FIRST AMENDMENT TO THE AGREEMENT DATED 4th FEBRUARY 2007
Exhibit
10.1
FIRST
AMENDMENT TO THE AGREEMENT DATED 4th FEBRUARY
2007
THIS
First Amendment to the Agreement dated 4th February
2007 (hereinafter referred to as
“Amendment”) is entered on this 20th day of August
2007;
BETWEEN
M/s.
INDIA GLOBALIZATION CAPITAL, INC. a company registered in The United
States of America, having its registered office at 0000 Xxxxxxxxxx Xxx.,
Xxxxxxxx, Xxxxxxxx 00000, (hereinafter called “the
Employer”) represented by its Chief Executive Officer and President Mr.
RAM XXXXXXX of the first part,
M/s.
CHIRANJJEEVI WIND ENERGY LIMITED, a company registered under Indian
Companies Xxx 0000, having its administrative office at 00-X, Xxxxxxx Xxxx,
Xxxxxxxxxxxxxx, Pollachi - 642 002 Tamil Nadu (hereinafter called “the
Contractor”) represented by its Chairman & Managing Director Mr. R.
V. S. XXXXXXXXX of the second part,
M/s
XXXX MARIAAMMAN TEXTILES LIMITED, a company registered under Indian
Companies Xxx 0000, having its registered office at 00, Xxxxxxx Xxxx,
Xxxxxxxxxxxxxx, Xxxxxxxx – 642 000, Xxxxxxxxxx Xxxxxxxx, Xxxxx Xxxx,
(hereinafter called “AMTL”) represented by its Director Mr. M.
A. Kanagaraj of the third part; and
M/S
MARUDHAVEL INDUSTRIES LIMITED, a company registered under Indian
Companies Xxx 0000, having its registered office at 00, Xxxxxxxx Xxxxxx,
Xxxxxxxxxxx Xxxxxxx, Xxxxxxxx – 642 000, Xxxxxxxxxx Xxxxxxxx, Xxxxx Xxxx
(hereinafter called “MAIL”) represented by its Director Xx. X.
Xxxxxxxxx of the fourth part.
Whereas,
the Contractor has represented that it is in the business of manufacturing,
supplying, installing and commissioning wind energy projects on a turnkey
basis,
and has the expertise, know-how, facilities and resources for undertaking
total
responsibility for setting up wind farms from concept to commissioning as
well
as providing arrangements for operation, maintenance and management on an
on-going basis.
Whereas,
the Employer has evinced an interest to develop a 24 MW wind farm project
in the
state of Karnataka in India.
Whereas,
after mutual discussions and negotiations the Parties entered into an agreement
for the manufacturing, installation, commissioning, operation and maintenance
of
24 MW (96 x 250 Xx XXXx) wind farm project on a turnkey basis by the Contractor
at Karnataka, India (hereinafter referred to as “the Project”)
dated 4th
February 2007 (hereinafter referred to as the
“Agreement”),
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Whereas,
as per the terms of the Agreement, the Employer has, on or around May 22,
2007,
paid a sum of Rs.100 Lakhs (Rupees One Hundred Lakhs Only) to the Contractor
as
an interest free deposit to facilitate implementation of the
Project,
And
Whereas, the Parties have agreed to amend the Agreement as
follows:
NOW
THIS AMENDMENT WITNESSETH AS FOLLOWS:
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1.
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Amendment
to Clause 11.3– Clause 11.3 is hereby amended in its entirety to read as
follows:
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“The
Employer shall pay a sum of Rs.100 Lakhs (Rupees One Hundred Lakhs Only)
on or
before 15th May
2007 to the Contractor as interest free deposit to facilitate implementation
of
the Project. Only 75% (seventy five percent) of this amount will be refunded
by
the Contractor to the Employer in case, the Employer fails to perform its
obligations by 31st March 2008.”
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2.
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Amendment
to Clause 13.1 – Clause 13.1 is hereby amended in its entirety to read as
follows:
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“All
the
WEGs shall be supplied, installed and commissioned within 12 (twelve) months
from the Effective Date (“Time for Completion”). The Employer
should make the down payment on or before 31st March 2008 so as
to enable the Contractor to implement the project successfully in
time.”
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3.
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Except
to the extent specifically modified by this Amendment, all the
terms of
the Agreement shall survive and continue to remain valid and binding
on
the Parties.
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IN
WITNESS WHEREOF the parties have executed this Amendment and affixed
their signatures and seal on the day, month and year first above
mentioned.
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SIGNED
by: /s/ Ram Xxxxxxx
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SIGNED
by: /s/ R.V.S.
Xxxxxxxxx
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For
INDIA GLOBALIZATION CAPITAL INC.
RAM
XXXXXXX
CHIEF
EXECUTIVE OFFICER & PRESIDENT
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For
CHIRANJJEEVI WIND ENERGY LIMITED
R.V.S.XXXXXXXXX
CHAIRMAN
& MANAGING DIRECOTR
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For
XXXX MARIAMMAN TEXTILES LIMITED
/s/
M.A.
Kanagaraj
M.A.KANAGARAJ
DIRECTOR
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FOR
MARUDHAVEL INDUSTRIES LIMITED
/s/
X.
Xxxxxxxxx
X.XXXXXXXXX
DIRECTOR
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Witness:
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Witness:
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Name:
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Name:
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Address:
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Address:
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Date:
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Date:
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