Common use of Appointment of Statutory Auditor Clause in Contracts

Appointment of Statutory Auditor. The Directors nominated to the Board of Directors by SAIF and GSHS shall be entitled to propose a recommendation for statutory auditor to be appointed for the Company and Indian Co, and the other Shareholders agree that they will use their reasonable efforts to cause the Directors nominated by them to vote in favor of the statutory auditor so nominated. The Shareholders further agree that they will vote in favor of such recommendation by the Board of Directors at the meeting of the Shareholders at which such recommendation is considered. Network18 Group agrees that it will cause the Indian Co to appoint the statutory auditor nominated by SAIF and GSHS. The statutory auditor shall be one of the big four accounting firms or their local affiliate. If at any time the Company or the Indian Co fails to maintain one of the big four accounting firms as its statutory auditor, SAIF may, at its sole discretion, by notice to the Company, suspend its respective rights and obligation under this Agreement and shall have the right to provide a notice of termination to the Company, such termination to become effective on the date specified in the notice of termination (which date shall not be earlier than the sixtieth (60th) day immediately following the date of receipt of such notice).

Appointment of Statutory Auditor. The Directors nominated to the Board of Directors by SAIF and GSHS shall be entitled to propose a recommendation for statutory auditor to be appointed for the Company and Indian CoCo., and the other Shareholders agree that they will use their reasonable efforts to cause the Directors nominated by them to vote in favor of the statutory auditor so nominated. The Shareholders further agree that they will vote in favor of such recommendation by the Board of Directors at the meeting of the Shareholders at which such recommendation is considered. Network18 TV18 Group agrees that it will cause the Indian Co Co. to appoint the statutory auditor nominated by SAIF and GSHS. The statutory auditor shall be one of the big four accounting firms or their local affiliate. If In the event and at any time that the Company or the Indian Co Co. fails to maintain one of the big four accounting firms as its statutory auditor, SAIF may, at its sole discretion, by notice to the Company, suspend its respective rights and obligation under this Agreement and shall have the right to provide a notice of termination to the Company, such termination to become effective on the date specified in the notice of termination (which date shall not be earlier than the sixtieth (60th) day immediately following the date of receipt of such notice).