CHANGE IN CONSTITUTION. Where the Contractor is a partnership firm, prior approval in writing of the accepting authority shall be obtained before any change is made to the constitution of the firm. Where the Contractor is an individual or a Hindu Undivided Family-business concern, such approval as aforesaid shall likewise be obtained before the Contractor enters into any partnership agreement where under the partnership, firm would have the right to carry out the work hereby undertaken by the Contractor. If prior approval as aforesaid is not obtained, the Contract shall be deemed to have been assigned in contravention of condition 41(j) hereof and the same action may be taken and the same consequences shall ensure as provided for in the said condition 41.
CHANGE IN CONSTITUTION. 31.1 Where the CONTRACTOR is a partnership firm, the prior approval of the EMPLOYER shall be obtained in writing, before any change is made in the constitution of the firm. Where the CONTRACTOR is an individual or a Hindu undivided family business concern, such approval as aforesaid shall, likewise be obtained before such CONTRACTOR enters into any agreement with other parties, where under, the reconstituted firm would have the right to carry out the work hereby undertaken by the CONTRACTOR. In either case if prior approval as aforesaid is not obtained, the CONTRACT shall be deemed to have been allotted in contravention of clause 37 hereof and the same action may be taken and the same consequence shall ensure as provided in the said clause.
CHANGE IN CONSTITUTION. Where the contractor is a partnership firm, the proir approval in writing of Engineer-in-charge shall be obtained before any change is made in the constitution of the firm where the contractor is an individual or a Hindu Undivided Family business concern, such approval as aforesaid shall likewise be obtained before the contractor enters into any partnership agreement, where under the partnership firm would have the right to carry out the work hereby undertaken by the contractor. If prior approval as aforesaid is not obtained, the contractor shall be deemed to have been assigned in contravention of clause 21 hereof and the same action may be taken and the same consequences shall ensure as provided in the said clause-21
CHANGE IN CONSTITUTION. In the event there is any change in constitution of the Purchaser company due to amalgamation, merger, de-merger, takeover, court order or change in ownership/shareholding pattern etc., in this regard, the Purchaser shall give a written notice to the Seller, along with a copy of recommendation/approval of the Utility, within seven (7) days of such change taking effect along with an affidavit (in the format prescribed in SCHEDULE XI) confirming that such change in constitution is in compliance with in the Office Memorandum of the MOC dated April 7, 2015 and/or any other directive/guideline as may be issued by the MOC in this regard and an indemnity bond (in the format prescribed in SCHEDULE XII) underlying such affidavit. The person submitting the affidavit (in the format prescribed in SCHEDULE XI) must be duly authorised by the board of directors of the Purchaser. Subject to the Seller’s satisfaction in this regard, a novation agreement or deed of assignment shall be entered into between the Seller, the Purchaser and the resultant company, as applicable. In the event the affidavit cum indemnity bond is not submitted to the satisfaction of the Seller within the timeline prescribed herein above, or if the amendment agreement is not executed, the Seller shall have a right to suspend supply of Coal as per Clause 15 of this Agreement and other provisions set out in Clause 15.5 and Clause 18.2 shall accordingly also apply.
CHANGE IN CONSTITUTION. Any change in the constitution of the partnership firm or LLP with regard to the partners and their shares in Profit and Loss at the time of grant of the loan and any changes in the names and shares made subsequently without the prior approval of the Lender. Similarly, in the case of company, any change in the management control by the resignation of some directors and the induction of other directors and/ or any change in the shareholding pattern of the subscribers without the prior approval of the Lender.
CHANGE IN CONSTITUTION. In the event there is any change in constitution of the Purchaser company due to amalgamation, merger, de-merger, takeover, court order or change in ownership/shareholding pattern etc., in this regard, the Purchaser shall give a written notice to the Seller within thirty (30) days of such change taking effect, along with the supporting documents/information seeking continuation of this Agreement with respect to the said change. Within sixty (60) days thereafter, the Seller shall verify the said documents/information submitted by the Purchaser/resultant company in respect of compliance with in the Office Memorandum of the MOC dated April 7, 2015 and/or any other directive/guideline as may be issued by the MOC in this regard and arrive at a decision. Subject to the Seller’s satisfaction in this regard, an amendment agreement/novation agreement shall be entered into between the Seller, the Purchaser and the resultant company, as applicable, failing which the Seller shall have a right to suspend supply of Coal as per Clause 15 of this Agreement and other provisions set out in Clause 15.5 and Clause 18.2 shall accordingly also apply.
CHANGE IN CONSTITUTION. 12.2.1 The Intending LESSEE may be permitted to change its constitution subject to the condition that the shareholders/members of the Intending LESSEE shall hold not less than fifty one (51) % of the equity in case of a Company or fifty one (51) % share in the profit and loss of the partnership firm in the event the Intending Lessee being a Company or a Partnership Firm, and subject to the condition that the intending lessee has majority in the proposed Trust or Society in the event of the intending lessee being a Trust or Society. S.
CHANGE IN CONSTITUTION. 31.1 Where the CONTRACTOR is a partnership firm, the prior
CHANGE IN CONSTITUTION. The Facility Letter and the Security Documents shall continue to be valid and binding on the Borrower notwithstanding any change in the Borrower’s constitution, if a corporation, by amalgamation, consolidation, reconstruction or otherwise, and if a firm, by retirement, expulsion, death, admission, accession or change of any partners or otherwise.
CHANGE IN CONSTITUTION. 28.1 : On the death or retirement of any partner of the successful Tenderer/Firm before complete performance of the contract, the Hindustan Salts Limited, may at his option cancel the contract and in such case the Tenderer shall have no claim what-so-ever to be compensated by the Hindustan Salts Limited.
28.2 : Without prejudice to any of the rights or remedies under this contract, if contractor is proprietorship concern and the proprietor dies during the performance of this contract, the Hindustan salts Limited, shall have the option to terminate the contract without compensation and the Company will be entitled to recover its claim from his/her legal heirs and from the property movable or immovable of the supplier.
