Common use of Ownership of the Licensee Company Clause in Contracts

Ownership of the Licensee Company. 1.1 The LICENSEE shall ensure that the total foreign equity in the paid up capital of the LICENSEE Company does not, at any time during the entire Licence period, exceed 49% of the total equity. The details of the Indian & Foreign promoters/shareholders with their respective equity holdings in the LICENSEE Company and their respective net-worth as disclosed on the date of signing of the LICENCE AGREEMENT, are as follows: Sl. No. Name of Promoter/shareholders Indian/ Foreign Percent of Equity held Net worth (Rupees) 1.2 Except prior permission in writing by Licensor there shall be no change in the Foreign promoter(s) or their equity participation . Normally there will be no objection in substituting an existing foreign promoter by another foreign promoter of similar standing subject to the total foreign equity being below the prescribed limit. 1.3 The LICENSEE Company may, under intimation to Licensor replace a promoter(s) by another promoter(s) as stipulated below: the Indian Promoter(s) or person(s) acquiring the foreign promoter’s shareholding ; and transfer of equity between Indian promoters or person(s) including Indian employees of the company . The merger of Indian companies may be permitted as long as competition is not compromised as defined in condition 1.4 (ii).

Ownership of the Licensee Company. 1.1 The LICENSEE shall ensure that the total foreign equity in the paid up capital of the LICENSEE Company does not, at any time during the entire Licence period, exceed 49% of the total equity. The details of the Indian & Foreign promoters/shareholders with their respective equity holdings in the LICENSEE Company and their respective net-worth as disclosed on the date of signing of the LICENCE AGREEMENT, are as follows: Sl. No. Name of Promoter/shareholders Indian/ Foreign Percent of Equity held Net worth (Rupees) 1.2 Except prior permission in writing by Licensor there shall be no change in the Foreign promoter(s) or their equity participation . Normally there will be no objection in substituting an existing foreign promoter by another foreign promoter of similar standing subject to the total foreign equity being below the prescribed limit. 1.3 The LICENSEE Company may, under intimation to Licensor replace a promoter(s) by another promoter(s) as stipulated below: : (a) the Indian Promoter(s) or person(s) acquiring the foreign promoter’s shareholding ; and and (b) transfer of equity between Indian promoters or person(s) including Indian employees of the company . . 1.3.1 The merger of Indian companies may be permitted as long as competition is not compromised as defined in condition 1.4 (ii).