Document:

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                                                                   EXHIBIT 10.69

                             SHAREHOLDERS AGREEMENT

                                      DATED

                                 9TH APRIL, 2004

                                     BETWEEN

                  MULTIFACED FINSTOCK PRIVATE LIMITED ("MFPL")

                                       AND

                      CGP INDIA INVESTMENTS LIMITED ("CGP")

                                       AND

               TELECOM INVESTMENTS (INDIA) PRIVATE LIMITED ("TII")

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                             SHAREHOLDERS AGREEMENT

THIS SHAREHOLDERS AGREEMENT (this "Agreement") entered into this 9TH day of
April 2004 between:

Multifaced Finstock Private Limited, a company incorporated under the Companies
Act, 1956, and having its registered office at 240, Navsari Building, 1st Floor,
DN Road, Mumbai 400001 (hereinafter referred to as "MFP") of the FIRST PART;

CGP India Investments Limited, a company organised under the laws of Mauritius
and having its registered office at 4th Floor, Les Cascades Building, Edith
Cavell Street, Port Louis, Mauritius (hereinafter referred to as "CGP") of the
SECOND PART;

AND

Telecom Investments India Private Limited, a company incorporated under the
Companies Act 1956 and having its registered office at 240, Navsari Building,
1st Floor, DN Road, Mumbai 400001 (hereinafter referred to as the "Company") of
the THIRD PART (MFP and CGP are hereinafter collectively referred to as the
"Parties", and severally as the "Party")

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WHEREAS:

A.   The Company has been incorporated with the main object of investment in
     India.

B.   MFP and CGP have invested in the Company and hold 51% and 49% of the issued
     share capital respectively.

C.   CGP has also invested in 5627 preference shares of the company and KMCC has
     invested in 10 preference shares of the company

D.   MFP in turn is owned 29.99% by Kotak Mahindra Capital Company Limited
     (KMCC), 20% by Kotak Mahindra Securities Limited (KMSL), 0.03% by Uday S.
     Kotak Benefit Trust (USKBT) and 49.98% by Komaf Financial Services Limited
     (KFSL)

E.   The Parties are desirous of entering into this Agreement to confirm their
     understanding regarding the regulation of the affairs of the Company, and
     the relationship of the Shareholders thereof.

F.   The Company is being joined as a confirming party, inter alia as to the
     matters contained in this Agreement materially affect the administration of
     the Company.

NOW THEREFORE, the Parties hereby agree as follows:

1.   DEFINITIONS AND INTERPRETATION

1.1  Definitions.

     In this Agreement, the following words and expressions shall, except where
     the context otherwise requires, have the following meanings:

     "Act" means the Indian Companies Act, 1956, as amended from time to time,
     or any statutory modification or re-enactment thereof,

     "Affiliate" when used with reference to any corporate entity shall mean
     another company controlled by, controlling or under common control with
     that entity, where "control" means either (i) the ownership, either
     directly or indirectly, of more than fifty percent (50%) of the voting
     shares or comparable interests in such entity or other company, as the case
     may be, or (ii) the right to elect the majority of the directors of such
     entity or other company, as the case may be, where such rights may be
     exercised without the consent of any third party.

     "AGM" means the annual general meeting of the Company;

     "Alternate Director" shall have the meaning set forth in Clause 6.6;

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     "Arbitration Act" shall have the meaning set forth in Clause 12.2(a);

     "Articles" means the Articles of Association of the Company in the form
     attached as Schedule 1 hereto and to be adopted at a meeting of the
     Shareholders;

     "Auditors" means the statutory auditors of the Company appointed from time
     to time;

     "Board" means the board of directors of the Company;

     "Business" means the business of the Company being the investment in the
     telecom sector in India and matters incidental thereto;

     "Business Day" means a day on which scheduled banks are open for business
     in Mumbai;

     "CGP Director" shall have the same meaning set forth in Clause 6.1

     "CGP Preference Shares" means 5627 non cumulative redeemable non
     convertible preference shares of the nominal value of Rs 1 million each
     issued to CGP on the terms and conditions contained in the CGP Preference
     Share Subscription Agreement;

     "CGP Preference Share Subscription Agreement" means the preference share
     subscription agreement dated 17th March, 1998 between CGP and MFP and the
     Company in relation to the subscription by CGP up to 5700 CGP Preference
     Shares of the Company on the terms and conditions more specifically
     contained in such agreement

     "CGP Shares" means the equity shares of the Company held by CGP,
     constituting 49% of the total issued and paid up equity share capital of
     the Company at the date hereof, and shall include any further shares issued
     under the terms hereof;

     "Chairman" shall have the same meaning set forth in Clause 6.4;

     "Change of Control" means with respect to a Shareholder:

     (a)  the acquisition by a person or a related group of persons after the
          date of this Agreement of 50% or more of the issued capital (with
          ordinary voting powers) of a Shareholder or ultimate holding of that
          Shareholder; or

     (b)  substitution of the person or group of persons holding the power (as
          at the date of this Agreement), whether directly or indirectly, to
          direct or cause the direction of management and policies of that
          shareholder, whether through ownership of shares, contract or
          otherwise.

     "Director" means a director of the Company from time to time;

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     "Effective Date" means the date of this Agreement.

     "EGM" means the extraordinary general meeting of the Company;

     "Event of Default" shall have the meaning set forth in Clause 9.2(a);

     "HMTL" means Hutchison Max Telecom Private Limited, a company incorporated
     under the Companies Act, 1956 which is presently carrying on the business
     of providing cellular telephone services in the metro city of Mumbai;

     "JKFL" means Jaykay Finholding India Private Limited, a company
     incorporated under the Companies Act, 1956 which is presently carrying on
     the business of investment in telecom and related companies in India;

     "KMCC" is Kotak Mahindra Capital Company Limited, a company incorporated
     under the Companies Act, 1956 and having its registered office at
     Bakhtawar, 3rd Floor, 229, Nariman Point, Mumbai 400021;

     "KMCC Preference Shares" means 10 non cumulative redeemable non convertible
     preference shares of the nominal value of Rs 1 million each issued to KMCC
     on the terms and conditions contained in the KMCC Preference Share
     Subscription Agreement;

     "KMCC Preference Share Subscription Agreement" means the preference share
     subscription agreement dated 20 July, 2000 between KMCC and the Company in
     relation to the subscription by KMCC up to 10 KMCC Preference Shares of the
     Company on the terms and conditions more specifically contained in such
     agreement

     "MFP Director" shall have the same meaning set forth in Clause 6.1;

     "MFP Shares" means the equity shares of the Company held by MFP,
     constituting 51% of the total issued and paid up equity share capital of
     the Company at the date hereof, and shall include any further shares issued
     under the terms hereof;

     "Offeror" shall have the meaning set forth in Clause 4.5 (a);

     "Offeree" shall have the meaning set forth in Clause 4.5 (a);

     "Original Director" shall have the meaning set forth in Clause 6.6;

     "Person" shall mean any natural person, limited or unlimited liability
     company, corporation, general partnership, limited partnership,
     proprietorship, trust, union, association, court, tribunal, agency,
     government, ministry, department, commission,

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     self-regulatory organisation, arbitrator, board, or other entity,
     enterprise, authority or business organisation;

     "Rupees" or "Rs." means the lawful currency for the time being of India;

     "Sectoral Cap" shall mean the maximum prescribed limits of foreign
     investment in the telecom sector imposed by the Government of India from
     time to time (which at present limits foreign direct investment to 49% of
     the equity share capital of any company in the telecom sector);

     "Share" or "Shares" means, as applicable, equity share or shares of par
     value of Rs. 10 (Rupees ten) each in the Company;

     "Shareholder" means a holder of Shares in the Company;

     "Termination Notice" shall have the meaning set forth in Clause 9.2;

     "Transfer" means to transfer, sell, assign, pledge, hypothecate, create a
     security interest in or lien on, place in trust (voting or otherwise),
     transfer by operation of law or in any other way subject to any encumbrance
     or dispose of, whether or not voluntarily;

     "Transfer Notice" shall have the meaning set forth in Clause 4.5; and

     "Transfer Price" shall have the meaning set forth in Clause 4.6;

1.2  Interpretation.

     In this Agreement, unless the context otherwise requires:

     (a)  words denoting the singular number shall include the plural and vice
          versa;

     (b)  words denoting a person shall include an individual, corporation,
          company, partnership, trust or other entity;

     (c)  heading and bold typeface are only for convenience and shall be
          ignored for the purposes of interpretation;

     (d)  references to the word "include" or "including" shall be construed
          without limitation;

     (e)  references to this Agreement or to any other agreement, deed or other
          instrument shall be construed as a reference to such agreement, deed
          or other instrument as the same may from time to time be amended,
          varied, supplemented or noted;

     (f)  reference to any party to this Agreement or any other agreement or
          deed or other instrument shall include its successors or permitted
          assigns;

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     (g)  a reference to an article, clause, paragraph or schedule is, unless
          indicated to the contrary, a reference to an article, clause,
          paragraph or schedule of this Agreement;

     (h)  the schedules attached to this Agreement form an integral part of this
          Agreement and will be of full force and effect as though they were
          expressly set out in the body of this Agreement;

     (i)  capitalised expressions used herein but not defined shall have the
          same meaning in the Equity Share Subscription Agreement and/or the
          Preference Share Subscription Agreement.

2.   CONDITIONS PRECEDENT

2.1  This Agreement shall come into effect on the Effective Date but is
     conditional upon receipt of certified true copies of all and any
     resolutions authorising each party respectively to enter into this
     Agreement and sign and do all necessary acts incidental thereto.

3.   SHARE CAPITAL

3.1  Issued Share Capital

     On the Effective Date the issued and paid up equity share capital of the
     Company, shall be in the proportion of 51:49 by MFP and CGP.

     In addition CGP owns CGP Preference Shares and KMCC owns KMCC Preference
     Shares. The terms of these preference shares shall be in accordance with
     the CGP Preference Share Subscription Agreement and KMCC Preference Share
     Subscription Agreement respectively. Further both the CGP Preference Shares
     and KMCC Preference Shares shall not carry any voting rights in favour of
     CGP or KMCC except in case of class meetings of the holders of preference
     shares or as provided under the Act.

3.2  Additional Capital Contribution

     The Board may from time to time call for and issue additional capital
     contribution, which may, in the determination of the Board, be required for
     funding the Business or the operations or growth of the Company. Any such
     call shall not be in breach of the Sectoral Caps. In the absence of any
     agreement to the contrary, the Parties shall alone be required to
     contribute such additional capital.

3.3  Shareholding Pattern

     Unless otherwise agreed between the Parties, they shall maintain a ratio of
     51:49 amongst MFP and CGP respectively in the issued and paid up equity
     share capital of the Company.

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4.   TRANSFERS

4.1  Restrictions on Transfer

     Except as otherwise provided in this Agreement, or as otherwise agreed
     between the Parties;

     (a)  any Transfer of the Shares shall be subject to the provisions of this
          Clause 4.

     (b)  no Transfer of any Shares shall be made which would result in any
          breach of the Sectoral Cap.

4.2  Transfer to Affiliates

     Subject only to Clause 4.1, at any time during the term of this Agreement,
     any Party shall have the right to Transfer its Shares to one or more
     Affiliates, which Transfer may be effected in one or more separate
     transactions, provided that:

     (a)  prior to any such Transfer:

          (i)  the transferring Shareholder shall provide written notice of such
               Transfer to the other Shareholders, such notice to specify the
               number of Shares to be transferred and the name or names of the
               Affiliates to whom the Shares are to be transferred; and

          (ii) the Affiliate shall have unconditionally undertaken to be bound
               by the terms of this Agreement and shall have executed a deed of
               adherence; and

     (b)  if at any time during the term of this Agreement, any such transferee
          ceases to be an Affiliate of the transferor, the Shares held by it
          shall be transferred back to the original Shareholder or any
          Affiliates thereof of the transferor, except as otherwise agreed by
          the Parties.

4.3  Put Option

          MFP shall have the right to require CGP to purchase the MFP Shares in
          accordance with the procedure laid down in Clause 4.5 below and at a
          fair market value determined in accordance with Clause 4.6 below.

4.4  Call Option

     (a)  CGP shall have the right at any time to purchase the MFP Shares in
          accordance with the procedure laid down in Clause 4.5 below and at a
          fair market value determined in accordance with Clause 4.6 below.

4.5  Transfer Procedure

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     (a)  The option and/or right as specified in Sections 4.3, 4.4, and 4.7
          shall be exercised by a written notice ("Transfer Notice") from the
          party exercising such option/right ("Offeror") to the other Party
          ("Offeree") and the effective date of its exercise shall be the date
          of the said written notice. Any resulting sale or acquisition shall be
          subject to the approval of any other competent regulatory agencies and
          shall be completed within the periods stipulated by Clause 4.5(c) or
          such other extended time which may be required for any determination
          under Clause 4.6 or to comply with applicable laws (including the
          obtaining of requisite approvals).

     (b)  Any notice given by CGP (or response to any notice by MFP) shall
          stipulate the name of any third party nominated to purchase or take a
          transfer of the MFP Shares.

     (c)  Any Transfer of the Shares shall, subject to any agreement between the
          Parties to the contrary and Clause 4.5(a), be completed within a
          period of 90 days from the Transfer Notice in question.

     (d)  Upon the failure of the Offeree to comply with the provisions of this
          Clause 4 (or of any extension thereof necessary to obtain requisite
          approvals) or any determination of the Transfer Price under Clause 4.6
          whichever is later, the Offeree shall be deemed to have irrevocably
          appointed the Company as its attorney to deal with the matter in
          accordance with the directions of the Offeror. The Offeree hereby
          agrees to abide by the directions of the Offeror and undertakes to do
          or procure all necessary things and execute all necessary forms,
          documents and agreements to implement such directions.

4.6  Transfer Price

     Except as stipulated by Clause 4.7 and subject to the requirements of
     regulatory provisions, the Transfer Price on any Transfer pursuant to this
     Agreement shall be as determined below:

     (a)  such fair market value as may be agreed between the Parties; and
          failing such agreement

     (b)  such fair market value as may be determined by the overseas offices of
          Goldman Sachs whose decision shall be final and, for which purpose,
          Goldman Sachs shall act as an expert and not as an arbitrator and
          shall not be bound to disclose reasons for its determination.

4.7  Default Option

     (a)  Following any Event of Default on the part of MFP, CGP shall have the
          right to require MFP to sell to CGP or any person that CGP nominates
          all (but not part only) of the

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          defaulting Party's Shares at ninety percent (90%) of the Transfer
          Price determined in accordance with Clause 4.6 and as per the
          procedure laid down in Clause 4.5

     (b)  Following any Event of Default on part of CGP, MFP shall have the
          right to require CGP or any person that CGP nominates to purchase all
          (but not part only) of the MFP at one hundred and ten percent (110%)
          of the Transfer Price determined in accordance with Clause 4.6 and as
          per the procedure laid down in Clause 4.5;

4.8  Repayment of Loans etc.

     Upon a Transfer of all the Shares held by any Party in accordance with the
     terms of this Agreement:

     (a)  that Party shall repay all loans, loan capital, borrowing and
          indebtedness in the nature of borrowing owed by it to the Company
          (together with any accrued interest);

     (b)  the Company shall repay all loans, loan capital, borrowing and
          indebtedness in the nature of borrowing outstanding to the Company
          from that Party (together with any accrued interest), to the extent
          that any such loans, borrowings, and indebtedness are not transferred
          to any purchaser or transferee of Shares in question; and

     (c)  the continuing Parties shall use all reasonable efforts to secure the
          release of any guarantees or indemnities given by the other Party to
          or in respect of the Company.

4.9  Stamp Duty

     The purchaser of any Shares pursuant to the provisions of this Agreement
     shall be liable to bear and pay the stamp duty for the transfer/ purchase
     of such Shares.

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5.   SHAREHOLDER MATTERS

5.1  Meetings of Shareholders

(a)  An AGM of the Company shall be held each calendar year, provided that not
     more than fifteen months shall have elapsed between one AGM and the next.
     Any meeting of the Shareholders other than an AGM shall be an EGM. An AGM
     or EGM may be called by giving at least twenty-one (21) days' written
     notice to the Shareholders.

(b)  The quorum for an AGM or EGM with respect to any agenda shall be at least
     two (2) Shareholders present in person, provided that at least one
     representative of MFP and CGP shall be present in order to constitute a
     valid quorum. If a proposed AGM or EGM with respect to any agenda is not
     validly constituted as required by this sub-clause (b), or if a quorum is
     not maintained throughout such meeting, the meeting shall be adjourned to a
     subsequent day which shall be no later than seven (7) days after the
     previous adjourned meeting. In the event that no quorum is present at the
     adjourned meeting, the Shareholder(s) present shall constitute a quorum and
     proceed with the meeting.

(c)  The Chairman (appointed in accordance with Clause 6.4) shall be chairman of
     each AGM or EGM. If the Chairman is not present, the Shareholders present
     may elect any other director present as the chairman of the said AGM or
     EGM. The chairman of the AGM or EGM shall not have a casting vote.

(d)  Subject to Clause 7.2, all resolutions shall, unless otherwise required by
     the Act or other applicable law, be passed by a simple majority of the
     total votes of all the Shareholders present and voting at the AGM or EGM,
     as the case may be.

5.2  Covenants of Parties.

     The Parties agree, covenant and undertake

     (a)  not to exercise or fail to exercise any of its voting or other rights
          in the Company available either under this Agreement or by law, in a
          manner which may have an adverse effect on the business and operations
          of the Company or the interests of the other Party;

     (b)  not to exercise or fail to exercise any of its voting or other rights
          in the Company available either under this Agreement or by law, in a
          manner which may be inconsistent with the terms of this Agreement;

     (c)  to take all necessary action (corporate or otherwise) to cause the
          Company at all times to retain the investment made in the shares of
          HMTL and JKFL, unless otherwise agreed;

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     (d)  That each of them shall vote in a manner to ensure that the terms and
          conditions of the CGP Preference Share Subscription Agreement and KMCC
          Preference Share Subscription Agreement are complied with and are
          implemented in accordance with the terms thereof.

6.   BOARD OF DIRECTORS.

6.1  Constitution of the Board.

(a)  Subject to the provisions of the Act and the provisions of sub-clause (b)
     of this Clause 6.1 and this Agreement generally, the Board shall consist of
     five Directors of which three shall be nominated by MFP ("MFP Directors"),
     and two shall be nominated by CGP (the "CGP Directors"). The Board shall
     have the overall responsibility for management of the Company and may
     appoint and delegate such day to day functions to the Chairman, the
     Managing Director, the Manager or to a committee, as it deems fit and as
     may be mutually agreed between MFP and CGP.

(b)  The appointment or removal of any Director shall be subject to majority
     approval of the Board, for which purpose the Director in question shall not
     be entitled to vote.

(c)  If at any time the Act or any other applicable law should require an
     increase or decrease in the number of directors constituting the Board,
     such increase or decrease shall be effected in a way that preserves the
     proportional representation on the Board between the Parties in accordance
     with the provisions of this Agreement.

(d)  Save the Managing Director if any, the rest of the Directors shall be
     liable to retire by rotation in accordance with the Articles.

6.2  Meetings of the Board.

(a)  Any meeting of the Board shall be held in accordance with the Articles. The
     Chairman shall, at the request of any Director, convene a Board meeting
     (unless waived by all Directors) by giving at least fourteen (14) Business
     Days' prior written notice of the meeting specifying the place, date and
     time thereof to all the other Directors together with the agenda and
     details pertaining to the meeting including the nature of the business to
     be transacted. The notice of the Board meeting shall be given to each
     Director at the address of the Director whether in or outside India
     provided to the Company for the said purpose. Such notice of Board meetings
     may however be waived with the consent of all the Directors. The meetings
     of the Board shall be held in India, or at any place outside India with the
     consent of all the Directors. Any resolution passed at a Board meeting
     shall not be binding on the Company if the notice of the Board meeting has
     not been given in the manner prescribed herein or the matter decided was
     not included in the agenda, provided that these requirements may be waived
     with the consent of all the Directors.

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(b)  The quorum for any Board meeting shall be at least two Directors, provided
     that the presence of a CGP Director shall be necessary to constitute
     quorum. If the quorum is not present throughout the meeting, then the
     meeting may be adjourned to a Business Day not less than seven (7) days
     from the date of the original meeting, on the same day of the week, time
     and place, unless otherwise notified. In the event that no quorum is
     present at the adjourned meeting, any two Directors (including always a CGP
     Director) present shall constitute the quorum and proceed with the meeting.

(c)  Subject to Clause 7.1, all decisions of the Board shall be taken by a
     majority vote of the Directors present or represented and voting at a Board
     meeting.

6.3  Resolutions by Circulation.

     Subject to the provisions of the Act, resolutions of the Board may be
     passed by circulation, if the resolution has been circulated in draft,
     together with necessary papers, if any, to all the Directors, and has been
     approved and signed all Directors entitled to vote on the resolution.

6.4  Chairman.

     The Board shall appoint a Chairman who shall be one of the MFP Directors.
     Each meeting of the Board shall be chaired by the Chairman. The Chairman
     shall not have a casting vote. In the absence of the Chairman at any
     meeting the Directors shall appoint one of their number to chair the
     meeting in question.

6.5  Managing Director/Manager

     MFP shall, subject to the provisions of Clause 7.1, have the power to
     nominate any Managing Director or Manager of the Company, who shall have
     such powers as may be decided by the Board from time to time.

6.6  Alternate Director.

     In the event that any Director (an "Original Director") is away for a
     continuous period of not less than three (3) months from the state in which
     the meetings of the Board are ordinarily held, the Board shall appoint
     another Director (an "Alternate Director") for and in place of the Original
     Director. The Board shall only appoint such Alternate Director nominated by
     the Party that nominated the Original Director who shall be deemed to be
     nominated by the Original Director for this purpose.

6.7  Casual Vacancies

     In the event that any seat on the Board becomes vacant for any reason, the
     Board shall appoint as a Director a person nominated by the Party that
     nominated the director formerly filling the vacant seat.

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6.8  Directors to act in accordance with instructions of the Board

     Any Director of the Company nominated by it as a director of any other
     company shall act in accordance with the instructions of the Board, to the
     extent that those are consistent with the best interests of the investee
     companies in question.

7.   VOTING PROVISIONS

7.1  Votes at Board Level

     Notwithstanding any other provisions in this Agreement, the Parties agree
     that the following matters shall not be implemented without the passing of
     a resolution of the Directors of the Company in accordance with Clauses
     6(2) or 6(3), which resolution is approved:

          (i)  by all the Directors, except as to sub-clause 7.1 (e), excluding
               interested Directors who are prohibited at law to vote thereon;
               and

          (ii) as to sub-clause 7. I (e) alone, by a majority of Directors
               excluding the Directors in question,

     (a)  any issue or agreement to issue or grant or agreement to grant any
          option over or right to acquire any shares or any other security or
          purchase or redeem any security or issue or agree any debenture or
          convertible security;

     (b)  establishment, acquisition or engagement in any business, venture or
          real estate or any interest therein other than those provided in this
          Agreement, or disposal of the same including without limitation taking
          up of shares in any company;

     (c)  approval of any business plan or budget or any amendments to such
          business plan or budget;

     (d)  appointment of any Managing Director/Manager of the Company;

     (e)  appointment or removal of any Director, or additional Directors (other
          than Alternate Directors);

     (f)  execution of any contracts or agreements between the Company and any
          Party or Affiliate thereof,

     (g)  any borrowing by the Company;

     (h)  any single extension of credit or the incurring or making of any
          capital expenditure, other than provided for in the approved business
          plan or budget;

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     (i)  the registration of any transfer of any Shares (other than a transfer
          permitted by the terms of this Agreement);

     (j)  recommendation of final dividends or declaration and payment of
          interim dividends;

     (k)  issuance or furnishing of any guarantee or indemnity by the Company in
          favour of lenders or regulatory authorities; and

     (l)  any decision to sell the shares of HMTL and/or JKFL or investment
          comprising an investment by the Company and/or any direct or indirect
          involvement in an IPO;

     (m)  any increase or decrease in the amount of the authorised or paid-up
          capital of the Company, and any public issue or private placement of
          Shares.

7.2  Votes at Shareholders Level

     Notwithstanding any other provisions in this Agreement, the Parties agree
     that the following matters requiring shareholder's approval shall require a
     special resolution of the Shareholders of the Company:

     (a)  any amendments to the Articles;

     (b)  any increase or decrease in the amount of the authorised or paid-up
          capital of the Company, and any public issue or private placement of
          Shares;

     (c)  any merger or consolidation or any other manner of reorganisation
          involving the Company;

     (d)  winding up or dissolution of the Company, or. making of any
          composition or arrangement with creditors whether generally or
          specifically;

     (e)  other than in the ordinary course of business, sale, transfer,
          assignment, lease, creation of any right, title or interest in favour
          of any other person or other disposal of any part of the Company's
          undertaking, property or assets (or any interest therein) or entry
          into a contract to do so, or creation of any pledge, encumbrance or
          any security interest over the whole or any part of the Company's
          undertaking, property or assets; and

     (f)  remove or replace the Company's auditors.

8.   REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS

8.1  General

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     Save as disclosed, each of the Parties severally represents and warrants to
     the others that as of the date hereof and as of the Completion Date that:

     (a)  each has full power and authority to enter into this Agreement and to
          perform its obligations under this Agreement;

     (b)  the execution and delivery of this Agreement by each of the Parties
          and the performance by such Party of its obligations under this
          Agreement have been duly and validly authorised by all necessary
          corporate action on the part of such Party;

     (c)  this Agreement constitutes a legal, valid, and binding obligation of
          each of the Parties and is enforceable against such Party in
          accordance with its terms;

     (d)  the Parties are not precluded by the terms of any contract, agreement
          or other instrument by which it is bound from entering into this
          Agreement, and the documents and agreements provided for under this
          Agreement or the consummation by the Parties of the transactions
          contemplated under this Agreement;

     (e)  to the best of knowledge and belief of each of the Parties, there are
          no claims, suits, investigations or other proceedings, pending or
          threatened against it and there are no judgements, orders or decree of
          any governmental authority or court against it, and there are no facts
          or circumstances which could reasonably be expected to give rise to a
          claim, action, suit or proceeding which could materially and/or
          adversely affect the Company or the transactions contemplated under
          this Agreement;

     (f)  the execution, delivery and performance by each of the Parties of this
          Agreement and the compliance by it with the terms and provisions
          hereof and thereof.

          (i)  contravene any provision of any law, statute, rule or regulation
               or any order, writ, injunction or decree of any competent court
               or governmental instrumentality to which it is subject; or

          (ii) conflict or be inconsistent with or result in any breach of any
               of the terms, covenants, conditions or provisions of, or
               constitute a default under, or result in the creation or
               imposition of (or the obligation to create or impose) any lien
               upon any of its property or assets pursuant to the terms of any
               indenture, mortgage, deed of trust, credit agreement, loan
               agreement or any other agreement, contract or instrument to which
               it is a party or by which it or any of its property or assets is
               bound or to which it may be subject to.

                                       15

<PAGE>

8.2  Corporate Status

     Save as disclosed, each of the Parties severally represents and warrants to
     all other Parties that, as of the date hereof and as of the Completion
     Date:

     (a)  it is duly incorporated and organised and validly existing under the
          laws of the country of its incorporation; and

     (b)  the execution, delivery and performance by each of the Parties to this
          Agreement and the compliance by it with the terms and provisions
          hereof and thereof, will not violate its certificate of incorporation
          or memorandum or articles of association.

                                       16

<PAGE>

9.   TERM AND TERMINATION

9.1  Term.

     This Agreement shall become effective in accordance with Clause 2.1 and
     shall remain in full force and effect:

     (a)  until terminated by mutual consent of the Parties ; or

     (b)  until either of MFP or CGP cease to be shareholders of the Company
          (except by reason of any transfer to Affiliates under Clause 4.2); or

     (c)  until terminated under the provisions of Clause 9.2.

9.2  Termination.

(a)  Each of the following events shall constitute an Event of Default:

     (i)  any Party breaches or fails to perform any material term, covenant,
          agreement or undertaking contained in this Agreement and such breach
          or failure, if capable of remedy, is not remedied within thirty (30)
          days after written notice of such breach or failure is received from
          any other Party; or

     (ii) any representation or warranty made by a Party in this Agreement is
          found to be false, inaccurate or misleading in any material respect;
          or

     (iii) any of MFP or CGP is adjudicated or declared bankrupt or insolvent,
          proposes or makes any arrangement or composition with, or any
          assignment for the benefit of its creditors or if an administrator or
          receiver is appointed over any part of the assets or undertaking of
          such Party; or

     (iv) if a Change of Control has occurred in respect of any Party, and such
          Change of Control has been communicated to the other Party in writing
          provided that the other Party notifies objection to such Change of
          Control within six (6) months thereof.

(b)  Upon the occurrence of an Event of Default as specified in Clause 9.2(a)
     above attributable to the acts or omissions of MFP, CGP shall be entitled
     to give notice of termination of this Agreement (a "Termination Notice") to
     MFP and this Agreement shall be deemed to have been terminated with effect
     from the date of the Termination Notice.

(c)  Upon the occurrence of an Event of Default as specified in Clause 9.2(a)
     above attributable to the acts or omissions of CGP, then MFP shall be
     entitled to give notice of termination of this Agreement (a "Termination
     Notice") to CGP, and the Agreement

                                       17

<PAGE>

     shall be deemed to have been terminated with effect from the date of the
     Termination Notice.

9.3  Consequences of Termination.

(a)  In addition to any other remedy available to it in law, the rights of the
     Parties under the Default Options comprised in the provisions of Clause 4.7
     may be invoked by either:-

     (i)  CGP in the event of a Termination Notice given by it under Clause
          9(2)(b); or

     (ii) MFP in the event of a Termination Notice given by them under Clause
          9(2)(c).

(b)  Failing any exercise of the powers under sub-clause (a) above, within a
     time of 30 days of any Termination Notice the winding up of the Company may
     be requested by:-

     (i)  CGP in the event of a Termination Notice given by it under Clause
          9(2)(b); or

     (ii) MFP in the event of a Termination Notice given by it under Clause
          9(2)(c).

(c)  In the case of any Event of Default whereby the Company suffers any
     expenses, liabilities or losses, the Party or Parties responsibility shall
     indemnify the Company for all such expenses, liabilities or losses caused
     by its default. All costs of determining the Transfer Price of the Shares
     to be sold or acquired pursuant to Clause 4.6 and other costs and expenses
     relating to the sale or acquisition of the Shares, including registration,
     transfer and stamp fees shall also be borne entirely by that Party or
     Parties.

10.  SURVIVAL OF PROVISIONS

10.1 Survival of Representations and Warranties

     The representations and warranties respectively made by the Parties in this
     Agreement will survive the Completion Date, and will remain in full
     force-and effect thereafter until the term of this Agreement.

10.2 Survival of Termination

     The provisions of Clauses 4, 9.3, 11,12, and 13 shall survive termination
     of this Agreement.

11.  CONFIDENTIALITY

(a)  Each Party shall;

     (i)  refrain, and will cause any respective officers, directors, employees,
          agents, consultants, advisers, and other

                                       18

<PAGE>

          representatives to refrain, from disclosing to any other Person any
          confidential documents or confidential information concerning the
          other party hereto furnished to it in connection with this Agreement
          or the transactions contemplated hereby, and

     (ii) will refrain, and will cause its Affiliates and its or their
          respective officers, directors, employees, agents, and other
          representatives to refrain, from disclosing to any Person any
          confidential documents or confidential information concerning the
          Company unless:

          (A)  such disclosure is compelled by judicial or administrative
               process or by other requirements of law and notice of such
               disclosure is furnished to such other Party; or

          (B)  such confidential documents or information can be shown to have
               been:

               (i)  known by the Party hereto previous to it receiving such
                    documents or information;

               (ii) in the public domain through no fault of such receiving
                    Party; or

               (iii) later acquired by such receiving party from other public
                    sources.

(b)  Each Party shall use its reasonable endeavours to ensure observance of the
     obligation of confidentiality under this Agreement by all its officers,
     advisors, employees, servants and agents who have access to the
     confidential information in the course of their duties. Each Party agrees
     and undertakes to be responsible to the other Parties, in the event of the
     breach of the obligation of confidentiality under this Agreement by any of
     its officers, advisors, employees, servants or agents.

12.  DISPUTE RESOLUTION

12.1 Consultation

     In the case of any dispute arising out of or in connection with this
     Agreement or its performance, including any question regarding its
     existence, validity or termination, the Parties shall first endeavour to
     reach an amicable settlement through mutual consultations and negotiations.
     If the Parties are unable to reach an amicable settlement within 30 days
     from the date on which the dispute arose (except as to any matter for which
     express provisions are made in this Agreement), any of the Parties may make
     a reference to arbitration in accordance with Clause 12.2.

12.2 Arbitration

                                       19

<PAGE>

(a)  In the absence of any settlement of disputes under Clause 12.1 any and all
     disputes or differences arising out of or in connection with this Agreement
     or its performance shall be submitted to arbitration at the request of any
     of the Parties' upon written notice to that effect to the other Party or
     Parties, as the case may be, and such arbitration shall be conducted in
     accordance with the Indian Arbitration and Conciliation Act, 1996 (the
     "Arbitration Act") by a panel consisting of three (3) arbitrators.

(b)  While submitting the dispute or difference to arbitration in accordance
     with sub-Clause (b) above, the Party, while so submitting shall, in its
     notice, specify the name of one arbitrator appointed by it. Within 30 days
     of the receipt of notice, the other Party or Parties shall appoint an
     arbitrator. A further arbitrator (who will act as the chairman) shall be
     nominated by the arbitrators appointed as aforesaid or, failing such
     nomination within 30 days of the appointment of the last arbitrator, shall
     be appointed in accordance with the Arbitration Act. Each of the
     arbitrators shall be either a retired judge of the Supreme Court of India
     or a retired judge of one of the High Court of India or a reputed member of
     the Bar Council of India having at least 15 years of experience as an
     advocate.

(c)  The language of the arbitration shall be English. The venue of the
     arbitration shall be at Mumbai, India.

(d)  The Parties agree that the award of the arbitrators shall be final and
     binding upon the Parties, and that none of the Parties shall be entitled to
     commence or maintain any action in a court of law upon any matter in
     dispute arising from or in relation to this Agreement, except for the
     enforcement of an arbitral award granted pursuant to this Clause 12.2.

13.  NOTICES

(a)  All notices or other communication to be given under this Agreement shall
     be in writing and shall either be personally delivered or sent by
     registered post, courier, telex or facsimile transmission and shall be
     addressed for the attention of the persons addressed below:

                                       20

<PAGE>

     If to MFP

                  Address:     240, Navsari Building, 1st Floor, DN Road,
                               Mumbai - 400001

                  Fax:         91-22-22072267

                  Attention:   Mr Shivendra Gupta, Director

     If to CGP

                  Address:     4th Floor, Les Cascades Building, Edith Cavell
                               Street, Port Louis, Mauritius

                  Fax:         230-212-9833

                  Attention:   Ms Christiane Yeung

     If to KMCC:

                  Address:     Bakhtawar, 3rd Floor, 229, Nariman Point,
                               Mumbai - 400 021

                  Fax:         91-22-22840492

                  Attention:   Mr Ajay Vaidya, Company Secretary

     If to the Company :

                  Address:     240, Navsari Building, 1st Floor, DN Road,
                               Mumbai - 400001

                  Fax:         91-22-22072267
                  Attention:   Mr Shivendra Gupta, Director

(b)  Any Party may by notice change the address to which such notices and
     communication are to be delivered or transmitted.

(c)  A notice shall be deemed to have been served as follows:

     (i)  if personally delivered, at the time of delivery;

     (ii) if sent by registered post or courier, at the time of delivery thereof
          to the person receiving the same; or

     (iii) if sent by facsimile transmission, in the absence of any indication
          that the facsimile transmission was distorted or garbled, at the time
          of production of a transmission report by the machine from which the
          facsimile was sent which indicates that the facsimile was sent in its
          entirety to the facsimile number of the recipient notified for the
          purposes of this Clause 13.

                                       21

<PAGE>

14.  MISCELLANEOUS PROVISIONS

14.1 No Waiver

     No waiver of any provision of this Agreement nor consent to any departure
     from it by any Party is effective unless it is in writing. A waiver or
     consent will be effective only for the purpose for which it was given. No
     default of delay on the part of any Party in exercising any rights, powers
     or privileges operates as a waiver of any right, nor does a single or
     partial exercise of a right preclude any exercise of other rights, powers
     or privileges. The remedies herein provided are cumulative and not
     exclusive of any remedies provided by law.

14.2 Amendment

     No amendment, variation, alteration or modification of this Agreement shall
     be effective unless made in writing and signed by all the Parties to this
     Agreement.

14.3 Assignment

     Neither Party shall assign or transfer or purport to assign or transfer any
     of its rights or obligations under this Agreement without the prior written
     consent of the other Parties.

14.4 Governing Law

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

14.5 Severability

     If any provision of this Agreement or any part thereof is declared or held
     to be invalid, illegal or unenforceable in any respect under applicable
     law, such invalidity, illegality or unenforceability shall not invalidate
     this entire Agreement. In that case, this Agreement shall be construed so
     as to limit any term or provision so as to make it enforceable or valid
     within the requirements of applicable law, and, in the event that such term
     or provision cannot be so limited, this Agreement shall be construed to
     omit such invalid, illegal or unenforceable provision.

14.6 Counterparts

     This Agreement is executed in counterparts by each of the Parties and each
     of the counterparts shall constitute an original but all of them shall
     constitute only one document.

14.7 Costs

     Each party to this Agreement shall bear and pay its own legal costs and
     other expenses in connection with the preparation, execution and completion
     of this Agreement.

                                       22

<PAGE>

14.8 No Agency or Partnership

(a)  This Agreement shall not constitute the appointment of any Party as the
     legal representative or agent of any other, nor will any Party have right
     or authority, to assume, create or incur any liability or obligation
     express or implied, against, in the name of, or on behalf of another party
     or the Company.

(b)  Nothing in this Agreement creates or constitutes a partnership between the
     parties to it or any one of them.

(c)  Each party to this Agreement acknowledges that nothing in this Agreement
     gives it the right or authority to and undertakes not to represent or hold
     itself out as representing the other party to this Agreement, whether to
     bind it contractually or for any other purpose.

14.9 No Third Party Beneficiary

     Nothing expressed or mentioned in this Agreement is intended or will be
     construed to give any person other than the Parties and their permitted
     assigns and successors any legal or equitable right, remedy or claim under
     or in respect of this Agreement or any provisions contained in it.

                                       23

<PAGE>

14.10 Set Off

     The Parties shall have the right at any time to set off their debts and/or
     financial obligations to one another in any manner as may be agreed between
     the Parties.

14.11 Change of Law

     In case of any change in law for the time being in force including but not
     limited to change or re-enactment of the Act, the Parties shall discuss in
     good faith how best to amend this Agreement so as to make its terms
     consistent with the provisions of such changed law.

14.12 Entire Agreement

     This agreement supersedes and replaces any and all prior contracts,
     understandings or arrangements, heretofore made between the Parties and
     relating to the Company, and constitute the entire understanding of the
     Parties with respect to the Company.

IN WITNESS WHEREOF the Parties hereto have entered into this Agreement the day
and year first above written.

MULTIFACED FINSTOCK PRIVATE LIMITED

By:
    ---------------------------
Name
Title:

CGP INDIA INVESTMENTS LIMITED

By: /s/ Ting Chan
    ---------------------------
Name Ting Chan
Title: Director

TELECOM INVESTMENTS (INDIA) PRIVATE LIMITED

By: /s/ Shivendra Gupta
    ---------------------------
Name Shivendra Gupta
Title: Director

                                       24

<PAGE>

                                   SCHEDULE 1

                             Articles of Association
                                 (See Attached)

                                       25

<PAGE>

                             THE COMPANIES ACT, 1956

                            COMPANY LIMITED BY SHARES

                             ARTICLES OF ASSOCIATION

                                       OF

                    TELECOM INVESTMENTS INDIA PRIVATE LIMITED
                (private limited u/s 43A(2A) w.e.f. 8 March 2001)

                                   PRELIMINARY

1.   These Articles are substituted for the original Articles of Association and
     have been adopted by a special resolution of the shareholders passed at a
     meeting on April 9, 2004.

2.   No regulations contained in Table "A" in the First Schedule to the
     Companies Act, 1956 shall apply to this Company, but the regulations for
     the management of the Company and for the observance of the members
     thereof; and their representatives shall, subject to any exercise of
     statutory powers of the Company with reference to the repeal or alteration
     or addition to its regulations by Special Resolution, as prescribed by the
     Companies Act, 1956 be such as are contained in these Articles.

                                   DEFINITIONS

3.   In these Articles the following terms shall bear the following meanings:

     "Act" means the Indian Companies Act, 1956, as amended from time to time,
     or any statutory modification or re-enactment thereof;

     "Affiliate" when used with reference to any corporate entity shall mean
     another company controlled by, controlling or under common control with
     that entity, where "control" means either (i) the ownership, either
     directly or indirectly, of more than fifty percent (50%) of the voting
     Shares or comparable interests in such entity or other company, as the case
     may be, or (ii) the right to elect the majority of the directors of such
     entity or other company, as the case may be, where such rights may be
     exercised without the consent of any third Shareholder.

     "AGM" means the annual general meeting of the Company;

     "Alternate Director" shall have the meaning set forth in Article 82 hereof;

     "Articles" means these Articles of Association;

     "Auditors" means the statutory auditors of the Company appointed from time
     to time;

     "Board" means the Board of Directors of the Company;

     "Business" means the business of the Company being the investment in the
     telecom sector in India and matters ancillary thereto;

     "Chairman" shall have the meaning set forth in Article 76 hereof;

                                       1

<PAGE>

     "Change of Control" means with respect to a Shareholder:

          (a)  the acquisition by a person or a related group of persons after
               the date of this Agreement of 50% or more of the issued capital
               (with ordinary voting powers) of a shareholder or ultimate
               holding of that Shareholder; or

          (b)  substitution of the person or group of persons holding the power
               (as at the date of this Agreement), whether directly or
               indirectly, to direct or cause the direction of management and
               policies of that shareholder; whether through ownership of
               Shares, contract or otherwise.

     Provided that, the transfer of ownership or control of a Shareholder or its
     ultimate holding company to a company in respect of which the Shareholder
     is a wholly owned subsidiary or to an Affiliate of that shareholder shall
     not constitute a Change of Control;

     "Director" means a director of the Company from time to time;

     "EGM" means the extraordinary general meeting of the Company;

     "Event of Default" shall have the same meaning set forth in Article 44
     hereof;

     "Majority Shareholder" shall mean the person for the time being holding 51%
     or more of the issued and paid up equity share capital of the Company;

     "Minority Shareholder" shall mean the person or persons for the time being
     holding less than 50% of the issued and paid up equity share capital of the
     Company;

     "Original Director" shall have the meaning set forth in Article 79 hereof;

     "Person" shall mean any natural person, limited or unlimited liability
     company, corporation, general partnership, limited partnership,
     proprietorship, trust, union, association, court, tribunal, agency,
     government, ministry, department, commission, self-regulatory organisation,
     board or other entity, enterprise, authority, or business organisation.

     "Preference Shares" means non-cumulative redeemable non-convertible
     preference shares of the nominal value of Rs. 1 million each issued or to
     be issued in one or more series in the Company;

     "Sectoral Cap" shall mean the maximum prescribed limits of foreign
     investments in telecom sector as announced by the Government of India from
     time to time (which at present limits foreign direct investment to
     49% of the equity share capital of the Company);

     "Share" or "Shares" means, as applicable, equity share(s) of par value of
     Rs. 10 (Rupees Ten) each in the Company;

     "Shareholder" means a holder of Shares in the Company;

     "Transfer" means to transfer, sell, assign, pledge, hypothecate, create a
     security interest in or lien on, place in trust (voting or otherwise),
     transfer by operation of law or in any other way subject to any encumbrance
     or dispose of, whether or not voluntarily;

                                       2

<PAGE>

     "Transfer Price" shall have the meaning set forth in Article 43.

4.   References to the plural shall include the singular and vice-versa;
     reference to one gender shall include other genders; reference to company
     shall include foreign companies, corporations and bodies registered,
     references to persons shall include bodies registered and unincorporated.

5.   Unless the context otherwise requires, words or expressions contained in
     these articles shall bear the same meaning as in the Act or any statutory
     modification thereof in force.

                                REGISTERED OFFICE

6.   The registered office of the Company shall be situated at 240, Navsari
     Building, 1st Floor, DN Road, Mumbai 400001.

                                  SHARE CAPITAL

7.   The Authorised Share Capital of the Company is Rs. 740 crores (Rupees seven
     hundred forty crores only) consisting of Equity Share Capital of Rs.
     5,00,00,000 (Rupees five crores only) divided into 50,00,000 (Fifty lakhs)
     equity shares of Rs 10 each and Redeemable Non Convertible Preference Share
     Capital of Rs. 735,00,00,000 (Rupees Seven hundred thirty five crores only)
     divided into 7350 (seven thousand three hundred fifty) Redeemable Non
     Convertible Preference Shares of Rs. 10,00,000 each. (Amended on 30/6/98)

8.   The Company has power from time to time to increase or reduce its capital
     and to consolidate or divide the Shares in the capital for the time being
     into other classes and to attach thereto respectively, such preferential,
     qualified, deferred or other special rights, privileges, conditions or
     restrictions as regards payment of dividends, distribution of assets,
     repayment or reduction of capital, voting or otherwise as may be determined
     by or in accordance with the Articles and to vary, modify or abrogate any
     such right, privilege, condition or restriction in such manner as may be
     permitted from time to time by the Articles of the Company or other
     provisions of law for the time being in force.

9.   Except in so far as otherwise provided as existing capital by the
     conditions of issue or by these Articles, any capital raised by the
     creation of new Shares or Preference Shares, shall be considered as part of
     the existing share capital and shall be subject to the provisions herein
     contained with reference to the payment of calls and installments,
     forfeiture, lien, surrender, transfer and transmission, voting and
     otherwise.

10.  Subject to the provisions relating to the issue and allotment of the Shares
     in these Articles, the Shares and Preference Shares of the Company shall be
     under the control and disposal of the Board who may allot or otherwise
     dispose of the same to such persons and on such terms as the Board may
     think fit and to give any persons any Shares and Preference Shares, whether
     at par or at premium and for such consideration as the Board may think fit.

11   If and to the extent permitted by the relevant provisions of the Act as
     amended from time to time, the Company shall, if so authorised by the
     resolution of the

                                       3

<PAGE>

     Shareholders under Section 81 (IA) of the Act and other relevant provisions
     of the Act, issue nonvoting equity shares not exceeding twenty five per
     cent of the issued equity share capital of the company. Such Shares ("Non
     Voting Shares") shall not carry voting rights. However, any holder of such
     Non Voting Shares shall be entitled to all rights as a member of the
     Company (other than the right to vote on resolutions placed before the
     Company at any of its general meetings) including the right to receive a
     copy of every balance sheet as specified in sub-article (I) of Section 219
     of the Act.

                               Increase of Capital

12.  The Company may, at its general meeting, from time to time, by an ordinary
     resolution, increase the capital by the creation of new Shares or
     Preference Shares, such increase to be of such aggregate amount and to be
     divided into such Shares of such respective amounts, as the resolution
     shall prescribe. The new Shares, shall be issued on such terms and
     conditions and with such rights and privileges annexed thereto, as the
     resolution shall prescribe, and in particular, such Shares may be, issued,
     subject to the Articles with a preferential or qualified right to
     dividends, and in the distribution of assets of the Company and with a
     right of voting at General Meetings of the Company in conformity with
     Section 87 and 88 of the Act. Unless otherwise stated all new Shares of the
     same class shall rank pan passu with existing Shares of the same class.
     Whenever the capital of the Company has been increased under the provisions
     of this Article, the Directors shall comply with the provisions of Section
     97 of the Act.

                        Power to issue preference shares

13.  Subject to the provisions of the Act., the Company shall have the power to
     issue either convertible or non convertible, cumulative or non cumulative
     preference shares with or without coupon rate of interest, in one or more
     series which are, at the option of the Company, liable to be redeemed and
     the resolution authorising such issue shall prescribe the manner, terms and
     conditions of such redemption as agreed by the shareholders. Any such share
     shall (against holders of equity shares) have priority:

     (a)  in respect of any dividends payable by the Company

     (b)  over any rights of equity Shareholders in regard to every redemption
          of preference shares, including payment of any redemption premium; and

     (c)  over the equity Shareholders of the Company (but after the creditors)
          on any winding up of the company.

                    Sub-division and consolidation of shares

14.  Subject to the provisions of Section 90 of the Act, the Company in general
     meeting may from time to time by an ordinary resolution after the
     conditions of its Memorandum as follows:

     (a)  Consolidate and divide all or any of its share capital into Shares or
          Preference Share of larger amount than its existing shares;

     (b)  Sub-divide any class of existing share capital, or any of them into
          Shares of smaller amount than is fixed by the Memorandum, so however,
          that in the subdivision the proportion between the amount paid and the
          amount, if any,

                                       4

<PAGE>

          unpaid on each reduced share in question shall be the same as it was
          in case of the share from which the reduced share is derived;

     (c)  Cancel any Shares or Preference Shares which, at the date of the
          passing of the resolution in that behalf have not been taken or agreed
          to be taken by any person, and diminish the amount of its share
          capital by the amount of the Shares or Preference Shares so cancelled.
          Cancellation in pursuance of this sub-clause shall not be deemed to be
          a reduction of the share capital within the meaning of the Act.

15.  Whenever the Company shall do any one or more of the things provided for in
     the foregoing sub-clauses (a), (b) and (c), the Company shall, within
     thirty (30) days thereafter give notice thereof, to the Registrar of
     Companies specifying, as the case may be, the Shares or Preference Shares
     consolidated, divided, sub-divided or cancelled.

                             Modification of rights

16.  Whenever the capital, by reason of the issue of Preference Shares or
     otherwise is divided into different classes of Shares, all or any of the
     rights and privileges attached to each class may, subject to the provisions
     of Sections 106 and 107 of the Act, be modified, commuted, affected,
     abrogated, dealt with or varied with the consent in writing of the holders
     of not less than three-fourth of the issued capital of that class or with
     sanction of a special resolution passed at a general meeting of the holders
     of the Shares of that class, and all the provisions hereafter contained as
     to general meeting shall mutatis mutandis apply to every such meeting. This
     Article shall not derogate from any power the Company would have if this
     Article was omitted.

17.  The rights conferred upon the holders of the Shares and Preference Shares
     of any class issued with preferred or other rights or privileges shall,
     unless otherwise expressly provided by the terms of the issue of Shares of
     that class, be deemed not to be modified, commuted, affected, abrogated,
     dealt with or varied by the creation or issue of further Shares of that
     class ranking pan passu therewith.

                             SHARES AND CERTIFICATES

                             Further issue of Shares

18.  (1)  Where it is proposed to increase the subscribed capital of the company
          by allotment of further Shares, then:

          (a)  Such further Shares shall be offered to the persons, who, at the
               date of the offer, are holders of the equity Shares in
               proportion, as nearly as circumstance admit, to the capital
               paid-up on those Shares at that date;

          (b)  Such offer shall be made by a notice, specifying the number of
               Shares offered and limiting a time not less than thirty days (or
               such other longer period as may be prescribed by the Act) from
               the date of the offer, within which the offer if not accepted,
               will be deemed to have been declined;

                                       5

<PAGE>

          (c)  The offer aforesaid shall be deemed to include a right
               exercisable by the person concerned to renounce the Shares
               offered to him or any of them in favour of any other person(s)
               and the notice referred to in sub-clause (b) hereof shall contain
               a statement of this right PROVIDED THAT the Directors may
               decline, without assigning any reason, to allot any Shares to any
               person in whose favour any member may renounce the Shares offered
               to him;

          (d)  After the expiry of the time specified in the aforesaid notice,
               or on receipt of earlier intimation from the person to whom such
               notice is given that he declines to accept the Shares offered,
               the Board of Directors may dispose of them in such manner as they
               think most beneficial to the Company.

     (2)  Notwithstanding anything contained in sub-clause (1) hereof, the
          further Shares aforesaid, may be offered to any person(s) (whether or
          not those persons include the person referred to in sub-clause (l)(a)
          hereof) in any manner whatsoever, if a special resolution to that
          effect is passed by the Company in general meeting, at which meeting
          all the Shareholders of the company are either present in person or
          through their proxies.

     (3)  Nothing in sub-clause (l)(c) hereof shall be deemed:

          (a)  To extend the time within which the offer should be accepted; or

          (b)  To authorise any person to exercise the right of renunciation for
               a second time, on the ground that the person in whose favour the
               renunciation was first made, has declined to take the Shares
               comprised in the renunciation.

     (4)  Nothing in this Article, shall apply to the increase of the subscribed
          capital of the Company caused by the exercise of an option attached
          to the debentures issued or loans raised by the Company:

          (a)  To convert such debentures or loans into Shares in the Company;
               or

          (b)  To subscribe for Shares in the Company (whether such option is
               conferred by these Articles or otherwise);

          Provided that, the terms of issue of such debenture or the terms of
          such loans include a term providing for such option and such terms:

          (a)  either have been approved by the Central Government before the
               issue of the debentures or the raising of the loans, or is in
               conformity with the rules, if any, made by that Government in
               this behalf and

          (b)  in the case of debentures or loans other than debentures issued
               to, or loans obtained from the Government or any institution
               specified by the Central Government in this behalf has also been
               approved by a special resolution passed by the Company in general
               meeting before the issue of the debentures or the raising of the
               loans.

19.  Subject to the provisions of these Articles and of the Act, the Shares
     shall be under the control of the Directors who may allot or otherwise
     dispose of the same to such person, on such terms and conditions and at
     such times, as they think fit, and with

                                       6

<PAGE>

     full power, subject to the sanction of the Company in general meeting, to
     give any person the option to be allotted Shares of any class of the
     Company either at a premium or at par or at a discount, subject to the
     provisions of the Act and such time and for such consideration as the
     Directors think fit.

20.  Where the Company issues Shares or Preference Shares at a premium, the
     Company shall comply with the provisions of the Act. The moneys credited to
     the Shares Premium Account shall be dealt with in the manner provided by
     the Act.

21.  The general meeting, may subject to the provisions of the Act, determine
     that any shares (whether forming part of the original capital or of any
     increased capital of the Company) be offered to such persons (whether
     members or not) in such proportion and on such terms and conditions and
     either at a premium or at par or at a discount (subject to compliance with
     the provisions of the Act) as such general meeting shall determine and with
     full power to give any person (whether a member or not) the option to call
     for or be allotted Shares of any class of the Company and such option being
     exercisable at such time and for such consideration as may be directed by
     such general meeting or the Company in general meeting may make any other
     provision whatsoever for the issue, allotment or disposal of any such
     Shares.

22.  The Company shall not issue Shares at a discount except in compliance with
     the applicable provisions of the Act.

23.  If by the conditions of allotment of any class of shares, the whole or any
     part of the amount of issue price thereof shall be payable by installments,
     every such installment shall, when due, be paid to the Company by the
     person who for the time being and from time to time shall be the registered
     holder of the share or his legal representative and shall for the purposes
     of these Articles be deemed to be payable on the date fixed for payment and
     in the case of non-payment, the provisions of these Articles as to payment
     of interest and expenses, forfeiture and the like and all other relevant
     provisions of the Articles shall apply, as if such installments were a
     call, duly made and notified as hereby provided.

24.  An application signed by or on behalf of an applicant for Shares in the
     Company followed by an allotment of any Shares therein shall, be an
     acceptance of Shares within the meaning of these Articles, and every person
     who thus or otherwise accepts any Shares and whose name is entered on the
     register shall, for the purpose of these Articles, be a member.

25.  The money, if any, which the Board of Directors shall, on the allotment of
     any Shares being made by them, require or direct to be paid by way of
     deposit, call or otherwise in respect of any Shares allotted by them,
     shall, immediately on the inscription of the name of the allottee in the
     Register of Members as the holder of such shares become a debt due to and
     recoverable by the Company from the allottee thereof and shall be paid by
     him accordingly.

26.  Any two or more joint allottees of a Share shall be treated as a single
     member for the purpose of this Article and the certificate of any Share,
     which may be subject of joint ownership, may be delivered to any one of
     such joint owners on behalf of all of them.

27.  A director may sign a share certificate by affixing his signature thereon
     by means of any machine, equipment or other mechanical means, such as
     engraving in metal or lithography, but not by means of a rubber stamp,
     provided that the director shall be responsible for the safe custody of
     such machine, equipment or other material used for the purpose.

                                       7

<PAGE>

28.  If a certificate be consolidated, worn out, defaced, destroyed or lost or
     if there is no further space on the back thereof for endorsement of
     transfer, it shall, if requested, be replaced by a new certificate, free of
     charge, provided however that, such new certificates shall not be granted
     except upon delivery of the original worn-out or defaced or used up
     certificates for the purpose of cancellation, in accordance with the
     Companies (Issue of Share Certificate) Rules, 1960 or upon proof of
     destruction or loss, and on such indemnity as the Board may require in the
     case of the certificate having been destroyed or lost.

29.  When a new share certificate has been issued in pursuance of Article 28 of
     these Articles, it shall state on the face of it and against the stub or
     counterfoil to the effect that it is issued in lieu of share certificate
     No sub-divided/ replaced on consolidation of share/ replaced on destruction
     or loss' as the case may be.

30.  The Managing Director of the Company for the time being or, if the Company
     has no Managing Director, every director of the Company shall be
     responsible for maintenance, preservation and safe custody of all books and
     documents relating to the issue of share certificates.

31.  If any Share stands in the names of two or more persons, the person first
     named in the Register shall, as regards receipt of dividends or bonus or
     service of notices and all or any other matter connected with the Company,
     except voting at meeting and the transfer of the Shares be deemed the sole
     holder thereof but the joint holders of share shall be severally as well as
     jointly liable for payment of all installments and calls due in respect of
     such share, and for all incidents thereof according to the Company's
     regulations.

32.  (a)  Except as ordered by a court of competent jurisdiction or as required
          by law, the Company shall not (except only as is by these Articles
          otherwise expressly provided) be bound to recognise, even when having
          notice thereof, any equitable, contingent, further or partial interest
          in any Share or any right in respect of a Share other than an absolute
          right thereto, in accordance with these Articles, in the person from
          time to time registered as holder thereof, but the Board shall be at
          liberty at its sole discretion to register a share in the joint names
          of any two or more persons (but not exceeding 3 persons) or the
          survivor or survivors of them.

     (b)  Except as otherwise, to the contrary, provided by the Act and in
          particular Sections 153B and 187C (if applicable) of the Act, no
          notice of any trust (express, implied or constructive) shall be
          entered on the Register of Members or of debenture holders.

     (c)  Shares may be registered in the name of an incorporated Company or
          other body corporate but not in the name of a minor (except in case
          where they are fully paid) or in the name of a person of unsound mind
          or in the name of any firm or partnership.

33.  None of the funds of the Company shall, except as provided in the Act, be
     employed in the purchase of its own Shares, unless the consequent reduction
     of capital is effected and sanctioned in pursuance of the provisions of the
     Act and these Articles, or in giving either directly or indirectly and
     whether by means of a loan/guarantee, the provision of security or
     otherwise any financial assistance for the purpose of or in connection with
     a purchase of or in connection with a purchase or subscription made or to
     be made by any person of or for any Share in the Company.

                                       8

<PAGE>

34.  The Company shall have the power to pay interest out of capital. For the
     purpose, the Company shall comply with the Act.

35.  The Company shall have power, by passing a special resolution, to issue
     debentures whether with or without the right to allotment of or conversion
     into Shares and on such terms and conditions as the Company may determine
     in general meeting. The Company shall also have the power to re-issue
     redeemed debentures in accordance with the provisions of the Act. The
     Company shall not issue any debentures carrying voting rights at any
     meeting of the Company whether generally or in respect of any particular
     class of business.

                               TRANSFER OF SHARES

36.  (1)  The Company is a Private Company within the meaning of Section 3
          (1)(iii) of the Act and accordingly:

          (a)  the right to transfer the Shares in the Company shall be
               restricted in the manner hereinafter appearing;

          (b)  the number of the members of the Company shall be limited to
               fifty not including:

               (i)  persons who are in the employment of the Company; and

               (ii) persons, who having been formerly in the employment of the
                    Company, were members of the Company while in the employment
                    and have continued to be members after the employment
                    ceased;

          (c)  prohibits any invitation to the public to subscribe for any
               Shares in or debentures of the Company.

          Provided that where two or more persons hold one or more Shares in the
          Company jointly, they shall be treated as a single member.

          (d)  prohibits any invitation to the public or accepting of deposits
               from the public other than its members, directors and their
               relatives. (Amended on 8 March 2001)

     (2)  Accordingly:

          (a)  the right to transfer, Shares is restricted in the manner and to
               the extent hereinafter appearing

          (b)  the number of Shareholders shall be limited to 3

37.  No invitation shall be issued to the public to subscribe for any Shares or
     debentures in the Company.

               Restrictions on Transfer of Shares by Shareholders

38.  Except as otherwise provided in these Articles:

     (a)  any Transfer of Shares shall subject to the provisions of these
          Articles;

                                       9

<PAGE>

     (b)  no Transfer of any Shares shall be made which would result in breach
          of the Sectoral Cap in relation to the Company or otherwise;

     (c)  there shall be no restriction on transfer of Preference Shares.

                              Transfer to Affiliate

39.  Subject only to Article 38(b) hereof, any Shareholder shall have the right
     to Transfer its Shares to one or more Affiliates, which Transfer may be
     effected in one or more separate transactions. Provided that:

     (a)  prior to any such transfer

          (i)  the transferring Shareholder shall provide written notice of such
               Transfer to the other Shareholders, such notice to specify the
               number of Shares to be transferred and the name or names of the
               Affiliates to whom the Shares are to be transferred; and

          (ii) the Affiliate shall have unconditionally undertaken to be bound
               by the terms of these Articles, and shall have executed a deed of
               adherence to that effect; and

     (b)  if at any time thereafter, any such transferee ceases to be an
          Affiliate of the transferor, the Shares held by it shall be
          transferred back to the original Shareholder or any Affiliate thereof,
          except as otherwise agreed between the Shareholders.

                                   Put Option

40.  (a)  The Majority  Shareholder  shall have the right at any time to require
          the Minority  Shareholder to purchase all (but not part) of its Shares
          as per the procedure laid out in Article 42 below and at a fair market
          value determined in accordance with Article 43 below.

                                   Call Option

41.  (a)  The Minority Shareholder shall have the right at any time to purchase
          the Shares of the Majority Shareholder or any of them as per the
          procedure laid down in Article 42 below and at a fair market value
          determined in accordance with Article 43 below.

                               Transfer Procedure

42.  (a)  The option and/or rights as mentioned in Article 40, 41 and 44 shall
          be exercised by a written notice ("Transfer Notice") from the party
          exercising such option/right ("Offeror") to the other Party
          ("Offeree") and the effective date of its exercise shall be the date
          of the said written notice. Any resulting sale or acquisition, shall
          be subject to the approval of any other competent regulatory agencies
          and shall be completed within thirty (30) days of any determination of
          price under Article 43, or such other extended time which may be
          required to comply with applicable laws (including the obtaining of

                                       10

<PAGE>

          requisite approvals).

     (b)  Any notice given by the Minority Shareholder (or response to any
          notice as the case may be) shall stipulate the name of any third party
          nominated to purchase or take a transfer of the Shares in question,
          if; required.

     (c)  The Notice period:

          (i)  under Article 4Q shall be 90 days;

          (ii) under Article 41 shall be 90 days;

(d)  Upon the failure of the Offeree to comply with the provisions of these
     Articles 42, the period prescribed within thirty (30) days of any notice
     under sub-clause (e) above (or of any extension thereof necessary to obtain
     requisite approvals) or any fixation of the Transfer price under Article 43
     hereof, whichever is later, the Offeree shall be deemed, to have
     irrevocably appointed the Company as its Attorney to deal with the matter
     in accordance with the directions of the Offerer. The Offeree shall abide
     by the directions of the Offerer and shall undertake to do or procure all
     necessary things and execute all necessary forms, documents and agreements
     to implement such directions.

                                 Transfer Price

43.  Except as stipulated by Article 44 hereof, the Transfer Price on any
     Transfer pursuant to the Articles shall be as determined below.

     (a)  such fair market value as may be agreed between the Shareholders at
          the time of Transfer, and failing such agreement

     (b)  Such fair market value as may be determined by Goldman Sachs whose
          decision shall be final and for which purpose Goldman Sachs shall act
          as an expert and not as an arbitrator.

                                 Default Option

44.  (a)  Following any Event of Default on the part of the Majority
          Shareholder, the Minority Shareholder shall have the right to require
          the former to sell to it or its nominee all (but not part only) of the
          Shares held by the Majority Shareholder at ninety percent (90%) of the
          Transfer Price determined in accordance with Article 43 hereof and as
          per the procedure laid down in Article 42.

     (b)  Following any Event of Default on part of the Minority Shareholder,
          the Majority Shareholder shall have the right to require the former or
          its nominee to purchase all (but not part only) of the Shares held or
          beneficially owned by the Majority Shareholder at one hundred and ten
          percent (110%) of the Transfer Price determined in accordance with
          Article 43 hereof and as per the procedure laid down in Article 42
          hereof.

     (c)  Each of the following events shall constitute an Event of Default

          (i)  the Majority Shareholder becomes a sick industrial company under
               the provisions of the Sick Industrial Companies (Special
               Provisions) Act,

                                       11

<PAGE>

               1985; or

          (ii) the Majority Shareholder or the Minority Shareholder, is
               adjudicated or declared bankrupt or insolvent, proposes or makes
               any arrangement or composition with, or any assignment for the
               benefit of it's creditors or if an administrator or receiver is
               appointed over any part of he assets or undertaking of such
               Shareholder

          (iii) if all or any of the licenses granted by the Department of
               Telecommunications to any company in which the Company has made
               investments are irrevocably terminated, withdrawn, revoked or
               cease to be in effect for any reason whatsoever

          (iv) if a Change in Control has occurred in respect of any
               Shareholder, and such Change of Control has been communicated to
               the other Shareholders, in writing provided that the other
               Shareholder notifies of objection to such Change of Control
               within six (6) months thereof.

                                  Sectoral Cap

45.  For so long as the Sectoral Cap shall apply no Shareholder shall make or
     purport to make any Transfer or take any other action the effect of which
     would be a breach of such Sectoral Cap.

                             Repayment of Loans etc.

46.  Upon a Transfer of all the Shares held by any Shareholder in accordance
     with the terms of these Articles:

     (a)  that Shareholder shall repay all loans, loan capital; borrowing and
          indebtedness in the nature of borrowing owed by it to the Company
          (together with any accrued interest);

     (b)  the Company shall repay all loans, loan capital, borrowing and
          indebtedness in the nature of borrowing outstanding to the Company
          from that Shareholder (together with any accrued interest), to the
          extent that any such loans, borrowings, and indebtedness are not
          transferred to any purchaser or transferee of Shares in question and

     (c)  the continuing Shareholder(s) shall use all reasonable efforts to
          secure the release of any guarantees or indemnities given by the
          other Shareholder to or in respect of the Company.

                         Other provisions as to Transfer

47.  The Company shall keep a "Register of Transfers" and therein shall be
     fairly and distinctly entered particulars of every transfer or transmission
     of any Shares or Preference Shares.

48.  In respect of any transfer registered in accordance, with the provisions of
     these Articles, the Board may, at their discretion direct an endorsement of
     the transfer and the name of the transferee and other particulars, on the
     existing share certificate and authorise any Director or officer of the
     Company to authenticate such endorsement on behalf of the Company or direct
     the issue of a fresh share certificate, in lieu of and

                                       12

<PAGE>

     in cancellation of the existing certificate, in the name of the transferee.

49.  The instrument of transfer of any Share or Preference Share shall be in
     writing and all the provisions of the Act, shall be duly complied with in
     respect of all transfers and registration thereof.

50.  Every such instrument of transfer shall be executed both by the transferor
     and the transferee and the transferor shall be deemed to remain holder of
     the Shares in question until the name of the transferee is entered in the
     Register of Members in respect thereof. The instrument of transfer shall be
     in respect of only one class of Shares and should be in the form prescribed
     under the Act.

51.  In case of the death of any one or more persons named in the Register of
     Members as the joint-holders of any class of shares, the survivors shall be
     the only person recognised by the Company as having any title to or
     interest in such share but nothing therein contained shall be taken to
     release the estate of a deceased joint-holder from any liability thereon
     held by him jointly with any other person.

52.  The executors or administrators or holders of a Succession Certificate or
     the legal representatives of a deceased member (not being one or two joint
     holder) shall be the only person recognised by the Company as having any
     title to the shares registered in the name of such member, and the Company
     shall not be bound to recognise such executors or administrators or holders
     of a Succession Certificate or the legal representatives unless they shall
     have first obtained probate or Letter of Administration or Succession
     Certificate, as the case may be, from a duly constituted Court in the Union
     of India and a clearance certificate from the Estate Duty authorities;
     provided that in any case where the Board in its absolute discretion,
     thinks fit, the Board may dispense with the production of probate or
     Letters of Administration or Succession Certificate, upon such terms as to
     indemnify or otherwise as the Board in its absolute discretion may think
     necessary, and under Article 47 hereof register the name of any person who
     claims to be absolutely entitled to the Shares standing in the name of a
     deceased member, as a member.

53.  No Share shall in any circumstances be transferred to any infant,
     insolvent, or person of unsound mind, except, fully paid Shares through a
     legal guardian.

54.  A person entitled to a Share by transmission shall, subject to the right of
     the Directors to retain such dividends or money as hereinafter provided, be
     entitled to receive and may give discharge for any dividends or other
     moneys payable in respect of the share.

55.  Every instrument of transfer shall be presented to the Company duly stamped
     for registration, accompanied by such evidence as the Board may require to
     prove the title of the transferor and his right to transfer the Shares and
     every registered instrument of transfer shall remain in the custody of the
     Company until destroyed by order of the Board.

56.  Before the registration of a transfer, the certificate or certificates of
     the Share or Shares to be transferred must be delivered to the Company
     along with (save as provided in Section 108 of the Act) a properly stamped
     and executed instrument or instruments of transfer.

57.  No fees shall be charged for registration of transfers of any Shares or
     debentures. No fee shall also be charged for registration of probate,
     letters of administration or other small documents.

                                       13

<PAGE>

58.  The Company shall incur no liability or responsibility whatever in
     consequence of its registering or giving effect to any transfer of Shares
     made or purporting to be made by any apparent legal owner thereof (as shown
     or appearing in the Register of Members) to the prejudice of persons having
     or claiming any equitable right, title or interest to or in the said
     Shares, notwithstanding that the Company may have had notice of such
     equitable rights or referred thereto in any books of the Company and the
     Company shall not be bound by or required to regard or attend to or give
     effect to any notice which may be given to it of any equitable rights,
     title to interest or be under any liability whatsoever for refusing or
     neglecting to do so, though it may have been entered or referred to in some
     book of the Company but the Company shall nevertheless be at liberty to
     regard and attend to any such notice and give effect thereto if the Board
     shall so think fit.

                CONVERSION OF SHARES INTO STOCK AND RECONVERSION

59.  The Company in General Meeting may, by an ordinary resolution convert any
     fully paid-up Shares into stock, and when any Shares shall have been
     converted into stock, the several holders of such stock may henceforth
     transfer their respective interest therein, or any part of such interest in
     the same manner and subject to the same regulations as, and subject to
     which Shares from which the stock arise might have been transferred, if no
     such conversion had taken place. The Company may, by an ordinary resolution
     convert any stock into fully paid up Shares of any denomination.

60.  The holders of stock shall, according to the amount of stock held by them
     have the same rights, privileges and advantages as regards dividends,
     voting at meetings of the Company, and other matters, as if they held the
     Shares from which the stock arose; but no such privileges or advantages
     (except participation in the dividends and profits of the Company and in
     the assets on winding-up) shall be conferred by an amount of stock which
     would not, if existing in Shares, have conferred that privileges or
     advantage.

                                    BORROWING

61.  The Board of Directors may, subject to the provisions of Articles 86 and 87
     from time to time, but with such consent of the Company in General Meeting
     hereof as may be required under the Act and/or the provisions of the
     Shareholders Agreement, raise any moneys or sums of money for the purpose
     of the Company; provided that the moneys to be borrowed by the Company,
     apart from temporary loans obtained from the Company's bankers in the
     ordinary course of business, shall not without the sanction of the Company
     at a General Meeting exceed the aggregate of the paid up capital of the
     Company and its free reserves being reserves not set apart for any specific
     purpose. Subject to the provisions of the Act, however, the Board may from
     time to time at their discretion raise or borrow or secure the payment of
     any such sum of money for the purpose of the Company, by the issue of
     debentures, perpetual or otherwise, including debentures convertible into
     Shares of the Company or perpetual annuities and in security of any such
     money so borrowed, raised or received mortgage, pledge or charge, the whole
     or any part of the property, assets or revenue of the Company present or
     future, including its uncalled capital by special assignment or otherwise
     or to transfer or convey the same absolutely or in trust and to give the
     lenders powers of sale and other powers as may be expedient and to
     purchase, redeem or pay off any such securities.

     Provided that every resolution passed by the Company in General Meeting in
     relation

                                       14

<PAGE>

     to the exercise of the power to borrow as stated above shall specify the
     total amount up to which moneys may be borrowed by the Board of Directors.

62.  The Directors may by a resolution at a meeting of the Board delegate the
     above power to borrow money otherwise than on debentures to a Committee of
     Directors or the Managing Director, if any, within the limits prescribed by
     these Articles.

63.  Subject to the provisions of the above sub-clauses, the Directors may, from
     time to time, at their discretion, raise or borrow or secure the repayment
     of any sum or sums of money for the purpose of the Company, at such time
     and in such manner and upon such terms and conditions as they think fit,
     and in particular, by promissory notes or by opening current accounts or by
     receiving deposits and advances with or without security or by the issue of
     bonds, perpetual or redeemable debentures (both present and future)
     including its uncalled capital for the lime being or by mortgaging or
     charging or pledging any lands, buildings, goods or other property and
     securities of the Company, or by such other means as may seem expedient.

64.  Any debentures, debenture-stock bonds or other securities may be made
     assignable free from any equities between the Company and the person to
     whom the same may be issued.

65.  The Directors shall cause a proper register to be kept, in accordance with
     the Act, of all mortgages and charges specifically affecting the property
     of the Company and shall duly comply with the requirements of the Act in
     regard to the registration of mortgagees and charges therein specified.

66.  Where any uncalled capital of the Company is charged, all persons taking
     any subsequent charge thereon shall take the same, subject to such prior
     charge and shall not be entitled, by notice to the Shareholders or
     otherwise, to obtain priority over such prior charge.

67.  If the Directors or any of them or any other persons, shall become
     personally liable for the payment of any sum primarily due from the
     Company, the Board may execute or cause to be executed any mortgage, charge
     or security over or affecting the whole or any part of the assets of the
     Company by way of indemnity to secure the Directors or other persons so
     becoming liable as aforesaid from any loss in respect of such liability.

                                    DIRECTORS

                            Constitution of the Board

68.  Unless otherwise determined by the Company in general meeting, and subject
     to the provisions of the Act, the number of Directors on the Board shall
     not be less than three and not more than five.

69.  Subject to Article 68 above

     (a)  the Board shall comprise initially of five Directors

     (b)  the appointment or removal of any Director shall be subject to the
          provisions of Article 71

70.  Subject to the provisions of the Act and the provisions of these Articles,
     the Board shall consist of five Directors of which three shall be nominated
     by the Majority

                                       15

<PAGE>

     Shareholder and two shall be nominated by the Minority Shareholder. The
     Board shall have the overall responsibility for management of the Company.
     The Board shall however appoint and delegate such day to day functions to
     the Chairman or the Managing Director or Manager or to a committee, if any,
     as it deems fit.

71.  The appointment or removal of any Director shall be subject to the majority
     approval of the Board, for which purpose the Director in question shall not
     be entitled to vote.

72.  If at any time the Act or any other applicable law should require an
     increase or decrease in the number of directors constituting the Board,
     such increase or decrease shall be effected in way that preserves the
     representation on the Board between the Shareholders in accordance with the
     provisions of these Articles.

73.  A Director shall not be required to hold any qualification shares in the
     Company and Regulation 66 of Table A shall not apply.

74.  The Directors shall be paid such remuneration as may be determined by the
     Board of Directors from time to time.

                              Meetings of the Board

75.  Any meeting of the Board shall be held in accordance with the Articles. The
     Chairman shall, at the request of any Director, convene a Board meeting by
     giving at least fourteen (14) Days' (or such shorter period as all the
     Directors may agree), prior written notice of the meeting specifying the
     place, date and time thereof to all other Directors and their Alternate
     Directors together with the agenda and details pertaining to the meeting
     including the nature of the business to be transacted.

76.  Board Meetings shall be held at such places, in or outside of India as the
     Board may determine, with the consent of all the Directors. Where a Board
     meeting is adjourned it shall be reconvened on the same day of the week,
     time and venue not less than seven days from the day of the original
     meeting Notices and minutes of Board meetings shall be given to each
     Director at their last known address, whether resident in India or abroad.

77.  The quorum for any Board meeting shall be at least three (3) Directors,
     provided that the presence of a Director appointed by the Minority
     -Shareholder shall be necessary to constitute quorum. If the quorum is not
     present throughout the meeting, then the meeting may be adjourned to a day
     not less than seven (7) days from the date of the original meeting, on the
     same day of the week, time and place, unless otherwise notified. In the
     event that no quorum is present at the adjourned meeting, any two Directors
     (including a Director nominated by the Minority Shareholder) present shall
     constitute the quorum and proceed with the meeting.

     (a)  Subject to Article 77 (b) hereof, all decisions of the Board shall be
          taken by a majority vote of the Directors present or represented for
          voting at a Board meeting.

     (b)  Subject only to the provisions of the Act, all matters stipulated by
          Article 88 hereof shall require the unanimous consent of the Directors
          present and voting at the Board Meeting in question (excluding
          interested Directors who are prohibited by law from voting).

                           Resolutions by Circulation

                                       16

<PAGE>

78.  Subject to the provisions of the Act, resolutions of the Board may be
     passed by circulation, if the resolution has been circulated in draft,
     together with necessary papers, if any, to all the Directors, then in India
     or outside India (not being less in number than the quorum fixed for a
     Board meeting), and to all other Directors at their usual address in India,
     and has been approved by such of the Directors as are then in India, or by
     a majority of such of them, as are entitled to vote on the resolution.

                                    Chairman

79.  The Board shall appoint a Chairman who shall be one of the Directors,
     nominated by the Majority Shareholder. The Chairman shall chair each
     meeting of the Board and shall not have a casting vote.

                           Managing Director/ Manager

80.  The Majority Shareholder shall have the power to nominate any Managing
     Director or Manager of the Company, subject to the provisions of Article
     86, who shall have such powers as may be decided by the Board from time to
     time.

                              Additional Directors

81.  The Board of Directors shall have power at any time, and from time to time,
     to appoint one or more persons as Additional Directors, provided that
     the number of Directors and Additional Directors together shall not exceed
     the maximum number fixed by Article 68 above. An Additional Director so
     appointed shall hold office up to the date of the next Annual General
     Meeting of the Company and shall be eligible for re-election by the Company
     at that Meeting.

                               Alternate Director.

82.  In the event that any Director (an "Original Director") is away for a
     continuous period of not less than three (3) months from the state in which
     the meetings of the Board are ordinarily held, the Board shall appoint
     another Director (an "Alternate Director") for and in place of the Original
     Director. The Board shall appoint such Alternate1 Director nominated by the
     Shareholder that nominated the Original Director who shall be deemed to be
     nominated by the Original Director for this purpose.

                                 Casual Vacancies

83.  In the event that any seat on the Board becomes vacant for any reason, the
     Board shall appoint as a Director a person nominated by the Shareholder
     that nominated the Director formerly filling the vacant seat.

                            Appointment of Committees

84.  The Board may subject to the provisions of the Act and other relevant
     provisions of the Act and of these Articles delegate any of the powers
     other than the powers to make calls and to issue debentures to such
     committee or committees and may from time to time revoke and discharge any
     such committee of the Board either wholly or in part and either as to the
     person or purposes, but every committee of the Board so formed shall, in
     exercise of the powers so delegated, conform to any regulation that may
     from time to time be imposed on it by the Board. All acts done by any such
     committee of the Board in conformity with such regulations and in
     fulfillment of the purpose of their appointments, but not otherwise, shall
     have the like force and effect, as if done by the Board.

                                       17

<PAGE>

                                Company Secretary

85.  The Secretary of the Company shall be such person as shall from time to
     time appointed by the Board.

                                VOTING PROVISIONS

                              Votes at Board Level

86.  The following matters shall not be implemented in respect of matters
     requiring approval of the Board without the passing of a resolution of the
     Directors present and voting on the issue at a Board meeting of the Company
     convened in accordance with Articles 75 to 77 hereof which resolution is
     approved by:

          (i)  all the Directors present at such meeting, excluding interested
               Directors who are prohibited at law to vote thereon except as to
               Article 88(f); and

          (ii) In respect of Article 86(d), a majority of the Directors
               excluding the Director in question.

     (a)  Any issue or agreement to issue or grant or agreement to grant any
          option over or right to acquire any Shares or any other security or
          purchase or redeem any security or issue or agree any debenture or
          convertible security;

     (b)  establishment, acquisition or engagement in any business, venture or
          real estate or any interest therein other than those provided in the
          Memorandum of the Company, or disposal of the same including without
          limitation taking up of Shares in any company;

     (c)  approval of any business plan or budget or any amendments to such
          business plan or budget;

     (d)  appointment of any Managing Director/Manager of the Company;

     (e)  any decision to sell any Shares or investments comprising any
          investment by the Company and/or any direct or indirect involvement of
          the Company in any Initial Public Offering or similar listing of
          Shares or Securities;

     (f)  appointment or removal of any Director, or of additional Directors
          other than Alternate Directors;

     (g)  execution of any contracts or agreement between the Company and any
          Shareholder or Affiliate thereof;

     (h)  any borrowing by the Company;

     (i)  any single extension of credit or the incurring or making of any
          capital expenditure other than provided for in the approved business
          plan or budget;

     (j)  the registration of any transfer of any Shares (other than a transfer
          permitted by these Articles);

                                       18

<PAGE>

     (k)  recommendation of final dividends, or declaration and payment of
          interim dividends;

     (l)  issuance or furnishing of any guarantee or indemnity by the Company in
          favour of lenders or regulatory authorities;

     (m)  any increase or decrease in the amount of the authorised or paid-up
          capital of the Company, and any public issue or private placement of
          Shares;

                           Votes at Shareholders Level

87.  The following matters requiring Shareholder's approval shall require a
     special resolution of the Shareholders of the Company:

          (a)  any amendments to these Articles;

          (b)  any increase or decrease in the amount of the authorised or
               paid-up equity capital of the Company, and any public issue or
               private placement of Shares;

          (c)  any increase in the Preference Share capital of the Company or
               change in the rights of Preference Shareholders;

          (d)  any merger or consolidation or any other manner of reorganisation
               involving the Company;

          (e)  winding up or dissolution of the Company, or making of any
               composition or arrangement with creditors whether generally or
               specifically; and

          (f)  other than in the ordinary course of business, sale, transfer,
               assignment, lease, creation of any right, title or interest in
               favour of any other person or other disposal of any part of the
               Company's undertaking, property or assets (or any interest
               therein) or entry into a contract to do so, or creation of any
               pledge, encumbrance or any security interest over the whole or
               any part of the Company's undertaking, property or assets.

          (g)  removal or replacement of the Company's auditors.

                            PREFERENCE CLASS MEETINGS

88.  Any matters pertaining to the terms of the preference shares of the Company
     shall require the consent of a class meeting of the holders of such
     shares.

                                 GENERAL MEETING

89.  A general meeting of the Company may be called by giving not less than 21
     (twenty-one) days' notice.

90.  An annual general meeting ("AGM") of the Shareholders shall be held each
     calendar year, provided that not more than fifteen months shall have
     elapsed between one AGM and the next. Any meeting of the Shareholders other
     than an AGM shall be an extraordinary general meeting ("EGM"). An AGM or
     EGM may be called by giving at least twenty-one (21) days' written notice
     to the Shareholders.

                                       19

<PAGE>

91.  The quorum for an AGM or EGM with respect to any agenda shall be at least
     two (2) Shareholders present in person holding more than fifty one percent
     (51%) of the total issued and paid-up equity capital of the Company. If a
     proposed AGM or EGM with respect to any agenda is not validly constituted
     as required by these Articles, or if a quorum is not maintained throughout
     such meeting, the meeting shall be adjourned to a subsequent day which
     shall be no later than seven (7) days after the previous adjourned meeting.

92.  The Chairman (appointed in accordance with Article 79 hereof) shall be
     chairman of each AGM or EGM. If the Chairman is not present, the
     Shareholders present may elect any other Director present as the chairman
     of the said AGM or EGM. The chairman of the AGM or EGM shall not have a
     casting vote.

93.  Subject to Article 87 hereof, all resolutions shall, unless otherwise
     required, by the Act or other applicable law, be passed by a simple
     majority of the total votes of all the Shareholders present and voting at
     the AGM or EGM, as the case may be.

                                Voting at Meeting

94.  At any General Meeting, a resolution put to the vote at the meeting shall
     be decided on a show of hands, unless a poll is (before or on the
     declaration of the result of the show of hands) demanded in accordance with
     the provisions of the Act. Unless a poll is so demanded, a declaration by
     the Chairman that resolution has, on a show of hands, been carried
     unanimously, or by a particular majority, or lost and an entry to that
     effect in the book of the proceedings of the Company shall be conclusive
     evidence of the fact, without proof of the number or proportion of the
     votes recovered in favour of or against that resolution.

                                Decision by poll

95.  If a poll is duly demanded, it shall be taken in such manner as the
     Chairman directs and the results of the poll shall be deemed to be the
     decision of the meeting on the resolution in respect of which the poll was
     demanded.

96.  Any business other than that upon which a poll has been demanded may be
     proceeded with, pending the taking of the poll.

                                Vote of Members:

97.  (a)  On a show of hands every member holding equity Shares and present in
          person shall have one vote,

     (b)  On a poll, every member holding equity Shares therein shall have
          voting rights in proportion to his share of the paid-up equity Share
          capital,

     (c)  On a poll, a member having more than one vote, or his proxy or other
          person entitled to vote for him need not use all his votes in the same
          way.

                             Voting by joint-holders

98.  In the case of joint holders the vote of the first named of such joint
     holders who tenders a vote whether in person or proxy shall be accepted to
     the exclusion of the votes of other joint holders.

                                       20

<PAGE>

                                      PROXY

99.  In a poll, votes may be given either personally or by proxy.

                               Instrument of proxy

100. (a)  The instrument appointing a proxy shall be in writing under the
          hand of the appointer or of his attorney duly authorised in writing
          or, if the appointer is a Corporation, either under its Common Seal or
          under the hand of its attorney duly authorised in writing. Any person,
          whether or not he is a member of the Company, may be appointed as a
          proxy.

     (b)  The instrument appointing a proxy and the Power of Attorney or other
          authority (if any) under which it is signed, or a notarially certified
          copy of that power or authority, shall be deposited at the registered
          office of the Company not less than forty eight hours prior to the
          time fixed for the meeting in question, failing which the instrument
          of proxy shall be invalid.

101. The form of proxy shall be Two Way Proxy, as given in Schedule X of the
     Act, enabling the shareholders to vote for/against any resolution.

                               Validity of proxy:

102. A vote given under the terms of an instrument of proxy shall be valid,
     notwithstanding the previous death or insanity of the principal, or the
     revocation of the proxy, or of the authority under which the proxy was
     executed, or transfer the Shares in respect of which the proxy is given,
     provided that no intimation in writing of such death, insanity, revocation
     or transfer shall have been received by the Company at its registered
     office before the commencement of the meeting, or adjourned meeting, at
     which the proxy is used.

                                Corporate members

103. Any corporation which is a member of the Company may, by resolution of its
     Directors or other governing body, authorise such person as it thinks fit
     to act its representative at any meeting of the Company and the said person
     so authorised shall be entitled to exercise the same powers on behalf of
     the corporation which he represents as that corporation could have
     exercised if it were an individual member of the Company.

                                   WINDING UP

                             Distribution of assets

104. If the Company shall be wound up, and the assets available for distribution
     amongst the members shall be insufficient to repay the whole of the paid-up
     capital, such assets shall be distributed so that as nearly as may be, and
     any shortfall on distribution shall be borne by the members respectively in
     proportion to the capital paid-up by them at the commencement of the
     winding up. And if on a winding up the assets available for distribution
     among the members shall exceed the amount necessary to repay the whole of
     the capital paid-up at the commencement of the winding up, the excess shall
     be distributed amongst the members respectively in proportion to the
     capital, paid-up by them on commencement of the winding up. Provided that
     this Article is to be without prejudice to the rights of the holder of
     shares of any class issued upon special terms and the conditions and the
     provisions

                                       21

<PAGE>

     of Article 13 hereof in particular.

                         Distribution in specie or kind

105. (a)  If the Company shall be wound up, whether voluntarily or otherwise,
          the liquidators in accordance with the provisions of law for the time
          being in force, may with the sanction of a special resolution, divide
          amongst the contributories, in specie or kind, any part of the assets
          of the Company and may, with the like sanction, vest any part of the
          assets of the Company in trustees upon such trusts for the benefit of
          the contributories, or any of them as the liquidators, with the like
          sanction shall think fit.

     (b)  If thought expedient any such division may subject to the provisions
          of the Act and/or any other applicable law for time in force, be
          otherwise than in accordance with the legal rights of the
          contributories (except where unalterably fixed by the Memorandum of
          Association) and in particular any class may be given preferential or
          special rights or may be excluded altogether or in part.

     (c)  In case any Share to be divided as aforesaid involve a liability to
          call or otherwise any person entitled under such division to any of
          the said Shares may within ten days after the passing of the Special
          Resolution by notice in writing direct to the liquidators to sell his
          proportion and pay him the net proceeds and liquidators shall if
          practicable act accordingly.

                      Right of shareholders in case of sale

106. A special resolution sanctioning a sale to any other Company duly passed
     pursuant to Section 494 of the Act may, subject to the provisions of the
     Act in like manner as aforesaid, determine that any Shares or other
     consideration receivable by the liquidators be distributed amongst the
     members otherwise than in accordance with their existing rights and any
     such determination shall be binding upon all the members.

                                BOOKS AND RECORDS

107. The Company shall maintain minutes books (of Board meetings or committees
     of the Board and general meetings) and all other statutory records and
     books of accounts in accordance with the applicable provisions of the Act.

                         FINANCE ACCOUNTING AND AUDITING

108. The Company shall appoint as the Company's Auditors, an independent
     internationally reputable firm of certified public accountants registered
     in India as well as abroad to examine and verify the annual report on the
     final accounts. A certificate for auditing has to be formally issued by
     such accountant firm, to which the auditor belongs. Such auditing shall be
     conducted within a reasonable period of time, prior to the beginning of the
     relevant session of the Board, in order that the said accounting statements
     and the balance sheets can be audited for the approval procedure.

                                    ACCOUNTS

109. (a)  The Board shall cause proper books of account to be maintained under
          Section 209 of the Act.

                                       22

<PAGE>

     (b)  Subject to the provisions of Section 209A of the Act, the Board shall
          also, from time to time, determine whether and to what extent and at
          what times and places and under what conditions or regulations the
          account books of the Company (or any of them) shall be open to the
          inspection of members.

     (c)  Subject to the provisions of Section 209A of the Act, no member (not
          being a Director) or other person shall have any right of inspecting
          any account book or document of the Company except as conferred by law
          or authorised by the Board or by the Company in general meetings.

                                      AUDIT

                     Balance Sheet and Profit Loss Account:

110. The Balance Sheet and Profit Loss Account of the Company will be audited
     once a year by a qualified auditor in accordance with the provisions of the
     Act.

                             Accounts to be Audited:

111. Every Balance Sheet and Profit & Loss Account shall be audited by one or
     more Auditors to be appointed as hereinafter set out.

                                    Auditors:

112. (a)  The Company may, at a general meeting, remove any Auditor and appoint
          in its place any other person nominated for appointment by any member
          of the Company and of whose nomination special notice has been given
          to the members of the Company, not less than fourteen days before the
          date of the meeting.

     (b)  The Company at the annual general meeting each year shall appoint an
          Auditor to hold office from the conclusion of that meeting until the
          conclusion of the next annual general meeting and every Auditor so
          appointed shall be intimated of his appointment within seven days.

     (c)  Where at an annual general meeting, no Auditor is appointed, the
          Central Government may appoint a person to fill the vacancy.

     (d)  The Company shall within seven days of the Central Government's power
          under sub-clause (c) becoming exercisable, give notice of that effect
          to the Government.

     (e)  The Directors may fill any casual vacancy in the office of an Auditor,
          but while any such vacancy continues; the remaining Auditor (if any)
          may act. Where such a vacancy is caused by the resignation of an
          Auditor, the vacancy shall only be filled by the Company in general
          meeting.

     (f)  A person, other than a retiring Auditor, shall not be capable of being
          appointed at an annual general meeting unless special notice of a
          resolution of appointment of that person to the office of Auditor has
          been given by a member to the Company not less than fourteen days
          before the meeting in accordance with Section 190 of the Act. The
          Company shall send a copy of any such notice to the retiring Auditor
          and shall give notice thereof to the members in accordance with the
          provisions of Section 190 and the Provisions of Section 225 of the Act
          shall also apply in the matter. The provisions of this

                                       23

<PAGE>

          sub-clause shall also apply in respect of any resolution to the effect
          that retiring auditor shall not be re-appointed.

     (g)  The persons qualified for appointment as Auditors shall be only those
          referred to in Section 226 of the Act.

                            Audit of Branch Offices

113. The Company shall comply with the provisions of the Act in relation to the
     audit of the accounts of Branch Offices of the Company.

                           Remuneration of Auditors

114. The remuneration of the Auditors shall be fixed by the Board as authorised
     in general meeting from time to time.

115. All Accounts of the Company, when audited and approved by a General
     Meeting, shall be conclusive except as regards any error discovered therein
     within three months following the approval thereof. Any such error
     discovered within such three month period shall forthwith be corrected in
     accordance with the terms of any Resolution in respect thereof and such
     amended Accounts shall henceforth be conclusive.

                                     SECRECY

116. Every Director, manager, auditor, trustee, member of a committee, officer,
     servant, agent, accountant or other person employed in the business of the
     Company shall, if so required by the Board before entering upon their
     duties, sign a declaration pledging to observe strict secrecy respecting
     all bonafide confidential information of the Company and its customers and
     shall by such declaration pledge not to reveal any of the matters which may
     come to their knowledge in the discharge of their duties, except as
     required by the directors, or by any general meeting of the Company, or by
     the law of the country, or so far as may be necessary in order to comply
     with any of the provisions in these presents and the provisions of the Act.

                           OPERATION OF BANK ACCOUNTS

117. The Board shall have the power to authorise any Director or Directors or
     any officers to open bank accounts; to sign cheques on behalf of the
     Company; to operate all banking accounts of the Company; and to receive
     payments, make endorsements, draw and accept negotiable instruments,
     hundies and bills. In addition, the Directors may authorise any other
     person or persons to exercise such powers.

                                    INDEMNITY

118. Subject to the provisions of Section 201 of the Act, every Director or
     Officer, or employee of the Company or any person (whether an officer of
     the Company or not) employed by the Company or Auditor shall be indemnified
     by the Company out of the assets of the Company against all liabilities
     incurred by such Director, Officer or Auditor and it shall be the duty of
     the Directors out of the funds of the Company, to pay all costs, charges,
     losses and damages which any such person may incur or become liable to by
     reason of any contract entered into or any act, deed, matter or thing done,
     concurred in or omitted to be done by him in any way in or about the
     execution or discharge of his duties or supposed duties (except such if any
     as he shall incur or sustain through or by his own wrongful act neglect or
     default) including

                                       24

<PAGE>

     expenses and in particular and so as to limit the generality of the
     foregoing provisions against all liabilities incurred by such Directors,
     Officer or Auditor or other Officer of the Company in defending any
     proceedings whether civil or criminal in which judgement is given in his
     favour, or in which he is acquitted or in connection with any application
     under Section 633 of the Act in which relief is granted to him by the
     Court.

                              AMENDMENT OF ARTICLES

119. The Articles set out herein above may be altered or amended at any time
     subject to the provisions of the Act and/these Articles.

                                      SEAL

120. The Company shall have a Common Seal and the board shall provide for the
     safe custody thereof. The Seal shall not be applied to any instrument
     except by the authority of a resolution of the Board and in the presence of
     one Director or such other person or the Board may appoint for the purpose
     and such Director or other person aforesaid, shall sign every instrument to
     which the Seal of the Company is so affixed in his presence.

121. The Board may decide on an official seal for use by the Company outside
     India in any place or places where the Company's objects require the
     transaction of business outside India. This seal shall be a facsimile of
     the official seal of the Company with the addition on its face of the name
     of the country where it is to be used. The Board shall decide on the manner
     in which the seal shall be used and the person or person in whose presence
     it shall be affixed to documents to which the company is a Party.

                                   **********

                                       25

<PAGE>

       We, the several persons whose names, addresses and descriptions are
   hereunder subscribed below, are desirous of being formed into a company in
                   pursuance of this Articles of Association:

---------------------------------------------------------------------------
                                                Signature/ name/ address/
Name, address/ occupation of   Signature of   occupation and description of
        subscribers             subscriber               witness
---------------------------------------------------------------------------
S RAMESH                           Sd/-
S/o MR. A SRINIVASAN

C/o AMARCHAND MANGALDAS &
SURESH A. SHROFF & CO.
LENTIN CHAMBERS
DALAL STREET, FORT
MUMBAI - 400 023                              Witness to all
                                              Sd/-
                                              KAUSHAL AGGARWAL

OCCUPATION: SERVICE                           C/o AMARCHAND MANGALDAS &
                                              SURESH A. SHROFF & CO.
                                              LENTIN CHAMBERS
                                              DALAL STREET, FORT
                                              MUMBAI-400 023

MARK SILGARDO
S/o MR. M B SILGARDO               Sd/-

C/o AMARCHAND MANGALDAS &                     OCCUPATION: SERVICE
SURESH A. SHROFF & CO.
LENTIN CHAMBERS
DALAL STREET, FORT
MUMBAI - 400 023

OCCUPATION: SERVICE

---------------------------------------------------------------------------
                       TOTAL
---------------------------------------------------------------------------

Place: Mumbai
Dated: 23 December 1997

                                       26

<PAGE>

                       MULTIFACED FINSTOCK PRIVATE LIMITED
 Regd: Off: Navsari Building, 1st Floor, 240, D. N. Road, Fort, Mumbai - 400 001
--------------------------------------------------------------------------------

CERTIFIED COPY OF THE RESOLUTION PASSED BY THE BOARD OF DIRECTORS OF MULTIFACED
FINSTOCK PRIVATE LIMITED AT THE MEETING HELD ON 9 APRIL 2004 AT BAKHTAWAR, 3RD
FLOOR, 229, NARIMAN POINT, MUMBAI 400 021
--------------------------------------------------------------------------------

"RESOLVED THAT the company do hereby approve entering into a new shareholders
agreement in respect of the Company's investment in Telecom Investments (India)
Private Limited in place of the existing one with the other investors and that
Mr. Shivendra Gupta, Director and Mr. S. A. Narayan, Director be and are
severally authorised to execute the agreement as per the draft placed before the
board."

--------------------------------------------------------------------------------

For MULTIFACED FINSTOCK PRIVATE LIMITED

/s/ Shivendra Gupta
----------------------
Shivendra Gupta
Director

<PAGE>

                    TELECOM INVESTMENTS INDIA PRIVATE LIMITED
 Regd. Off: Navsari Building, 1st Floor, 240, D. N. Road, Fort, Mumbai - 400 001
--------------------------------------------------------------------------------

CERTIFIED COPY OF THE RESOLUTION PASSED BY THE BOARD OF DIRECTORS OF TELECOM
INVESTMENTS INDIA PRIVATE LIMITED AT THE MEETING HELD ON 9 APRIL 2004 AT
BAKHTAWAR, 3RD FLOOR, 229, NARIMAN POINT, MUMBAI 400 021
--------------------------------------------------------------------------------

"RESOLVED THAT the Board do hereby approve the shareholders agreement as per the
draft placed before the board and that the Directors of the Company be and are
hereby severally authorised to execute the agreements, documents and to perform
such acts, deeds necessary to give effect to this resolution."

--------------------------------------------------------------------------------

For TELECOM INVESTMENTS INDIA PRIVATE LIMITED

/s/ Shivendra Gupta
----------------------
Shivendra Gupta
Director<PAGE>

                                                                   Exhibit 10.70

                             SHAREHOLDERS AGREEMENT

                                      DATED

                                 APRIL 9TH 2004

                                     BETWEEN

             Asian Telecommunication Investments (Mauritius) Limited

                                       AND

                             UMT Investments Limited

                                       AND

                         Usha Martin Telematics LIMITED

                                   ----------

                                  In respect of

                         Usha Martin Telematics LIMITED

                                   ----------

<PAGE>

                                    [GRAPHIC]

                     Description [Indian Banknote Specimen]

                             SHAREHOLDERS AGREEMEMT

THIS SHAREHOLDERS AGREEMENT (this "Agreement") is made the 9TH day of April
2004:

BETWEEN:

A.   Asian Telecommunication Investments (Mauritius) Limited, a company
     incorporated in Mauritius whose registered office is at 4th floor Les
     Cascades Building, Edith Cavell Street, Port Louis, Mauritius ("ATIM") of
     the FIRST PART; and

B.   UMT Investments Limited, a company incorporated in India whose registered
     office is at 2A, Landmark, 228A. A.J.C. Bose Road, Kolkata 700 020 (
     "UMTI"); Jaykay Finholding (India) Private Limited, a company incorporated
     under the Companies Act, 1956 whose registered office is at 240, Navsari
     Building, 1st Floor, DN Road, Mumbai 400001, India ("UMTI") of the SECOND
     PART.

C.   Usha Martin Telematics Limited, a company incorporated in India whose
     registered office is at 2A, Landmark, 228A. A.J.C. Bose Road, Kolkata 700
     020 (the "Company") of the THIRD PART;

(ATIM and UMTI shall be hereinafter referred to as "Party" and collectively as
"Parties")

<PAGE>

WHEREAS:

A.   The Company has been incorporated with the main object of making
     investments in Indian companies.

B.   The present shareholding of the Company is as follows:

     ATIM: Representing 49% of the share capital of the Company
     UMTI: Representing 51% of the share capital of the Company

C.   UMTI, a company incorporated in India holds 51% of the share capital of the
     Company, and the balance 49% of the share capital of the Company is held by
     ATIM.

D.   The Parties are desirous of entering into this Agreement to confirm their
     understanding regarding the regulation of the affairs and management of the
     Company, and the relationship of the Shareholders thereof.

E.   The Company is being joined as a confirming party, inter alia as to the
     matters contained in this Agreement materially affect the administration of
     the Company.

NOW THEREFORE, the Parties hereby agree as follows:

1.   DEFINITIONS AND INTERPRETATION

1.1  Definitions.

     In this Agreement, the following words and expressions shall, except where
     the context otherwise requires, have the following meanings:

     "Act" means the Indian Companies Act, 1956, as amended from time to time,
     or any statutory modification or re-enactment thereof,

     "Affiliate" when used with reference to any corporate entity shall mean
     another company controlled by, controlling or under common control with
     that entity, where "control" means either (i) the ownership, either
     directly or indirectly, of more than fifty percent (50%) of the voting
     shares or comparable interests in such entity or other company, as the case
     may be, or (ii) the right to elect the majority of the directors of such
     entity or other company, as the case may be, where such rights may be
     exercised without the consent of any third party.

     "AGM" means the annual general meeting of the Company;

     "Alternate Director" shall have the meaning set forth in Clause 6.6;

     "Arbitration Act" shall have the meaning set forth in Clause 12.2(a);

     "Articles" means the Articles of Association of the Company in the form
     attached as Schedule 1 hereto and to be adopted at a meeting of the
     Shareholders;

     "ATIM Director(s)" shall have the same meaning set forth in Clause 6.1;

     "ATIM Shares" means the equity shares of the Company held by ATIM,
     constituting 49% of the total issued and paid up equity share capital of
     the Company at the date hereof, and shall include any further shares issued
     under the terms hereof;

     "Auditors" means the statutory auditors of the Company appointed from time
     to time;

<PAGE>

     "Board" means the board of directors of the Company;

     "Business" means the business of the Company being the investment in the
     telecom sector in India and matters incidental thereto;

     "Business Day" means a day on which scheduled banks are open for business
     in Mumbai;

     "Chairman" shall have the same meaning set forth in Clause 6.4;

     "Change of Control" means with respect to a Shareholder:

     (a)  the acquisition by a person or a related group of persons after the
          date of this Agreement of 50% or more of the issued capital (with
          ordinary voting powers) of a Shareholder or ultimate holding of that
          Shareholder; or

     (b)  substitution of the person or group of persons holding the power (as
          at the date of this Agreement), whether directly or indirectly, to
          direct or cause the direction of management and policies of that
          shareholder, whether through ownership of shares, contract or
          otherwise.

     "Director" means a director of the Company from time to time;

     "Effective Date" means the date of this Agreement.

     "EGM" means the extraordinary general meeting of the Company;

     "Event of Default" shall have the meaning set forth in Clause 9.2(a);

     "Fascel" means Fascel Limited, a company incorporated under the Companies
     Act, 1956 which is presently carrying on the business of providing cellular
     telephone services in the state circle of Gujarat;

     "HTEL" means Hutchison Telecom East Limited, a company incorporated under
     the Companies Act, 1956 which is presently carrying on the business of
     providing cellular telephone services in the metro city of Kolkata;

     "Offeror" shall have the meaning set forth in Clause 4.5 (a);

     "Offeree" shall have the meaning set forth in Clause 4.5 (a);

     "Original Director" shall have the meaning set forth in Clause 6.6;

     "Person" shall mean any natural person, limited or unlimited liability
     company, corporation, general partnership, limited partnership,
     proprietorship, trust, union, association, court, tribunal, agency,
     government, ministry, department, commission, self-regulatory organisation,
     arbitrator, board, or other entity, enterprise, authority or business
     organisation;

     "Rupees" or "Rs." means the lawful currency for the time being of India;.

     "Sectoral Cap" shall mean the maximum prescribed limits of foreign
     investment in the telecom sector imposed by the Government of India from
     time to time (which at present limits foreign direct investment to 49% of
     the equity share capital of any company in the telecom sector);

     "Share" or "Shares" means, as applicable, equity share or shares of par
     value of Rs. 10 (Rupees ten) each in the Company;

     "Shareholder" means a holder of Shares in the Company;

<PAGE>

     "Termination Notice" shall have the meaning set forth in Clause 9.2;

     "Transfer" means to transfer, sell, assign, pledge, hypothecate, create a
     security interest in or lien on, place in trust (voting or otherwise),
     transfer by operation of law or in any other way subject to any encumbrance
     or dispose of, whether or not voluntarily;

     "Transfer Notice" shall have the meaning set forth in Clause 4.5; and

     "Transfer Price" shall have the meaning set forth in Clause 4.6;

     "UMTI Directors" shall have the meaning set forth in Clause 6.1;

     "UMTI Shares" means the equity shares of the Company held by UMTI,
     constituting 51% of the total issued and paid up equity share capital of
     the Company at the date hereof, and shall include any further shares
     issued under the terms hereof;

1.2  Interpretation.

     In this Agreement, unless the context otherwise requires:

     (a)  words denoting the singular number shall include the plural and vice
          versa;

     (b)  words denoting a person shall include an individual, corporation,
          company, partnership, trust or other entity;

     (c)  heading and bold typeface are only for convenience and shall be
          ignored for the purposes of interpretation;

     (d)  references to the word "include" or "including" shall be construed
          without limitation;

     (e)  references to this Agreement or to any other agreement, deed or other
          instrument shall be construed as a reference to such agreement, deed
          or other instrument as the same may from time to time be amended,
          varied, supplemented or noted;

     (f)  reference to any party to this Agreement or any other agreement or
          deed or other instrument shall include its successors or permitted
          assigns;

     (g)  a reference to an article, clause, paragraph or schedule is, unless
          indicated to the contrary, a reference to an article, clause,
          paragraph or schedule of this Agreement;

     (h)  the schedules attached to this Agreement form an integral part of this
          Agreement and will be of full force and effect as though they were
          expressly set out in the body of this Agreement;

2.   CONDITIONS PRECEDENT

2.1  This Agreement shall come into effect on the Effective Date but is
     conditional upon receipt of certified true copies of all and any
     resolutions authorising each party respectively to enter into this
     Agreement and sign and do all necessary acts incidental thereto;

<PAGE>

3.   SHARE CAPITAL

3.1  Issued Share Capital

     On the Effective Date the issued and paid up share capital of the Company,
     shall be in the proportion of 49:51 by ATIM and UMTI respectively in
     respect of the Shares.

3.3  Additional Capital Contribution

     The Board may from time to time call for and issue additional capital
     contribution, which may, in the determination of the Board, be required for
     funding the Business or the operations or growth of the Company. Any such
     call shall not be in breach of the Sectoral Caps. In the absence of any
     agreement to the contrary, the Parties shall alone be required to
     contribute such additional capital.

3.4  Shareholding Pattern

     Unless otherwise agreed between the Parties, they shall maintain a ratio
     of 49:51 amongst ATIM and UMTI respectively in the issued and paid up
     equity share capital of the Company.

4.   TRANSFERS

4.1  Restrictions on Transfer

     Except as otherwise provided in this Agreement, or as otherwise agreed
     between the Parties;

     (a)  any Transfer of the Shares shall be subject to the provisions of this
          Clause 4.

     (b)  no Transfer of any Shares shall be made which would result in any
          breach of the Sectoral Cap.

4.2  Transfer to Affiliates

     Subject only to Clause 4.1, at any time during the term of this Agreement,
     any Party shall have the right to Transfer its Shares to one or more
     Affiliates, which Transfer may be effected in one or more separate
     transactions, provided that:

     (a)  prior to any such Transfer:

          (i)  the transferring Shareholder shall provide written notice of
               such Transfer to the other Shareholders, such notice to specify
               the number of Shares to be transferred and the name or names of
               the Affiliates to whom the Shares are to be transferred; and

          (ii) the Affiliate shall have unconditionally undertaken to be bound
               by the terms of this Agreement and shall have executed a deed of
               adherence; and

     (b)  if at any time during the term of this Agreement, any such transferee
          ceases to be an Affiliate of the transferor, the Shares held by it
          shall be transferred back to the original Shareholder or any
          Affiliates thereof of the transferor, except as otherwise agreed by
          the Parties.

4.3  Put Option

          UMTI shall have the right to require ATIM to purchase the UMTI Shares
          in accordance with the procedure laid down in Clause 4.5 below and at
          a fair market value determined in accordance with Clause 4.6 below,

<PAGE>

4.4  Call Option

     (a)  ATIM shall have the right at any time to purchase the UMTI Shares or
          any of them in accordance with the procedure laid down in Clause 4.5
          below and at a fair market value determined in accordance with Clause
          4.6 below.

     (b)  ATIM may nominate a third party as a transferee or purchaser of the
          UMTI Shares which, to the extent required by the Sectoral Cap shall be
          an Indian party.

4.5  Transfer Procedure

     (a)  The options an specified in Sections 4.3 4.4 and 4.7 shall be
          exercised by a written notice ("Transfer Notice") from the party
          exercising such option/right ("Offeror") to the other Party
          ("Offeree") and the effective date of its exercise shall be the date
          of the said written notice. Any resulting sale or acquisition shall be
          subject to the approval of any other competent regulatory agencies and
          shall be completed within the periods stipulated by Clause 4.5(c) or
          such other extended time which may be required for any determination
          under Clause 4.6 or to comply with applicable laws (including the
          obtaining of requisite approvals).

     (b)  Any notice given by ATIM (or response to any notice by UMTI) shall
          stipulate the name of any third party nominated to purchase or take a
          transfer of the UMTI Shares in question.

     (c)  Any Transfer of the Shares shall, subject to any agreement between the
          Parties to the contrary and Clause 4.5(a), be completed within a
          period of 90 days from the Transfer Notice in question.

     (d)  Upon the failure of the Offeree to comply with the provisions of this
          Clause 4 (or of any extension thereof necessary to obtain requisite
          approvals) or any determination of the Transfer Price under Clause 4.6
          whichever is later, the Offeree shall be deemed to have irrevocably
          appointed the Company as its attorney to deal with the matter in
          accordance with the directions of the Offeror. The Offeree hereby
          agrees to abide by the directions of the Offeror and undertakes to do
          or procure all necessary things and execute all necessary forms,
          documents and agreements to implement such directions.

4.6  Transfer Price

     Except as stipulated by Clause 4.7 and subject to the requirements of
     regulatory provisions, the Transfer Price on any Transfer pursuant to this
     Agreement shall be as determined below:

     (a)  such fair market value as may be agreed between the Parties; and
          failing such agreement

     (b)  such fair market value as may be determined by the overseas offices of
          Goldman Sachs whose decision shall be final and, for which purpose,
          Goldman Sachs shall act as an expert and not as an arbitrator and
          shall not be bound to disclose reasons for its determination.

4.7  Default Option

     (a)  Following any Event of Default on the part of UMTI, ATIM shall have
          the right to require UMTI to sell to ATIM or any person that ATIM
          nominates all (but not part only) of the UMTI Shares at ninety percent
          (90%) of the Transfer Price determined in

<PAGE>

          accordance with Clause 4.6 and as per the procedure laid down in
          Clause 4.5

     (b)  Following any Event of Default on part of ATIM, UMTI shall have the
          right to require ATIM or any person that ATIM nominates to purchase
          all (but not part only) of the UMTI Shares at one hundred and ten
          percent (110%) of the Transfer Price determined in accordance with
          Clause 4.6 and as per the procedure laid down in Clause 4.5;

4.8  Repayment of Loans etc.

     Upon a Transfer of all the Shares held by any Party in accordance with the
     terms of this Agreement:

     (a)  that Party shall repay all loans, loan capital, borrowing and
          indebtedness in the nature of borrowing owed by it to the Company
          (together with any accrued interest);

     (b)  the Company shall repay all loans, loan capital, borrowing and
          indebtedness in the nature of borrowing outstanding to the Company
          from that Party (together with any accrued interest), to the extent
          that any such loans, borrowings, and indebtedness are not transferred
          to any purchaser or transferee of Shares in question; and

     (c)  the continuing Parties shall use all reasonable efforts to secure the
          release of any guarantees or indemnities given by the other Party to
          or in respect of the Company.

4.9  Stamp Duty

     The purchaser of any Shares pursuant to the provisions of this Agreement
     shall be liable to bear and pay the stamp duty for the transfer/purchase
     of such Shares.

5.   SHAREHOLDER MATTERS

5.1  Meetings of Shareholders

(a)  An AGM of the Company shall be held each calendar year, provided that not
     more than fifteen months shall have elapsed between one AGM and the next.
     Any meeting of the Shareholders other than an AGM shall be an EGM. An AGM
     or EGM may be called by giving at least twenty-one (21) days' written
     notice to the Shareholders.

(b)  The quorum for an AGM or EGM with respect to any agenda shall be at least
     two (2) Shareholders present in person, provided that at least one
     representative of UMTI and ATIM shall be present in order to constitute a
     valid quorum. If a proposed AGM or EGM with respect to any agenda is not
     validly constituted as required by this sub-clause (b), or if a quorum is
     not maintained throughout such meeting, the meeting shall be adjourned to a
     subsequent day which shall be no later than seven (7) days after the
     previous adjourned meeting. In the event that no quorum is present at the
     adjourned meeting, the Shareholder(s) present shall constitute a quorum and
     proceed with the meeting.

(c)  The Chairman (appointed in accordance with Clause 6.4) shall be chairman of
     each AGM or EGM. If the Chairman is not present, the Shareholders present
     may elect any other director present as the chairman of the said AGM or
     EGM. The chairman of the AGM or EGM shall not have a casting vote.

(d)  Subject to Clause 7.2, all resolutions shall, unless otherwise required by
     the Act or other applicable law, be passed by a simple majority of

<PAGE>

     the total votes of all the Shareholders present and voting at the AGM or
     EGM, as the case may be.

5.2  Covenants of Parties.

     The Parties agree, covenant and undertake

     (a)  not to exercise or fail to exercise any of its voting or other rights
          in the Company available either under this Agreement or by law, in a
          manner which may have an adverse effect on the business and operations
          of the Company or the interests of the other Party;

     (b)  not to exercise or fail to exercise any of its voting or other rights
          in the Company available either under this Agreement or by law, in a
          manner which may be inconsistent with the terms of this Agreement.

          to take all necessary action (corporate or otherwise) to cause the
          Company at all times to retain the investment made in the shares of
          Fascel and HTEL, unless otherwise agreed.

6.   BOARD OF DIRECTORS.

6.1  Constitution of the Board.

(a)  Subject to the provisions of the Act and the provisions of sub-clause (b)
     of this Clause 6.1 and this Agreement generally, the Board shall consist of
     five Directors of which two shall be nominated by ATIM ("ATIM Directors"),
     and three shall be nominated by UMTI (the "UMTI Directors"). The Board
     shall have the overall responsibility for management of the Company and may
     appoint and delegate such day to day functions to the Chairman, the
     Managing Director, the Manager or to a committee, as it deems fit and as
     may be mutually agreed between ATIM and UMTI.

(b)  The appointment or removal of any Director shall be subject to majority
     approval of the Board, for which purpose the Director in question shall not
     be entitled to vote.

(c)  If at any time the Act or any other applicable law should require an
     increase or decrease in the number of directors constituting the Board,
     such increase or decrease shall be effected in a way that preserves the
     proportional representation on the Board between the Parties in accordance
     with the provisions of this Agreement.

(d)  Save the Managing Director if any, the rest of the Directors shall be
     liable to retire by rotation in accordance with the Articles.

6.2  Meetings of the Board.

(a)  Any meeting of the Board shall be held in accordance with the Articles. The
     Chairman shall, at the request of any Director, convene a Board meeting
     (unless waived by all Directors) by giving at least fourteen (14) Business
     Days' prior written notice of the meeting specifying the place, date and
     time thereof to all the other Directors together with the agenda and
     details pertaining to the meeting including the nature of the business to
     be transacted. The notice of the Board meeting shall be given to each
     Director at the address of the Director whether in or outside India
     provided to the Company for the said purpose. Such notice of Board meetings
     may however be waived with the consent of all the Directors. The meetings
     of the Board shall be held in India, or at any place outside India with the
     consent of all the Directors. Any resolution passed at a Board meeting
     shall not be binding on the Company if the notice of the Board meeting has
     not been given in the manner prescribed herein or the matter decided was
     not included in the agenda, provided that

<PAGE>

     these requirements may be waived with the consent of all the Directors.

(b)  The quorum for any Board meeting shall be at least two Directors, provided
     that the presence of an ATIM Director and UMTI Director shall be necessary
     to constitute quorum. If the quorum is not present throughout the meeting,
     then the meeting may be adjourned to a Business Day not less than seven (7)
     days from the date of the original meeting; on the same day of the week,
     time and place, unless otherwise notified. In the event that no quorum is
     present at the adjourned meeting, any two Directors (including always
     an ATIM Director) present shall constitute the quorum and proceed with the
     meeting.

(c)  Subject to Clause 7.1, all decisions of the Board shall be taken by a
     majority vote of the Directors present or represented and voting at a Board
     meeting.

6.3  Resolutions by Circulation.

     Subject to the provisions of the Act, resolutions of the Board may be
     passed by circulation, if the resolution has been circulated in draft,
     together with necessary papers, if any, to all the Directors, and has been
     approved and signed by all Directors entitled to vote on the resolution.

6.4  Chairman.

     The Board shall appoint a Chairman who shall be one of the UMTI Directors.
     Each meeting of the Board shall be chaired by the Chairman. The Chairman
     shall not have a casting vote. In the absence of the Chairman at any
     meeting the Directors shall appoint one of their number to chair the
     meeting in question.

6.5  Managing Director/Manager

     UMTI shall, subject to the provisions of Clause 7.1, have the power to
     nominate any Managing Director or Manager of the Company, who shall have
     such powers as may be decided by the Board from time to time.

6.6  Alternate Director.

     In the event that any Director (an "Original Director") is away for a
     continuous period of not less than three (3) months from the state in which
     the meetings of the Board are ordinarily held, the Board shall appoint
     another Director (an "Alternate Director") for and in place of the Original
     Director. The Board shall only appoint such Alternate Director nominated by
     the Party that nominated the Original Director who shall be deemed to be
     nominated by the Original Director for this purpose.

6.7  Casual Vacancies

     In the event that any seat on the Board becomes vacant for any reason, the
     Board shall appoint as a Director a person nominated by the Party that
     nominated the director formerly filling the vacant seat.

6.8  Directors to act in accordance with instructions of the Board

     Any Director of the Company nominated by it as a director of any other
     company shall act in accordance with the instructions of the Board, to the
     extent that those are consistent with the best interests of the investee
     company in question.

<PAGE>

7.   VOTING PROVISIONS

7.1  Votes at Board Level

     Notwithstanding any other provisions in this Agreement, the Parties agree
     that the following matters shall not be implemented without the passing
     of a resolution of the Directors of the Company in accordance with Clauses
     6(2) or 6(3), which resolution is approved:

          (i)  by all the Directors, except as to sub-clause 7.1 (e), excluding
               interested Directors who are prohibited at law to vote thereon;
               and

          (ii) as to sub-clause 7.1 (e) alone, by a majority of Directors
               excluding the Directors in question,

     (a)  any issue or agreement to Issue or grant or agreement to grant any
          option over or right to acquire any shares or any other security or
          purchase or redeem any security or issue or agree any debenture or
          convertible security;

     (b)  establishment, acquisition or engagement in any business, venture or
          real estate or any interest therein other than those provided in this
          Agreement, or disposal of the same including without limitation taking
          up of shares in any company;

     (c)  approval of any business plan or budget or any amendments to such
          business plan or budget;

     (d)  appointment of any Managing Director/Manager of the Company;

     (e)  appointment or removal of any Director; or additional Directors (other
          than Alternate Directors);

     (f)  execution of any contracts or agreements between the Company and any
          Party or Affiliate thereof.

     (g)  any borrowing by the Company;

     (h)  any single extension of credit or the incurring or making of any
          capital expenditure, other than provided for in the approved business
          plan or budget;

     (i)  the registration of any transfer of any Shares (other than a transfer
          permitted by the terms of this Agreement);

     (j)  recommendation of final dividends or declaration and payment of
          interim dividends;

     (k)  issuance or furnishing of any guarantee or indemnity by the Company in
          favour of lenders or regulatory authorities; and

     (l)  any decision to sell any shares in Fascel or HTEL or investment
          comprising an investment by the Company and/or any direct or indirect
          involvement in an IPO;

     (m)  any increase or decrease in the amount of the authorised or paid-up
          capital of the Company, and any public issue or private placement of
          Shares.

7.2  Votes at Shareholders Level

     Notwithstanding any other provisions in this Agreement, the Parties agree
     that the following matters requiring shareholder's approval shall require a
     special resolution of the Shareholders of the Company:

     (a)  any amendments to the Articles;

<PAGE>

     (b)  any increase or decrease in the amount of the authorised or paid-up
          capital of the Company, and any public issue or private placement of
          Shares;

     (c)  any merger or consolidation or any other manner of reorganisation
          involving the Company;

     (d)  winding up or dissolution of the Company, or making of any composition
          or arrangement with creditors whether generally or specifically;

     (e)  other than in the ordinary course of business, sale, transfer,
          assignment, lease, creation of any right, title or interest in favour
          of any other person or other disposal of any part of the Company's
          undertaking, property or assets (or any interest therein) or entry
          into a contract to do so, or creation of any pledge, encumbrance or
          any security interest over the whole or any part of the Company's
          undertaking, property or assets; and

     (f)  remove or replace the Company's auditors.

8.   REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS

8.1  General

     Save as disclosed, each of the Parties severally represents and warrants to
     the others that as of the date hereof and as of the Completion Date that:

     (a)  each has full power and authority to enter into this Agreement and to
          perform its obligations under this Agreement;

     (b)  the execution and delivery of this Agreement by each of the Parties
          and the performance by such Party of its obligations under this
          Agreement have been duly and validly authorised by all necessary
          corporate action on the part of such Party;

     (c)  this Agreement constitutes a legal, valid, and binding obligation of
          each of the Parties and is enforceable against such Party in
          accordance with its terms;

     (d)  the Parties are not precluded by the terms of any contract, agreement
          or other instrument by which it is bound from entering into this
          Agreement, and the documents and agreements provided for under this
          Agreement or the consummation by the Parties of the transactions
          contemplated under this Agreement;

     (e)  to the best of knowledge and belief of each of the Parties, there are
          no claims, suits, investigations or other proceedings, pending or
          threatened against it and there are no judgements, orders or decree
          of any governmental authority or court against it, and there are no
          facts or circumstances which could reasonably be expected to give rise
          to a claim, action, suit or proceeding which could materially and/or
          adversely affect the Company or the transactions contemplated under
          this Agreement;

     (f)  the execution, delivery and performance by each of the Parties of this
          Agreement and the compliance by it with the terms and provisions
          hereof and thereof do not:

          (i)  contravene any provision of any law, statute, rule or regulation
               or any order, writ, injunction or decree of any competent court
               or governmental instrumentality to which it is subject; or

<PAGE>

          (ii) conflict or be inconsistent with or result in any breach of any
               of the terms, covenants, conditions or provisions of, or
               constitute a default under, or result in the creation or
               imposition of (or the obligation to create or impose) any lien
               upon any of its property or assets pursuant to the terms of any
               indenture, mortgage, deed of trust, credit agreement, loan
               agreement or any other agreement, contract or instrument to which
               it is a party or by which it or any of its property or assets is
               bound or to which it may be subject to.

8.2  Corporate Status

     Save as disclosed, each of the Parties severally represents and warrants to
     all other Parties that, as of the date hereof and as of the Completion
     Date:

     (a)  it is duly incorporated and organised and validly existing under the
          laws of the country of its incorporation; and

     (b)  the execution, delivery and performance by each of the Parties to this
          Agreement and the compliance by it with the terms and provisions
          hereof and thereof, will not violate its certificate of incorporation
          or memorandum or articles of association.

9.   TERM AND TERMINATION

9.1  Term.

     This Agreement shall become effective in accordance with Clause 2.1 and
     shall remain in full force and effect:

     (a)  until terminated by mutual consent of the Parties; or

     (b)  until ATIM and UMTI cease to be Shareholders of the Company (except by
          reason of any transfer to Affiliates under Clause 4.2); or

     (c)  until terminated under the provisions of Clause 9.2.

9.2  Termination.

(a)  Each of the following events shall constitute an Event of Default:

     (i)  any Party breaches or fails to perform any material term, covenant,
          agreement or undertaking contained in this Agreement and such breach
          or failure, if capable of remedy, is not remedied within thirty (30)
          days after written notice of such breach or failure is received from
          any other Party; or

     (ii) any representation or warranty made by a Party in this Agreement is
          found to be false, inaccurate or misleading in any material respect;
          or

     (iii) either of ATIM or UMTI is adjudicated or declared bankrupt or
          insolvent, proposes or makes any arrangement or composition with, or
          any assignment for the benefit of its creditors or if an administrator
          or receiver is appointed over any part of the assets or undertaking of
          such Party; or

     (iv) if a Change of Control has occurred in respect of any Party, and such
          Change of Control has been communicated to the other Party in writing
          provided that the other Party notifies objection to such Change of
          Control within six (6) months thereof.

<PAGE>

(b)  Upon the occurrence of an Event of Default as specified in Clause 9.2(a)
     above attributable to the acts or omissions of ATIM then UMTI shall be
     entitled to give notice of termination of this Agreement (a "Termination
     Notice") to ATIM and this Agreement shall be deemed to have been terminated
     with effect from the date of the Termination Notice.

(c)  Upon the occurrence of an Event of Default as specified in Clause 9.2(a)
     above attributable to the acts or omissions of UMTI, then ATIM shall be
     entitled to give notice of termination of this Agreement (a "Termination
     Notice") to UMTI, and the Agreement shall be deemed to have been terminated
     with effect from the date of the Termination Notice.

9.3  Consequences of Termination.

(a)  In addition to any other remedy available to it in law, the rights of the
     Parties under the Default Options comprised in the provisions of Clause 4.7
     may be invoked by:-

     (i)  UMTI in the event of a Termination Notice given by it under Clause
          9(2)(b); or

     (ii) ATIM in the event of a Termination Notice given by either it under
          Clause 9(2)(c).

(b)  Failing any exercise of the powers under sub-clause (a) above, within a
     time of 30 days of any Termination Notice the winding up of the Company may
     be requested by:-

     (i)  UMTI in the event of a Termination Notice given by it under Clause
          9(2)(b); or

     (ii) ATIM in the event of a Termination Notice given by it under Clause
          9(2)(c).

(c)  In the case of any Event of Default whereby the Company suffers any
     expenses, liabilities or losses, the Party or Parties responsibility shall
     indemnify the Company for all such expenses, liabilities or losses caused
     by its default. All costs of determining the Transfer Price of the Shares
     to be sold or acquired pursuant to Clause 4.8 and other costs and expenses
     relating to the sale or acquisition of the Shares, including registration,
     transfer and stamp fees shall also be borne entirely by that Party or
     Parties.

10.  SURVIVAL OF PROVISIONS

10.1 Survival of Representations and Warranties

     The representations and warranties respectively made by the Parties in this
     Agreement will survive the Completion Date, and will remain in full
     force-and effect thereafter until the term of this Agreement.

10.2 Survival of Termination

     The provisions of Clauses 4, 9.3, 11, 12, and 13 shall survive termination
     of this Agreement.

11.  CONFIDENTIALITY

(a)  Each Party shall;

     (i)  refrain, and will cause any respective officers, directors, employees,
          agents, consultants, advisers, and other representatives to refrain,
          from disclosing to any other Person any confidential documents or
          confidential information concerning the other party hereto furnished
          to it in connection

<PAGE>

          with this Agreement or the transactions contemplated hereby, and

     (ii) will refrain, and will cause its Affiliates and its or their
          respective officers, directors, employees, agents, and other
          representatives to refrain, from disclosing to any Person any
          confidential documents or confidential information concerning the
          Company unless;

          (A)  such disclosure is compelled by judicial or administrative
               process or by other requirements of law and notice of such
               disclosure is furnished to such other Party; or

          (B)  such confidential documents or information can be shown to have
               been:

               (i)  known by the Party hereto previous to it receiving such
                    documents or information;

               (ii) in the public domain through no fault of such receiving
                    Party; or

               (iii) later acquired by such receiving party from other public
                    sources.

(b)  Each Party shall use its reasonable endeavours to ensure observance of the
     obligation of confidentiality under this Agreement by all its officers,
     advisors, employees, servants and agents who have access to the
     confidential information in the course of their duties. Each Party agrees
     and undertakes to be responsible to the other Parties, in the event of the
     breach of the obligation of confidentiality under this Agreement by any of
     its officers, advisors, employees, servants or agents.

12.  DISPUTE RESOLUTION

12.1 Consultation

     In the case of any dispute arising out of or in connection with this
     Agreement or its performance, including any question regarding its
     existence, validity or termination, the Parties shall first endeavour to
     reach an amicable settlement through mutual consultations and negotiations.
     If the Parties are unable to reach an amicable settlement within 30 days
     from the date on which the dispute arose (except as to any matter for which
     express provisions are made in this Agreement), any of the Parties may make
     a reference to arbitration in accordance with Clause 12.2.

12.2 Arbitration

(a)  In the absence of any settlement of disputes under Clause 12.1 any and all
     disputes or differences arising out of or in connection with this Agreement
     or its performance shall be submitted to arbitration at the request of any
     of the Parties' upon written notice to that effect to the other Party or
     Parties, as the case may be, and such arbitration shall be conducted in
     accordance with the Indian Arbitration and Conciliation Act, 1996 (the
     "Arbitration Act") by a panel consisting of three (3) arbitrators.

(b)  While submitting the dispute or difference to arbitration in accordance
     with sub-Clause (b) above, the Party, while so submitting shall, in its
     notice, specify the name of one arbitrator appointed by it. Within 30 days
     of the receipt of notice, the other Party shall appoint an arbitrator. The
     third arbitrator (who will act as the chairman) shall be nominated by the
     two arbitrators appointed as aforesaid or, failing such nomination within
     30 days of the appointment of the second arbitrator, shall be appointed in
     accordance with the Arbitration Act.

<PAGE>

     Each of the arbitrators shall be either a retired judge of the Supreme
     Court of India or a retired judge of one of the High Court of India or a
     reputed member of the Bar Council of India having at least 15 years of
     experience as an advocate.

(c)  The language of the arbitration shall be English. The venue of the
     arbitration shall be at Mumbai, India.

(d)  The Parties agree that the award of the arbitrators shall be final and
     binding upon the Parties, and that none of the Parties shall be entitled to
     commence or maintain any action in a court of law upon any matter in
     dispute arising from or in relation to this Agreement, except for the
     enforcement of an arbitral award granted pursuant to this Clause 12.2.

13.  NOTICES

(a)  All notices or other communication to be given under this Agreement shall
     be in writing and shall either be personally delivered or sent by
     registered post, courier, telex or facsimile transmission and shall be
     addressed for the attention of the persons addressed below:

     If to ATIM:

                    Address:     4th floor, Les Cascades Building, Edith Cavell
                                 Street

                    Fax:

                    Attention:   Director

     If to UMTI:

                    Address:     2A, Landmark, 228A. A.J.C. Bose Road, Kolkata
                                 700 020

                    Fax:         91-33-22409604
                    Attention:   Shivendra Gupta, Director

     If to the Company:

                    Address:     2A, Landmark, 228A. A.J.C. Bose Road, Kolkata
                                 700 020

                    Fax:         91-33-22409604

                    Attention:   Shivendra Gupta, Director

(b)  Any Party may by notice change the address to which such notices and
     communication are to be delivered or transmitted.

(c)  A notice shall be deemed to have been served as follows:

     (i)  if personally delivered, at the time of delivery;

     (ii) if sent by registered post or courier, at the time of delivery thereof
          to the person receiving the same; or

     (iii) if sent by facsimile transmission, in the absence of any indication
          that the facsimile transmission was distorted or garbled, at the time
          of production of a transmission report by the machine from which the
          facsimile was sent which indicates that the facsimile was sent in its
          entirety to the facsimile number of the recipient notified for the
          purposes of this Clause 13.

<PAGE>

14.  MISCELLANEOUS PROVISIONS

14.1 No Waiver

     No waiver of any provision of this Agreement nor consent to any departure
     from it by any Party is effective unless it is in writing. A waiver or
     consent will be effective only for the purpose for which it was given. No
     default of delay on the part of any Party in exercising any rights, powers
     or privileges operates as a waiver of any right, nor does a single or
     partial exercise of a right preclude any exercise of other rights, powers
     or privileges. The remedies herein provided are cumulative and not
     exclusive of any remedies provided by law.

14.2 Amendment

     No amendment, variation, alteration or modification of this Agreement shall
     be effective unless made in writing and signed by all the Parties to this
     Agreement.

14.3 Assignment

     Neither Party shall assign or transfer or purport to assign or transfer any
     of its rights or obligations under this Agreement without the prior written
     consent of the other Parties.

14.4 Governing Law

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

14.5 Severability

     If any provision of this Agreement or any part thereof is declared or held
     to be invalid, illegal or unenforceable in any respect under applicable
     law, such invalidity, illegality or unenforceability shall not invalidate
     this entire Agreement. In that case, this Agreement shall be construed so
     as to limit any term or provision so as to make it enforceable or valid
     within the requirements of applicable law, and, in the event that such term
     or provision cannot be so limited, this Agreement shall be construed to
     omit such invalid, illegal or unenforceable provision.

14.6 Counterparts

     This Agreement is executed in counterparts by each of the Parties and each
     of the counterparts shall constitute an original but all of them shall
     constitute only one document.

14.7 Costs

     Each party to this Agreement shall bear and pay its own legal costs and
     other expenses in connection with the preparation, execution and completion
     of this Agreement.

14.8 No Agency or Partnership

(a)  This Agreement shall not constitute the appointment of any Party as the
     legal representative or agent of any other, nor will any Party have right
     or authority, to assume, create or incur any liability or obligation
     express or implied, against, in the name of, or on behalf of another party
     or the Company.

(b)  Nothing in this Agreement creates or constitutes a partnership between the
     parties to it or any one of them.

(c)  Each party to this Agreement acknowledges that nothing in this Agreement
     gives it the right or authority to and undertakes not to

<PAGE>

     represent or hold itself out as representing the other party to this
     Agreement, whether to bind it contractually or for any other purpose.

14.9 No Third Party Beneficiary

     Nothing expressed or mentioned in this Agreement is intended or will be
     construed to give any person other than the Parties and their permitted
     assigns and successors any legal or equitable right, remedy or claim under
     or in respect of this Agreement or any provisions contained in it.

14.10 Set Off

     The Parties shall have the right at any time to set off their debts and/or
     financial obligations to one another in any manner as may be agreed between
     the Parties.

14.11 Change of Law

     In case of any change in law for the time being in force including but not
     limited to change or re-enactment of the Act, the Parties shall discuss in
     good faith how best to amend this Agreement so as to make its terms
     consistent with the provisions of such changed law.

14.12 Entire Agreement

     This agreement supersedes and replaces any and all prior contracts,
     understandings or arrangements, heretofore made between the Parties and
     relating to the Company, and constitute the entire understanding of the
     Parties with respect to the Company.

IN WITNESS WHEREOF the Parties hereto have entered into this Agreement the day
and year first above written.

ASIAN TELECOMMUNICATION INVESTMENTS (MAURITIUS) LIMITED

By: /s/ Ting Chan
    -----------------------------
Name Ting Chan
Title: Director

UMT INVESTMENTS LIMITED

By: /s/ Shivendra Gupta
    -----------------------------
Name Shivendra Gupta
Title: DIRECTOR

USHA MARTIN TELEMATICS LIMITED

By:
    -----------------------------
Name
Title:

<PAGE>

                                   SCHEDULE 1

                             Articles of Association
                                 (See Attached)

<PAGE>

                             THE COMPANIES ACT, 1956

                        PUBLIC COMPANY LIMITED BY SHARES

                           ARTICLES OF ASSOCIATION

                                       OF

                         USHA MARTIN TELEMATICS LIMITED

1.   These Articles are substituted for the original Articles of Association and
     have been adopted by a special resolution of the shareholders passed at a
     meeting on 9 April, 2004.

2.   No regulations contained in Table "A" in the First Schedule to the
     Companies Act, 1956 shall apply to this Company, but the regulations for
     the management of the Company and for the observance of the members
     thereof, and their representatives shall, subject to any exercise of
     statutory powers of the Company with reference to the repeal or alteration
     or addition to its regulations by Special Resolution, as prescribed by the
     Companies Act, 1956 be such as are contained in these Articles.

                                   DEFINITIONS

3.   In these Articles the following terms shall bear the following meanings;

"Act" means the Companies Act, 1956 of India as amended from time to time or
any statutory modification or re-enactment thereof,

"Affiliate" when used with reference to any corporate entity shall mean another
company controlled by, controlling or under common control with that entity,
where "control" means either (i) the ownership, either directly or indirectly,
of more than fifty percent (50%) of the voting Shares or comparable Interests in
such -entity or other company, as the case may be, or (ii) the right to elect
the majority of the directors of such entity or other company, as the case may
be, where such rights may be exercised without the consent of any third party

"AGM" means the annual general meeting of the Company;

"Alternate Director" shall have the meaning set forth in Article 81 hereof.

"Articles" means these Articles of Association;

"Auditors" means the statutory auditors of the Company appointed from time to
time;

"Board" means the Board of Directors of the Company;

"Business" means the business of the Company being the Investment in the telecom
sector in India and matters ancillary thereto;

"Business Day" means a day on which the scheduled banks are open for business in
Mumbai.

"Chairman" shall have the meaning as set forth in Article 78 hereof

"Change of Control" means with respect to a Shareholder:

(a)  the acquisition by a person or a related group of persons of 50% or more of
     the issued capital (with ordinary voting powers) of a Shareholder or
     ultimate holding of that Shareholder; or

                                        1

<PAGE>

(b)  substitution of the person or group of persons holding the power whether
     directly or indirectly, to direct or cause the direction of management and
     policies of that shareholder, whether through ownership of Shares, contract
     or otherwise.

"Company" means Usha Martin Telematics Limited;

"Director" means a director of the Company from time to time;

"EGM" means the extraordinary general meeting of the Company;

"Event of Default" shall have the same meaning set forth in Article 41, hereof;

"Majority Shareholder" shall mean the person for the time being holding 51% or
more of the issued and paid up equity share capital of the Company;

"Minority Shareholder" shall mean the person or persons for the time being
holding 49% or less of the issued and paid up equity share capital of the
Company;

"Original Director" shall have the meaning set forth in Article 81, thereof;

"Person" shall mean any natural person, limited or unlimited liability company,
corporation, general partnership, limited partnership, proprietorship, trust,
union, association, court, tribunal, agency, government, ministry, department,
commission, self-regulatory organization, arbitrator, board, bureau,
instrumentality, or other entity, enterprise, authority, or business
organization;

"Preference Shares" means preference shares of the Company issued in accordance
with Article 12;

"Rupees" or "Rs." the lawful currency for the time being of India;

"Sectoral Cap" shall mean the maximum prescribed limits of foreign investments
in telecom sector imposed by the Government of India from time to time (which at
present limits foreign direct investment to 49% of the equity share capital of
any Company in the telecom sector);

"Share" or "Shares" means, as applicable, equity share(s) of par value of Rs. 10
(Rupees Ten) each in the Company;

"Shareholder" means a holder of Shares in the Company;

"Transfer" means to transfer, sell, assign, pledge, hypothecate, create a
security interest in or lien on, place in trust (voting or otherwise), transfer
by operation of law or in any other way subject to any encumbrance or dispose
of, whether or not voluntarily;

"Transfer Notice" shall have the meaning set forth in Article 39;

"Transfer Price" shall have the meaning set forth in Article 40.

4.   References to the plural shall include the singular and vice-versa;
     reference to one gender shall include other genders; reference to company
     shall include foreign companies, corporations and bodies registered,
     references to persons shall include bodies registered and unincorporated.

5.   Unless the context otherwise requires, words or expressions contained in
     these Articles shall bear the same meaning as in the Act or any
     statutory modification thereof in force.

                                  SHARE CAPITAL

6.   The authorised share capital of the Company is Rs. 130,000,000 divided into
     13,000,000 equity shares of Rs. 10.

                                        2

<PAGE>

7.   The Company has power from time to time to increase or reduce its capital
     and to consolidate or divide the Shares in the capital for the time being
     into other classes and to attach thereto respectively, such preferential,
     qualified, deferred or other special rights, privileges, conditions or
     restrictions as regards payment of dividends, distribution of assets,
     repayment or reduction of capital, voting or otherwise as may be determined
     by or in accordance with the Articles and to vary, modify or abrogate any
     such right, privilege, condition or restriction in such manner as may be
     permitted from time to time by the Articles of the Company or other
     provisions of law for the time being in force. Provided that, the Board has
     power from time to time to call for and issue additional capital
     contribution, which may in the determination of the Board, be required for
     funding the Business or the operation and growth of the Company. Any such
     call shall not be in breach of the Sectoral Caps. In the absence of any
     agreement to the contrary the Shareholders shall alone be required to
     contribute such additional capital

8.   Except in so far as otherwise provided as existing capital by the
     conditions of issue or by these Articles, any capital raised by the
     creation of new Shares or Preference Shares, shall be considered as part of
     the existing share capital and shall be subject to the provisions herein
     contained with reference to the payment of calls and installments,
     forfeiture, lien, surrender, transfer and transmission, voting and
     otherwise.

9.   Subject to the provisions relating to the issue and allotment of the Shares
     in these Articles, the Shares of the Company shall be under the control and
     disposal of the Board who may allot or otherwise dispose of the same to
     such persons and on such terms as the Board may think fit and to give any
     persons any Shares and Preference Shares, whether at par or at a premium
     and for such consideration as the Board may think fit.

10.  If and to the extent permitted by the relevant provisions of the Act as
     amended from time to time, the Company shall, if so authorised by the
     resolution of the Shareholders under Section 81(1A) of the Act, and other
     relevant provisions of the Act, issue non-voting equity shares not
     exceeding twenty five per cent of the issued equity share capital of the
     company. Such Shares ("Non Voting Shares") shall not carry voting rights.
     However, any holder of such Non Voting Shares shall be entitled to all
     rights as a member of the Company (other than the right to vote on
     resolutions placed before the Company at any of its general meetings)
     including the right to receive a copy of every balance sheet as specified
     in sub-article (1) of Section 219 of the Act.

                               Increase Of Capital

11.  The Company may, at its general meeting, from time to time, by a special
     resolution, increase the capital by the creation of new Shares, such
     increase to be of such aggregate amount and to be divided into such Shares
     of such respective amounts, as the resolution shall prescribe. The new
     Shares, shall be issued on such terms and conditions and with such rights
     and privileges annexed thereto, as the resolution shall prescribe, and in
     particular, such Shares may be issued, subject to the Articles with a
     preferential or qualified right to dividends, and in the distribution of
     assets of the Company and with a right of voting at General Meetings of the
     Company in conformity with Section 87 and 88 of the Act. Unless otherwise
     stated all new Shares of the same class shall, rank pari passu with
     existing Shares of the same class. Whenever the capital of the Company has
     been increased under the provisions of this Article, the Directors shall
     comply with the provisions of Section 97 of the Act.

                                Preference Shares

12.  Subject to the provisions of the Act the Company shall have the power to
     issue either convertible or non convertible, cumulative or non cumulative
     preference shares with or without coupon rate of interest, in one or more
     series which are, at the option of the Company, liable to be redeemed and
     the resolution authorising such issue shall prescribe the manner, terms and
     conditions of such redemption as agreed by the shareholders and embodied in
     any resolution or agreement in that behalf which shall be deemed to be
     incorporated in these Articles to the extent applicable. Such terms shall
     be binding on the Company. Any such shares shall (against holders of equity
     share) have priority:

     (a)  in respect of any dividends payable by the Company;

                                        3

<PAGE>

     (b)  over any rights of equity Shareholders in regard to every redemption
          of preference shares, including payment of any redemption premium; and

     (c)  over the equity Shareholders of the Company (but after the creditors)
          on any winding up of the company.

                    Sub-division and consolidation of shares

13.  Subject to the provisions of Section 90 of the Act, the Company in general
     meeting may from time to time by an ordinary resolution alter the
     conditions of its Memorandum as follows:

     (a)  consolidate and divide all or any of its share capital into Shares or
          Preference Shares of larger amount than its existing shares;

     (b)  sub-divide any class of existing share capital, or any of them into
          Shares of smaller amount than is fixed by the Memorandum, so however,
          that in the subdivision the proportion between the amount paid and the
          amount, if any, unpaid on each reduced share in question shall be the
          same as it was in case of the share from which the reduced share is
          derived;

     (c)  cancel any Shares or Preference Shares which, at the date of the
          passing of the resolution in that behalf, have not been taken or
          agreed to be taken by any person, and diminish the amount of its share
          capital by the amount of the Shares or Preference Shares so cancelled.
          Cancellation in pursuance of this sub-clause shall not be deemed to be
          a reduction of the share capital within the meaning of the Act.

14.  Whenever the Company shall do any one or more of the things provided for in
     the foregoing sub-clauses (a), (b) and (c), the Company shall, within
     thirty (30) days thereafter give notice thereof, to the Registrar of
     Companies specifying, as the case may be, the Shares or Preference Shares
     consolidated, divided, sub-divided or cancelled.

                             Modification of rights

15.  Whenever the capital, by reason of the issue of Preference Shares or
     otherwise is divided into different classes of Shares, all or any of the
     rights and privileges attached to each class may, subject to the provisions
     of Sections 106 and 107 of the Act, be modified, commuted, affected,
     abrogated, dealt with or varied with the consent in writing of the holders
     of not less than three-fourth of the issued capital of that class or with
     sanction of a special resolution passed at a general meeting of the holders
     of the Shares of that class, and all the provisions hereafter contained as
     to general meeting shall mutatis mutandis apply to every such meeting. This
     Article shall not derogate from any power the Company would have if this
     Article was omitted.

16.  The rights conferred upon the holders of the Shares and Preference Shares
     of any class issued with preferred or other rights or privileges shall,
     unless otherwise expressly provided by the terms of the issue of Shares of
     that class, be deemed not to be modified, commuted, affected, abrogated,
     dealt with or varied by the creation or issue of further Shares of that
     class ranking pari passu therewith.

                            SHARES AND CERTIFICATES
                            Further issue of Shares

17.  (1)  Where it is proposed to increase the subscribed capital of the Company
          by allotment of further Shares, then:

          (a)  Such further Shares shall be offered to the persons, who, at the
               date of the offer, are holders of the equity Shares in
               proportion, as nearly as circumstance admit, to the capital
               paid-up on those Shares at that date;

                                        4

<PAGE>

          (b)  Such offer shall be made by a notice, specifying the number of
               Shares offered and limiting a time not less than thirty days (or
               such other longer period as may be prescribed by the Act) from
               the date of the offer, within which the offer if not accepted,
               will be deemed to have been declined;

          (c)  The offer aforesaid shall be deemed to include (subject to the
               restrictions on transfer of Shares contained in these Articles) a
               right exercisable by the person concerned to renounce the Shares
               offered to him or any of them in favour of any other person(s)
               and the notice referred to in sub-clause (b) hereof shall contain
               a statement of this right PROVIDED THAT the Directors may
               decline, without assigning any reason, to allot any Shares to any
               person in whose favour any member may renounce the Shares offered
               to him;

          (d)  After the expiry of the time specified in the aforesaid notice,
               or on receipt of earlier intimation from the person to whom such
               notice is given that he declines to accept the Shares offered,
               the Board may dispose of them in such manner as they think most
               beneficial to the Company.

     (2)  Notwithstanding anything contained in sub-clause (1) hereof but
          subject to the Sectoral Caps, the further Shares aforesaid, may be
          offered to any person(s) (whether or not those persons include the
          person referred to in sub-clause (1)(a) hereof) in any manner
          whatsoever, if a special resolution to that effect is passed by the
          Company in general meeting, at which meeting all the Shareholders of
          the company are either present in person or through their proxies.

     (3)  Nothing in sub-clause (1)(c) hereof shall be deemed to extend the time
          within which the offer should be accepted.

18.  Subject to the provisions of these Articles and of the Act, the Shares
     shall be under the control of the Directors who may allot or otherwise
     dispose of the same to such person, on such terms and conditions and at
     such times, as they think fit, and with full power, subject to the sanction
     of the Company in general meeting, to give any person the option to be
     allotted Shares of any class of the Company either at a premium or at par
     or at a discount, subject to the provisions of the Act and at such time and
     for such consideration as the Directors think fit.

19.  Where the Company issues Shares or Preference Shares at a premium, the
     Company shall comply with the provisions of the Act. The moneys credited to
     the Shares Premium Account shall be dealt with in the manner provided by
     the Act.

20.  The general meeting, may subject to the provisions of the Act and the
     Sectoral Caps, determine that any shares (whether forming part of the
     original capital or of any increased capital of the Company) be offered to
     such persons (whether members or not) in such proportion and on such terms
     and conditions and either at a premium or at par or at a discount (subject
     to compliance with the provisions of the Act) as such general meeting shall
     determine and with full power to give any person (whether a member or not)
     the option to call for or be allotted Shares of any class of the Company
     and such option being exercisable at such time and for such consideration
     as may be directed by such general meeting or the Company in general
     meeting may make any other provision whatsoever for the issue, allotment or
     disposal of any such Shares.

21.  The Company shall not issue Shares at a discount except in compliance with
     the applicable provisions of the Act.

22.  If by the conditions of allotment of any class of shares, the whole or any
     part of the amount of issue price thereof shall be payable by installments,
     every such installment shall, when due, be paid to the Company by the
     person who for the time being and from time to time shall be the registered
     holder of the share or his legal representative and shall for the purposes
     of these Articles be deemed to be payable on the date fixed for payment and
     in the case of non-payment, the provisions of these Articles as to payment
     of interest and expenses, forfeiture and the like and

                                        5

<PAGE>

     all other relevant provisions of the Articles shall apply, as if such
     installments were a call, duly made and notified as hereby provided.

23.  An application signed by or on behalf of an applicant for Shares in the
     Company followed by an allotment of any Shares therein shall, be an
     acceptance of Shares within the meaning of these Articles, and every person
     who thus or otherwise accepts any Shares and whose name is entered on the
     register shall, for the purpose of these Articles, be a member.

24.  The money, if any, which the Board shall, on the allotment of any Shares
     being made by them, require or direct to be paid by way of deposit, call or
     otherwise in respect of any Shares allotted by them, shall, immediately on
     the inscription of the name of the allottee in the Register of Members as
     the holder of such shares become a debt due to and recoverable by the
     Company from the allottee thereof and shall be paid by him accordingly.

25.  Any two or more joint allottees of a Share shall be treated as a single
     member for the purpose of this Article and the certificate of any Share,
     which may be subject of Joint ownership, may be delivered to any one of
     such joint owners on behalf of all of them.

26.  A Director may sign a share certificate by affixing his signature thereon
     by means of any machine, equipment or other mechanical means, such as
     engraving in metal or lithography, but not by means of a rubber stamp,
     provided that the Director shall be responsible for the safe custody of
     such machine, equipment or other material used for the purpose.

27.  If a certificate be consolidated, worn out, defaced, destroyed or lost or
     if there is no further space on the back thereof for endorsement of
     transfer, it shall, if requested, be replaced by a new certificate, free of
     charge, provided however that, such new certificates shall not be granted
     except upon delivery of the original worn-out or defaced or used up
     certificates for the purpose of cancellation, in accordance with the
     Companies (Issue of Share Certificate) Rules, 1960 or upon proof of
     destruction or loss, and on such indemnity as the Board may require in the
     case of the certificate having been destroyed or lost.

28.  When a new share certificate has been issued in pursuance of Article 27 of
     these Articles, it shall state on the face of it and against the stub or
     counterfoil to the effect that it is 'issued in lieu of share certificate
     No.         subdivided / replaced on consolidation of share replaced on
        --------
     destruction or loss' as the case may be.

29.  The Managing Director of the Company for the time being or, if the Company
     has no Managing Director, any Director appointed or designated by the Board
     of the Company for the said purpose shall be responsible for maintenance,
     preservation and safe custody of all books and documents relating to the
     issue of share certificates.

30.  If any Share stands in the names of two or more persons, the person first
     named in the Register shall, as regards receipt of dividends or bonus or
     service of notices and all or any other matter connected with the Company,
     except voting at meeting and the transfer of the Shares be deemed the sole
     holder thereof but the joint holders of share shall be severally as well as
     jointly liable for payment of all instalments and calls due in respect of
     such share, and for all incidents thereof according to the Company's
     regulations.

31.  (a)  Except as ordered by a court of competent Jurisdiction or as required
          by law, the Company shall not (except only as is by these Articles
          otherwise expressly provided) be bound to recognise, even when having
          notice thereof, any equitable, contingent, further or partial interest
          in any Share or any right in respect of a Share other than an absolute
          right thereto, in accordance with these Articles, in the person from
          time to time registered as holder thereof, but the Board shall be at
          liberty at its sole discretion to register any share in the joint
          names of any two or more persons (but not exceeding 3 persons) or the
          survivor or survivors of them.

     (b)  Except as otherwise, to the contrary, provided by the Act and in
          particular Sections 153B and 187C (if applicable) of the Act, no
          notice of any trust (express, implied or constructive) shall be
          entered on the Register of Members or of debenture holders.

                                        6

<PAGE>

     (c)  Shares may be registered in the name of an incorporated company or
          other body corporate but not in the name of a minor (except in case
          where they are fully paid) or in the name of a person of unsound mind
          or in the name of any firm or partnership.

32.  None of the funds of the Company shall, except in the manner and to the
     extent permitted by the Act, be employed in the purchase of its own Shares.

33.  The Company shall have the power to pay interest out of capital. For the
     purpose, the Company shall comply with the Act.

34.  The Company shall have power, by passing a special resolution, to issue
     debentures whether with or without the right to allotment of or conversion
     into Shares and on such terms and conditions as the Company may determine
     in general meeting. The Company shall also have the power to re-issue
     redeemed debentures in accordance with the provisions of the Act. The
     Company shall not issue any debentures carrying voting rights at any
     meeting of the Company whether generally or in respect of any particular
     class of business.

                               TRANSFER OF SHARES

               Restrictions on Transfer of Shares by Shareholders.

35.  Except as otherwise provided in these Articles:-

     (a)  any Transfer of Shares shall be subject to the provisions of these
          Articles;

     (b)  no Transfer of any Shares shall be made which would result in breach
          of the Sectoral Cap in relation to the Company or otherwise.

                             Transfer to Affiliates

36.  Subject only to Article 35 (b) hereof, any Shareholder shall have the right
     to Transfer its Shares to one or more Affiliates, which Transfer may be
     effected in one or more separate transactions. Provided that:

     (a)  prior to any such transfer

          (i)  the transferring Shareholder shall provide written notice of such
               Transfer to the other Shareholders, such notice to specify the
               number of Shares to be transferred and the name or names of the
               Affiliates to whom the Shares are to be transferred; and

          (ii) the Affiliate shall have unconditionally undertaken to be bound
               by the terms of these Articles, and shall have executed a deed of
               adherence to that effect; and

     (b)  if at any time thereafter, any such transferee ceases to be an
          Affiliate of the transferor, the Shares held by it shall be
          transferred back to the original Shareholder or any Affiliate thereof,
          except as otherwise agreed between the Shareholders.

                                   Put Option

37.  (a)  The Majority Shareholder shall have the right at any time to require
          the Minority Shareholder to purchase all (but not part) of its Shares
          as per the procedure laid out in Article 39 below and at a fair market
          value determined in accordance with Article 40 below.

     (b)  The Minority Shareholder may (and where the Sectoral Cap is applicable
          shall) nominate a third party as transferee or purchaser of the said
          Shares which, to the extent required by the Sectoral Cap, shall be an
          Indian party.

                                        7

<PAGE>

                                   Call Option

38.  (a)  The Minority Shareholder shall have the right at any time to purchase
          the Shares of the Majority Shareholder or any of them as per the
          procedure laid down in Article 39 below and at a fair market value
          determined in accordance with Article 40 below.

          (b)  The Minority Shareholder may (and where the Sectoral Cap is
               applicable shall) nominate a third party as transferee or
               purchaser of the said Shares which, to the extent required by the
               Sectoral Cap, shall be an Indian party.

                               Transfer Procedure

39.  (a)  The options as mentioned in Article 37, 38 and 41 shall be exercised
          by a written notice ("Transfer Notice") from the party exercising such
          option/right ("Offeror") to the other Party ("Offeree") and the
          effective date of its exercise shall be the date of the said written
          notice. Any resulting sale or acquisition, shall be subject to the
          approval of any other competent regulatory agencies and shall be
          completed within the periods stipulated in Article 39 (c) hereof or
          such extended time which may be required for any determination of
          price under Article 40, or to comply with applicable laws (including
          the obtaining of requisite approvals).

     (b)  Any notice given by the Minority Shareholder (or response to any
          notice as the case may be) shall stipulate the name of any third party
          nominated to purchase or take a transfer of the Shares in question, if
          required.

     (c)  Any Transfer of the Shares shall, subject to any agreement of the
          Shareholders to the contrary and Article 41(a) hereof, be completed
          within the 90 days from the transfer notice in question

     (d)  Upon the failure of the Offeree to comply with the provisions of this
          Articles 39, (or of any extension thereof necessary to obtain
          requisite approvals) or any fixation of the Transfer Price under
          Article 40 hereof, whichever is later, the Offeree shall be deemed to
          have irrevocably appointed the Company as its Attorney to deal with
          the matter in accordance with the directions of the Offeror. The
          Offeree shall abide by the directions of the Offerer and shall
          undertake to do or procure all necessary things and execute all
          necessary forms, documents and agreements to implement such
          directions.

                                 Transfer Price

40.  Except as stipulated by Article 41 hereof and subject to the requirements
     of regulatory provisions, the Transfer Price on any Transfer pursuant to
     the Articles shall be as determined below:

     (a)  such fair market value as may be agreed between the Shareholders; and
          failing such agreement

     (b)  such fair market value as may be determined by Goldman Sachs (Asia)
          L.L.C. whose decision shall be final and for which purpose Goldman
          Sachs (Asia) L.L.C. shall act as an expert and not as an arbitrator
          and shall not be bound to disclose any reasons for its determination.

                                 Default Option

41.  (a)  Following any Event of Default on the part of the Majority
          Shareholder, the Minority Shareholder shall have the right to require
          the former to sell to it or its nominee all (but not part only) of the
          Shares held by the Majority Shareholder at ninety percent (90%) of
          the Transfer Price determined in accordance with Article 40 hereof and
          as per the procedure laid down in Article 39.

                                        8

<PAGE>

     (b)  Following any Event of Default on the part of the Minority
          Shareholder, the Majority Shareholder shall have the right to require
          the former or its nominee to purchase all (but not part only) of the
          Shares held or beneficially owned by the Majority Shareholder at one
          hundred and ten percent (110%) of the Transfer Price determined in
          accordance with Article 40 hereof and as per the procedure laid down
          in Article 39 hereof.

     (c)  Each of the following events shall constitute an Event of Default:

          (i)  the Majority Shareholder or the Minority Shareholder, is
               adjudicated or declared bankrupt or Insolvent, proposes or makes
               any arrangement or composition with, or any assignment for the
               benefit of it's creditors or if an administrator or receiver is
               appointed over any part of the assets or undertaken of such
               Shareholder; or

          (ii) if a Change in Control has occurred in respect of any
               Shareholder, and such Change of Control has been communicated to
               the other Shareholders, in writing provided that the other
               Shareholder notifies objection to such Change of Control within
               six (6) months thereof.

                                  Sectoral Cap

42.  For so long as the Sectoral Cap shall apply no Shareholder shall make or
     purport to make any Transfer or take any other action the effect of which
     would be a breach of such Sectoral Cap.

                             Repayment of Loans etc.

43.  Upon a Transfer of all the Shares held by any Shareholder in accordance
     with the terms of these Articles:

     (a)  that Shareholder shall repay all loans, loan capital, borrowing and
          indebtedness in the nature of borrowing owed by it to the Company
          (together with any accrued interest);

     (b)  the Company shall repay all loans, loan capital, borrowing and
          indebtedness in the nature of borrowing outstanding to the Company
          from that Shareholder (together with any accrued interest), to the
          extent that any such loans, borrowings, and indebtedness are not
          transferred to any purchaser or transferee of Shares in question; and

     (c)  the continuing Shareholder(s) shall use all reasonable efforts to
          secure the release of any guarantees or indemnities given by the other
          Shareholder to or in respect of the Company.

                         Other provisions as to Transfer

44.  The Company shall keep a "Register of Transfers" and therein shall be
     fairly and distinctly entered particulars of every transfer or transmission
     of any Shares or Preference Shares.

45.  In respect of any transfer registered in accordance with the provisions of
     these Articles, the Board may, at their discretion direct an endorsement of
     the transfer and the name of the transferee and other particulars, on the
     existing share certificate and authorise any Director or officer of the
     Company to authenticate such endorsement on behalf of the Company or direct
     the issue of a fresh share certificate, in lieu of and in cancellation of
     the existing certificate, in the name of the transferee.

46.  The instrument of transfer of any Share or Preference Share shall be in
     writing and all the provisions of the Act, shall be duly complied with in
     respect of all transfers and registration thereof

47.  Every such instrument of transfer shall be executed both by the transferor
     and the transferee and the transferor shall be deemed to remain holder of
     the Shares in question until the name of the

                                        9

<PAGE>

     transferee is entered in the Register of Members in respect thereof. The
     instrument of transfer shall be in respect of only one class of Shares and
     should be in the form prescribed under the Act.

48.  In case of the death of any one or more persons named in the Register of
     Members as the joint-holders of any class of shares, the survivors shall be
     the only person recognised by the Company as having any title to or
     interest in such share but nothing therein contained shall be taken to
     release the estate of a deceased joint-holder from any liability thereon
     held by him jointly with any other person.

49.  Subject to Article 48, the executors or administrators or holders of a
     Succession Certificate or the legal representatives of a deceased member
     (not being one or two joint holder) shall be the only person recognised by
     the Company as having any title to the shares registered in the name of
     such member, and the Company shall not be bound to recognise such executors
     or administrators or holders of a Succession Certificate or the legal
     representatives unless they shall have first obtained probate or Letter of
     Administration or Succession Certificate, as the case may be, from a duly
     constituted Court in the Union of India and a clearance certificate from
     the Estate Duty authorities; provided that in any case where the Board in
     its absolute discretion, thinks fit, the Board may dispense" with the
     production of probate or Letters of Administration or Succession
     Certificate, upon such terms as to indemnify of otherwise as the Board in
     its absolute discretion may think necessary, and under Article 44 hereof
     register the name of any person who claims to be absolutely entitled to the
     Shares standing in the name of a deceased member, as a member.

50.  No Share shall in any circumstances be transferred to any infant,
     insolvent, or person of unsound mind, except fully paid Shares through a
     legal guardian.

51.  A person entitled to a Share by transmission shall, subject to the right of
     the Directors to retain such dividends or money as hereinafter provided, be
     entitled to receive and may give discharge for any dividends or other
     moneys payable in respect of the share.

52.  Every instrument of transfer shall be presented to the Company duly stamped
     for registration, accompanied by such evidence as the Board may require to
     prove the title of the transferor and his right to transfer the Shares and
     every registered instrument of transfer shall remain in the custody of the
     Company until destroyed by order of the Board.

53.  Before the registration of a transfer, the certificate or certificates of
     the Share or Shares to be transferred must be delivered to the Company
     along with (save as provided in Section 108 of the Act) a properly stamped
     and executed instrument or instruments of transfer.

54.  No fees shall be charged for registration of transfers of any Shares or
     debentures. No fee shall also be charged for registration of probate,
     letters of administration or other similar documents.

55.  The Company shall incur no liability or responsibility whatever in
     consequence of its registering or giving effect to any transfer of Shares
     made or purporting to be made by any apparent legal owner thereof (as shown
     or appearing in the Register of Members) to the prejudice of persons having
     or claiming any equitable right, title or interest to or in the said
     Shares, notwithstanding that the Company may have had notice of such
     equitable rights or referred thereto in any books of the Company and the
     Company shall not be bound by or required to regard or attend to or give
     effect to any notice which may be given to it of any equitable rights,
     title to interest or be under any liability whatsoever for refusing or
     neglecting to do so, though it may have been entered or referred to in some
     book of the Company but the Company shall nevertheless be at liberty to
     regard and attend to any such notice and give effect thereto if the Board
     shall so think fit.

                CONVERSION OF SHARES INTO STOCK AND RECONVERSION

56.  The Company in General Meeting may, by an ordinary resolution convert any
     fully paid-up Shares into stock, and when any Shares shall have been
     converted into stock, the several holders of such stock may henceforth
     transfer their respective interest therein, or any part of such interest in
     the same manner and subject to the same regulations as, and subject to
     which Shares from

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<PAGE>

     which the stock arise might have been transferred, if no such conversion
     had taken place. The Company may, by an ordinary resolution convert any
     stock into fully paid up Shares of any denomination.

57.  The holders of stock shall, according to the amount of stock held by them
     have the same rights, privileges and advantages as regards dividends,
     voting at meetings of the Company, and other matters, as if they held the
     Shares from which the stock arose; but no such privileges or advantages
     (except participation in the dividends and profits of the Company and in
     the assets on winding-up) shall be conferred by an amount of stock which
     would not, if existing in Shares, have conferred that privileges or
     advantage.

                                    BORROWING

58.  The Board may, subject to the provisions of Articles 86 and 91 from time to
     time, but with such consent of the Company in General Meeting hereof as may
     be required under the Act and/or the provisions of any agreement, raise any
     moneys or sums of money for the purpose of the Company; provided that the
     moneys to be borrowed by the Company, apart from temporary loans obtained
     from the Company's bankers in the ordinary course of business, shall not
     without the sanction of the Company at a General Meeting exceed the
     aggregate of the paid up capital of the Company and its free reserves being
     reserves not set apart for any specific purpose. Subject to the provisions
     of the Act, however, the Board may from time to time at their discretion
     raise or borrow or secure the payment of any such sum of money for the
     purpose of the Company, by the issue of debentures, perpetual or otherwise,
     including debentures convertible into Shares of the Company or perpetual
     annuities and in security of any such money so borrowed, raised or received
     mortgage, pledge or charge, the whole or any part of the property, assets
     or revenue of the Company present or future, including its uncalled capital
     by special assignment or otherwise or to transfer or convey the same
     absolutely or in trust and to give the lenders powers of sale, and other
     powers as may be expedient and to purchase, redeem or pay off any such
     securities.

     Provided that every resolution passed by the Company in General Meeting in
     relation to the exercise of the power to borrow as stated above shall
     specify the total amount up to which moneys may be borrowed by the Board.

59.  The Directors may by a resolution at a meeting of the Board delegate the
     above power to borrow money otherwise than on debentures to a Committee of
     Directors or the Managing Director, if any, within the limits prescribed by
     these Articles.

60.  Subject to the provisions of the above sub-clauses, the Directors may, from
     time to time, at their discretion, raise or borrow or secure the repayment
     of any sum or sums of money for the purpose of the Company, at such time
     and in such manner and upon such terms and conditions as they think fit,
     and in particular, by promissory notes or by opening current accounts or by
     receiving deposits and advances with or without security or by the issue of
     bonds, perpetual or redeemable debentures (both present and future)
     including its uncalled capital for the time being or by mortgaging or
     charging or pledging any lands, buildings, goods or other property and
     securities of the Company, or by such other means as may seem expedient.

61.  Any debentures, debenture-stock bonds or other securities may be made
     assignable free from any equities between the Company and the person to
     whom the same may be issued.

62.  The Directors shall cause a proper register to be kept, in accordance with
     the Act, of all mortgages and charges specifically affecting the property
     of the Company and shall duly comply with the requirements of the Act in
     regard to the registration of mortgages and charges therein specified.

63.  Where any uncalled capital of the Company is charged, all persons taking
     any subsequent charge thereon shall take the same, subject to such prior
     charge and shall not be entitled, by notice to the Shareholders or
     otherwise, to obtain priority over such prior charge.

64.  If the Directors or any of them or any other persons, shall become
     personally liable for the payment of any sum primarily due from the
     Company, the Board may execute or cause to be

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<PAGE>

     executed any mortgage, charge or security over or affecting the whole or
     any part of the assets of the Company by way of indemnity to secure the
     Directors or other persons so becoming liable as aforesaid from any loss in
     respect of such liability.

                                    DIRECTORS

                            Constitution of the Board

65.  Unless otherwise determined by the Company in general meeting, and subject
     to the provisions of the Act, the number of Directors on the Board shall be
     five.

66.  Subject to Article 65 above

     (a)  the Board shall comprise initially five Directors

     (b)  the appointment or removal of any Director shall be subject to the
          provisions of Article 68.

67.  Three Directors shall be nominated by the Majority Shareholder and two
     shall be nominated by the Minority Shareholder. The Board shall have the
     overall responsibility for management of the Company. The Board shall
     however appoint and delegate such day to day functions to the Chairman or
     the Managing Director or Manager or to a committee, if any, as it deems fit
     and as may be agreed upon by the Shareholders.

68.  Subject to the approval of the shareholders under section 284 of the Act,
     as may be applicable, the appointment or removal of any Director shall be
     subject to the majority approval of the Board, for which purpose the
     Director in question shall not be entitled to vote.

69.  If at any time the Act or any other applicable law should require an
     increase or decrease in the number of directors constituting the Board,
     such increase or decrease shall be effected in a way that preserves the
     proportional representation on the Board between the Shareholders in
     accordance with the provisions of these Articles.

70.  A Director shall not be required to hold any qualification shares in the
     Company and Regulation 66 of Table A shall not apply.

71.  The Directors shall be paid such remuneration as may be determined by the
     Board of Directors from time to time.

72.  Save the Managing Director, if any, the rest of the Directors shall be
     liable to retire by rotation in accordance with these Articles

                              Meetings of the Board

73.  Any meeting of the Board shall be held in accordance with the Articles. The
     Chairman shall, at the request of any Director, convene a Board meeting
     (unless waived by all Directors) by giving at least fourteen (14) Business
     Days' prior written notice of the meeting specifying the place, date and
     time thereof to all the other Directors together with the agenda and
     details pertaining to the meeting including the nature of the business to
     be transacted. The notice of the Board meeting shall be given to each
     Director at the address of the Director whether in or outside India
     provided to the Company for the said purpose. Such notice of Board meetings
     may however be waived with the consent of all the Directors. The meetings
     of the Board shall be held in India, or at any place outside India with the
     consent of all the Directors. Any resolution passed at a Board meeting
     shall not be binding on the Company if the notice of the Board meeting has
     not been given in the manner prescribed herein or the matter decided was
     not included in the agenda, provided that these requirements may be waived
     with the consent of all the Directors.

74.  Board Meetings shall be held at such places, in or outside of India as the
     Board may determine, with the consent of all the Directors. Where a Board
     meeting is adjourned it shall be reconvened on the same day of the week,
     time and venue not less than seven days from the day of the

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<PAGE>

     original meeting. Notices and minutes of Board meetings shall be given to
     each Director at their last known address, whether resident in India or
     abroad.

75.  The quorum for any Board meeting shall be at least two (2) Directors,
     provided that the presence of a Director appointed by the Majority and
     Minority Shareholder each shall be necessary to constitute quorum. If the
     quorum is not present throughout the meeting, then the meeting may be
     adjourned to a Business Day not less than seven (7) days from the date of
     the original meeting, on the same day of the week, time and place, unless
     otherwise notified. In the event that no quorum is present at the adjourned
     meeting, any two Directors (including always a Director nominated by the
     Minority Shareholder) present shall constitute the quorum and proceed with
     the meeting.

76.  (a)  Subject to Article 76(b) hereof, all decisions of the Board shall be
          taken by a majority vote of the Directors present or represented for
          voting at a Board meeting.

     (b)  Subject only to the provisions of the Act, all matters stipulated by
          Article 86 hereof shall require the unanimous consent of the Directors
          present and voting at the Board Meeting in question (excluding
          interested Directors who are prohibited by law from voting).

                           Resolutions by Circulation

77.  Subject to the provisions of the Act, resolutions of the Board may be
     passed by circulation, if the resolution has been circulated in draft,
     together with necessary papers, if any, to all the Directors, and has been
     approved and signed by all Directors entitled to vote on the resolution.

                                    Chairman

78.  The Board shall appoint a Chairman who shall be one of the Directors,
     nominated by the Majority Shareholder. The Chairman shall chair each
     meeting of the Board and shall not have a casting vote. In the absence of
     the Chairman at any meeting the Directors shall appoint one of their number
     to chair the meeting in question.

                            Managing Director/Manager

79.  The Majority Shareholder shall have the power to nominate any Managing
     Director or Manager of the Company, subject to the provisions of Article
     86, who shall have such powers as may be decided by the Board from time to
     time.

                              Additional Directors

80.  Subject to Article 67, the Board shall have power at any time, and from
     time to time, to appoint one or more persons as Additional Directors,
     provided that the number of Directors and Additional Directors together
     shall not exceed the maximum number fixed by Article 65 above. An
     Additional Director so appointed shall hold office up to the date of the
     next Annual General Meeting of the Company and shall be eligible for
     re-election by the Company at that Meeting.

                               Alternate Director

81.  In the event that any Director (an "Original Director") is away for a
     continuous period of not less than three (3) months from the state in which
     the meetings of the Board are ordinarily held, the Board shall appoint
     another Director (an "Alternate Director") for and in place of the Original
     Director. The Board shall appoint such Alternate Director nominated by the
     Shareholder that nominated the Original Director who shall be deemed to be
     nominated by the Original Director for this purpose.

                                Casual Vacancies

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<PAGE>

82.  In the event that any seat on the Board becomes vacant for any reason, the
     Board shall appoint as a Director a person nominated by the Shareholder
     that nominated the Director formerly filling the vacant seat.

          Directors to act in accordance with instructions of the Board

83.  Any Director of the company nominated by it as a director of any company
     shall act in accordance with the instructions of the Board, to the extent
     that those are consistent with the best interests of the investee company
     in question.

                            Appointment of Committees

84.  The Board may subject to the provisions of the Act and other relevant
     provisions of the Act and of these Articles delegate any of the powers
     other than the powers to make calls and to issue debentures to such
     committee or committees and may from time to time revoke and discharge any
     such committee of the Board either wholly or in part and either as to the
     person or purposes, but every committee of the Board so formed shall, in
     exercise of the powers so delegated, conform to any regulation that may
     from time to time be imposed on it by the Board. All acts done by any such
     committee of the Board in conformity with such regulations and in
     fulfilment of the purpose of their appointments, but not otherwise, shall
     have the like force and effect, as if done by the Board.

                                Company Secretary

85.  The Secretary of the Company shall be such person as shall from time to
     time appointed by the Board.

                                VOTING PROVISIONS

                              Votes at Board Level

86.  The following matters shall not be implemented in respect of matters
     requiring approval of the Board without the passing of a resolution of the
     Directors which resolution is approved by:

          (i)  all the Directors, excluding interested Directors who are
               prohibited at law to vote thereon; and

          (ii) in respect of Article 86(e), a majority of the Directors
               excluding the Director in question.

               (a)  any issue or agreement to issue or grant or agreement to
                    grant any option over or right to acquire any Shares or any
                    other security or purchase or redeem any security or issue
                    or agree to issue any debenture or convertible security;

               (b)  establishment, acquisition or engagement in any business,
                    venture or real estate or any interest therein other than
                    those provided in the memorandum of the Company, or disposal
                    of the same including without limitation taking up of Shares
                    in any company;

               (c)  approval of any business plan or budget or any amendments to
                    such business plan or budget;

               (d)  appointment of any Managing Director or Manager of the
                    Company;

               (e)  appointment or removal of any Director, or of additional
                    Directors other than Alternate Directors;

               (f)  execution of any contracts or agreements between the Company
                    and any Shareholder or Affiliate thereof;

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<PAGE>

               (g)  any borrowing by the Company;

               (h)  any single extension of credit or the incurring or making of
                    any capital expenditure other than provided for in the
                    approved business plan or budget;

               (i)  the registration of any transfer of any Shares (other than a
                    transfer permitted by these Articles);

               (j)  recommendation of final dividends, or declaration and
                    payment of interim dividends;

               (k)  issuance or furnishing of any guarantee or indemnity by the
                    Company in favour of lenders or regulatory authorities;

               (l)  any decision to sell any Shares or investments comprising
                    any investment by the Company and/or any direct or indirect
                    involvement of the Company in any Initial Public Offering;

               (m)  any increase or decrease in the amount of the authorised or
                    paid-up capital of the Company, and any public issue or
                    private placement of Shares.

                            PREFERENCE CLASS MEETINGS

87.  Any matter pertaining to the terms of the Preference Shares of the Company
     shall require the consent of a class meeting of the holders of such shares.

                                 GENERAL MEETING

88.  An annual general meeting ("AGM") of the Shareholders shall be held each
     calendar year, provided that not more than fifteen months shall have
     elapsed between one AGM and the next. Any meeting of the Shareholders other
     than an AGM shall be an extraordinary general meeting ("EGM"). An AGM or
     EGM may be called by giving at least twenty-one (21) days' written notice
     to the Shareholders.

89.  The quorum for an AGM or EGM with respect to any agenda shall be at least
     five (5) Shareholders present in person, provided that at least one
     representative of UMTI and ATIM shall be present in order to constitute a
     valid quorum. If a proposed AGM or EGM with respect to any agenda is not
     validly constituted as required by this sub-clause (b), or if a quorum is
     not maintained throughout such meeting, the meeting shall be adjourned to a
     subsequent day which shall be no later than seven (7) days after the
     previous adjourned meeting. In the event that no quorum is present at the
     adjourned meeting, the Shareholder(s) present shall constitute a quorum and
     proceed with the meeting.

90.  The Chairman (appointed in accordance with Article 78 hereof) shall be
     chairman of each AGM or EGM. If the Chairman is not present, the
     Shareholders present may elect any other director present as the chairman
     of the said AGM or EGM. The chairman of the AGM or EGM shall not have a
     casting vote.

                                Voting at Meeting

                           Votes at Shareholders Level

91.  The following matters requiring Shareholder's approval shall require a
     special resolution of the Shareholders of the Company:

     (a)  any amendments to these Articles;

     (b)  any increase or decrease in the amount of the authorised or paid-up
          equity capital of the Company, and any public issue or private
          placement of Shares;

                                       15

<PAGE>

     (c)  any merger or consolidation or any other manner of reorganisation
          involving the Company;

     (d)  winding up or dissolution of the Company, or making of any composition
          or arrangement with creditors whether generally or specifically;

     (e)  other than in the ordinary course of business, sale, transfer,
          assignment, lease, creation of any right, title or interest in favour
          of any other person or other disposal of any part of the Company's
          undertaking, property or assets (or any interest therein) or entry
          into a contract to do so, or creation of any pledge, encumbrance or
          any security interest over the whole or any part of the Company's
          undertaking, property or assets; and

     (f)  removal or replacement of the Company's auditors.

                                Decision by poll

92.  If a poll is duly demanded, it shall be taken in such manner as the
     Chairman directs and the results of the poll shall be deemed to be the
     decision of the meeting on the resolution in respect of which the poll was
     demanded.

93.  Any business other than that upon which a poll has been demanded may be
     proceeded with, pending the taking of the poll.

                                 Vote of Members

94.  (a)  On a show of hands every member holding equity Shares and present in
          person shall have one vote;

     (b)  On a poll, every member holding equity Shares therein shall have
          voting rights in proportion to his share of the paid-up equity Share
          capital;

     (c)  On a poll, a member having more than one vote, or his proxy or other
          person entitled to vote for him need not use all his votes in the same
          way.

                             Voting by joint-holders

95.  In the case of joint holders the vote of the first named of such joint
     holders who tenders a vote whether in person or proxy shall be accepted to
     the exclusion of the votes of other joint holders.

                                      PROXY

96.  On a poll, votes may be given either personally or by proxy.

                               Instrument of proxy

97.  (a)  The instrument appointing a proxy shall be in writing under the hand
          of the appointer or of his attorney duly authorised in writing or, if
          the appointer is a Corporation, either under its Common Seal or under
          the hand of its attorney duly authorised in writing. Any person,
          whether or not he is a member of the Company, may be appointed as a
          proxy.

     (b)  The instrument appointing a proxy and the Power of Attorney or other
          authority (if any) under which it is signed, or a notarially certified
          copy of that power or authority, shall be deposited at the registered
          office of the Company not less than forty eight hours prior to the
          time fixed for the meeting in question, failing which the instrument
          of proxy shall be invalid.

                                       16

<PAGE>

                                  Form of proxy

98.  The form of proxy shall be Two Way Proxy, as given in Schedule IX of the
     Act, enabling the shareholders to vote for/against any resolution.

                                Validity of proxy

99.  A vote given under the terms of an instrument of proxy shall be valid,
     notwithstanding the previous death or insanity of the principal, or the
     revocation of the proxy, or of the authority under which the proxy was
     executed, or transfer the Shares in respect of which the proxy is given,
     provided that no intimation in writing of such death, insanity, revocation
     or transfer shall have been received by the Company at its registered
     office before the commencement of the meeting, or adjourned meeting, at
     which the proxy is used.

                                Corporate members

100. Any corporation which is a member of the Company may, by resolution of its
     Directors or other governing body, authorise such person as it thinks fit
     to act as its representative at any meeting of the Company and the said
     person so authorised shall be entitled to exercise the same powers on
     behalf of the corporation which he represents as that corporation could
     have exercised if it were an individual member of the Company.

                                   WINDING UP
                             Distribution of assets

101. If the Company shall be wound up, and the assets available for distribution
     amongst the members shall be insufficient to repay the whole of the paid-up
     capital, such assets shall be distributed so that as nearly as may be, and
     any shortfall on distribution shall be borne by the members respectively in
     proportion to the capital paid-up by them at the commencement of the
     winding up. And if on a winding up the assets available for distribution
     among the members shall be exceed the amount necessary to repay the whole
     of the capital paid-up at the commencement of the winding up, the excess
     shall be distributed amongst the members respectively in proportion to the
     capital, paid-up by them on commencement of the winding up. Provided that
     this Article is to be without prejudice to the rights of the holder of
     shares of any class issued upon special terms and the conditions and the
     provisions of Article 12 hereof in particular.

                         Distribution in specie or kind

102. (a)  If the Company shall be wound up, whether voluntarily or otherwise,
          the liquidators in accordance with the provisions of law for the time
          being in force, may with the sanction of a special resolution, divide
          amongst the contributories, in specie or kind, any part of the assets
          of the Company and may, with the like sanction, vest any part of the
          assets of the Company in trustees upon such trusts for the benefit of
          the contributories, or any of them as the liquidators, with the like
          sanction shall think fit.

     (b)  If thought expedient any such division may, subject to the provisions
          of the Act and/or any other applicable law for time in force, be
          otherwise than in accordance with the legal rights of the
          contributories (except where unalterably fixed by the Memorandum of
          Association) and in particular any class may be given preferential or
          special rights or may be excluded altogether or in part.

     (c)  In case any Share to be divided as aforesaid involve a liability to
          call or otherwise any person entitled under such division to any of
          the said Shares may within ten days after the passing of the Special
          Resolution by notice in writing direct to the liquidators to sell his
          proportion and pay him the net proceeds and liquidators shall if
          practicable act accordingly.

                      Right of shareholders in case of sale

                                       17

<PAGE>

103. A special resolution sanctioning a sale to any other Company duly passed
     pursuant to Section 494 of the Act may, subject to the provisions of the
     Act in like manner as aforesaid, determine that any Shares or other
     consideration receivable by the liquidators be distributed amongst the
     members otherwise than in accordance with their existing rights and any
     such determination shall be binding upon all the members.

                                BOOKS AND RECORDS

104. The Company shall maintain minutes books (of Board meetings or committees
     of the Board and general meetings) and all other statutory records and
     books of accounts in accordance with the applicable provisions of the Act.

                         FINANCE ACCOUNTING AND AUDITING

105. The Company shall appoint as the Company's Auditors, an independent
     internationally reputable firm of certified public accountants registered
     in India as well as abroad to examine and verify the annual report on the
     final accounts. A certificate for auditing has to be formally issued by
     such accountant firm, to which the auditor belongs. Such auditing shall be
     conducted within a reasonable period of time, prior to the beginning of the
     relevant session of the Board, in order that the said accounting statements
     and the balance sheets can be audited for the approval procedure.

                                    ACCOUNTS

106. (a)  The Board shall cause proper books of account to be maintained under
          Section 209 of the Act.

     (b)  Subject to the provisions of Section 209A of the Act, the Board shall
          also, from time to time, determine whether and to what extent and at
          what times and places and under what conditions or regulations the
          account books of the Company (or any of them) shall be open to the
          inspection of members.

     (c)  Subject to the provisions of Section 209A of the Act, no member (not
          being a Director) or other person shall have any right of inspecting
          any account book or document of the Company except as conferred by
          law or authorised by the Board or by the Company in general
          meetings.

                                      AUDIT

                      Balance Sheet and Profit Loss Account

107. The Balance Sheet and Profit Loss Account of the Company will be audited
     once a year by a qualified auditor in accordance with the provisions of the
     Act.

                             Accounts to be Audited

108. Every Balance Sheet and Profit & Loss Account shall be audited by one or
     more Auditors to be appointed as hereinafter set out.

                                    Auditors

109. (a)  The Company may, at a general meeting, remove any Auditor and appoint
          in its place any other person nominated for appointment by any member
          of the Company and of whose nomination special notice has been given
          to the members of the Company, not less than fourteen days before the
          date of the meeting.

     (b)  The Company at the annual general meeting each year shall appoint an
          Auditor to hold office from the conclusion of that meeting until the
          conclusion of the next annual general meeting and every Auditor so
          appointed shall be intimated of his appointment within seven days.

                                       18

<PAGE>

     (c)  Where at an annual general meeting, no Auditor is appointed, the
          Central Government may appoint a person to fill the vacancy.

     (d)  The Company shall within seven days of the Central Government's power
          under sub-clause (c) becoming exercisable, give notice of that fact
          to the Government.

     (e)  The Directors may fill any casual vacancy in the office of an Auditor,
          but while any such vacancy continues, the remaining Auditor (if any)
          may act. Where such a vacancy is caused by the resignation of an
          Auditor, the vacancy shall only be filled by the Company in general
          meeting.

     (f)  A person, other than a retiring Auditor, shall not be capable of being
          appointed at an annual general meeting unless special notice of a
          resolution of appointment of that person to the office of Auditor has
          been given by a member to the Company not less than fourteen days
          before the meeting in accordance with Section 190 of the Act. The
          Company shall send a copy of any such notice to the retiring Auditor
          and shall give notice thereof to the members in accordance with the
          provisions of Section 190 and the provisions of Section 225 of the Act
          shall also apply in the matter. The provisions of this sub-clause
          shall also apply in respect of any resolution to the effect that
          retiring auditor shall not be re-appointed.

     (g)  The persons qualified for appointment as Auditors shall be only those
          referred to in Section 226 of the Act.

                             Audit of Branch Offices

110. The Company shall comply with the provisions of the Act in relation to the
     audit of the accounts of Branch Offices of the Company.

                            Remuneration of Auditors

111. The remuneration of the Auditors shall be fixed by the Board as authorised
     in general meeting from time to time.

112. All Accounts of the Company, when audited and approved by a General
     Meeting, shall be conclusive except as regards any error discovered therein
     within three months following the approval thereof. Any such error
     discovered within such three month period shall forthwith be corrected in
     accordance with the terms of any Resolution in respect thereof and such
     amended Accounts shall henceforth be conclusive.

                                     SECRECY

113. Every Director, manager, auditor, trustee, member of a committee, officer,
     servant, agent, accountant or other person employed in the business of the
     Company shall, if so required by the Board before entering upon their
     duties, sign a declaration pledging to observe strict secrecy respecting
     all bona fide confidential information of the Company and its customers
     and shall by such declaration pledge not to reveal any of the matters which
     may come to their knowledge in the discharge of their duties, except as
     required by the directors, or by any general meeting of the Company, or by
     the law of the country, or so far as may be necessary in order to comply
     with any of the provisions in these presents and the provisions of the Act.

                           OPERATION OF BANK ACCOUNTS

114. The Board shall have the power to authorise any Director or Directors or
     any officers to open bank accounts; to sign cheques on behalf of the
     Company; to operate all banking accounts of the Company; and to receive
     payments, make endorsements, draw and accept negotiable instruments,
     hundies and bills. In addition, the Directors may authorise any other
     person or persons to exercise such powers.

                                       19

<PAGE>

                                    INDEMNITY

115. Subject to the provisions of Section 201 of the Act, every Director or
     Officer, or employee of the Company or any person (whether an officer of
     the Company or not) employed by the Company or Auditor shall be indemnified
     by the Company out of the assets of the Company against all liabilities
     incurred by such Director, Officer or Auditor and it shall be the duty of
     the Directors out of the funds of the Company, to pay all costs, charges,
     losses and damages which any such person may incur or become liable to by
     reason of any contract entered into or any act, deed, matter or thing done,
     concurred or omitted to be done by him in any way in or about the execution
     or discharge of his duties or supposed duties (except such if any as he
     shall incur or sustain through or by his own wrongful act neglect or
     default) including expenses and in particular and so as to limit the
     generality of the foregoing provisions against all liabilities incurred by
     such Director, Officer or Auditor or other employee of the Company in
     defending any proceedings whether civil or criminal in which judgement is
     given in his favour, or in which he is acquitted or in connection with any
     application under Section 633 of the Act in which relief is granted to him
     by the Court.

                              AMENDMENT OF ARTICLES

116. The Articles set out herein above may be altered or amended at any time
     subject to the provisions of the Act and/ these Articles

                                      SEAL

117. The Company shall have a Common Seal and the Board shall provide for the
     safe custody thereof. The Seal shall not be affixed to any instrument
     except by the authority of a resolution of the Board and in the presence of
     two Directors or such other persons the Board may appoint for the purpose
     and such Director or other persons aforesaid, shall sign every instrument
     to which the Seal of the Company is so affixed in their presence.

118. The Board may decide on an official seal for use by the Company outside
     India in any place or places where the Company's objects require the
     transaction of business outside India. This seal shall be a facsimile of
     the official seal of the Company with the addition on its face of the name
     of the country where it is to be used. The Board shall decide on the
     manner in which the seal shall be used and the person or person in whose
     presence it shall be affixed to documents to which the company is a Party.

                                       20

<PAGE>

                             UMT INVESTMENTS LIMITED
      Regd. Off: 2A, Landmark, 228-A, A. J. C. Bose Road, Kolkata - 700 020
--------------------------------------------------------------------------------

CERTIFIED COPY OF THE RESOLUTION PASSED BY THE BOARD OF DIRECTORS OF UMT
INVESTMENTS LIMITED AT THE MEETING HELD ON 9 APRIL 2004 AT BAKHTAWAR, 3RD FLOOR,
229, NARIMAN POINT, MUMBAI 400 021
--------------------------------------------------------------------------------

"RESOLVED THAT the company do hereby approve entering into a new shareholders
agreement in respect of the Company's investment in Usha Martin Telematics
Limited in place of the existing one with the other investors and that Mr.
Shivendra Gupta, Director and Mr. S. A. Narayan, Director be and are severally
authorised to execute the agreement as per the draft placed before the board."
--------------------------------------------------------------------------------

For UMT INVESTMENTS LIMITED

/s/ Shivendra Gupta
--------------------------
Shivendra Gupta
Director

<PAGE>

                         USHA MARTIN TELEMATICS LIMITED
      Regd. Off: 2A, Landmark, 228-A, A. J. C. Bose Road, Kolkata - 700 020
--------------------------------------------------------------------------------

CERTIFIED COPY OF THE RESOLUTION PASSED BY THE BOARD OF DIRECTORS OF USHA MARTIN
TELEMATICS LIMITED AT THE MEETING HELD ON 9 APRIL 2004 AT BAKHTAWAR, 3RD FLOOR,
229, NARIMAN POINT, MUMBAI 400 021
--------------------------------------------------------------------------------

"RESOLVED THAT the Board do hereby approve the shareholders agreement as per the
draft placed before the board and that the Directors of the Company be and are
hereby severally authorised to execute the agreements, documents and to perform
such acts, deeds necessary to give effect to this resolution."
--------------------------------------------------------------------------------

For USHA MARTIN TELEMATICS LIMITED

/s/ Shivendra Gupta
--------------------------
Shivendra Gupta
Director

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