Document:

Share Purchase and Shareholders' Agreement dated September 17, 2010

 Exhibit 4.61 

 
  

 
 SHARE PURCHASE AND
SHAREHOLDERS AGREEMENT 
  
  

 
 STERLITE INDUSTRIES (INDIA)
LIMITED 
 (“Sterlite”) 
 AND 
 LEIGHTON CONTRACTORS (INDIA) PRIVATE LIMITED 

(“LEIGHTON”) 
 AND 
 VIZAG GENERAL CARGO BERTH PRIVATE LIMITED 

(“VGCB”) 
 Date: September 17, 2010 

  
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 TABLE OF CONTENTS 

 

							
	1.	 	 DEFINITIONS AND INTERPRETATION
	  	 	5	  
	2.	 	 THE COMPANY
	  	 	9	  
	3.	 	 SHARE CAPITAL AND SHAREHOLDING
	  	 	9	  
	4.	 	 ACQUISITION OF THE SHARES
	  	 	10	  
	5.	 	 OBLIGATIONS ON CLOSING
	  	 	11	  
	6.	 	 ACCESSION
	  	 	12	  
	7.	 	 FURTHER CAPITALISATION
	  	 	12	  
	8.	 	 SHAREHOLDING REQUIREMENTS
	  	 	13	  
	9.	 	 TRANSFER OF SHARES
	  	 	14	  
	10.	 	 BOARD OF DIRECTORS
	  	 	16	  
	11.	 	 MEETINGS OF THE BOARD
	  	 	18	  
	12.	 	 APPOINTMENT OF KEY EXECUTIVES AND BANK ACCOUNTS
	  	 	19	  
	13.	 	 GENERAL MEETINGS
	  	 	20	  
	14.	 	 AFFIRMATIVE VOTE
	  	 	20	  
	15.	 	 REPRESENTATIONS AND WARRANTIES OF THE PARTIES
	  	 	21	  
	16.	 	 INDEMNITY
	  	 	23	  
	17.	 	 APPOINTMENT OF AUDITOR
	  	 	23	  
	18.	 	 PREPARATION AND CIRCULATION OF ACCOUNTS AND FINANCIAL INFORMATION
	  	 	23	  
	19.	 	 TERMINATION
	  	 	24	  
	20.	 	 RESTRICTION ON ANNOUNCEMENT
	  	 	24	  
	21.	 	 GOVERNING LAW AND JURISDICTION
	  	 	24	  
	22.	 	 DISPUTE RESOLUTION
	  	 	25	  
	23.	 	 NOTICES
	  	 	25	  
	24.	 	 CONFIDENTIALITY OF INFORMATION
	  	 	26	  
	25.	 	 MISCELLANEOUS PROVISIONS
	  	 	27	  
	SCHEDULE 1	  	 	31	  
	SCHEDULE 2	  	 	32	  

  
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 THIS SHARE PURCHASE AND SHAREHOLDERS AGREEMENT (“AGREEMENT”) is made as of
September 17, 2010, BETWEEN 
 STERLITE INDUSTRIES (INDIA) LIMITED, a company incorporated under the laws of India having its
registered office at SIPCOT Industrial Complex, Madurai Bypass Road, TV Puram P.O., Tuticorin 628002, Tamil Nadu, India (hereinafter referred to as the “Sterlite” which expression shall unless it be repugnant to the context or
meaning thereof, be deemed to mean and include its successors and permitted assigns) of the First Part; 
 AND 

LEIGHTON CONTRACTORS (INDIA) PRIVATE LIMITED, a company incorporated under the laws of India and having its registered office at 302-303, 3/F
Windsor Building, CST Road, Vidyanagari Marg, Kalina, Santacruz (East), Mumbai-400 098, India (hereinafter referred to as “Leighton” which expression shall unless it be repugnant to the context or meaning thereof, be deemed to mean
and include its successors and permitted assigns) of the Second Part; 
 AND 

VIZAG GENERAL CARGO BERTH PRIVATE LIMITED a company incorporated under the laws of India and having its registered office at SIPCOT Industrial
Complex, Madurai Bypass Road, TV Puram P.O., Tuticorin 628002, Tamil Nadu, India (hereinafter referred to as “VGCB” which expression shall unless it be repugnant to the context or meaning thereof, be deemed to mean and include its
successors and permitted assigns) of the Third Part. 

  
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 Sterlite and Leighton shall hereinafter be severally referred to as “Party” and
collectively as “Parties”. 
 WHEREAS: 
  

	 	A.	The Visakhapatnam Port Trust (“Authority”) had invited proposals from pre-qualified bidders to participate in the bidding process for the mechanization
of coal handling facilities and upgradation of general cargo berth at outer harbour at the Visakhapatnam Port to cater to 200,000 DWT on design, build, finance, operate, and transfer basis (DBFOT) (“Project”);

  

	 	B.	Pursuant thereto, the Parties have formed a Consortium (“the Consortium”) and had submitted pre-qualification document and upon pre-qualification, a
bid for the Project as a Consortium (“Bid”); 

  

	 	C.	The Consortium has now been selected as the successful bidder and the Authority issued a letter of award dated 1 March 2010 (“LOA”). As required
under the terms of the Bid documents and LOA, VGCB, a special purpose vehicle, was incorporated for the implementation, operation and maintenance of the Project. VGCB has signed the Concession Agreement on 10 June 2010 (“Concession
Date”) and is the Concessionaire under the CA. 

  

	 	D.	 Under the terms of the RFP, each member of the Consortium is required to hold atleast 26% (twenty-six per cent) of the equity share capital of the
Concessionaire (being 

  
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VGCB) upto the Date of Commercial Operation. Leighton is now purchasing Shares from Sterlite, upon the terms and subject to the conditions contained herein. The Parties are entering into this
Agreement in order to set out the rights and obligations of the Parties inter-se, and other matters in connection therewith. 

 NOW THEREFORE IT IS HEREBY AGREED BY AND BETWEEN
THE PARTIES AND THIS AGREEMENT WITNESSETH AS UNDER: 

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1.	Definitions: 

 In this Agreement,
unless the context otherwise requires, the following expressions shall have the following meanings. Capitalised words not defined in this Clause, but otherwise in this Agreement, unless the context otherwise requires, shall have the meaning assigned
thereto. Capitalised terms not defined in this Agreement shall have the same meaning as ascribed to them in the CA and RFP, unless the context otherwise requires. 
 “Act” means the Companies Act, 1956 and any amendment thereto or any other succeeding enactment for the time being in force; 

  
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 “Additional Funding” shall have the meaning assigned to it at Clause 7.5 of
this Agreement; 
 “Affiliate” means, with respect to any Party, any other Person directly or indirectly
Controlling, Controlled by or under common Control with such Party; 
 “Agreement” means this Share Purchase and
Shareholders Agreement, as amended, supplemented or replaced or otherwise modified in accordance with the provisions contained herein and includes all the Schedules attached hereto; 

“Articles” means the Articles of Association of VGCB as amended to reflect the provisions of this Agreement; 

“Board” or “Board of Directors” means the Board of directors of VGCB, constituted in accordance with the
provisions of the Agreement; 
 “Board Meeting” means a meeting of the Board of Directors; 

“Business Day” means a day of the year other than Saturday and/or Sunday on which scheduled banks are open for business
in Tuticorin and Mumbai; 
 “CA” shall mean the concession agreement dated 10 June 2010 signed by VGCB with
the Authority following the issue of a letter of award to the Consortium for the Project by 

  
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the Authority; 
 “Chairman” means, as the case may be,
chairman of the Board or chairman of VGCB; 
 “Charter Documents” means the Memorandum of Association and
Articles of Association of VGCB, as amended from time to time; 
 “Clause” means any clause of this Agreement
and the meaning of “Clauses” shall be understood accordingly; 
 “Closing” means completion of
the transfer of the Shares to Leighton on the Closing Date; 
 “Closing Date” means the date as the Parties may
mutually agree in writing to complete Closing, but in any event no later than not later than October 8, 2010; 

“Control” (together with its grammatical variations when used with respect to any Person) means in relation to a body
corporate, the right to exercise, or control the exercise, of, whether directly or indirectly, acting alone or together with another Person, more than 50% of the total voting rights at a general meeting of that body corporate, or the right or power
to direct, whether directly or indirectly, acting alone or together with another person, the affairs of that body corporate, including the composition of any board of directors of that body corporate, and, in relation to any Person which is not a
body corporate, the right or power to direct, whether directly or indirectly, acting alone or together with another Person, the affairs of that Person; 
 “Date of Award of Concession” means the date when the Conditions Precedent set out in Article 3 of the CA have either been satisfied or waived by the Party other than the Party
responsible for satisfying the same; 
 “Deed of Adherence” shall be the deed of adherence as set forth in
Schedule 2; 
 “Director” means a director of VGCB; 

“Encumbrance (s)” means, as the case may be, any encumbrance including, without limitation (a) any security
interest, claim, mortgage, pledge, charge, hypothecation, escrow, custody arrangement, lien, negative lien, lease, title retention, deposit by way of security, beneficial ownership, or any other interest held by a third Person, (b) security
interest or other encumbrance of any kind securing, or conferring any privilege or priority of payment in respect of, any obligation of any Person, (c) power of attorney in relation to the shares, voting trust agreement, interest, option or
right of pre-emption, right of first offer, right of first refusal, drag-along right or other transfer restriction in favour of any Person, (d) any adverse claim as to title, possession or use; 

“Equity Contribution” shall have the meaning assigned to it at Clause 7.1 of this Agreement; 

“Group Company” means any company which, directly or indirectly, Controls, is Controlled by, or under common Control of,
Vedanta Resources PLC and / or Volcan Investments; 

  
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 “General Meeting” means a meeting of the Shareholders of VGCB; 

“Leighton’s Contribution” shall have the meaning assigned to it at Clause 7.2 of this Agreement; 

“Management Control” means the possession, directly or indirectly of the power to direct or cause the direction of the
management and policies of VGCB, whether through the ownership of voting securities, by contract or otherwise or the power to elect or appoint more than fifty per cent (50%) of the directors, managers, partners or other individuals exercising
similar authority with respect to VGCB; 
 “Person” means any individual, company, corporation, partnership,
joint venture, trust, unincorporated organization, government or governmental authority or agency or any other legal entity; 

“Project Contracts” means collectively the CA, the EPC Contract, O&M Contract and any other material contract (other
than the Financing Documents, the Escrow Agreement, the Substitution Agreement or any commercial agreement with the users) entered into or may hereafter be entered into by VGCB in connection with the Project; 

“Purchase Price” shall have the meaning assigned to it in Clause 3.2 of this Agreement; 

“Representations and Warranties” means the representations, warranties and undertakings contained in Clause 15;

 “Request for Proposal” or “RFP” means the Request for Proposal dated 9 January 2010
issued by the Authority to the applicants short-listed pursuant to the request for qualification and includes any addendum / clarifications issued in respect thereof by the Authority; 

“Rs.” means Indian Rupees, the lawful currency of India; 

“Shareholder” means any Person who holds Shares of VGCB; 

“Shares” means the equity shares of VGCB having face value of Rs.10/- each; 

“Statutory Auditor” shall mean the firm set out at Clause 17; and 

“Tax” means all forms of taxation, duties, levies, imposts and social security charges, including without limitation
capital gains tax, corporate income tax, wage withholding tax, fringe benefit tax, provident fund, employee state insurance and gratuity contributions, value added tax, service tax, customs and excise duties, and other legal transaction taxes,
dividend withholding tax, real estate taxes, other municipal taxes and duties, environmental taxes and duties and any other type of taxes or duties in any relevant jurisdiction, together with any interest, penalties, surcharges or fines relating
thereto, due, payable, levied, imposed upon or claimed to be owed in any relevant jurisdiction or country; 

“Transfer” shall have the meaning assigned to it under the CA. . 

 

	1.2.	Interpretation 

  
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	 	Except	where the context requires otherwise, this Agreement will be interpreted as follows: 

 

	 	a)	The recitals and Schedules form an integral and operative part of the Agreement; 

 

	 	b)	The singular includes the plural and vice versa; 

  

	 	c)	Headings and the use of bold typeface shall be ignored in its construction; 

 

	 	d)	A reference to a Section or Schedule is, unless indicated to the contrary, a reference to a section in, or schedule to, this Agreement; 

 

	 	e)	References to the word “includes” or “including” are to be construed without limitation; 

 

	 	f)	All references to agreements, documents or other instruments include (subject to all relevant approvals) a reference to that agreement, document or instrument as
amended, supplemented, substituted, novated or assigned from time to time; 

  

	 	g)	The words “herein”, “hereto” and “hereunder” refer to this Agreement as a whole and not to the particular section in which such word may
be used; 

  

	 	h)	Words importing a particular gender shall include all genders; and 

  

	 	i)	References to any law shall include references to such law as it may, after the date of this Agreement, from time to time be amended, supplemented or re-enacted.

  

	2.	THE COMPANY 

  

	2.1.	Registered Office 

 The
registered office of VGCB shall be situated at SIPCOT Industrial Complex, Madurai Bypass Road, TV Puram P.O., Tuticorin 628002, Tamil Nadu, India and shall be open from Monday to Saturday (inclusive) during the hours of 9 a.m. to 5.30 p.m.

  

	2.2.	Memorandum and Articles of Association 

 Subject to the provisions of the Act, the Charter Documents shall in all respects reflect the provisions of this Agreement. The Parties hereby agree to take all necessary steps to amend the Charter
Documents accordingly. 
  

	2.3.	Business of VGCB 

 VGCB
has been set up to implement, operate and maintain the Project and provide the Project Facilities and Services in accordance with the provisions of the CA. 
  

	3.	SHARE CAPITAL AND SHAREHOLDING 

  

	3.1.	Share Capital 

  
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 As at the date of this Agreement, the issued, subscribed and paid up equity share capital of
VGCB comprises of ten thousand (10,000) Shares of the face value of Rs 10/- each aggregating to Rupees one lakh only (Rs.1,00,000/-). 
  

	3.2.	Present Shareholding Pattern 

 As at the date of this Agreement, the shareholding pattern of VGCB is: 
  

					
	 Name of the Shareholder
	  	Percentage
Share	 
	 Sterlite Industries (India) Limited
	  	 	99.99	% 
	 Vinod Bhandwat
	  	 	0.001	% 

 Subject to the provisions of this Agreement, Leighton hereby undertakes and agrees to purchase 2600
Shares from Sterlite, aggregating to twenty six per cent (26%) of the equity share capital of VGCB, for a total consideration of Rupees twenty-six thousand only (Rs.26,000/-), (“Purchase Price”), such that post such
acquisition, the shareholding pattern of VGCB will be as follows: 
  

					
	 Name of the Shareholder
	  	Percentage
Share	 
	 Sterlite Industries (India) Limited
	  	 	74	% 
	 Leighton Contractors (India) Private Limited
	  	 	26	% 

  

	3.3.	All Shares shall rank pari passu in all respects and shall be identical with reference to all the rights and benefits including but not limited to voting rights,
rights to dividends, stock splits, bonus issuance and rights issuance. 

  

	3.4.	The rights and obligations attached to the Shares and other characteristics of the Shares shall be governed by the Charter Documents of VGCB, and by the terms of this
Agreement and such other agreements that may be executed between the Parties. 

  

	4.	ACQUISITION OF THE SHARES 

  

	4.1.	Leighton agrees to purchase two thousand six hundred (2,600) Shares held by Sterlite, free and clear of all Encumbrances and with all rights attached thereto for
the Purchase Price on the Closing Date. 

  

	4.2.	On the Closing Date, Leighton shall release the Purchase Price to Sterlite by way of wire transfer (RTGS) in immediately available funds to a bank account of Sterlite
as designated by Sterlite. 

  

	4.3.	Simultaneous with the release of funds, Sterlite shall hand over to Leighton: (i) the duly registered share certificates; (ii) the duly executed and stamped
share transfer forms; and (iii) any other documents in relation to the Transfer that may be applicable. 

  

	4.4.	 For the purpose of complying with these obligations under this Clause, VGCB and the Parties shall execute all necessary documents as may be required to
ensure the full vesting in Leighton of the legal and beneficial title, free of all Encumbrances, to the 

  
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Shares purchased by Leighton. 

  

	4.5.	Transactions Consummated at Closing 

 All transactions contemplated under this Agreement on Closing and on the Closing Date shall be deemed to occur simultaneously and no such transaction shall be consummated unless all such transactions are
consummated. 
  

	5.	OBLIGATIONS ON CLOSING 

  

	5.1.	On the Closing Date, the Shareholders shall cause VGCB and VGCB shall : 

  

	 	5.1.1.	reconstitute the Board of Directors of the VGCB in accordance with this Agreement; 

 

	 	5.1.2.	hold a meeting of the Board for passing resolutions in relation to the following matters: 

 

	 	(a)	approving the Transfer of Shares from Sterlite to Leighton as contemplated in this Agreement; 

 

	 	(b)	appointment of nominee of Leighton as director on the Board; 

  

	 	(c)	appointment of nominees of Sterlite as directors on the Board; 

  

	 	(d)	proposing the amendments to the Charter Documents (in consultation with Leighton) in order to reflect the provisions of this Agreement; and 

 

	 	(e)	convening General Meeting of VGCB for considering the resolutions set out in Clause 5.1.3 below. 

 

	 	5.1.3.	VGCB shall hold General Meeting at which the following resolutions shall be passed: 

 

	 	a)	amendment of the Charter Documents ; and 

  

	 	b)	appointment of the nominees of Leighton and Sterlite as directors on the Board. 

 

	 	5.1.4.	VGCB shall record the Transfer of Shares from Sterlite to Leighton in the register of members and the appointment of nominees of Leighton and Sterlite in the register
of directors. VGCB shall provide the Shareholders with certified copies of extracts from the updated registers of members and registers of directors. 

  

	5.2.	VGCB shall make all necessary corporate, secretarial and statutory filings, to be made with the Registrar of Companies, within 30 (thirty) days in relation to any
actions that have taken place as per this Clause 5 and shall provide certified true copies of such filings to its Shareholders. 

  
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	5.3.	Any subsequent amendment to the Charter Documents which would alter the provisions of Article 11 of the CA (Shareholding), shall require the prior approval of
the Authority and the Charter Documents shall include a specific provision to this effect. 

  

	6.	ACCESSION 

  

	6.1.	Accession Instrument 

 It
shall be a condition precedent to the entry of any person on the register of Shareholders after the date of this Agreement in respect of any Share, that such intending shareholder agrees in writing to be bound by the terms and conditions of this
Agreement together with the provisions of the Charter Documents by executing a Deed of Adherence. 
  

	6.2.	Endorsement of Scrip 

Upon the registration of such Person as a Shareholder, VGCB shall endorse all certificates issued to such Person in respect of its
shareholding with the following legend: 
 “The rights of the holder of the shares the subject of
this certificate are subject to the provisions of an agreement made the 17th day of September 2010 (and any additions, supplement or amendment to the same) to which the Company and all shareholders are bound either by original agreement or subsequent accession”. 
  

	7.	FURTHER CAPITALISATION 

  

	7.1.	Based on the cost for the implementation of the Project and desired debt-equity ratio, the Parties agree that VGCB shall need further infusion of funds by way of equity
share capital over the next few months (“Equity Contribution”). 

  

	7.2.	The Parties agree that Leighton’s responsibility towards the Equity Contribution shall be an amount which is the lower of the following: 

 

	 	7.2.1.	Rs.54 crores (Rupees Fifty-Four Crores); or 

  

	 	7.2.2.	such amount which may be determined by the Parties and validated with the financing documents with the Lenders. 

 

	 	hereinafter	referred to as “Leighton’s Contribution” 

 Provided that such Leighton’s Contribution shall entitle Leighton to hold 26% of the equity share capital of VGCB at all times. 

 

	7.3.	The Parties agree that the Equity Contribution shall be in tranches (“Tranche Payment(s)”). However, the amount, structure, manner and mode of such
Tranche Payments shall be finalised between the Parties within forty-five (45) days from the execution of these presents, but in no event later than the Date of Award of Concession. Once the details of the Tranche Payments are finalised, any
changes / variations shall be made at the Board level, at a Board meeting where atleast one represenentative of each Pary is present. Further the Board shall have the power to issue the Shares at a premium. 

  
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	7.4.	It is agreed by the Parties that VGCB shall provide fifteen (15) days written notice to the Parties for drawing down a particular Tranche Payment of the Equity
Contribution, the Parties shall be bound to contribute towards that tranche in proportion to their shareholding within the time period specified, so as to ensure that the implementation of the Project is not hindered. 

 

	7.5.	Any additional funding in VGCB that may be required to be made in the Project (including but not restricted to any funding requirements on account of an increase in the
Project Cost or any cost overrun obligations undertaken in the Financing Documents), over and above the Equity Contribution in terms of Clause 7.1 and subject to Clause 7.2, (“Additional Funding”) shall be made on such terms as may
be agreed between the Parties. It being clarified that upon such infusion of the required Additional Funding, Leighton’s shareholding in VGCB (being 26% of the equity share capital of VGCB) shall not be diluted at any time.The Parties further
agree that Leighton shall be under no obligation to provide any funds or financial assistance or security either by way of cash, equity, guarantee, or any other medium in relation to the Additional Funding over and above Leighton’s
Contribution. 

  

	7.6.	The Parties agree that Sterlite shall be responsible for arranging all debt requirements for the Project or for requirements under the business plan or annual budget of
VGCB and shall provide all the necessary sponsor support and guarantee in relation to the Project. Leighton shall not be required to provide any sponsor support, guarantee, undertaking or any other security in relation to such debt funding. The
terms of such debt funding shall in no way be prejudicial to the interest of Leighton and Leighton should not be responsible or liable for any liability arising out of such debt funding. Sterlite may also undertake funding of the Project
requirements by subscription to various non-participating preference capital / other quasi equity instruments which may reduce the overall equity contribution by the Parties (without diluting the Parties’ equity stake) 

 

	8.	SHAREHOLDING REQUIREMENTS 

  

	8.1.	Each Party shall be liable to and shall cause VGCB to comply with the shareholding requirements as specified in the CA and the RFP issued by the Authority.

  

	8.2.	Pending receipt of the Authority’s prior approval for the Transfer of Shares held by Leighton, and notwithstanding any other provisions of this Agreement, Sterlite
shall neither effect nor permit to be effected any actions or dealings so as to prevent Leighton from exercising such right, or fetter such right, to exit from VGCB to the extent permissible under the Project Contracts. 

 

	8.3.	Minimum Shareholding 

 The Parties represent and warrant that they shall ensure that they maintain their equity shareholding in VGCB such that: 
  

	 	a)	Each Party shall continue to hold at least twenty-six per cent (26%) of the equity capital of VGCB until the Date of Commercial Operations;

  

	 	b)	 The Parties shall legally and beneficially hold not less than fifty-one per cent (51%) of the paid-up equity capital of VGCB until three
(3) years after the 

  
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Date of Commercial Operations, and not less than twenty-six per cent (26%) of the paid-up equity capital of VGCB during the balance Concession Period; 

 

	 	c)	Sterlite shall legally and beneficially hold at any time not less than fifty per cent (50%) of the total paid-up equity capital held by Sterlite and Leighton
collectively in VGCB; and 

  

	 	d)	Subject to Clause 8.2, Sterlite shall continue to maintain the shareholding required to be maintained by the Consortium in VGCB as per requirements of CA and RFP and as
approved by the Authority from time to time. 

  

	8.4.	Notwithstanding anything to the contrary contained herein, any Transfer of Shares and / or direct or indirect change in the Management Control of VGCB, including by way
of a restructuring or amalgamation, shall require the prior written approval of the Authority. 

 Provided, nothing
contained in this Clause shall preclude or prevent pledge of Shares in favour of Lenders as security for the Financial Assistance subject to the enforcement and consequent Transfer thereof only with the prior written consent of the Authority as
stated hereinbefore and in accordance with the Financing Documents. 
  

	8.5.	Further, subject to the prior written approval of the Authority, the Parties agree that Leighton shall be entitled, whether by itself or through its parent company, to
charge, pledge, mortgage or other form of encumbrances in respect of all or any part of the Shares held by it with the prior written consent of Sterlite, which consent shall not be unreasonably denied. Sterlite undertakes to provide all necessary
assistance and support to Leighton as may be requested by Leighton for the purpose of creating and to give effect to such charge, pledge, mortgage and encumbrances provided that all Shares held by Leighton shall, in the event of a transfer or sale
by Leighton to Sterlite, be free from all encumbrances on completion of such sale or Transfer. 

  

	9.	TRANSFER OF SHARES 

  

	9.1.	Transfer Restrictions 

  

	 	9.1.1.	It is expressly agreed that any Transfer of Shares by a Party shall be subject to the prior written approval of the Authority and the other Party, and shall be upon
such terms and conditions as may be agreed between the Parties to this Agreement. Any Transfer of Shares which is contrary to the provisions of this Agreement (including Clauses 8 and 9) shall be null and void ab initio, and VGCB shall not
register such Transfer and shall reject any such Transfer made or attempted, suo moto. 

  

	 	9.1.2.	Subject to Clause 8.2 Sterlite shall ensure that it, together with its Affiliates and / or Group Companies shall hold 51% (fifty-one per cent) of the share capital in
VGCB till the Date of Commercial Operations. In case of Transfer of Shares or any convertible securities held by Sterlite in VGCB to any of its Affiliates or Group Companie (“Sterlite Transferee(s)”) then such Sterlite
Transferree(s) shall acquire the Shares or convertible securities subject to the restrictions under this Agreement. 

  
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	9.2.	Transfer to Affiliates and / or Group Companies 

 Notwithstanding Clause 9.1.1, it is clarified that Sterlite shall be entitled to Transfer its Shares or issue convertible securities to any of its Affiliates and / or Group Companies (“Sterlite
Transferee”), without any consent from Leighjton, provided that: : 
  

	 	a)	the Authority’s prior written approval is obtained; 

  

	 	b)	Leighton’s shareholding in VGCB is not diluted; 

  

	 	c)	Sterlite shall at all times ensure that the shareholding requirements specified in Clause 8 are met; and 

 

	 	d)	such Sterlite Transferee executes a deed of adherence, in an agreed form. 

 If the Sterlite Transferee referenced herein at any time ceases to be an Affiliate and / or Group Company, as the case may be, then Sterlite Transferee shall Transfer the concerned Shares or convertible
securities back to the Sterlite before ceasing to be an Affiliate and / or Group Company, as the case may be, and Sterlite shall cause and ensure the same, notwithstanding that such Sterlite Transferee has executed a Deed of Adherence. 

 

	9.3.	Call Option 

  

	 	a)	Subject to the receipt of the approval of the Authority, the Parties agree and confirm that from the period commencing from the completion of three (3) yearsfrom
the Date of Commercial Operations, Sterlite shall have an irrevocable right to call and purchase such number of Shares held by Leighton (“Call Option”) and Leighton shall be obliged to sell its Shares to Sterlite.

  

	 	b)	Procedure for the exercise of the Call Option 

 Sterlite shall have the right to exercise its Call Option upon delivery of a seven (7) Business Days notice in writing to Leighton (“Call Option Notice”). 

The date, time and venue for the purchase and sale of the Shares pursuant to exercise of the Call Option shall be set out in the Call
Option Notice, and shall not exceed thirty (30) Business Days from the date of the Call Option Notice or receipt of approval of the Authority, whichever is later. 
  

	9.4.	Put Option 

  

	 	a)	Subject to the receipt of the approval of the Authority, the Parties agree and confirm that from the period commencing from the Date of Commercial Operations, Leighton
shall have an irrevocable right to put and sell to Sterlite such number of Shares held by Leighton (“Put Option”) where upon Sterlite shall be obliged to purchase the Shares tendered by Leighton. 

 

	 	b)	Procedure for the exercise of the Put Option 

 Leighton shall have the right to exercise its Put Option upon delivery of a seven (7) Business Days notice in writing to Sterlite (“Put Option Notice”). 

The date, time and venue for the purchase and sale of the Shares pursuant 

  
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to exercise of the Put Option shall be set out in the Put Option Notice, and shall not exceed 30 (thirty) Business Days from the date of the Put Option Notice or receipt of approval of the
Authority, whichever is later. 
  

	9.5.	Costs 

  

	 	a)	The Parties agree that the stamp duty payable on any Transfer of Shares between the Parties shall be borne by Sterlite. 

 

	 	b)	The Parties agree that all Taxes, duties (except stamp duty) payable on any Transfer of Shares between the Parties shall be borne by Leighton. 

 

	 	c)	The Parties agree that if any sum payable to Leighton on Transfer of Shares is subject to Tax (whether by way of deduction or withholding tax or direct assessment of
Leighton), such amount of Tax shall be to the account of Leighton, and Sterlite shall, within the period prescribed under applicable laws, deliver to Leighton evidence satisfactory to Leighton (including all relevant Tax receipts/Tax deduction
certificate in original) that the payment with respect to such Tax has been duly remitted to the appropriate authority to enable Leighton to claim credit in its tax return for this amount so withheld. Further, a deduction at a lower or
“nil’ rate may be made if Leighton provides a withholding order issued by the tax authorities to that effect. 

  

	9.6.	Subject to (i) the provisions of this Agreement and any other understanding between the parties, and (ii) the receipt of the approval of the Port Authority,
the Parties agree that, at any time after the expiry of the Date of Commercial Operations, if Leighton desires to sell any of the Shares held by it, Leighton shall offer its Shares to Sterlite. 

Leighton shall send a written notice (“Offer Notice”) to Sterlite, indicating the total number of Shares that are
proposed to be sold (“Offer Shares). Sterlite shall be obligated to purchase all the Offer Shares at such terms and principles as agreed between the Parties. The date, time and venue for the purchase and sale of the Shares pursuant to
exercise of this option shall be set out in the Offer Notice, and shall not exceed 30 (thirty) Business Days from the date of the Offer Notice or receipt of approval of the Authority, whichever is later. 

 

	10.	BOARD OF DIRECTORS 

  

	10.1.	Initial Composition of Board of Directors 

 The Board of Directors shall comprise of four (4) Directors. As long as Leighton holds a minimum of 10 per cent (10%) of the equity paid-up share capital of VGCB, Leighton shall have the
right to appoint 1 (one) nominee Director on the Board and the remaining Directors shall be appointed by Sterlite. 
 It is
clarified that the rights contained in this Clause are personal to Leighton and Sterlite and not Transferable. In the event Leighton or Sterlite Transfers the Shares held by it to a third party, these rights shall lapse and shall not be enjoyed by
such third party. It is clarified that for the purpose of this Clause, Sterlite shall mean to include its Affiliates. 

  
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	10.2.	Appointment of Alternates 

Each Party shall be entitled to designate, by delivering written notice to the Board, for its Director representatives on the Board an
alternate Director named in such written notice who shall act for, and in stead of such original Director. 
 Every alternate
Director shall be entitled to receive notices of meetings of Directors. In the absence of the Director, the alternate Director shall be entitled to attend and vote at any such meeting in the absent Director’s place and exercise full powers,
rights and responsibilities of the original Director. 
 Any decision or action taken by such alternate of the original Director
shall be fully binding upon the Party and VGCB as if taken by the original Director of the Board for whom such alternate was acting. 
 An alternate Director shall vacate his office immediately if the Director for whom he acts as an alternate ceases to be a Director. 

 

	10.3.	Appointment of Additional Directors 

 VGCB shall also have, subject to and in accordance with the consent of the Parties, such number of additional Directors as may be required to comply with Applicable Laws. 

 

	10.4.	Appointment of Chairman 

Sterlite shall at all times have the power to nominate and have appointed the Chairman of the Board. The Chairman shall not have a second
or casting vote. 
  

	10.5.	Removal of Directors—Generally 

 Each Party (but only that Party) shall be entitled to recommend to VGCB the removal of any Director nominated by it and to nominate for appointment another Director in place of the Director so removed. If
there arises a vacancy in the office of any Director, the Party who nominated that person (but no other Party) shall be entitled to nominate another person to fill the vacancy. The nominating party shall indemnify VGCB in respect of any claim for
compensation for loss of office which may be brought against VGCB by the Director so removed. 
 In appointing as Director any
person nominated as above, the Shareholders shall exercise their voting rights at any General Meeting so as to remove as Director the person so recommended and/or confirm the appointment as Director of the person so nominated. 

Persons so appointed shall only hold office until the expiry of the term of the persons whom they replace. 

 

	10.6.	Removal of Directors 

 If
the shareholding of Leighton in VGCB falls below 10 per cent (10%) of the total issued capital, any Director nominated by Leighton and appointed on the Board shall resign and Leighton shall forgo all future rights of Board representation.

  
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	11.	MEETINGS OF THE BOARD 

  

	11.1.	Quorum 

 Subject to the
provisions of the Act and Clause 11, the quorum for a Board Meeting, at the commencement of, and throughout, the Board Meeting, shall be one-third of the total number of Directors for the time being or two Directors, whichever is higher, and shall
comprise of at least one Director nominated by Sterlite and one Director nominated by Leighton. 
  

	11.2.	Convening of Meetings 

 A
Director may at any time and the secretary of VGCB shall on requisition of a Director convene a Board Meeting by notice in writing of fourteen (14) days or such other period as all Directors may agree, provided always that a Board Meeting may
be convened by a notice shorter than fourteen (14) days with prior consent in writing of all the Directors. Such notice shall contain a detailed agenda of the business to be transacted at the meeting and a statement of any resolutions to be put
at the Board Meeting and copies of all relevant papers connected therewith and/or proposed to be placed before or tabled before the Board. 
  

	11.3.	Adjourned Meetings 

 If
within half an hour after the time appointed for the holding of a Board Meeting, a quorum is not present, the Board Meeting shall be adjourned to the same place and time seven (7) days later. Each Party shall be notified immediately by
facsimile message or e-mail of such adjournment. 
 If at such adjourned Board Meeting, a quorum is not present within half an
hour of its commencement, 
  

	 	(a)	for all matters on the original agenda, save and except a matter set out in Schedule 1 of this Agreement, any two (2) Directors present shall constitute a quorum
for the purposes of the transaction of the business of that Board Meeting. It is clarified that such quorum present at the adjourned Board Meeting shall be entitled to proceed with, and vote on, the matters set out in the original agenda;

  

	 	(b)	for matters set out in Schedule 1 of this Agreement and included in the original agenda, it will be deemed that a Deadlock has arisen in relation to such matters and
the procedure set out in Clause 14.2 shall be applicable. 

 It is clarified that the rights contained in this
Clause are personal to Leighton and not Transferable. In the event Leighton Transfers the Shares held by it to a third party, these rights shall lapse and shall not be enjoyed by such party. 

 

	11.4.	Meetings by Circular Resolution 

 Subject to the provisions of Section 292 and other applicable provisions of the Act which require a physical meeting of directors in relation to certain matters, if all the Directors have signed a
document, which for these purposes may be a facsimile transmission or e-mail, containing a statement that the matter has been approved by a majority of the 

  
 - 18 -

 
Directors entitled to vote thereon provided always that any resolution by circulation in respect of any of the matters referred to in Schedule 1 of this Agreement shall require the affirmative
vote of Leighton, a resolution in those terms shall be deemed to have been passed at a meeting of the Directors held at the date and at the time at which the document was last signed by a Director. For the purposes of this Clause, two or more
separate documents containing statements in identical terms, each of which is signed by one or more Directors, shall together be deemed to constitute one document containing a statement in those terms signed by those Directors on the respective days
on which they sign separate documents. 
  

	11.5.	Voting 

 Unless otherwise
required by Applicable Law and subject to the provisions of Clause 14, all decisions to be taken at a Board Meeting shall be taken by a simple majority of the Directors who are present and entitled to vote (i.e., votes cast in favour of a resolution
exceed votes cast against). 
  

	11.6.	No Casting Vote of Chairman 

 The Chairman shall not have a second or casting vote. 
  

	11.7.	Travel Expenses 

 Unless
otherwise agreed, VGCB shall bear and pay such reasonable travel and accommodation expenses as may be incurred by the Directors for the purpose of traveling to and attending Board Meetings. 

 

	11.8.	Frequency of Meetings 

Without limitation to a Director’s ability to convene a meeting at any time pursuant to Clause 11.2, the Directors shall meet at
least quarterly and otherwise as may be mutually agreed upon from time to time. 
  

	11.9.	Minutes of the Meetings 

Minutes of each Board Meeting (and of any committee of the Board) shall be taken in English and kept by VGCB in accordance with Applicable
Law. 
  

	11.10.	Committees of the Board 

Subject to the provisions of the Act, the Directors may delegate any of their powers to a committee or committees consisting of either
Directors, management personnel or a combination of both. 
  

	12.	APPOINTMENT OF KEY EXECUTIVES AND BANK ACCOUNTS 

  

	12.1.	Appointments 

 Sterlite
shall recommend for appointment by VGCB suitable management personnel, including a Chief Executive Officer and Chief Financial Officer for the effective administration of the affairs and business of VGCB. 

  
 - 19 -

 The Parties agree that the appointment of the CEO, CFO and other key managerial officers of
VGCB shall be made in consultation with Leighton. 
 The Parties shall procure that all necessary formalities and corporate
procedures are undertaken to formalise the appointment of persons nominated pursuant to this Clause. 
  

	12.2.	Authority Guidelines 

 The
Board shall, in respect of the offices referred to in Clauses 12.1, formulate and publish authority guidelines which shall describe the nature and the scope of authority of each of those offices. Such guidelines shall be incorporated in and form
part of the service contracts entered into between VGCB and the occupants of those offices. 
  

	13.	GENERAL MEETINGS 

  

	13.1.	Convening of General Meetings 

 The Board may at any time it considers fit and shall upon a written requisition of any shareholder holding ten per cent (10%) or more of the issued voting capital of VGCB convene a general meeting of
VGCB by notice in writing of twenty one (21) days or such other period as all Shareholders may agree. Such notice shall contain a detailed agenda of the business to be transacted at that General Meeting and a statement of any resolutions to be
put at the General Meeting, together with copies of all relevant papers connected therewith and/or proposed to be placed before or tabled at the General Meeting. 
  

	13.2.	Quorum 

 The quorum for
all General Meetings shall include at least one authorised representative of Sterlite and Leighton each at the commencement of, and throughout, the General Meeting. 
  

	13.3.	Adjourned Meetings 

 If
within half an hour after the time appointed for the holding of the General Meeting, a quorum is not present, the General Meeting shall be adjourned to the same time and at the same place seven (7) days later and each Shareholder shall be
notified immediately by facsimile message or e-mail of such adjournment. If within thirty (30) minutes of commencement of such adjourned General Meeting, a quorum in accordance with Clause 13.2 is not present, the Shareholders present at that
time shall constitute a quorum and will be entitled to proceed with, and vote on, the matters set out in the agenda. 
  

	13.4.	Appointment of Chairman 

The Chairman of the General Meeting shall be elected / appointed by the Board from time to time. 

 

	14.	AFFIRMATIVE VOTE 

  

	14.1.	Matters reserved 

  
 - 20 -

 Notwithstanding anything to the contrary contained herein, but subject to Clause 11.3, as
long as Leighton holds a minimum of 10 per cent (10%) of the equity paid-up share capital of VGCB, all decisions of VGCB in the matters set out in Schedule 1 (whether at a Board Meeting, meeting of a committee of the Board, General Meeting
or otherwise) shall require the consent of at least one (1) Director nominated by each of Leighton and Sterlite. Such matters shall be first proposed in the Board Meeting, and upon receipt of approval thereof by the Board, the same shall be
referred to the Shareholders, if so required, under the Act. 
 It is clarified that the rights contained in this Clause are
personal to Leighton and not Transferable. In the event Leighton Transfers the Shares held by it to a third party, these rights shall lapse and shall not be enjoyed by such party. 

 

	14.2.	Deadlock 

 If there is a
deadlock whether at the Board level (“Deadlock”), either Party may issue a notice to the other Party stating that a Deadlock has emerged and specify the agenda and reasons thereof on which such Deadlock has emerged
(“Deadlock Notice”). It is clarified that the Party giving such Deadlock Notice shall be under no obligations to justify the Deadlock in the Deadlock notice.After the issuance of the Deadlock Notice, the Parties shall nominate
senior representatives at such level as may be proposed by the Parties (“Senior Management”) for an amicable resolution of the Deadlock within 15 (fifteen) working days of the date of Deadlock Notice. The joint decision of the
Senior Management shall be final and binding on the Board and the Shareholders. 
  

	15.	REPRESENTATIONS AND WARRANTIES OF THE PARTIES 

  

	15.1.	The Parties represent, warrant, assure, declare, confirm, covenant and undertake what has been stated and/or contained herein are reasonable under the circumstances.

  

	15.2.	Each of the Representations and Warranties shall be separate and independent and, save as expressly provided to the contrary, shall not be limited by reference to or
inference from any other Representations and Warranties or any other term of this Agreement, which is not expressly referenced to the Representations and Warranties concerned. 

 

	15.3.	Each Party to this Agreement hereby represents and warrants to each of the other Parties that: 

 

	 	a)	it is duly organised, validly existing and is validly incorporated under the laws of India and hereby expressly and irrevocably waives any immunity in any jurisdiction
in respect of this Agreement or matters arising thereunder including any obligation, liability or responsibility hereunder; 

  

	 	b)	it has full power and authority to execute, deliver and perform its obligations under this Agreement and that that the execution and delivery by such Party of this
Agreement and the performance by such Party of the transactions contemplated hereby have been duly authorised by all necessary corporate or other action of such Party; 

 

	 	c)	this Agreement constitutes the legal, valid and binding obligation of that Party, enforceable against it in accordance with the terms hereof; 

  
 - 21 -

	 	d)	there are no actions, suits or proceedings pending or to its best knowledge, threatened against or affecting it before any court, administrative body or arbitral
tribunal which might materially and adversely affect its ability to meet or perform any of its obligations under this Agreement and the Project Contracts; 

  

	 	e)	it has the financial standing and capacity to perform its obligations in accordance with the terms of this Agreement and the Project Contracts;

  

	 	f)	the execution, delivery and performance of this Agreement will not conflict with, result in the breach of, constitute a default under, or accelerate performance
required by any of the terms of its memorandum of association and articles of association or any applicable laws or any covenant, contract, agreement, arrangement, understanding, decree or order to which it is a party or by which it or any of its
properties or assets is bound or affected; 

  

	 	g)	it has no knowledge of any violation or default with respect to any order, writ, injunction or decree of any court or any legally binding order of any Government
Authority which may result in any Material Adverse Effect under the Project Contracts on its ability to perform its obligations under this Agreement and the Project Contracts and no fact or circumstance exists which may give rise to such proceedings
that would adversely affect the performance of its obligations under this Agreement and the Project Contracts; 

  

	 	h)	it has complied with Applicable Laws in all material respects and has not been subject to any fines, penalties, injunctive relief or any other civil or criminal
liabilities which in the aggregate have or may have a Material Adverse Effect on its ability to perform its obligations under this Agreement; 

  

	 	i)	no representation or warranty by it contained herein or in any other document furnished by it to the Authority including the Bid or to any Government Authority in
relation to Applicable Permits contains or will contain any untrue or misleading statement of material fact or omits or will omit to state a material fact necessary to make such representation or warranty not misleading; 

 

	 	j)	no sums, in cash or kind, have been paid or will be paid, by it or on its behalf, to any person by way of fees, commission or otherwise for securing the Concession or
entering into this Agreement or for influencing or attempting to influence any officer or employee of the Authority in connection therewith; 

  

	 	k)	agrees that the execution, delivery and performance by it of this Agreement and all other agreements, contracts, documents and writings relating to this Agreement
constitute private and commercial acts and not public or governmental acts; 

  

	 	l)	consents generally in respect of the enforcement of any judgement against it in any proceedings in any jurisdiction to the giving of any relief or the issue of any
process in connection with such proceedings; 

  
 - 22 -

	 	m)	undertakes to provide such assistance to VGCB as may be required and agreed to by the Parties, so as to enable VGCB to implement, operate and maintain the Project; and

  

	 	n)	covenants and undertakes that it will do all such acts (including exercise of its rights as a Shareholder or otherwise) as may be required or necessary to give full
effect to the terms of this Agreement and the Project Contracts. 

  

	16.	INDEMNITY 

  

	16.1.	Notwithstanding anything to the contrary contained elsewhere in this Agreement, the Project and the Project Contracts and RFP, each Party (the “Indemnifying
Party”) shall indemnify, defend and hold harmless and keep indemnified, defended and harmless, the other Party, their respective directors, officers, representatives, employees and agents (collectively, the “Indemnified
Persons”) from and against any and all losses, claims, demands, actions, proceedings, costs or expenses asserted by a third party against or incurred by the Indemnified Persons, as a result of, arising from, or in connection with or
relating to: 

  

	 	a)	a breach or non-performance by the Indemnifying Party of its obligation under this Agreement, the Project, the Project Contracts and / or the RFP; or

  

	 	b)	any breach or inaccuracy of any representation, warranty, covenant or agreement made or failure to perform (whether in whole or part) any obligation required to be
performed by the Indemnifying Party (either in its own name or in the name of the other Party and its Affiliates) pursuant to or under this Agreement, the Project, Project Contracts and / or the RFP or directions given by the Authority.

  

	16.2.	Any claim for indemnity pursuant to this Agreement, the Project and the Project Contracts shall be made by the Indemnified Persons by notice in writing to the
Indemnifying Party. 

  

	17.	APPOINTMENT OF AUDITOR 

The Parties acknowledge that the existing statutory auditor of VGCB is Deloitte Haskins and Sells (“Statutory Auditor”), and
agree that this appointment of the auditors is acceptable to them. 
  

	18.	PREPARATION AND CIRCULATION OF ACCOUNTS AND FINANCIAL INFORMATION 

  

	18.1.	Maintenance of Accounting Records 

 VGCB shall prepare and maintain accounts and records of its financial transactions in accordance with applicable Indian and international accounting standards. 

 

	18.2.	Annual Audit 

 The books
of accounts and other financial records and information of VGCB shall be 

  
 - 23 -

 
audited once a year by the Statutory Auditor. The cost of such audit shall be borne by VGCB as a recurring operating expense. 

 

	18.3.	Financial Year 

 The
financial year of VGCB shall commence on 1 April in any one year and conclude on 31 March in the following year. 
  

	18.4.	Information Rights 

  

	 	18.4.1	Sterlite shall cause and ensure VGCB to deliver to Leighton the following information pertaining to VGCB: 

 

	 	(i)	the annual business plan; and 

  

	 	(ii)	the annual construction plan or the annual operations plan as the case may be. 

 VGCB shall ensure that the items set out in Clause 18.4 (i) and (ii) above along with any proposed material changes thereto would be intimated to Leighton in advance and in prior consultation
with them. 
  

	19.	TERMINATION 

 This
Agreement is become effective from the date of execution of these presents and shall continue in full force and effect until: 
  

	19.1.	terminated by mutual agreement of the Parties; or 

  

	19.2.	at least one Party ceases to be a Shareholder of VGCB; or 

  

	19.3.	the termination of the CA. 

  

	20.	RESTRICTION ON ANNOUNCEMENT 

 Each of the Parties undertakes that it will not (save as required by law or by any regulatory body to whose rules any of the Party is subject) make any announcement in connection with this Agreement
unless the other Party shall have given their respective consents to such announcement (which consents may not be unreasonably withheld or delayed and may be given either generally or in specific case or cases and may be subject to conditions).

  

	21.	GOVERNING LAW AND JURISDICTION 

  

	21.1.	Governing Law 

 This
Agreement shall be governed by, interpreted and construed in accordance with the laws of India. 

  
 - 24 -

	21.2.	Jurisdiction 

 Subject to
Clause 22, shall be subject to the exclusive jurisdiction of competent Courts of Tuticorin. 
  

	22.	DISPUTE RESOLUTION 

  

	22.1.	Submission to arbitration 

In the event of any dispute, controversy or difference (“Dispute”) of whatever nature, arising under, out of, in
connection with or relating to the enforcement, performance or the terms and conditions of this Agreement or any provision thereof, including any purported termination, such Dispute shall be settled through good faith negotiation amongst the parties
to such Dispute. In the event that such Dispute cannot be resolved by negotiation within thirty (30) days of the Dispute having arisen, such Dispute shall be referred to binding arbitration in accordance with the provisions of the Arbitration
and Conciliation Act, 1996 or any statutory modification or re-enactment thereof for the time being in force. 
  

	22.2.	Place and language 

 The
place of arbitration and the seat of arbitral proceedings shall be Mumbai, Maharashtra, India. Any arbitral proceeding begun pursuant to any reference made under this Agreement shall be conducted in English language. The arbitration shall be
concluded within three [3] months of the date of reference of the dispute to arbitration. The decision of the arbitrator or the majority of the arbitrators shall be rendered in writing and shall be final and binding upon the Parties. The costs,
charges and expenses of the arbitration shall be at the discretion of the arbitrator or arbitrators and wherenot expressly specified in the award of the arbitrators will be borne equally by the Parties. 

 

	22.3.	Appointment of the Arbitral Tribunal 

 The arbitral tribunal shall be composed of three (3) arbitrator(s) if the Parties so agree. There shall be three arbitrators, one appointed by each Party and a third selected by the two arbitrators
so appointed. Failing such agreement within a period of ten (10) days from the end of the conciliation process provided for in Clause 22.1 hereof, a sole arbitrator shall be appointed in accordance with the provisions of the Applicable Law.

  

	23.	NOTICES 

  

	23.1.	Any notice and other communications provided for in this Agreement shall be in writing and shall be first transmitted by facsimile transmission or by postage prepaid
registered post with acknowledgement due or by internationally recognized courier service, in the manner as elected by the Party giving such notice: 

  

	 	(a)	In the case of notices to Sterlite: 

					
		  	 Address         :     SIPCOT Industrial Complex,
Madurai Bypass Road,
       TV Puram P.O., Tuticorin 628002, Tamil Nadu,
India
 Fax Number   :     +914612340203

For Attn.        :     Mr. Rajiv Choubey
	  	

  
 - 25 -

	 	(b)	In case of notices to Leighton: 

					
		  	 Address         :     No. 302/ 303, Windsor
Building, CST Road, Kalina,
       Santa Cruz East, Mumbai- 400
098
 Fax Number   :     +912267190199

For Attn.        :     Ms. Amita Chatterjee
	  	

  

	23.2.	All notices shall be deemed to have been validly given on (i) the Business Day immediately after the date of transmission with confirmed answer back, if
transmitted by facsimile transmission, or (ii) the expiry of seven (7) Business Days after posting if sent by registered post with acknowledgement due, or (iii) the business date of receipt, if sent by courier.

  

	23.3.	Any Party may, from time to time, change its address or representative for receipt of notices provided for in this Agreement by giving to the other not less than
fifteen (15) Business Days prior written notice. 

  

	24.	CONFIDENTIALITY OF INFORMATION 

  

	24.1.	Each Party shall exercise a high degree of care to prevent the unauthorized dissemination, disclosure or use by such Party, other than as expressly provided herein, of
any confidential information of another Party and/or of VGCB to which such Party may have access and, except as expressly provided for in this Clause, shall not make or allow any disclosure of the confidential information to any other Person.

  

	24.2.	Confidential information shall not include information which: 

  

	 	(a)	was known to the receiving Party at the time it was submitted; or. 

  

	 	(b)	is, or becomes, publicly known, through no wrongful act of the receiving Party, or any Affiliate, agent or consultant or employee of the receiving Party; or

  

	 	(c)	is received by the receiving Party from a third person without similar restrictions; or 

 

	 	(d)	is approved for release by written authorisation of the disclosing Party; or 

 

	 	(e)	is shown to have been independently developed by the receiving Party without the use of the information disclosed by the other Party hereunder; or

  

	 	(f)	is furnished by the disclosing Party to a third person without a similar restriction on the third person’s rights. 

 

	24.3.	A Party may make disclosure of confidential information: 

  

	 	(a)	to any of its employees, management, Affiliates and agents, to the extent their function requires them to have the confidential information; or

  

	 	(b)	to legal advisors, auditors, professional advisors and consultants of the concerned party on a need-to-know basis; 

 

	 	(c)	in the course of legal proceedings, or to a governmental agency or entity, or to the public if such disclosure is necessary under Applicable Laws or regulations;

  

	24.4.	In all such cases where disclosure is made under Clause 24.3(c), that Party shall give written notice to the other Party prior to making such disclosure.

  
 - 26 -

	24.5.	The provisions of this Clause shall apply throughout the term of this Agreement and shall survive termination hereof. 

 

	25.	MISCELLANEOUS PROVISIONS 

  

	25.1.	Relationship of the Parties 

 Nothing in this Agreement shall be deemed to constitute a partnership between the Parties. 
  

	25.2.	Successors and Assigns 

Subject to Clause 9 of this Agreement, this Agreement shall not be capable of assignment by either Party. 

 

	25.3.	Entire Agreement 

 This
Agreement (together with any documents referred to herein or executed contemporaneously by the Parties in connection herewith) constitutes the whole agreement between the Parties and supersedes any previous agreements, arrangements and discussions
(whether oral or written, including all correspondence) if any, between them relating to the subject matter hereof. 
  

	25.4.	Amendment 

 It is
expressly declared that no variations hereof shall be effective unless made in writing signed by duly authorized representatives of the Parties. 
  

	25.5.	Effect 

 All of the
provisions of this Agreement shall remain in full force and effect until the Agreement has been terminated in accordance with the provisions hereof. 
  

	25.6.	Survival of Obligations 

Any cause of action which may have occurred in favour of either Party or any right which is vested in either Party under any of the
provisions of this Agreement during the subsistence of this Agreement as a result of any act, omission, deed, matter or thing done or omitted to be done by either Party shall survive the termination of this Agreement. 

 

	25.7.	Severability 

 If any
provision or part of a provision of this Agreement shall be, or be found by any authority or court of competent jurisdiction to be, invalid or unenforceable, such invalidity or unenforceability shall not affect the other provisions or parts of such
provisions of this Agreement, all of which shall remain in full force and effect. 
 The Parties shall negotiate, in good faith,
a valid, legal and enforceable provision in lieu 

  
 - 27 -

 
of such provision, which most nearly reflects the Parties’ intent and circumstances at the time entering into this Agreement. The Parties shall make all reasonable efforts and take all
necessary actions to replace any illegal or unenforceable provision of this Agreement with a legal and enforceable substitute provision, and if the need arises, the Parties shall execute a new agreement. 

 

	25.8.	Time of Essence 

 Any time
or period in any provision of this Agreement may be extended by mutual agreement between the Parties but as regards any time, date or period originally fixed or any time, date or period so extended as aforesaid time shall be of the essence.

  

	25.9.	Further Assurances 

 The
Parties shall do, and shall use their respective reasonable endeavors to procure that any necessary third parties shall do, execute and permit all such further deeds, documents, assurances, acts and things as any of the Parties hereto may reasonably
require to carry the provisions of this Agreement into full force and effect. 
  

	25.10.	Counterparts 

 This
Agreement may be executed in one or more counterparts, and by the Parties on separate counterparts, but shall not be effective until each Party has executed at least one counterpart and each such counterpart shall constitute an original of this
Agreement but all the counterparts shall together constitute one and the same instrument. 
  

	25.11.	Costs: 

 Each Party to
this Agreement shall pay its own costs of and incidental to this Agreement. 
  

	25.12.	Waiver of Rights 

 All
waivers under this Agreement must be in writing, and failure or delay at any time by a Party to require the other Party’s performance of any obligation or to exercise any right or remedy under this Agreement shall not affect the right of the
first-named Party subsequently to require performance of that obligation or to exercise such right or remedy. No waiver by a Party of any breach of any provision of this Agreement or of a failure or failures by the other Party to perform any
provision of this Agreement shall be construed or shall operate as a waiver of any continuing or succeeding breach of such provision or a waiver or modification of such provision or as a waiver in respect of any other or further failure whether of a
like or different character. Each Party’s rights and remedies contained in this Agreement are in addition to, and not exclusive of, any other rights or remedies available at law. 
 IN WITNESS WHEREOF THE PARTIES HERETO HAVE SET AND SUBSCRIBED THEIR RESPECTIVE HANDS TO THESE PRESENTS THE DAY AND YEAR HEREUNDER WRITTEN 
 Date:- 17.09.2010 (September 17, 2010) 
 Place:- Tuticorin 

  
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 Signed and delivered 
 for and on behalf of: 
 Sterlite Industries (India) Limited by: 

 

			
	1.	 	/s/ Vinod Bhandawat
	Name:	 	Vinod Bhandawat
	Designation:	 	CFO
		
	2.	 	 /s/ Rajiv Choubey

	Name:	 	Rajiv Choubey
	Designation:	 	COMPANY SECRETARY HEAD LEGAL

 Signed and delivered 
 for and on behalf of: 
 Leighton Contractors (India) Private Limited by: 

 

			
	1.	 	/s/ Ameeta Chatterjee
	Name:	 	Ameeta Chatterjee
	Designation:	 	GM—INVESTMENT & ACQUISITION

 Signed and delivered 
 for and on behalf of: 
 Vizag General Cargo Berth Private Limited by: 

 

			
	1.	 	/s/ Pratap Rane
	Name:	 	Pratap Rane
	Designation:	 	VP(Projects)
		
	2.	 	      

	Name:	 	  

	Designation:	 	  

 WITESSES 

Witnessed by: 
  

			
	1.	 	/s/ G. Venkatram
	Name:	 	G. Venkatram
	Designation:	 	Associate Manager—Legal
		
	2.	 	 /s/ Tanay S. Nair

	Name:	 	Tanay S. Nair

  
 - 29 -

			
	Designation:	 	Business Analyst

  
 - 30 -

 SCHEDULE 1 
 Matters for Affirmative Vote Rights 
  

	1.	Any change in the capital structure of VGCB (i.e any consolidation, sub-division, reconstruction or conversion of VGCB share capital.) 

 

	2.	Issue by VGCB of any shares to any third party, except already agreed between Sterlite and Leighton. 

 

	3.	Amendments to or waivers of the memorandum of association or articles of association which adversely affect the rights of LEIGHTON (including, without limitation,
change in the number of members of the board of directors of VGCB); 

  

	4.	Commencement of any new line of business outside the scope of the Project except in the ordinary course of business of VGCB; 

 

	5.	The acquisition, sale, transfer or other disposal of any assets of VGCB, including any, fixed and/or movable assets, financial assets and intellectual property rights,
except as provided for in the scope of the Project or or in the ordinary course of business of VGCB; 

  

	6.	Mergers, amalgamations, de-mergers, voluntary dissolution, liquidation, winding up, reconstruction, of VGCB of any nature; 

 

	7.	Any change in any of the rights, preferences, privileges or powers of, or the restrictions provided for the benefit of, the holders of any of the equity shares of VGCB;

  

	8.	Entering into any joint venture or partnership or collaboration with any person other than in the ordinary course of business or the setting up or establishment of any
subsidiary of VGCB; 

  

	9.	Any significant change to the accounting policies employed by VGCB or any of its subsidiaries except in the ordinary course of business; 

 

	10.	Distribution of dividends and reserves of VGCB; 

  

	11.	The creation of a branch or a subsidiary by VGCB, whether or not it is intended to handle the same business as the business of VGCB, or the acquisition of shares in
other companies by VGCB; 

  

	12.	Any buy back of securities or initial or follow up public offering of any shares or other securities of VGCB. 

  
 - 31 -

 SCHEDULE 2 
 FORM OF DEED OF ADHERENCE 
 THIS DEED is dated the [•] day of
[•] 20[••] and made: 
 BETWEEN 
 [•] of [•] (the “New Shareholder”); 

[•] of [•] (the “Transferor”); 
 [•] of [•] (the “Continuing Shareholders”); and 
 THIS
DEED IS SUPPLEMENTAL to the shareholders agreement executed on [insert date], between the Transferor, Vizag General Cargo Berth Private Limited (“Company”) and the Continuing Shareholders (the “Shareholders
Agreement”). 
 BACKGROUND: 
  

	(A)	The Transferor, the Company and the Continuing Shareholders have entered into the Shareholders Agreement dated [•] (“Shareholders
Agreement”). 

  

	(B)	[Pursuant to an [•] agreement, the Transferor has transferred its [•] Shares to the New Shareholder.] OR [The New Shareholder has become
entitled to a transfer of [•] Shares from the Transferor.] 

  

	(C)	It is a term of the Shareholders Agreement that no Transfer of Shares shall be effected unless the transferee shall have first entered into a deed in the form of this
deed. 

 NOW THEREFORE THIS DEED OF ADHERENCE WITNESSETH AS FOLLOWS: 

In consideration of the Transferor having transferred its [•] Shares to the New Shareholder and in consideration of having agreed to such transfer:

  

	1.	The New Shareholder hereby confirms that a copy of the Shareholders Agreement and the Articles of Association of the Company have been made available to it and hereby
covenants with the Continuing Shareholders and the Company to observe, perform and be bound by all the terms which are applicable to the New Shareholder and the New Shareholder shall be deemed, with effect from the date on which the New Shareholder
is registered as a member of the Company, to be a Party to the Agreement and to be bound by all the terms thereof as they applied to the Transferor and as if the New Shareholder had executed the Agreement instead of the Transferor.

  

	2.	The New Shareholder hereby covenants that it shall do nothing that derogates from, or obstructs the application and operation of, the provisions of the Shareholders
Agreement or the Articles of Association. Further, and in addition to the above, the New Shareholder covenants that it shall facilitate and aid the application of the Shareholders Agreement to itself, the Continuing Shareholders, and the Company.

  

	3.	 The New Shareholder represents and warrants to the Continuing Shareholders and the

  
 - 32 -

	 	
Company that: 

  

	 	(a)	[It is a corporate entity has been duly incorporated and organized, and validly exists, under the laws of the jurisdiction of its incorporation.] OR
[He/she (1) has full legal capacity to (A) own his assets and carry on his business as it is being conducted and (B) enter into this Deed and Project Agreements, fully understands the content of this Deed and each such Project
Agreements; and (2) has obtained legal advice and regulatory/governmental consents if required, with respect to such Deed and Project Agreements prior to the execution thereof.] 

 

	 	(b)	It has the legal right and full corporate power and authority, and has been duly authorised by all necessary corporate action on the part of its board of directors
and/or shareholders, as the case may be, to execute, deliver and perform the Deed and Project Agreements to which it is a party. 

  

	 	(c)	The execution of this Deed, and the performance or the conditions and obligations there under constitute legally valid and binding obligations of the New Shareholder,
enforceable against it in accordance with the terms contained therein. 

  

	 	(d)	No Authorisation is required in connection with the execution, delivery and performance by it of this Deed and the Project Agreements. 

 

	 	(e)	The execution, delivery and performance by it of this Deed and the Project Agreements do not and will not: 

 

	 	(i)	[constitute a breach or constitute a default under its constitutional documents where it is a corporate entity;] 

 

	 	(ii)	result in a breach of, or constitute a default under, any agreement, instrument, arrangement or understanding to which it is a party or by which it is bound; or

  

	 	(iii)	result in a violation or breach of or default under any Applicable Law or of any order, judgement or decree of any Governmental Authority to which its is a party or by
which it is bound. 

 Capitalised terms not defined herein shall have the meaning ascribed to them in the Shareholders Agreement.

 This Deed of Adherence shall be governed in all respects by the laws of India. 
 Executed as a DEED the day and year first before written. 
 By: 

Title: 
 For the New Shareholder

 

 

  
 - 33 -

  
 By: 
 Title: 
 For the Transferor 
  

 
 By: 

Title: 
 For the Continuing Shareholders

  
  

  
 - 34 -Corporate Guarantee dated December 8, 2010

 Exhibit 4.62 
 GUARANTEE 
 BY 

STERLITE INDUSTRIES INDIA LIMITED 
 (“GUARANTOR”) 
 in favour of 

IL&FS TRUST COMPANY LIMITED 
 (“TRUSTEE”) 
 DATED: DECEMBER
    08    , 2010 
 

 
 J. SAGAR ASSOCIATES 
 advocates & solicitors 

 TABLE OF CONTENTS 

 

					
		
	 1. DEFINITIONS AND INTERPRETATION
	  	 	2	  
		
	 2. GUARANTEE
	  	 	9	  
		
	 3. INDEMNITY
	  	 	11	  
		
	 4. FURTHER INTEREST
	  	 	11	  
		
	 5. APPROPRIATIONS
	  	 	11	  
		
	 6. WAIVERS
	  	 	12	  
		
	 7. NO RELEASE
	  	 	13	  
		
	 8. PRINCIPAL DEBTOR
	  	 	13	  
		
	 9. NO PROOF IN LIQUIDATION; NO EXERCISE OF RIGHTS
	  	 	13	  
		
	 10. IRREVOCABLE GUARANTEE
	  	 	13	  
		
	 11. REPRESENTATIONS AND WARRANTIES
	  	 	14	  
		
	 12. COVENANTS
	  	 	14	  
		
	 13. NOTICES
	  	 	14	  
		
	 14. COSTS AND EXPENSES; TAXES
	  	 	15	  
		
	 15. AMENDMENTS
	  	 	16	  
		
	 16. SEVERABILITY
	  	 	16	  
		
	 17. GOVERNING LAW AND JURISDICTION
	  	 	16	  
		
	 18. COUNTERPARTS
	  	 	16	  
		
	 SCHEDULE 1: FORM OF DEMAND CERTIFICATE
	  	 	19	  
		
	 SCHEDULE 2: REPRESENTATION AND WARRANTIES
	  	 	20	  
		
	 SCHEDULE 3: COVENANTS AND UNDERTAKINGS
	  	 	23	  
		
	 SCHEDULE 4: EVENTS OF DEFAULT
	  	 	27	  
		
	 SCHEDULE 5: REDEMPTION DATES
	  	 	30	  

 DEED OF GUARANTEE 

This DEED OF GUARANTEE (“Guarantee”) executed in Tamil Nadu on this     08th    
day of December 2010 by: 
  

	1.	STERLITE INDUSTRIES INDIA LIMITED, a company incorporated under the provisions of the Companies Act, 1956 with corporate identity number
L65990TN1975PLC062634 and having its registered office at SIPCOT Industrial Complex Madurai, Bypass Road, TV Pura, Tuticorin, Tamil Nadu 628 008 (hereinafter referred to as “Guarantor”, which expression shall, unless
repugnant to the context or meaning thereof, deem to include its successors and permitted assigns); 

 IN FAVOUR OF

  

	2.	 IL&FS TRUST COMPANY LIMITED, a company incorporated under the provisions of the Companies Act, 1956 with corporate identity number
U66020MH1995PLC095507 and having its registered office at IL&FS Financial Centre, Plot C – 22, Bandra Kurla Complex, Bandra East, Mumbai 400051, in its capacity as debenture trustee for the Holders of the Debentures issued by
Talwandi Sabo Power Limited in terms of the Information Memorandum (hereinafter referred to as the “Trustee”, which expression shall, unless repugnant to the context or meaning thereof,

  
 1 

	 	
deem to include its successors and permitted assigns). 

 (In this
Guarantee, the Guarantor and the Trustee shall hereinafter be collectively referred to as the “Parties” and individually as a “Party”.) 
 WHEREAS: 
  

	(A)	Talwandi Sabo Power Limited, a company incorporated under the provisions of the Companies Act, 1956 with corporate identity number U40101PB2007SGC031035 and having its
registered office at Village Banawala, Mansa-Talwandi Sabo Road, District Mansa (Punjab)-147001, India (the “Company”) proposes to issue secured, redeemable, non convertible debentures of a face value of Rs.10,00,000 each for an
aggregate nominal amount of Rs.750,00,00,000 (“Debentures”) by way of a private placement in terms of the Information Memorandum. 

  

	(B)	Pursuant to a letter dated November 9, 2010 the Trustee has conveyed its consent to act as a debenture trustee in relation to the issue of the Debentures.

  

	(C)	 One of the terms of the issue of the Debentures is that the discharge of all the obligations of the Company in connection with the Debentures including
timely payment and due discharge of the Debt as well as maintenance of the DSRA Amount in the DSRA as per the terms set out herein (hereinafter collectively referred to as the “Obligations”), shall be secured, inter alia, by
a guarantee executed by the Guarantor in favour of the Trustee 

  
 2 

	 	
for the benefit of the Debentureholders. 

  

	(D)	The Guarantor has agreed to guarantee the due and punctual discharge of the Obligations by the Company to the extent provided herein. 

NOW THIS GUARANTEE WITNESSETH AS FOLLOWS 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1.	Definitions. In this Guarantee, in addition to the terms defined in the introduction to, recitals of and the text of this Guarantee, the following terms shall,
unless a contrary intention appears, have the following meanings: 

 “Account Bank” means ICICI
Bank Limited; 
 “Act” means the Companies Act, 1956 of India and shall include any statutory amendment or
re-enactment thereof; 
 “Applicable Law” means any statute, national, state, provincial, local, municipal,
foreign, international, multinational or other law, treaty, code, regulation, ordinance, rule, judgment, order, decree, bye-law, approval of any Governmental Authority, directive, guideline, policy, requirement or other governmental restriction or
any similar form of decision of or determination by, or any interpretation or administration having the force of law of any of the foregoing by any Governmental Authority having jurisdiction over the matter in question, whether in effect as of the
date of this Deed or at any time thereafter; 
 “Business Day” means a day (other than a Saturday or Sunday) on
which banks are open for general business in Mumbai and in relation to any payment in any other city, such city; 
 “Call
Option” means the right (and not the obligation) of the Company to call upon the Trustee and the Debentureholders to redeem the Debentures on the Call Option Date; 
 “Call Option Date” means any Business Day falling within the Call Option Period on which the Company chooses to exercise the Call Option; 

“Call Option Period” shall mean the period starting from the end of the 5th (fifth) year from the Deemed Date of Allotment till the Final
Redemption Date; 
 “DSRA” means a current account opened or to be opened by the Company with the Account Bank
for the purpose of holding the DSRA Amount; 
 “DSRA Amount” means an amount equal to any amount payable by the
Company on the immediately succeeding Payment Date; 
 “Debenture Trust Deed” means a debenture trust deed to be
executed by the Company in relation to the Debentures; 

  
 3 

 “Debentureholders” or “Holders of Debentures” means the
persons who are, for the time being and from time to time, the holders of the Debentures and, who arc entered in the Register of Debentureholders as the holders of the Debentures, where such Debentures are held in physical form, or whose names
appear in the Register of Beneficial Owners, where such Debentures are held in dematerialised form, and “Debentureholder” means each such person; 
 “Debt” means all present and future moneys, debts and liabilities due, owing or incurred from time to time by the Company to any Debentureholder or the Trustee under or in connection with
the Debentures (in each case, whether alone or jointly, or jointly and severally, with any other person, whether actually or contingently, and whether as principal, surety or otherwise) including for the repayment/ redemption of the principal amount
of the Debentures, Interest, additional interest in case of default (where applicable), remuneration of the Trustee and all costs, charges, expenses and other monies payable by the Company is respect of the Debentures; 

“Demand Certificate” means the certificate issued by the Trustee substantially in the form set out in Schedule 1
(Form of Demand Certificate) hereto for payment of the amounts due from the Guarantor to the Trustee in terms of this Guarantee; 
 “Deemed Date of Allotment” means the date specified as such in the Information Memorandum; 
 “Early Redemption Date” means a dale, not earlier than 2 (two) days from the date of an Event of Default as determined by the Trustee, when the Debentures are required to be redeemed on a
date prior to a scheduled Redemption Date, pursuant to the occurrence of an Event of Default; 
 “Encumbrances”
means any mortgage, pledge, equitable interest, assignment by way of security, conditional sales contract, hypothecation, right of other persons, claim, security interest, encumbrance, title defect, title retention agreement, voting trust agreement,
interest, option, lien, charge, commitment, restriction or limitation of any nature whatsoever, including restriction on use, voting rights, transfer, receipt of income or exercise of any other attribute of ownership, right of set-off, any
arrangement (for the purpose of, or which has the effect of, granting security), or any other Security Interest of any kind whatsoever, or any agreement, whether conditional or otherwise, to create any of the same; 

“Event of Default” means any event specified as such in the Information Memorandum and to be specified as such in the
Debenture Trust Deed and reproduced in Schedule 4 (Events of default) hereof; 
 “Final Redemption
Date” means the date falling at the end of 13 (thirteen) years from the Deemed Date of Allotment, when the nominal amount of the outstanding Debentures or any of the Debentures is to be paid by the Company to the Debentureholders;

 “Final Settlement Date” means the date on which, in the opinion of the Trustee, the 

  
 4 

 Debt has been discharged by the Company in full; 

“Financial Indebtedness” means any indebtedness for or in respect of: 

 

	 	(a)	moneys borrowed; 

  

	 	(b)	any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent; 

 

	 	(c)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; 

 

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as a finance or capital lease;

  

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

 

	 	(f)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; 

 

	 	(g)	any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any
derivative transaction, only the marked to market value shall be taken into account); 

  

	 	(h)	shares which are expressed to be redeemable or shares which are the subject of a put option or any form of guarantee; 

 

	 	(i)	debentures which are expressed to be compulsorily convertible or debentures which are the subject of a put option or any form of guarantee; 

 

	 	(j)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or
financial institution; and 

 the amount of any liability in respect of any guarantee or indemnity for any of the
items referred to in paragraphs (a) to (j) above; 
 “GAAP” means generally accepted accounting
principles, standards and practices in India; 
 “Governmental Approval” means any authorization, approval,
consent, licence or permit required from any Governmental Authority; 
 “Governmental Authority” means any:

  

	 	a.	government (central), federal, state or otherwise) or sovereign state; 

  

	 	b.	any governmental agency, semi-governmental or judicial or quasi-judicial or administrative entity, department or authority, or any political subdivision thereof;

  

	 	c.	international organization, agency or authority, 

  
 5 

	 	d.	including, without limitation, any stock exchange or any self-regulatory organization, established under any Applicable Law; 

“Information Memorandum” means an information memorandum / disclosure document dated
                     issued by the Company for the issue of the Debentures; 

“Initial Company Credit Rating” means the first credit rating in respect of the Company that is provided to the
Trustee/Debentureholders by CRISIL, and FITCII being “AM (so)”; 
 “INR” or “Rs.” or
“Rupees” means the lawful currency of the Republic of India; 
 “Interest” means interest
payable on the Debentures at the rate of 9.8% per annum or the rate as specified in the Information Memorandum; 

“Interest Payment Date” means any date on which the Company is liable to pay Interest on the Debentures; 

“Majority Debentureholders” means such number of Debentureholders holding 51% of the nominal value of the Debentures
then outstanding; 
 “Material Adverse Effect” means, in the reasonable opinion of the Trustee, a material
adverse effect on or material adverse change in: 
  

	 	(a)	the business activities, financial condition and credit standing of the Company or the Guarantor from the date of their respective last published financial statements;

  

	 	(b)	the international or domestic money, bank, foreign exchange and capital markets, or in the debt syndication market: 

 

	 	(c)	the Company’s right to possess and use all or any material portion of the Project Site or the Project. 

“Mortgaged Premises” means such property owned by the Company which is agreed by the Trustee to be mortgaged by the
Company to secure the Debentures under the Debenture Trust Deed; 
 “Obligors” shall collectively mean the
Company and the Guarantor and “Obligor” shall mean any one of them; 
 “Original Financial
Statements” means: 
  

	 	(a)	in relation to the Company, its audited financial statements for the financial year ended March 31, 2010; and 

 

	 	(b)	in relation to the Guarantor, its audited consolidated financial statements for the financial year ended March 31, 2010; 

  
 6 

 “Payment Date” means a Redemption Date or an Interest Payment Date;

 “Project” the power project being undertaken by the Company with a total generation capacity of 2640 Mega
Watts at Village Banawala, District Mansa, in the state of Punjab, India; 
 “Project Site” means the land
approximately admeasuring 2113 acres at Village Banawala, Mansa-Talwandi Sabo Road, District Mansa in Punjab on which the Project is to be set up; 
 “Recon Date” shall mean a day which is 4 (four) Business Days prior to each Payment Date, (save and except an Early Redemption Date); 

“Redemption Date” means (a) any of the dates specified in the Schedule 5 (Redemption Dates) hereunder
written; or (b) an Early Redemption Date on which the nominal amount of the Debentures or any of the Debentures is to be paid by the Company to the Debentureholders; or (c) a Call Option Date; 

“Register of Beneficial Owners” means the register of beneficial owners of the Debentures maintained in the records of
any depository duly registered with SEBI; 
 “Register of Debentureholders” means the register maintained by
the Company at its registered office and containing the names of the Debentureholders entitled to receive Interest on the Debentures; 
 “SEBI” means the Securities and Exchange Board of India; 

“Security Documents” means the following: 

 

	 	(a)	the Debenture Trust Deed; and 

  

	 	(b)	any other security document entered into from time to time for creation of any Security for the benefit of the Debentureholders; 

“Security Interest” means (i) any mortgage, charge (whether fixed or floating), pledge, lien, hypothecation,
assignment, deed of trust, security interest or other encumbrance of any kind securing, or conferring any priority of payment in respect of, any obligation of any Person, including without limitation any right granted by a transaction which, in
legal terms, is not the granting of security but which has an economic or financial effect similar to the granting of security under Applicable Law, (ii) any voting agreement, interest, option, right of first offer, refusal or transfer
restriction in favour of any Person, and/or (iii) any adverse claim as to title, possession or use; 

“Subsidiary” means, in relation to a company or corporation (a “holding company”), any other company or
corporation: 

  
 7 

	 	(a)	which is controlled, directly or indirectly, by the holding company; 

  

	 	(b)	more than half the issued share capital of which is beneficially owned, directly or indirectly, by the holding company; or 

which is a subsidiary or another Subsidiary of the holding company; 

“Transaction Documents” means: 
  

	 	a.	this Guarantee; 

  

	 	b.	the Information Memorandum; 

  

	 	c.	the Debenture Trust Deed; 

  

	 	d.	the Security Documents; and 

any other document that may be designated as a transaction document by the Trustee. 

“Vendors” shall mean suppliers and service providers of the Company who supply or will supply equipments, plant and
machinery, goods and/ or materials or provide or will provide service in connection with the Project and/or operations of the Company. 
  

	1.2	Interpretation. In this Guarantee, unless the context requires otherwise: 

 

	 	1.2.1.	the recitals and schedules shall constitute an integral and operative part of this Guarantee; 

 

	 	1.2.2.	reference to Clause and Schedule is to a clause and schedule of this Guarantee; 

 

	 	1.2.3.	headings to Clauses, parts and paragraphs of Schedules and Schedules are for convenience only and do not affect the interpretation of this Guarantee;

  

	 	1.2.4.	reference to any statute or statutory provision shall include: 

  

	 	(a)	all statutory instruments or orders including subordinate or delegated legislation (whether by way of rules, notifications, bye-laws and guidelines) made from time to
time under that provision (whether or not amended, modified, re-enacted or consolidated); 

  

	 	(b)	 such provision as from time to time amended, modified, re-enacted or consolidated (whether before or after the date of this Guarantee) to the extent
such amendment, modification, re-enactment or consolidation applies or is capable of applying to any transactions entered into under this Guarantee and (to the extent liability thereunder may exist or can

  
 8 

	 	
arise) shall include any past statutory provision as from time to time amended, modified, re-enacted or consolidated) which the provision referred to has directly or indirectly replaced;

  

	 	1.2.5.	reference to any document includes an amendment or supplement to, or replacement or novation of, that document, but disregarding any amendment, supplement, replacement
or novation made in breach of this Guarantee; 

  

	 	1.2.6.	reference to an “amendment” includes a supplement, modification, novation, replacement or re-enactment and “amended” is to be
construed accordingly; 

  

	 	1.2.7.	words denoting the singular shall include the plural and vice versa; 

  

	 	1.2.8.	words denoting any gender include all genders; 

  

	 	1.2.9.	reference to the word “include” or “including” shall be construed without limitation; 

 

	 	1.2.10.	references to a “person” or “Person” (or to a word importing a person) shall be construed so as to include: 

 

	 	(a)	individual, sole proprietorship, firm, partnership, limited liability partnership, trust, joint venture, company, corporation, body corporate, unincorporated body,
association, organisation, any Governmental Authority or other entity or organisation (whether or not in each case having separate legal personality); 

  

	 	(b)	that person’s successors in title, executors, and permitted transferees and permitted assignees; and 

 

	 	(c)	references to a person’s representatives shall be to its officers, employees, legal or other professional advisers, sub-contractors, agents, attorneys and other
duly authorised representatives; 

  

	 	1.2.11.	reference to a “Party” to any document includes that party’s successors and permitted transferees and permitted assignees, as the case may be;

  

	 	1.2.12.	words “hereof, “herein”, “hereto”, “hereunder” and words of similar import when used with reference to a specific clause in
this Guarantee shall refer to such clause in this Guarantee and when used otherwise than in connection with specific clauses shall refer to this Guarantee as a whole; 

 

	 	1.2.13.	 in the computation of periods of time from a specified dale to a later specified date, the words “from” and “commencing
on” mean “from and including” and “commencing on and including”, respectively, and the words “to”, “until” and “ending on” each mean “to but not
including”, “until but not including” and 

  
 9 

	 	
“ending on but not including” respectively; 

  

	 	1.2.14.	unless otherwise specified, whenever any payment to be made or action to be taken under this Guarantee, is required to be made or taken on a day other than a Business
Day, such payment shall be made or action be taken on the immediately following Business Day; 

  

	 	1.2.15.	where a wider construction is possible, the words “other” and “otherwise” shall not be construed ejusdem generis with any
foregoing words; 

  

	 	1.2.16.	any consent, approval, determination, waiver or finding to be given or made by any of the Debentureholders shall be made or given by such Debentureholder in its sole
discretion; and 

  

	 	1.2.17.	any reference to the Trustee shall be a reference to the Trustee in its capacity as the agent and trustee of the Debentureholders. 

 

	2.	GUARANTEE 

  

	2.1.	Guarantee: The Guarantor hereby irrevocably and unconditionally guarantees to the Trustee that the Company shall duly and punctually discharge the Debt in terms
of the Information Memorandum. 

  

	2.2.	Guarantee Obligation: On the failure of the Company to discharge all or part of the Debt, the Guarantor irrevocably and unconditionally agrees to pay to the
Trustee without demur or protest, within 2 (two) Business Days from the date of the Demand Notice, the amount stated in the Demand Certificate in accordance with the terms hereof provided that, if on invocation of this Guarantee, the Guarantor has
not made a payment within the time so specified for such payment in this Guarantee, the Guarantor shall be liable to pay further interest as set out in Clause 4 (Further Interest) below, till the date of payment by the Guarantor in accordance
with this Guarantee to the satisfaction of the Trustee. 

 The Guarantor hereby declares and agrees that they have
not received and shall not, so long any monies remain due and payable by the Company to the Trustee, without the prior consent in writing of the Trustee, any security or commission from the Company for giving this Guarantee. 

 

	2.3.	Funding the DSRA: 

Without prejudice to the generality of the above: 
  

	 	2.3.  (a)	the Guarantor shall ensure that on a Recon Date, the funds lying to the credit of the DSRA is at least equal to the DSRA Amount; 

 

	 	(b)	in the event, for any reason, if the DSRA has not been funded to the extent of the applicable DSRA Amount by no later than the Recon Date, 

  
 10 

 then Trustee shall (on the instructions of the Majority Debenture Holders) be entitled to
invoke this Guarantee on the same day, whereupon the Guarantor shall be obligated to fund the DSRA to the extent of the DSRA Amount by no later than 2 (two) Business Days prior to the immediately succeeding Payment Date. 

 

	 	2.3.2. (a)	the Guarantor shall ensure that in the event the Debentures are to be redeemed on an Early Redemption Date, then the funds lying to the credit of the DSRA are not less
than the principal amount payable on the redemption of such Debentures together with the accrued unpaid interest payable thereon on the applicable Early Redemption Date (the “Early Redemption Amount”); 

 

	 	(b)	in the event, for any reason, the DSRA is not funded to the extent of the Early Redemption Amount by no later than 2 (two) Business Days prior prior to the applicable
Early Redemption Date, then the Trustee shall (on the instructions of the Majority Debenture Holders) be entitled to invoke this Guarantee on the same day, whereupon the Guarantor shall be obligated to fund the DSRA to the extent of the Early
Redemption Amount by no later than 1 (one) Business Day prior to the immediately succeeding Early Redemption Date. 

  

	2.4.	Effectiveness and Term: The obligations of the Guarantor hereunder shall be effective on and from the date of this Guarantee and shall continue until the Debt
has been unconditionally and irrevocably discharged to the satisfaction of the Trustee. 

  

	2.5.	Demand Notice: Any demand given or made by the Trustee to the Guarantor shall, in the absence of any manifest error, be final, conclusive and binding evidence of
the Guarantor’s liability hereunder, notwithstanding any difference or any dispute in relation to the amount due from the Company or arbitration or any other legal proceedings, pending before any court, tribunal, arbitrator or any other
Governmental Authority. The Guarantor agrees and confirms that the Demand Certificate shall be final, conclusive and binding evidence against the Guarantor of the amount for the time being due from the Guarantor in any action or proceeding brought
in connection to this Guarantee against the Guarantor. 

  

	2.6	Continuing Guarantee: This Guarantee is a continuing guarantee and shall remain in full force and effect and be binding upon the Guarantor till the Debt has been
unconditionally and irrevocably discharged to the satisfaction of the Trustee. 

  

	2.7	No Requirement to Exhaust Remedies: Prior to making any demand hereunder, the Trustee or the Debentureholders shall not be required to take any step, make any
demand upon, exercise any remedies or obtain any judgment against the Company, give notice to the Company or make or file any claim or proof in the dissolution or winding-up of the Company or enforce or seek to enforce any security now or hereafter
held by the Trustee in respect of the Debt. 

  
 11 

	3.	INDEMNITY 

 The Guarantor
shall indemnify and keep the Trustee indemnified against all actions, proceedings, charges, losses, damages, costs, claims, expenses and demands whatsoever which the Trustee may suffer or incur by reason of or in connection with any such default on
the part of the Company and/or the Guarantor including legal proceedings taken against the Company and/or the Guarantor for recovery of the moneys referred to in Clause 2 (Guarantee) above. 

 

	4.	FURTHER INTEREST 

 In the
event of default in payment by the Guarantor in accordance with Clauses 2.2 and 2.3.3 above the Guarantor shall pay further interest on the outstanding amounts hereunder at the rate of 2 % per annum (“Further Interest”). The
Further interest shall be computed from the clue date of payment of the amounts due and payable by the Guarantor till the date of actual payment thereof. The Guarantor agrees that the Further Interest is a genuine pre—estimate of the loss
likely to be suffered by the Trustee on account of any default by the Guarantor in discharging its obligations as agreed herein. 
  

	5.	APPROPRIATIONS 

 Until the
Debt has been unconditionally and irrevocably paid in full to the satisfaction of the Trustee, the Trustee may without affecting the liability of the Guarantor: 
  

	 	(a)	refrain from applying or enforcing any other moneys, security or rights held or received by the Trustee in respect of those amounts; or 

 

	 	(b)	apply and enforce them in such manner and order as it deems fit (whether against those amounts or otherwise). 

 

	6.	WAIVERS 

  

	6.1.	The Guarantor shall not be released by any act or omission on the part of the Debentureholders or the Trustee or by any other matter or thing whatsoever which under the
law relating to sureties would have the effect of so releasing the Guarantor. This includes but is not limited to: 

  

	 	6.1.1	any time or waiver granted to, or composition with, any person; 

  

	 	6.1.2	any release of any person under the terms of any composition or arrangement; 

 

	 	6.1.3	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of
any person; 

  
 12 

	 	6.l.4	any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

  

	 	6.1.5	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any person; 

 

	 	6.1.6	any amendment of any of the Transaction Documents or any other document or security created pursuant thereto; 

 

	 	6.1.7	any unenforceability, illegality, invalidity or non-provability of any obligation of any person under any document or security; 

 

	 	6.1.8	any change in the constitution, ownership or corporate existence of any person or any absorption, merger or amalgamation of any person with any other company,
corporation or concern; 

  

	 	6.1.9	any insolvency, liquidation, bankruptcy, sickness (by way of erosion of net worth as per the provisions of Applicable Law) or similar situation or proceeding in respect
of any person; 

  

	 	6.1.10	any change in the management of any person or take over of the management of the any person by any Governmental Authority; 

 

	 	6.1.11	acquisition or nationalisation of the Company and/or of any of its undertaking(s) pursuant to any Applicable Law; or 

 

	 	6.1.12	any change in the constitution of the Debentureholders or the Trustee. 

  

	6.2.	The Guarantor hereby waives in favour of the Trustee so far as may be necessary to give effect to any of the provisions of this Guarantee, all the suretyship and other
rights which the Guarantor might otherwise be entitled to enforce. 

  

	7.	NO RELEASE 

 This
Guarantee shall not be wholly or partially satisfied or exhausted by any payments made to or settled with any Debentureholder or the Trustee by the Company and shall be valid and binding on the Guarantor and operative until all the obligations of
the Company in relation to or in connection with the Debentures are not duly discharged to the satisfaction of the Trustee. 

Any admission or acknowledgement in writing given by the Company in respect of the Debt shall be binding on the Guarantor and shall be
treated as given on behalf of the Guarantor, save manifest error. 
  

	8.	PRINCIPAL DEBTOR 

  
 13 

 To give effect to this Guarantee, the Trustee may act as though the Guarantor were the
principal debtor. 
  

	9.	NO PROOF IN LIQUIDATION; NO EXERCISE OF RIGHTS 

  

	9.1.	Whilst this Guarantee is in continuance, the Guarantor agrees that: 

  

	 	9.1.1	it shall not in the event of the liquidation of the Company prove in competition with the Trustee in liquidation proceedings; and 

 

	 	9.1.2	it shall have no right of subrogation or indemnity against the Company nor shall it exercise any such rights available under law, to claim any sum relating to the Debt
from the Company, including those of subrogation and of proof in the Company’s insolvency, and shall hold the benefit of any such rights on trust for the benefit of the Debentureholders and the Trustee. 

 

	9.2.	The Guarantor hereby agrees that the Guarantor’s right to indemnity against the Company will arise only after the Final Settlement Date. 

 

	10.	IRREVOCABLE GUARANTEE 

This Guarantee shall be unconditional and irrevocable and the obligations of the Guarantor hereunder shall not be conditional on the
receipt of any prior notice by the Guarantor or by the Company and the demand or notice by the Trustee as provided in Clause 13 (Notices) hereof shall be sufficient notice to or demand on the Guarantor. 

 

	11.	REPRESENTATIONS AND WARRANTIES 

  

	11.1.	The Guarantor makes the representations and warranties to the Trustee as set out in Schedule 2 (Representations and Warranties) hereto.

  

	11.2.	Each of the representations and warranties set out in Schedule 2 (Representations and Warranties) hereto are deemed to be made by the Guarantor by
reference to the facts and circumstances then existing, on the date of this Guarantee and on each day during which the Debt is outstanding. 

  

	12.	COVENANTS 

 The Guarantor
irrevocably agrees and undertakes to abide by the covenants and undertakings; set out in Schedule 3 (Covenants and Undertakings) hereto at all times until the Debt has been duly discharged. 

 

	13.	NOTICES 

  

	 	13.1.	Communications in writing 

  
 14 

 Any communication or document to be made or delivered under or in connection with this Deed
shall be made in writing and, unless otherwise stated, may be made or delivered by fax or hand delivery. 
  

	13.2.	Addresses 

 The address
and fax number (and the department or officer, if any for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with this Deed is that identified with its name
below or any substitute address, fax number or department or officer as the Party may notify to the other Party by not less than five Business Days’ notice. 
  

											
		 	Guarantor:	 		  				  	
					
		 		 	Name	  	 	:	  	  	Sterlite Industries India Limited
		 		 	Address	  	 	:	  	  	 Sterlite Industries (India) Limited | Vedanta, 75,
 Nehru Road, Vile Parle (East), Mumbai 400099

		 		 	Attention	  	 	:	  	  	 Rajiv Choubey
 Company
Secretary & Head Legal

		 		 	Fax	  	 	:	  	  	+91 0461 234 0203 |
		 		 	Telephone	  	 	:	  	  	+91 0461 661 2982 |
		 		 		  				  	
		 	Trustee:	 		  				  	
					
		 		 	 Name
	  	 	:	  	  	 IL&FS Trust Company Limited

		 		 	 Address
	  	 	:	  	  	 The IL & FS Financial Center,

3rd Floor, East Quadrant,

Plot C- 22, G- Block,

Bandra- Kurla Complex

Bandra (East), Mumbai- 400 051, India

		 		 	 Attention
	  	 	:	  	  	 Ms. Sujatha Rangachari

General Counsel (Sr. Vice President)

		 		 	 Fax
	  	 	:	  	  	 +91-22- 2653 3333

		 		 	 Telephone
	  	 	:	  	  	 +91-22-2653 3297

  
 15 

	13.3.	Delivery 

 Any
communication or document made or delivered by one person to another under or in connection with this Deed will only be effective: 
  

	 	(i)	if sent by fax before 6 p.m. (local time in the place to which it is sent) on a Business Day in that place, when sent or, if sent by fax at any other time, at 9 a.m.
(local time in the place to which it is sent) on the next Business Day in that place, provided, in each case, that the person sending the fax shall have received a successful transmission receipt; or 

 

	 	(ii)	if by way of letter, when it has been delivered at the relevant address two Business Days after being deposited in the post postage prepaid in an envelope addressed to
it at that address or within two Business Days after being sent by courier or on the same Business Day, if sent by hand delivery; or 

 and, if a particular department or officer is specified as part of its address details provided under Clause 13.2 (Addresses), if addressed to that department or officer. 

 

	 	(iii)	Notwithstanding anything contained hereinabove, any notice required to be served upon the Guarantor in terms of clauses 2.2 and 2.3 this Deed shall be sent either by
way of fax or by hand delivery. 

  

	13.4.	Notification of address and fax number 

 Promptly upon receipt of notification of an address and fax number or change of address or fax number pursuant to Clause 13.2 (Addresses) or changing its own address or fax number, a Party shall
notify the other Party. 
  

	13.5.	English language 

 Any
notice or communication given under or in connection with this Deed must be in English. 
  

	14.	COSTS AND EXPENSES; TAXES 

  

	 	14.1.	The Guarantor shall pay to the Trustee all legal, travelling and other costs, charges and expenses incurred by it or its officers, employees or agents in connection
with execution of these presents including costs, charges and expenses of and incidental to the approval and execution of these presents and all other documents affecting the guarantee herein. 

 

	 	14.2.	Any stamp duty payable on this Guarantee shall be payable by the Guarantor. In the event the Trustee makes such payment of stamp duty, the Guarantor shall reimburse the
Trustee immediately, and in no event by later than 5 (five) days on demand by the Trustee. 

  

	 	l4.3.	 All payments required to be made by the Guarantor in relation to the Debentures shall be

  
 16 

	 	paid free and clear of all present and future taxes, levies, duties, imposts, withholdings, and deductions of whatever nature excluding deduction of tax at source under
the direct taxes applicable including those under the Income Tax Act, 1961. In the event taxes are deductible at source on any amounts payable in connection with the Debentures held by persons resident in India or outside India, the following
provisions shall apply: 

  

	 	(a)	in the event the Guarantor is required to make a tax deduction on any payment it is required to make in connection with the Debentures, it shall make the requisite tax
deduction before making any payment to the Debenture Holders and, thereafter, make the payment required in connection with that tax deduction within the time allowed and in the minimum amount required by Applicable Law; 

 

	 	(b)	the Guarantor shall within 30 (thirty) days after the due date of payment of any tax or other amount which it is required to pay, deliver to the Trustee, evidence of
such deduction, withholding or payment and of the remittance thereof to the relevant taxation or other authority. 

  

	15.	AMENDMENTS 

 The terms of
this Guarantee may be amended only by an instrument in writing signed by an authorised officer of the Guarantor and by an authorised signatory on behalf of the Trustee. 

 

	16.	SEVERABILITY 

 Any
provision of this Guarantee which is or becomes prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability but that shall not invalidate the remaining
provisions of this Guarantee in such jurisdiction or affect such provision in any other jurisdiction. 
  

	17.	GOVERNING LAW AND JURISDICTION 

  

	17.1.	This Guarantee is governed by and shall be construed in accordance with the laws of India. 

 

	17.2.	The Parties agree that the High Court of Mumbai shall have non-exclusive jurisdiction to settle any disputes which may arise out of or in connection with this
Guarantee. 

  

	18.	COUNTERPARTS 

 This
Guarantee may be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement, and any Party may enter into this Guarantee by executing a counterpart. Delivery of an executed counterpart of the
signature page to this Guarantee by facsimile shall be as effective as delivery of a manually executed counterpart of this Guarantee. 

  
 17 

 IN WITNESS WHEREOF the Guarantor has executed these presents on the day, month and
year first hereinabove written: 
 The Common Seal of STERLITE INDUSTRIES INDIA LIMITED, the within named Guarantor, has
been hereunto affixed under the signatures of Mr. A. SATISH and Mr.                         , pursuant to the
resolution of the board of directors of the Guarantor dated November 16, 2010 
 Witnessed by: 

1. G. Venkatram [G. Venkatram] 
 2. D. Sunil Kumar [D. Sunil Kumar] 
 Signed in acceptance by
                     for and on behalf of IL&FS Trust Company Limited, the within named Trustee. 

 

			
	Authorised Signatory	  	

  
 18 

 SCHEDULE 1: FORM OF DEMAND CERTIFICATE 

STERLITE INDUSTRIES INDIA LIMITED 

[Address] 
 Dated: [•] 

Dear Sirs, 
 Re: Payment under Deed of
Guarantee dated [•] 
 We refer to the Deed of Guarantee dated [•], as amended from time to time (“Guarantee”)
executed by Sterlite Industries India Limited in favour of IL&FS Trust Company Limited (“Trustee”). 
 Please note that
an amount of Rs. [•] is outstanding from the Company in terms of the Debentures issued by it. 
 OR 

Please note that there is a shortfall of Rs. [
                     ] in the DSRA. 

Accordingly, we hereby give you notice pursuant to Clause 2 (Guarantee) of the Guarantee that you are required to make payment of Rs. [•] to
the Trustee towards the discharge of the outstanding Debt. 
 OR 
 Accordingly, we hereby give you notice pursuant to Clause 2 (Guarantee) of the Guarantee that you are required to deposit Rs. [•] in the DSRA to ensure that the amount lying to the credit
thereof is at equal to the DSRA Amount. 
 Please make such payment on or before [date]. 

Capitalised terms used herein and not defined shall have the meanings ascribed to such terms in the Guarantee. 

Yours faithfully, 
  

			
	For
                    	  	
	(Trustee)	  	

  

  
 19 

 SCHEDULE 2: REPRESENTATION AND WARRANTIES 

 

	1.	Status 

  

	 	1.1	Each Obligor is a corporation, duly incorporated and validly existing under the law of its jurisdiction of incorporation. 

 

	 	1.2	Each Obligor has the power to own its assets and carry on its business as it is being conducted. 

 

	 	1.3	Neither of the Obligors is registered as a non banking financial company and is not required to be registered as a non banking financial company with the Reserve Bank
of India. 

  

	2.	Binding obligations 

 The
obligations expressed to be assumed or to be assumed by the Obligors under each of the Transaction Documents, to which it is a party, are legal, valid, binding and subject to any general principles of law limiting its obligations. 

 

	3.	Non-conflict with other obligations 

 The entry into and performance by any Obligor of, and the transactions contemplated by, the Transaction Documents to which it is a party, do not and will not conflict with: 

 

	 	(i)	any Applicable Law; 

  

	 	(ii)	its respective constitutional documents; or 

  

	 	(iii)	any agreement or instrument binding upon it or any of its assets, 

  

	4.	Power and authority 

 Each
Obligor has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, the Transaction Documents to which it is or will be a party, and the transactions contemplated by
those Transaction Documents. 
  

	5.	Validity and admissibility in evidence  

 All authorisations required or desirable: 
  

	 	(i)	to enable each Obligor to lawfully to enter into, exercise its rights and comply with its obligations in the Transaction Documents to which it is a party;

  
 20 

	 	(ii)	to make the Transaction Documents to which each Obligor is a party admissible in evidence in its jurisdiction of incorporation, 

have been obtained or effected and are in full force and effect. 

 

	6.	No filing or stamp taxes 

Under the law of jurisdiction of incorporation of each of the Obligors it is not necessary that the Guarantee be filed, recorded or
enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Transaction Documents or the transactions contemplated by the Transaction Documents except for the
payment of stamp duty on any Transaction Documents executed in or brought into India, and except for the filing of any Transaction Documents with the SEBI, the Registrar of Companies or the Sub Registrar’s office or the Stock Exchange, as may
be necessary under Applicable Law. 
  

	7.	No default 

  

	 	7.1	No Default is continuing or might reasonably be expected to result from the entering into or performance by the Guarantor of this Deed. 

 

	 	7.2	No other event or circumstance is outstanding which constitutes an event of default under any other agreement or instrument which is binding on an Obligor or to which
its assets are subject which might have a Material Adverse Effect. 

  

	 	7.3	No litigation, arbitration, administrative or other proceedings are pending or threatened against the Obligors or their assets, which, if adversely determined, will
have a Material Adverse Effect. 

  

	8.	No misleading information 

  

	 	8.1	Any factual information provided by or on behalf of any Obligor in connection with the issue of the Debentures is true and accurate in all material respects as at the
date it was provided or as at the date (if any) at which it is stated. 

  

	 	8.2	Any financial projections provided by or on behalf of any Obligor in connection with the issue of the Debentures were prepared on the basis of recent historical
information and on the basis of reasonable assumptions. 

  

	 	8.3	Nothing has occurred or been omitted from the information so provided and no information has been given or withheld that results in the information provided by or on
behalf of any Obligor being untrue or misleading in any material respect. 

  

	9.	No immunity 

 The
Obligors’ assets are not entitled to immunity from suit, execution, attachment or other legal process India. The execution of this Deed constitutes, and the exercise of its rights and performance of and compliance with its obligations under
this Deed will 

  
 21 

 constitute, private and commercial acts done and performed for private and commercial
purposes. 
  

	10.	Solvency 

  

	 	10.1	The Obligors are able to, and has not admitted their inability to, pay their debts as they mature and have not suspended making payment on any of their debts.

  

	 	10.2	The Obligors, by reason of actual or anticipated financial difficulties, have not commenced, and do not intend to commence, negotiations with one or more of their
creditors with a view to rescheduling any of their indebtedness. 

  

	 	10.3	The value of the assets of the Obligors is more than its liabilities (taking into account contingent and prospective liabilities) and they have sufficient capital to
carry on their business. 

  

	 	10.4	No moratorium has been, or may, in the reasonably foreseeable future be, declared in respect of any indebtedness of the Obligors. 

 

	11.	Commercial Activity: 

 The Guarantor is subject to civil and commercial law with respect to its obligations under the Guarantee. The execution and delivery of the Guarantee constitute, and the Guarantors’ performance of
and compliance with its obligations under the Guarantee will constitute private and commercial acts done and performed for private and commercial purposes rather than public or governmental acts. 

 

	12.	Authorised Signatories 

 Each person specified as an authorized signatory of the Guarantor in any documents delivered to the Trustee pursuant to this Deed, is subject to any notice to the contrary delivered to the Trustee,
authorized to sign all documents and notices on behalf of the Guarantor. 
  

	13.	Approvals 

 Except
for any approvals to be taken during the course of the Project, the Guarantor hereby confirms that all approvals necessary under Applicable Law with respect to the business of the Company, have been taken by the Company and the same are valid and
subsisting as on the date hereof. 

  
 22 

 SCHEDULE 3: COVENANTS AND UNDERTAKINGS 

 

	1.	INFORMATION UNDERTAKINGS 

  

	1.1.	The Guarantor shall supply to the Trustee (if the Trustee so requests): 

  

	 	(a)	all documents dispatched by it to its shareholders (or any class of them) or its creditors generally at the same time as they are dispatched; 

 

	 	(b)	promptly upon becoming aware of them, the details of any litigation, arbitration, investigative or administrative proceedings which are current, threatened or pending
against it, and which might, if adversely determined, have a Material Adverse Effect; 

  

	 	(c)	promptly, such further information regarding its financial condition, business and operations as any Debentureholder (through the Trustee) may reasonably request;

  

	 	(d)	promptly, notice of any change in its authorised signatories, signed by one of its director or its company secretary, whose specimen signature has previously been
provided to the Trustee, accompanied (where relevant) by a specimen signature of each new signatory; and 

  

	 	(e)	all documents filed with any Governmental Authority in connection with the Guarantee. 

 

	1.2.	Notification of Default 

The Guarantor shall notify the Trustee of any Event of Default (and the steps, if any, being taken to remedy it) promptly upon becoming
aware of its occurrence (unless such entity is aware that a notification has already been provided by any other entity mentioned, in this paragraph). 
  

	1.3.	Books and records 

  

	(a)	The Guarantor shall keep proper books of account as required by Applicable Law and therein make true and proper entries of all dealings and transactions of and in
relation to the business of the Guarantor and keep the said books of account and all other books, registers and other documents relating to the affairs of the Guarantor at its registered office or, where permitted by Applicable Law, or at any other
place or places where the books of account and documents of a similar nature may be kept and the Guarantor shall ensure that all entries in the said documents of the Guarantor shall at all reasonable times be open for inspection of the Trustee and
such person or persons as the Trustee shall, from time to time, in writing for that purpose, appoint. 

  

	(b)	 Upon the request of the Trustee, the Guarantor shall provide the Trustee and any of

  
 23 

	 	
its representatives, professional advisers and contractors with access to and permit inspection by them of its assets, premises, books and records in each case at reasonable times and upon
reasonable notice. 

  

	2.	GENERAL UNDERTAKINGS 

  

	2.1	Authorisations 

  

	(a)	The Guarantor shall promptly. 

  

	 	(i)	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

 

	 	(ii)	supply certified copies to the Trustee of, 

 any authorisation required under Applicable Law to enable it to perform its obligations under the Guarantee (including, without limitation, in connection with any payment to be made thereunder) and to
ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of the Guarantee or (in the case of paragraph (i) above only). 

 

	2.2	Compliance with laws 

 The
Guarantor shall comply in all respects with all laws and regulations to which it may be subject, if failure so to comply would materially impair its ability to perform its obligations under the Guarantee. 

 

	2.3	Disclosure of information 

The Guarantor hereby agrees, confirms and undertakes that in the event the Guarantor is in breach of any of its obligations hereunder:

  

	 	(A)	the Trustee shall, as the Trustee may deem appropriate and necessary, be entitled to disclose all or any: (i) information and data relating to the Guarantor,
(ii) information or data relating to this Guarantee (iii) default committed by the Guarantors in discharge of the aforesaid obligations, to Credit Information Bureau (India) Limited (“CIBIL”) and any other agency authorised in
this behalf by Reserve Bank of India (“RBI”); 

  

	 	(B)	CIBIL and/or any other agency so authorised may use, process the aforesaid information and data disclosed by the Trustee in the manner as deemed fit by them;

  

	 	(C)	 CIBIL and / or any other agency so authorised may furnish for consideration, the processed information and data or products thereof prepared by them,
to the 

  
 24 

	 	
Trustee, and other credit grantors or registered users, as may be specified by RBI in this behalf; 

  

	 	(D)	the Trustee and/or RBI will have an unqualified right to disclose or publish the details of the default and the name of the Guarantor (including its directors) as the
case may be, as defaulters, in such manner and through such medium as the Trustee or RBI in their absolute discretion may think fit. 

  

	2.4	Merger 

 The Guarantor
shall ensure that the Company does not undertake or permit any merger, consolidation, reorganisation, scheme of arrangement or compromise with its creditors or shareholders or effect any scheme of amalgamation or reconstruction if as a result of
such merger, consolidation, reorganisation, scheme of arrangement or compromise with creditors or shareholders or scheme of amalgamation the Company ceases to be a subsidiary of the Guarantor. 

 

	2.5	Taxes 

 The Guarantor
shall pay and discharge all taxes, rates, rents and governmental charges upon the Guarantor and its assets before penalties become attached thereto and shall establish adequate reserves for the payment of any taxes, rates, rents and governmental
charges becoming due unless such taxes, rates, rent and governmental charges are being contested in good faith by appropriate proceedings. 
  

	2.6	Compliance by the Company 

The Guarantor shall ensure that the Company complies with and duly discharges all its obligations under the Transaction Documents to which
it is or will be a party to. 
 Further, the Guarantor also undertakes that the Company shall at all times: 

 

	 	(a)	maintain all the approvals necessary under Applicable Law with respect to its business. 

 

	 	(b)	procure any other approvals which may be mandated under Applicable Law with respect to its business. 

 

	3.	NEGATIVE COVENANTS 

  

	3.1	The Guarantor shall not, so long as the Debentures are outstanding, without the prior written approval of the Trustee: 

 

	 	3.1.1	voluntarily suffer any act, which has a Material Adverse Effect on its business profits, production or sales; 

 

	 	3.1.2	 permit or cause to be done any act or thing whereby its right to transact business

  
 25 

	 	
could be terminated or whereby payment of any principal or interest on the Debentures may be hindered or delayed; or 

 

	 	3.1.3	assign or otherwise transfer all or any part of their rights and obligations under this Guarantee 

  
 26 

 SCHEDULE 4: EVENTS OF DEFAULT 

The occurrence of any one of the following events shall constitute an “Event of Default” by the Company: 

 

	(a)	Non-payment 

 Any Obligor
does not pay on the due date any amount payable pursuant to any Transaction Documental at the place at and in the currency in which it is expressed to be payable. 
  

	(b)	Other obligations 

 Any
Obligor does not comply with any provision of the Transaction Documents (other than those referred to in paragraph (a) (Non-payment)) above; except where the Trustee certifies that such default is, in its opinion, incapable of remedy (in which
case no notice shall be required), such default continues for 7 Business Days after written notice thereof has been given by the Trustee to the Company requiring the same to be remedied; 

 

	(c)	Misrepresentation 

 Any
information provided or representation or statement made or deemed to be made by any Obligor in the Transaction Documents to which it is a party or any other document delivered by or on behalf of any Obligor under or in connection with any
Transaction Document is or proves to have been incorrect or misleading in any material respect when made or deemed to be made; 
  

	(d)	Insolvency proceedings 

Any corporate action, legal proceedings or other procedure or step is taken in relation to: 

 

	 	(i)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration, provisional supervision or reorganisation (by way of voluntary
arrangement, scheme of arrangement or otherwise) of any Obligor other than a solvent liquidation or reorganisation of any Obligor; 

  

	 	(ii)	the appointment of a liquidator (other than in respect of a solvent liquidation of an Obligor), receiver, administrative receiver, administrator, compulsory manager,
provisional supervisor or other similar officer in respect of an Obligor or any of its assets; or 

  

	 	(iii)	enforcement of any Security over any assets of any Obligor, or any analogous procedure or step is taken in any jurisdiction. 

  
 27 

	(e)	Attachment of Mortgaged Premises 

 If an attachment or distress has been levied on the Mortgaged Premises or any part thereof and/or certificate proceedings have been taken or commenced for recovery of any dues from an Obligor which may
have a Material Adverse Effect or if in the reasonable opinion of the Trustee, the security created under the Security Documents is in jeopardy; 
  

	(f)	Cessation of Business 

 If
any Obligor ceases or threatens to cease or gives a notice of its intention to cease its business; 
  

	(g)	Unlawfulness 

 It is or
becomes unlawful for any Obligor to perform any of its obligations under any Transaction Document. 
  

	(h)	Repudiation 

 An Obligor
repudiates a Transaction Document to which it is a party or evidences an intention to repudiate any Transaction Document to which it is a party. 
  

	(i)	Security and guarantee 

Any Security Document is not (once entered into) in full force and effect or any Security Document does not (once entered into) create in
favour of the Trustee for the benefit of the Debentureholders which it is expressed to create fully perfected with the ranking and priority it is expressed to have or the Security Interest created pursuant to the Security Documents (once entered
into) is, in the opinion of the Trustee, in jeopardy. 
  

	(j)	Cross-Default 

 Any other
Financial Indebtedness of the Company is not discharged when due nor within any originally applicable grace period. 
 Provided
however, no Event of Default will occur under this clause if the aggregate amount of Financial Indebtedness is less than USD. 50,00,000.00 (United States Dollars Fifty million only) or such Financial Indebtedness is owed to any of the Vendors of the
Company. 
  

	(k)	Material Adverse Change 

Any material adverse effect on or material adverse change, in the reasonable opinion of the Trustee, in: 

 

	 	(i)	 the business activities, financial condition and credit standing of the Company or the Guarantor from the date of their respective last

  
 28 

	 	
published financial statements; or 

  

	 	(ii)	the Company’s right to possess and use all or any material portion of the Project Site or the Project, and 

such changes prejudicially affect the ability of the Obligors to discharge the Debt. 

 

	(l)	Clearances, Approvals and Proceedings 

  

	 	(i)	if the Company fails to obtain, renew, maintain or comply in all respects with any clearance or approval necessary under Applicable Law for the execution, delivery,
performance and enforcement of the Transaction Documents, which in the opinion of the Trustee can have a Material Adverse Effect; or 

  

	 	(ii)	if any clearance or approval necessary required in connection with the Project under Applicable Law, is rescinded, terminated, suspended, modified or withheld or is
determined to be invalid or ceases to be in full force and the same continues unremedied for a period of 3 months, which in the opinion of the Trustee will have a Material Adverse Effect and; or 

 

	 	(iii)	if any proceedings is commenced by or before any governmental authority for the purpose of rescinding, terminating, suspending, modifying or withholding any clearance
or approval required in connection with the Project under Applicable Law, and the same is not stayed or dismissed and continues for a period of 3 months, which in the opinion of the Trustee may have to a Material Adverse Effect.

  
 29 

 SCHEDULE 5: REDEMPTION DATES 

 

					
	 Sr. No.
	  	 Amount
	  	 Redemption Dates

	 1.
	  		  	
	 2.
	  		  	
	 3.
	  		  	
	 4.
	  		  	
	 5.
	  		  	
	 6.
	  		  	
	 7.
	  		  	
	 8.
	  		  	
	 9.
	  		  	
	 10.
	  		  	
	 11.
	  		  	
	 12.
	  		  	

  
 30

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