The transfer of shares or de"ent%res to a person +ho ha$e not "een appro$ed "( the 7oard of 0irectors. An( transfer of shares on +hich the Compan( has a !ien.

18.

15.

16. 1@.

'%"=ect to pro$isions of Artic!e 2 , 'hares or 0e"ent%res he!d "( a mem"er or de"ent%re ho!der as the case ma( "e, ma( "e transferred to his !e#a! heirs or an( other e*istin# shareho!der or de"ent%re ho!der of the Compan( and sha!! not "e transferred to an( other person other than those as aforesaid. 2n case of transfer of a!! or an( part of the shares in or de"ent%re of the Compan(, to an( person or persons e*ceptin# those pro$ided in Artic!e 19
6

20.

a"o$e, a transferor sha!! intimate the Compan( in +ritin# of his intention to do so, specif(in# c!ear!( therein the name and address "oth present and permanent, and description of the proposed transferee and the Compan(, on receipt of s%ch intimation of the transferor, sha!! ho!d meetin# of 7oard of 0irectors to consider the matter of s%ch transfer, +ithin a period of 60 da(s from the date of receipt of s%ch intimation !etter from the transferor and the 7oard of 0irectors sha!! "e at !i"ert( either to ta1e in s%ch transferee as a mem"er or de"ent%re ho!der or arran#e the transfer to an( mem"er or de"ent%re ho!der of the Compan( as the case ma( "e or an( other person and in s%ch manner as the 7oard of 0irectors ma( appro$e and prescri"e. 21. The instr%ment of transfer of an( shares in, or de"ent%res of the Compan( sha!! "e e*ec%ted "oth "( the transferor and the transferee and the transferor sha!! remain the ho!der of the shares or de"ent%res so transferred %nti! the name of the transferee is re#istered in the &e#ister of 4em"ers or in the &e#ister of 0e"ent%re Bo!ders. A$er( instr%ment of transfer sha!! "e !eft at the office of the Compan( a!on# +ith the ori#ina! certificate of shares or de"ent%res of the Compan( to "e transferred and the transfer ma( "e re#istered. T$ANSMISSION 2 . 2n case of death of a mem"er or de"ent%re ho!der, the shares or de"ent%res sha!! pass on to his or her heirs, administrators or e*ec%tors and an( person "ecomin# entit!ed to s%ch shares and de"ent%res in conse,%ence of death of an( mem"er or de"ent%re ho!der ma( %pon prod%cin# s%ch e$idence of tit!e as the 7oard of 0irectors ma( re,%ire, re#ister himse!f as ho!der of the shares or de"ent%res and s%"=ect to the pro$isions of transfer herein contained, transfer the same to some other person. INC$EASE, "EC$EASE & A!TE$ATION O% CAPITA! 28. The Compan( ma( "e 6rdinar( &eso!%tion from time to time a!ter the conditions of the 4emorand%m of Association as fo!!o+sa) 2ncrease the share capita! "( s%ch amo%nt, to "e di$ided into share of s%ch amo%nt as ma( "e specified in the reso!%tion. ") Conso!idate and di$ide a!! or an( of its shares of !ar#er amo%nt than its e*istin# shares. c) '%";di$ide its e*istin# shares or an( of them into shares of sma!!er amo%nt than is fi*ed "( the 4emorand%m, and?or Artic!es of Association, so ho+e$er, that in the s%";di$ision, the proportion "et+een the amo%nt paid and the amo%nt, if an(, %npaid on each red%ced share sha!! "e the same as it +as in the case of the share from +hich the red%ced shares is deri$ed< and d) Cance! an( shares +hich at the date of the passin# of the reso!%tion, ha$e not "een ta1en or a#reed to "e ta1en "( an( person.
@

22.

25.

The Compan( ma(, s%"=ect to app!ica"!e pro$isions of the Act, and an( other consent re,%ired %nder app!ica"!e !a+s, from time to time, "( specia! reso!%tion red%ce in an( mannera) its 'hare capita! ") an( Capita! redemption reser$e f%nd or c) an( share premi%m acco%nt.

26.

Not+ithstandin# an(thin# contained in these Artic!es, and s%"=ect to app!ica"!e pro$isions of the Act, and?or an( other app!ica"!e !a+s, the Compan( ma( p%rchase its o+n shares or other specified sec%rities (hereinafter referred to ."%(;"ac1/) o%t of a) its free reser$es or ") the sec%rities premi%m acco%nt or c) the proceeds of an( shares or other specified sec%rities. #O$$O+IN, PO+E$S

2@.

'%"=ect to the pro$isions of the Act, the 7oard of 0irectors ma( from time to time, "( a reso!%tion passed at a meetin# of the 7oard accept deposits or "orro+ mone(s from mem"ers, directors or their re!ati$es, either in ad$ance of ca!!s or other+ise and ma( #enera!!( raise and sec%re the pa(ment of s%ch s%m or s%ms in s%ch manner and %pon s%ch terms and conditions in a!! respects as the( thin1 fit and in partic%!ar "( iss%e of "onds or redeema"!e de"ent%re stoc1, or an( mort#a#e or char#e or other sec%rit( on the %nderta1in# or the +ho!e or an( part of the propert( of the Compan( ("oth present and f%t%re) inc!%din# its %nca!!ed capita! for the time "ein#. ,ENE$A! MEETIN,

2:.

Ann%a! Cenera! 4eetin# The first Ann%a! Cenera! 4eetin# of the Compan( sha!! "e he!d +ithin ei#hteen months from the date of incorporation of the Compan(. The ne*t Ann%a! Cenera! 4eetin# of the Compan( sha!! "e he!d "( the Compan( +ithin si* months after the e*pir( of each financia! (ear %n!ess an e*tension of time is o"tained from the &e#istrar of Companies as pro$ided in the Act. 9ro$ided that not more than fifteen months sha!! e!apse "et+een the date of one Ann%a! Cenera! 4eetin# of the Compan( and that of the ne*t meetin#.

29.

Notice of meetin# A #enera! meetin# of the Compan( ma( "e ca!!ed "( #i$in# not !ess than @ da(s notice in +ritin#, +hich sho%!d "e sent to the mem"ers of the Compan( entit!ed to recei$e s%ch notice, pro$ided ho+e$er, a Cenera! 4eetin# ma( "e ca!!ed after #i$in# shorter notice if consent is accorded, in case of Ann%a! Cenera! 4eetin# "( a!! the mem"ers entit!ed to $ote thereat and in case of an( other meetin#, "( mem"ers of the Compan( ho!din# not !ess than 95D of s%ch part of the paid;%p share capita! of the Compan( as #i$es ri#ht to $ote at the meetin#. Accidenta! omission to #i$e notice to or the non;receipt of s%ch notice "( an( mem"er sha!! not in$a!idate the proceedin# he!d at an( Cenera! 4eetin#.

0.

A*tra 6rdinar( Cenera! 4eetin# a) ") c) A!! Cenera! 4eetin#s other than the Ann%a! Cenera! 4eetin#s sha!! "e ca!!ed A*tra;6rdinar( Cenera! 4eetin#s. The 7oard of 0irectors ma(, +hene$er it thin1s fit, ca!! an A*tra 6rdinar( Cenera! 4eetin#. 2f at an( time 0irectors capa"!e of actin# +ho are s%fficient in n%m"er to form a ,%or%m are not +ithin 2ndia, an( 0irector or t+o mem"ers of the Compan( ma( ca!! an A*tra 6rdinar( Cenera! 4eetin# in the same manner as near!( as possi"!e as that in +hich s%ch a meetin# ma( "e ca!!ed "( the 7oard of 0irectors.

1.

Chairman The Chairman, if an(, of the 7oard of 0irectors sha!! preside as Chairman at e$er( Cenera! 4eetin# of the Compan(, inc!%din# Ann%a! Cenera! 4eetin#s. 'OTES O% MEM#E$S

2.

Eotin# ri#hts of the mem"ers sha!! "ea) 6n a sho+ of hands, e$er( mem"er ho!din# e,%it( shares and present in person sha!! ha$e one $ote. ") 6n a po!!, $otin# ri#hts of mem"ers sha!! "e, in proportion to their ho!din# of shares in the paid;%p e,%it( capita! of the Compan(.

2n case of =oint;ho!ders, the $ote of the senior +ho renders a $ote, +hether in person or "( pro*( sha!! "e accepted to the e*c!%sion of the $ote of the other =oint ho!ders. For this p%rpose, seniorit( sha!! "e determined "( the order in +hich the names stand in the &e#ister of 4em"ers. No mem"er sha!! "e entit!ed to $ote at an( Cenera! 4eetin# %n!ess a!! ca!!s or other s%ms present!( pa(a"!e "( him in respect of shares in the Compan( ha$e "een paid.
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8.

P$O-IES 5. &estriction to $ote? 9ro*( to $ote on 9o!! An( mem"er entit!ed to attend and $ote at a meetin# of the Compan( sha!! "e entit!ed to appoint another person as his?her pro*( to attend and $ote in his?her stead "%t a pro*( so appointed sha!! not ha$e an( ri#ht to spea1 at the 4eetin# or to $ote e*cept on a po!!. "I$ECTO$S 6. N%m"er of 0irectors )nti! other+ise determine "( a specia! reso!%tion, the n%m"er of 0irectors of the Compan( sha!! not "e !ess than t+o and more that t+e!$e. @. First 0irectors The persons hereinafter named sha!! "e the first directors of the Compan(2. 22. :. 4r. ;;;;;;;;;;;;;;;;;;;;;;; 4s. ;;;;;;;;;;;;;;;;;;;;;;

Additiona! 0irector or fi!!in# cas%a! $acanc( The 7oard of 0irectors sha!! ha$e the po+er at an( time and from time to time to appoint an( person as 0irector either to fi!! a cas%a! $acanc( or as an Additiona! 0irector.

9.

A!ternate 0irector The 7oard ma( appoint an( person as a!ternate director to act for a director d%rin# his a"sence for a period of not !ess than three months from the state in +hich meetin# of the 7oard are ordinari!( he!d and s%ch a!ternate director sha!! ipso facto $acate office if and +hen the a"sentee director ret%rns to the state in +hich meetin#s of the 7oard are ordinari!( he!d, or if the a"sentee director $acates office as a director.

80.

G%a!ification 'hare )n!ess other+ise determined "( the Compan( in a Cenera! 4eetin#, a 0irector sha!! not "e re,%ired to ho!d an( share in the capita! of the Compan( as his ,%a!ification.

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81.

0irectors not to retire "( rotation 0irectors sha!! not "e re,%ired to retire "( rotation.

82.

&em%neration to 0irector 2f a 0irector, "ein# +i!!in#, sha!! "e ca!!ed %pon to perform e*tra ser$ices, or to ma1e an( specia! e*ertions for an( of the p%rposes of the Compan(, the Compan( ma( rem%nerate him "( month!( pa(ment or "( a fi*ed s%m or "( a percenta#e of profit or other+ise and s%ch rem%neration ma( "e either in addition to or in s%"stit%tion for his share in rem%neration pro$ided for a 0irector and a!so pa( him an( costs for tra$e!in# and other incidenta! char#es as the Compan( ma( thin1 fit.

8 .

4eetin# of 0irectors At !east once in e$er( three months or ear!ier as ma( "e deemed necessar(, the 0irectors sha!! meet to#ether for dispatch of "%siness, ad=o%rn and other+ise re#%!ate their meetin#s and proceedin#s as the( thin1 fit.

88.

Chairman The Chairman of the 7oard of 0irectors +i!! ha$e to "e e!ected from amon#st the 0irectors.

85.

G%or%m The ,%or%m for a meetin# of the 7oard of 0irectors sha!! "e one third of its tota! stren#th or t+o 0irectors +hiche$er is hi#her.

86.

Castin# Eote The Chairman of the 7oard of 0irectors or of an( meetin# sha!! ha$e a castin# $ote in case of a tie in an( meetin#.

8@.

Committee of 0irectors The 7oard of 0irectors ma( de!e#ate an( of their po+ers to s%ch committee and the committee sha!! in the e*ercise of the po+er so de!e#ated conform to an( re#%!ation that ma( from time to time "e imposed on them "( the 7oard of 0irectors s%"=ect to the pro$isions of the Act.

8:.

&eso!%tion "( circ%!ation 'a$e as other+ise e*press!( pro$ided "( the Act, a reso!%tion sha!! "e as $a!id and effect%a! as if, it had "een passed at a meetin# of the 7oard of 0irectors or committee of 7oard of 0irectors, as the case ma( "e, d%!( ca!!ed and constit%ted if a draft thereof in +ritin# is circ%!ated to#ether +ith necessar( papers, if an(, to a!! the directors or to a!! the mem"ers of the committee of the 7oard of
11

0irectors as the case ma( "e, then in 2ndia (not "ein# !ess in n%m"er than the ,%or%m fi*ed for a meetin# of the 7oard of 0irectors or the committee, as the case ma( "e) and to a!! other 0irectors or mem"ers of the committee at their %s%a! address in 2ndia and has "een appro$ed "( s%ch of them as are then in 2ndia or "( a ma=orit( of s%ch of them as are then in 2ndia or "( a ma=orit( of s%ch of them as are entit!ed to $ote on the reso!%tion. 89. 4in%tes A!! min%tes sha!! "e si#ned "( the Chairman of the 4eetin# at +hich the same are recorded or "( the person +ho sha!! preside as Chairman at the ne*t meetin# and a!! min%tes p%rportin# to "e so si#ned sha!! for a!! p%rpose +hatsoe$er "e prima facie e$idence of the act%a! passin# of the reso!%tion recorded and of the re#%!arit( of the 4eetin# at +hich the same sha!! appear to ha$e ta1en p!ace, not+ithstandin# that it ma( after+ards "e disco$ered that there +as some defect in the appointment of an( one or more of s%ch 0irectors or that or an( of them +ere dis,%a!ified. 50. 0irectors sittin# fee )nti! other+ise determined "( the Compan(, e$er( 0irector sha!! "e paid a fee not e*ceedin# the cei!in#, if an( prescri"ed %nder the Act, for e$er( 4eetin# of the 7oard of 0irectors or an( committee thereof attended "( him "esides act%a! e*penses inc%rred "( him in attendin# s%ch 4eetin# or 4eetin#s. 51. 4ana#in# 0irector '%"=ect to the pro$isions of the Act, the Compan( ma( from time to time appoint one or more of their "od( to the office of 4ana#in# 0irector(s) in; char#e for s%ch period and on s%ch terms and +ith s%ch po+ers and at s%ch rem%neration (+hether "( +a( of sa!ar( or commission or participation in profit or part!( "( one +a( and part!( "( another) as the( thin1 fit and ma( remo$e or dismiss him or them from office and appoint another or others in his? their p!ace or p!aces. 52. 9o+ers of 7oard '%"=ect to the pro$isions of the Act, the 7oard of 0irectors of the Compan( sha!! "e entit!ed to e*ercise s%ch po+ers and do s%ch acts and thin#s as the Compan( is a%thori>ed to e*ercise and do, pro$ided that the 7oard of 0irectors sha!! not e*ercise an( po+er or do an( act or thin# +hich is directed or re,%ired, +hether "( the Act, or an( other !a+ for the time "ein# in force or "( the 4emorand%m or Artic!es of Association of the Compan( or other+ise to "e e*ercised or done "( the Compan( in Cenera! 4eetin#. 9ro$ided f%rther that in e*ercisin# an( s%ch po+er or doin# an( s%ch act or thin#, the 7oard of 0irectors sha!! s%"=ect to the pro$isions contained in that "eha!f in the Act, or an( other !a+ for the time "ein# in force or in the 4emorand%m and Artic!es of Association of the Compan( or in an( re#%!ations not inconsistent there+ith and d%!( made there%nder inc!%din# re#%!ations made "( the Compan( in Cenera! 4eetin# pro$ided ho+e$er, that no re#%!ation made "( the Compan( in Cenera!
12

4eetin# sha!! in$a!idate an( prior act of the 0irectors +hich +o%!d ha$e "een $a!id if that re#%!ation had not "een made. 5 . No 0irectors sha!! "e dis,%a!ified from his office "( contractin# +ith the Compan( nor sha!! an( s%ch contract or an( contract into "( or on "eha!f of the Compan( in +hich an( 0irector sha!! "e in an( +a( interested, "e $oid nor sha!! an( 0irector so contractin# or "ein# so interested "e !ia"!e to acco%nt to the Compan( for an( profit rea!i>ed "( reason on!( of s%ch 0irector ho!din# that office or of the fid%ciar( re!ations esta"!ished "%t it is dec!ared that to the e*tent it is re,%ired %nder the pro$isions of the Act, the nat%re of his interest m%st "e disc!osed "( him at the 0irectors 4eetin# at +hich the contract is considered if his interest then e*ists, or in an( other case at the first meetin# of the 0irectors after the ac,%isition of his interest. PO+E$S & "*TIES O% "I$ECTO$S 58. 3itho%t pre=%dice to the #enera! po+ers conferred "( the fore#oin# c!a%ses, the 7oard of 0irectors sha!! e*ercise the fo!!o+in# po+ers amon#st othersa) The 7oard of 0irectors ma( pa( a!! char#es, e*penses inc%rred in respect of formation, promotion, esta"!ishment and incorporation of the Compan( %nder the Act, as +e!! as its re#istration %nder an( other r%!es or "(e;!a+s ha$in# the force in !a+. ") The 7oard of 0irectors ma( from time to time, "( po+er of attorne( %nder the Compan(s 'ea!, appoint an( person?s to "e attorne( of the Compan( for an( p%rpose. c) A!! che,%es, 7i!!s of A*chan#e, 9romissor( Notes and other Ne#otia"!e 2nstr%ments or other instr%ments of simi!ar nat%re re!atin# to the operations and transactions of the Compan(, sha!! "e si#ned "( an( one or more of the 0irectors, as ma( "e decided "( the 7oard of 0irectors "%t the a%thorit( so conferred ma( "e re$o1ed at an( time "( the 7oard of 0irectors. d) The 7oard of 0irectors ma( in$est and dea! +ith an( mone(s of the Compan( not immediate!( re,%ired %pon s%ch sec%rities and in s%ch manner as the( thin1 fit. e) The 7oard of 0irectors or the 4ana#in# 0irector?3ho!e Time 0irector?A*ec%ti$e 0irector?0irector;in;char#e if so a%thori>ed "( the 7oard of 0irectors ma( refer an( matter re!atin# to the transactions of the Compan( to ar"itration and the decision of the Ar"itrator(s), if accepted "( the 7oard of 0irectors +o%!d "e "indin# on the Compan(. f) The 7oard of 0irectors ma( from time to time raise or "orro+ an( s%ms of mone( for and on "eha!f of the Compan( from the mem"ers or other persons, companies or "an1s or the( ma( themse!$es ad$ance mone( to the Compan( on s%ch terms and conditions, as ma( "e appro$ed "( the 7oard of 0irectors.

#) The 7oard of 0irectors ma( from time to time sec%re the pa(ment of s%ch mone( in s%ch manner and %pon s%ch terms and conditions as it ma( thin1 fit and in partic%!ar "( the iss%e of 0e"ent%re or 7onds of the Compan(, "( mort#a#e or char#e of a!! or an( part of the propert( of the Compan( and of its %nca!!ed capita! for the time "ein#. 55. An( 'hares, 0e"ent%res, 7on%s or 'ec%rities ma( "e iss%ed at premi%m or other+ise and +ith specia! pri$i!e#es as to the redemption, s%rrender, dra+in#s, a!!otment of 'hares, $otin# ri#hts at Cenera! 4eetin#s of the Compan( and other+ise. ACCO*NTS & A*"IT 56. The 7oard of 0irectors sha!! ca%se to maintain proper "oo1s of acco%nts +ith respect toa) A!! s%ms of mone( recei$ed and e*pended "( the Compan( and the matters in respect of +hich the receipt and e*pendit%re ta1es p!ace. ") A!! sa!es and p%rchases of #oods "( the Compan(. c) The assets and !ia"i!ities of the Compan(. 5@. 9!ace +here 7oo1s of Acco%nts to "e 1ept The "oo1s of acco%nts sha!! "e 1ept at the &e#istered 6ffice of the Compan( or at s%ch p!ace in 2ndia as the 7oard of 0irectors sha!! thin1 fit. 5:. 2nspection The "oo1s of acco%nts sha!! "e open to inspection "( an( 0irector d%rin# the "%siness ho%rs and entries thereof sha!! "e chec1ed and $erified at !east once in e$er( (ear "( one or more or a!! 0irectors. 59. 'tat%tor( A%ditors The first a%ditors of the Compan( sha!! "e appointed and the rem%neration sha!! "e fi*ed "( the 7oard of 0irectors and thereafter the A%ditors sha!! "e appointed at each Ann%a! Cenera! 4eetin#. CAPITA!ISATION O% $ESE$'ES 60. (i) '%"=ect to the pro$isions of the Act, the Compan( in Cenera! 4eetin# ma(, %pon the recommendation of the 7oard of 0irectors, reso!$ea) That it is desira"!e to capita!i>e an( part of the amo%nt for the time "ein# standin# to the credit of an( of the Compan(s &eser$e acco%nts or to the credit of the profit H !oss or other+ise a$ai!a"!e for distri"%tion and

18

") That s%ch s%m "e accordin#!( set free for distri"%tion in the manner specified in c!a%se (ii) amon#st the mem"ers +ho +o%!d ha$e "een entit!ed thereto, if distri"%ted "( +a( of di$idend and in the same proportion on the footin# that the( "ecome entit!ed thereto as Capita!. (ii) The aforesaid capita!i>ed f%nd sha!! not "e paid in cash "%t sha!! "e app!ied s%"=ect to the pro$isions of the Act either in or to+ardsa) 9a(in# %p an( amo%nt for the time "ein# %npaid on an( shares he!d "( s%ch mem"ers or ") 9a(in# %p in f%!! %niss%ed shares of the Compan( to "e a!!otted and distri"%ted, credited as f%!!( paid %p to and amon#st s%ch mem"ers in the proportion of their e*istin# ho!din#s aforesaid or c) 9art!( in the +a( specified in s%";c!a%se (a) and part!( in that specified in s%"; c!a%se (") and s%ch distri"%tion or pa(ment sha!! "e accepted "( s%ch shareho!ders in f%!! satisfaction of their interest in the said capita!i>ed f%nd or in s%ch manner as recommended "( the 7oard of 0irectors and reso!$ed "( the Compan( in Cenera! 4eetin#. (iii) A share premi%m acco%nt and a capita! redemption reser$e acco%nt ma( for the p%rpose of this re#%!ation, on!( "e app!ied in the pa(in# %p of %niss%ed shares to "e iss%ed to mem"ers of the Compan( as f%!!( paid 7on%s 'hares. (i$) The 7oard of 0irectors sha!! #i$e effect to the reso!%tion passed "( the Compan( in p%rs%ance of this re#%!ation and sett!e an( diffic%!t( +hich ma( arise in re#ard to the distri"%tion as it thin1s e*pedient. MIN*TES 61. 4in%tes of 4eetin# a) The min%tes of a!! proceedin# of e$er( Cenera! 4eetin# or the 7oard of 0irectors or committee of the 7oard of 0irectors sha!! "e 1ept "( ma1in# entries in the min%te "oo1s +ithin thirt( da(s of conc!%sion of the meetin#. ") The pa#es of the min%te "oo1 sha!! "e consec%ti$e!( n%m"ered. c) Aach pa#e of the min%te "oo1s sha!! "e initia!ed or si#ned and the !ast pa#e of the record of proceedin#s sha!! "e dated and si#ned. (i) 2n case of a meetin# of the 7oard of 0irectors or committee of 7oard of 0irectors, "( the Chairman of the said meetin# or the ne*t s%cceedin# meetin#, and 2n case of Cenera! 4eetin#, "( the Chairman of the same meetin# +ithin aforesaid 0 da(s or in the e$ent of death of or ina"i!it( of the Chairman, "( a 0irector d%!( a%thori>ed "( the 7oard of 0irectors.

(ii)

15

d) The min%tes sha!! not "e pasted or other+ise attached to the min%te "oo1s. e) A!! appointments of officers made at an( of the meetin#s sha!! "e inc!%ded in the min%tes of the meetin#s. f) 2n case of a meetin# of the 7oard of 0irectors or a committee of 7oard of 0irectors, the min%tes sha!! a!so contain(i) (ii) The names of the 0irectors present at the meetin#, and 2n case of each reso!%tion passed at the meetin#, the names of 0irectors, if an( dissentin# from or not conc%rrin# in the reso!%tion.

#) The min%tes of each meetin# sha!! contain a fair and correct s%mmar( of the proceedin# thereat, pro$ided that no matter need "e inc!%ded in an( s%ch min%tes +hich the Chairman of the meetin# is ha$in# the option and(i) (ii) (iii) 2s, or co%!d reasona"!( "e re#arded as defamator( of an( person or 2s irre!e$ant or immateria! to the proceedin#s or 2s detrimenta! to the interests of the Compan(. THE SEA! 62. The 7oard of 0irectors sha!! pro$ide a 'ea! for the Compan( and for safe c%stod( thereof. The 'ea! of the Compan( sha!! not "e affi*ed to an( instr%ment e*cept "( a%thorit( of a reso!%tion of the 7oard of 0irectors and e*cept in the presence of a 0irector and the said 0irector, sha!! si#n e$er( instr%ment to +hich the 'ea! of the Compan( is so affi*ed in his presence. IN"EMNIT 6 . A$er( officer or a#ent of the Compan( for the time "ein# sha!! "e indemnified o%t of the assets of the Compan( a#ainst an( !ia"i!it( inc%rred "( him in defendin# an( proceedin#s +hether ci$i! or crimina! in +hich =%d#ement is #i$en in his fa$o%r or in +hich he is ac,%ired or in connection +ith an( app!ication %nder 'ection 6 of the Act, in +hich re!ief is #ranted to him "( the Co%rt. +IN"IN, *P 68. App!ication of assets a) 2f the Compan( sha!! "e +o%nd %p, the s%rp!%s assets sha!! (s%"=ect to an( ri#hts attached to an( specia! c!ass of shares formin# part of the Capita! for the time "ein# of the Compan() "e app!ied first in repa(ment of the Capita! paid %p on the A,%it( 'hares and e*cess (if an() sha!! "e distri"%ted amon# the mem"ers ho!din# A,%it( 'hares in proportion to the n%m"er of A,%it( 'hares he!d "( them respecti$e!( at the time of the +indin# %p.
16

") 2f the Compan( sha!! "e +o%nd %p, the !i,%idators ma( +ith the sanction of a specia! reso!%tion di$ide, amon#st the contri"%tories in specie, an( part of the assets of the Compan(. SEC$EC 65. 0irectors, officers etc. to maintain secrec( A$er( 0irector, 4ana#er, Tr%stee for the Compan(, 4em"er or 0e"ent%re ho!ders, 4em"er of Committee, officer, ser$ant, a#ent, acco%ntant or other person emp!o(ed in or a"o%t the "%siness of the Compan( sha!!, if so re,%ired "( the 7oard of 0irectors "efore enterin# %pon his d%ties, si#n a dec!aration p!ed#in# a!! transactions of the Compan( +ith his c%stomers and state of acco%nts +ith indi$id%a!s and in matters re!atin# thereto, and sha!! s%"=ect to s%ch dec!aration, p!ed#e himse!f not to re$ea! an( of the matters +hich ma( come to his 1no+!ed#e in the dischar#e of his d%ties e*cept +hen re,%ired so to do "( the 7oard of 0irectors or "( a Co%rt of !a+ and e*cept so far as ma( "e necessar( in order to comp!( +ith an( of the pro$isions contained in these Artic!es. 66. &estriction to enter 9remises of the Compan( No mem"er or other person (not "ein# a director) sha!! "e entit!ed to enter %pon the propert( of the Compan( or to inspect or e*amine the Compan(s premises or properties of the Compan( +itho%t the permission of the 7oard of 0irectors or to re,%ire disco$er( of or an( information respectin# thereto and detai!s of the tradin# of the Compan( or an( matter +hich is or ma( "e in the nat%re of a trade secret, m(ster( of trade or secret process or of an( matter +hatsoe$er +hich ma( re!ate to the cond%ct of the "%siness of the Compan( and +hich in the opinion of the 7oard of 0irectors, +i!! "e e*pedient in the interest of the mem"ers of the Compan( to comm%nicate.

1@