Exhibit 10.28
THIS AGREEMENT IS MADE ON THIS DAY 15th OF February 2003 BY AND BETWEEN
Sterlite Industries (India) Limited ("SIL" which expression shall unless it be
repugnant to the context include its successors and assigns) of the FIRST PART;
and
Smt Xxxxx Xxxx (which expression shall unless it be repugnant to the context
include her successors and assigns) of the SECOND PART.
WHEREAS
1. SIL is engaged in the business of smelting copper and copper derivatives and
employs various people and executives for the said business.
2. SIL is desirous of locating and acquiring on ownership, rental, lease, leave
and license or any other basis properties for the housing of its Senior
Executives.
3. Smt Xxxxx Xxxx has represented that she has located one or more such
properties, which would be acceptable for the housing of Senior Executives of
SIL.
4. SIL has agreed to advance a sum of Rs. 1.50 crore (Rupees one crore Fifty
Lacs only) to enable Smt Xxxxxx Xxxx to acquire one such property on condition
that the same would be made available to SIL to enable SIL to use it for housing
of Senior Executives including in particular Mr. Xxxxx Xxxx.
NOW THIS AGREEMENT WITNESSETH AND IT IS AGREED BY AND BETWEEN PARTIES HERETO AS
FOLLOWS:
1. SIL shall advance to Smt Xxxxx Xxxx by payment to Smt Xxxxx Xxxx and or to
any person directed by her a sum of Rs. 1.50 Crore (Rupees one crore Fifty Lacs
only) such payment being made on or before 31st March 2003.
2. Smt Xxxxx Xxxx shall within a reasonable time not exceeding 36 months from
the date of payment, locate and acquire either on ownership, lease, leave and
license or other acceptable basis premises fit for housing of Senior Executive
of SIL. Smt Xxxxx Xxxx shall make available the said premises to SIL on the same
terms and conditions as are applicable to the acquisition by Smt Xxxxx Xxxx of
the said premises and or such terms and conditions as are acceptable to SIL. In
particular Smt. Xxxxx Xxxx shall at the request of SIL agree to make available
on tenancy, lease or leave and license basis premises acquired by her on
ownership basis.
3. Smt. Xxxxx Xxxx shall be entitled to use the advance provided by SIL for
locating and acquiring premises referred in Clause 2 above. Pending such
utilization she will be free to use, invest funds in such manner, as she
considers appropriate. The advance shall be adjusted against the obligation of
SIL in respect of the agreement to be executed between her and SIL for making
available the premises to SIL. In the event that the agreement does not require
SIL
to make payment of the said amount of Rs. 1.50 crore (Rupees one crore Fifty
Lacs only) the excess shall be refunded by Smt. Xxxxx Xxxx.
4.The Parties shall review this agreement at the end of every 12 months period
and may decide to terminate the same if SIL is not desirous of obtaining the
premises. In such event Smt. Xxxxx Xxxx shall refund the said amount of Rs. 1.50
crore (Rupees one crore Fifty Lacs only) within 60 days of such termination.
0.Xx is agreed and understood by the Parties that Smt. Xxxxx Xxxx shall be
acting as trustees for SIL only as regards the capital sum of Rs.1.50 crore
(Rupees one crore Fifty Lacs only) and that SIL shall in no manner be concerned
with the usufruct of the investment of the said amount.
IN WITNESS WHEREOF the Parties have respectively set their hands hereunto the
day, month and year herein above written.
SIGNED AND DELIVERED BY THE WITHINNAMED) FOR STERLITE INDUSTRIES (INDIA) LTD.
Sterlite Industries (India) Limited,
in the presence of)
/s/ [ ]
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/s/ Xxxxxx Xxxx AUTHORISED SIGNATORIES
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Xxxxxx Xxxx
/s/ [ ]
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SIGNED AND DELIVERED BY THE WITHINNAMED)
Smt Xxxxx Xxxx, in the presence of
/s/ X. X. XXXXXX
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(X. X. XXXXXX)
