Document:

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EXHIBIT 10.10

AMENDMENT TO CREDIT AGREEMENT

This agreement is dated as of August 19, 2004 by and between Syntel, Inc. (the
"Borrower") and Bank One, NA, with its main office in Chicago, IL (the "Bank"),
and its successors and assigns. The provisions of this agreement are effective
on the date that this agreement has been executed by all of the signers and
delivered to the Bank ("Effective Date").

WHEREAS, the Borrower and the Bank entered into a credit agreement dated
October 15, 2002, as amended (if applicable) (the "Credit Agreement"); and

WHEREAS, the Borrower has requested and the Bank has agreed to amend the Credit
Agreement as set forth below;

NOW, THEREFORE, in mutual consideration of the agreements contained herein and
for other good and valuable consideration, the parties agree as follows:

1. DEFINED TERMS. Capitalized terms not defined herein shall have the meaning
   ascribed in the Credit Agreement.

2. MODIFICATION OF CREDIT AGREEMENT. The Credit Agreement is hereby amended as
   follows:

         2.1 From and after the date of this agreement, the following provision
         under Section 4.5 Financial Reports. Captioned "B." is hereby amended
         and restated to read as follows:

                  B. Via either the EDGAR System or its Home Page, within
                  forty-five (45) days after the filing of its Quarterly Report
                  on Form 10-Q for the fiscal quarter then ended with the
                  Securities and Exchange Commission, but no event later than
                  forty-five (45) days after the end of such fiscal quarters
                  ending in March, June, and September, copies of the financial
                  statements for such fiscal quarter as contained in such
                  Quarterly Report on Form 10-Q, and, as soon as it shall
                  become available, a quarterly report to shareholders of the
                  Borrower for the fiscal quarter than ended.

         2.2 From and after the date of this agreement, the following provision
         under Section 5.2 Captioned "A. Dividends" is hereby amended and
         restated to read as follows:

                   A. Dividends. If there is a default, or if any of the
                   foregoing actions would cause a default, acquire or retire
                   any of its shares of capital stock, or, other than dividends
                   in its capital stock, declare or pay dividends or make any
                   other distributions upon any of its shares of capital stock.

3. RATIFICATION. The Borrower ratifies and reaffirms the Credit Agreement and
the Credit Agreement shall remain in full force and effect as modified herein.

4. BORROWER REPRESENTATIONS AND WARRANTIES. The Borrower represents and
warrants that (a) the representations and warranties contained in the Credit
Agreement are true and correct in all material respects as of the date of this
agreement, (b) no condition, act or event which could constitute an event of
default under the Credit Agreement or any promissory note or credit facility
executed in reference to the Credit Agreement exists, and (c) no condition,
event, act or omission has occurred, which, with the giving of notice or

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passage of time, would constitute an event of default under the Credit
Agreement or any promissory note or credit facility executed in reference to
the Credit Agreement.

5. FEES AND EXPENSES. The Borrower agrees to pay all fees and out-of-pocket
disbursements incurred by the Bank in connection with this agreement, including
legal fees incurred by the Bank in the preparation, consummation,
administration and enforcement of this agreement.

6. EXECUTION AND DELIVERY. This agreement shall become effective only after it
is fully executed by the Borrower and the Bank, and the Bank shall have
received from the Borrower the following documents: Line of Credit Note.

7. ACKNOWLEDGEMENTS OF BORROWER. The Borrower acknowledges that as of the date
of this agreement it has no offsets with respect to all amounts owed by the
Borrower to the Bank arising under or related to the Credit Agreement on or
prior to the date of this agreement. The Borrower fully, finally and forever
releases and discharges the Bank and its successors, assigns, directors,
officers, employees, agents and representatives from any and all claims, causes
of action, debts and liabilities, of whatever kind or nature, in law or in
equity, of the Borrower, whether now known or unknown to the Borrower, which
may have arisen in connection with the Credit Agreement or the actions or
omissions of the Bank related to the Credit Agreement on or prior to the date
hereof. The Borrower acknowledges and agrees that this agreement is limited to
the terms outlined above, and shall not be construed as an agreement to change
any other terms or provisions of the Credit Agreement. This agreement shall not
establish a course of dealing or be construed as evidence of any willingness on
the Bank's part to grant other or future agreements, should any be requested.

8. NOT A NOVATION. This agreement is a modification only and not a novation.
Except for the above-quoted modification(s), the Credit Agreement, any loan
agreements, credit agreements, reimbursement agreements, security agreements,
mortgages, deeds of trust, pledge agreements, assignments, guaranties,
instruments or documents executed in connection with the Credit Agreement, and
all the terms and conditions thereof, shall be and remain in full force and
effect with the changes herein deemed to be incorporated therein. This
agreement is to be considered attached to the Credit Agreement and made a part
thereof. This agreement shall not release or affect the liability of any
guarantor of any promissory note or credit facility executed in reference to
the Credit Agreement or release any owner of collateral granted as security for
the Credit Agreement. The validity, priority and enforceability of the Credit
Agreement shall not be impaired hereby. To the extent that any provision of
this agreement conflicts with any term or condition set forth in the Credit
Agreement, or any document executed in conjunction therewith, the provisions of
this agreement shall supersede and control. The Bank expressly reserves all
rights against all parties to the Credit Agreement.

                                  Borrower:
                                  Syntel, Inc.

                                  By: //S// Bharat Desai
                                  Bharat Desai      CEO
                                  Printed Name      Title

                                  //S// R. S. Ramdas
                                  R.S. Ramdas
                                  Vice President, Finance and
                                  Corporate Services

                                  Date Signed: August 29, 2004

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                                     Bank:

                                     Bank One, NA,
                                     with its main office in Chicago, IL

                                     By: /S/Jason G. Boeson
                                         -------------------------------
                                         Jason G. Boeson Vice President
                                         Printed Name   Title

                                         Date Signed: September 7, 2004<PAGE>

                                                                   EXHIBIT 10.11

                           LEAVE AND LICENSE AGREEMENT

THIS AGREEMENT OF LEAVE AND LICENSE is made and entered into at Mumbai on this
the 11th day of June, 2004 in the CHRISTIAN YEAR TWO THOUSAND FOUR, BETWEEN LAKE
VIEW DEVELOPERS, a Partnership firm registered under the Indian Partnership Act,
1932, and having its Registered Office at 514, DALAMAL TOWERS, NARIMAN POINT,
MUMBAI - 400 021 hereinafter referred to as "THE LICENSOR" (which expression
shall, unless it be repugnant to the context or the meaning thereof, be deemed
to mean and include the partners for the time being constituting the said firm
and the legal heirs, executors and administrators and assigns of the last
surviving partner) OF THE ONE PART;

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                                       AND

M/S. SYNTEL SOURCING PVT. LTD., A COMPANY INCORPORATED UNDER THE PROVISIONS OF
THE COMPANIES ACT 1956 AND HAVING ITS REGISTERED OFFICE AT UNIT NO. 112, SDF IV,
SEEPZ, ANDHERI- EAST, MUMBAI - 400 096, hereinafter referred to as "THE
LICENSEE" (which expression shall, unless it be repugnant to the context or the
meaning thereof be deemed to mean and include their successors in title OF THE
OTHER PART:

WHEREAS:

1.    The LICENSOR is the exclusive and lawful owner of the Unit Nos. B/101 TO
      B-104 totally admeasuring 33,125 SQ. FT. BUILT-UP AREA on the FIRST FLOOR
      of the building known as "DELPHI" in the "B" WING located at HIRANANDANI
      BUSINESS PARK, POWAI MUMBAI - 400 076, which building is situate, lying
      and being on C.T.S. NUMBER 12/1 - 12/4, SECTOR III OF VILLAGE POWAI in the
      Registration District of Mumbai suburban, at Hiranandani Gardens, Powai,
      Mumbai - 400 076, which area is shown in red colour boundary line in the
      plan there of attached here with as ANNEXURE "A" together with THIRTY FIVE
      (35) NUMBER OF CAR PARKING along with ample bus parking minimum 5 nos and
      more particularly shown in the plan thereof attached herewith and marked
      in red colour in ANNEXURE "B" hereinafter referred to as "THE LICENSED
      PREMISES".

2.    The LICENSEE has requested the LICENSOR, to allow it, the limited and
      restricted permission to use THE LICENSED PREMISES on LEAVE AND LICENSE
      basis, without in any way creating any right, title or interest, of any
      nature whatsoever, in favour of the LICENSEE in respect of THE LICENSED
      PREMISES.

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3.    Based on the above declaration and assurance of the Licensee and relying
      on the same, the LICENSOR has agreed to grant to the Licensee, restricted
      and limited permission by way of License to use the licensed premises on
      LEAVE AND LICENSE BASIS subject to the terms and conditions as are agreed
      between the parties hereto.

4.    The parties hereto agree that this agreement is in supersession of all
      previous and writing/s and document/s exchanged/executed between the
      parties here to in respect of this transaction and that this Agreement of
      Leave and License constitutes finally agreed understanding between the
      parties hereto.

NOW THIS AGREEMENT WITNESSETH AND IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES
HERE TO AS FOLLOWS:-

1.    NATURE OF LICENSE:

      Based on the declaration and assurances (mentioned in the recitals), given
      by the LICENSEE to the LICENSOR, the LICENSOR hereby agree to give to the
      LICENSEE and the LICENSEE agree to take from the LICENSOR, the licensed
      premises as the LICENSEE, on restricted and limited permission basis, on
      LEAVE AND LICENSE basis for the purpose of operating an office for its
      business purpose. And the LICENSEE agree that the LICENSOR have agreed to
      grant to the LICENSEE, the license, to use the licensed premise on
      restricted and limited permission basis, on LEAVE AND LICENSE basis
      (without in any way creating tenancy/lease/sub tenancy/right/title/
      interest and/or any other relation, except what is mentioned herein)
      subject to the terms and conditions as herein mentioned.

2.    THE LICENSED PREMISES:

      The Premises bearing no. B-101 TO B-104 totally admeasuring 33,125 SQ. FT.
      BUILT UP AREA, situated on the FIRST FLOOR of the Building known as
      "DELPHI" in

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      the "B" WING, situate and lying on C.F.S. NUMBER 12/1-12/4, SECTOR III of
      VILLAGE POWAI in the Registration District of Mumbai suburban lying being
      at Hiranandani Business Park, Powai, Mumbai - 400 076 (which area is
      identified and shown in red colour boundary line in the plan there of
      attached here with as ANNEXURE "A") together with THIRTY-FIVE (35) number
      of car parking, minimum 5 nos of bus parking and more particularly shown
      in the plan thereof attached herewith and marked in red colour in ANNEXURE
      "B". Incase if the LICENSEE requires any additional car park/s, same will
      be at the cost of Rs.500/- per car parking per month, subject to
      availability and at such a space as allocated by the LICENSOR.

3.    THE LICENSED PERIOD:

The duration of the License cum limited and restricted permission shall be 33
(THIRTY THREE) MONTHS, commencing from the 13TH DAY OF AUGUST 2004, and shall
end on the close of the business hours on the 12th May 2007. The said entire
license period of 33 (thirty-three) months shall be lock-in-period, during which
neither of the parties hereto shall be entitled to terminate this Agreement,
except what is provided herein. The LICENSOR shall give the LICENSEE the
possession of the said licensed premises on the 13TH DAY OF MAY, 2004 (after due
completion of All structure and Masonry works, Internal GVP plastering excluding
toilet areas and , Brick bat flooring, Double glazed Aluminum windows and
temporary Power and temporary Water connection at floor.) for the purposes of
installation of the furniture, fixtures, fittings and other appliances of the
LICENSEE and the Licensor shall not charge the licensee for the period
commencing from 13TH MAY, 2004 till 12th Aug, 2004.

4.    LOCK IN PERIOD:

      The said entire license period shall be lock-in-period and that during the
      Lock-in-period neither party shall have right to terminate and/or cancel
      this agreement except as herein provided.

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5.    THE LICENSE FEE:

      During the Licensed period, the LICENSEE shall pay to the LICENSOR, a
      monthly LICENSE FEE, amounting to RS.10,26,875/- (Rupees Ten Lacs Twenty
      Six Thousand Eight Hundred Seventy Five Only)@ Rs.31 per sq.ft The said
      monthly License Fee shall be paid by the LICENSEE to the LICENSOR, on
      monthly advance basis and shall become due on the 1st day of each English
      calendar month in advance. However, the same can be paid within a grace
      period of 10 Days in each English calendar month. In the event of the
      LICENSEE committing any delay or default (for any reason what so ever)
      in the payment of the License Fees and/ or any other amounts, as mentioned
      herein then and in that event, without prejudice to the other rights
      available to the LICENSOR (under the provisions of this agreement and /or
      under the Law and/or in Equity) the LICENSEE shall be liable to pay to the
      LICENSOR and the LICENSOR shall be entitled to receive from the LICENSEE,
      an interest at the rate of eighteen (18) per cent per annum, to be
      calculated from the due date of such payment up to the date of full
      realization, together with the due interest thereon.

6.    INTEREST FREE SECURITY DEPOSIT:

      As and by way of assurance to the LICENSOR, for the due and proper
      performance of all its obligations (whether mentioned herein and/or not)
      including the vacating of the Licensed Premises, on the expiry of this
      Leave and License Agreement, (in addition to the payment of the License
      Fee and all other amounts as mentioned herein and as may be intimated
      hereafter which shall be paid only if approved by the Licensee) the
      LICENSEE has, at the time of taking physical possession of said property
      will deposit with the LICENSOR, a refundable non-interest bearing SECURITY
      DEPOSIT amounting to RS.1,23,22,500/- (Rupees One Crore

                                                                     Page 5 of 5

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      Twenty Three Lacs Twenty Two Thousand Five Hundred only). And the LICENSEE
      has agreed with the LICENSOR, to maintain during the term of this Leave
      and License Agreement, such minimum amount as a refundable non-interest
      bearing Security Deposit. The LICENSEE has agreed that such refundable
      non-interest bearing Security Deposit shall be retained by the LICENSOR
      till the time this agreement is valid/till the end of the licensed period.
      The Licensor and Licensee shall mutually decide the amounts, if any,
      payable to the Licensor in case there is a default on the part of licensee
      or if any amount is due to the Licensor and the Licensee shall pay the
      said mutually decided amount by cheque. And the balance of the said
      refundable interest free security deposit, (after adjustment towards
      unpaid monthly License Fee and/or breakages and/or damages and/or losses
      and/or repairs re painting and/or any other amounts what so ever due to
      the LICENSOR AND/OR THIRD PARTY, including provision for estimated
      outstanding telephone bills, internet facility, electricity charges, cable
      television wiring installation losses, costs expenses and the likes as may
      be mutually decided by both the parties to this agreement) will be
      refunded by the LICENSOR to the LICENSEE, simultaneously against the
      LICENSEE handing over the vacant charge of the licensed premises back to
      the LICENSOR, in the same state and condition, reasonable wear and tear
      excepted, in which it is on a reasonable basis, at the commencement of the
      license permission. The Licensee shall not be required to vacate the
      licensed premises till cheque paid towards the refund of security deposit
      is cleared.

7.    THE LICENSOR'S ASSURANCES: -

      a.    The LICENSOR declares that their possession, rights title and
            ownership in respect of the licensed premise is clear and free from
            all kinds of claims, right, encumbrances of any nature what so ever.

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            The LICENSOR is free to deal with the licensed premises in such
            manner as they may in their own discretion deem fit and proper
            including enter in to this agreement with the LICENSEE as herein
            contemplated with out consent and/or confirmation from any one else.

      b.    The LICENSOR declare that they have paid all rates, taxes, cesses,
            duties, assessments and other outgoing payable, in respect of the
            said Licensed Premises, to any Government or other Authorities,
            till the date of the execution of this Agreement.

      c.    The Licensor further agrees to indemnify the Licensee against any
            claims/damages/penalties, if any, incurred by the Licensee from any
            government/statutory authorities or any third parties.

      d.    THE LICENSOR COVENANTS with the Licensee to permit the Licensee to
            peaceably and quietly hold and enjoy the Premises without any lawful
            interruption or disturbance from or by the Licensor or any person.

8.    THE LICENSEE'S ASSURANCES:

      a.    That it has seen and approved the Licensed premise and that it is
            satisfied about the license fee, monetary obligations and all other
            obligations taken over by it under the terms and conditions of this
            Agreement. The LICENSEE is aware about the implication and intent of
            all the terms and conditions of this agreement.

      b.    That it will not in any way damage the R C C walls including
            internal brick work, exterior, Facade, windows, partition walls,
            ceiling and all other part/s of the Licensed Premise and shall keep
            the same

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            in good order and condition on a resonable basis as it is at the
            date of commencement hereof.

      c.    That during the License period, it will not store or allow to be
            stored in the Licensed Premises, any combustible, dangerous or
            hazardous material that may imperil the safety of the building or
            may increase the premium of insurance of the building or render void
            the insurance and/or which may be of nuisance and/or cause annoyance
            to the Licensed premises and/or the LICENSOR and/or the other
            occupants in the locality building.

      d.    Not to do, omit to do or permit to be done anything in the Licensed
            Premises any acts or activities which are obnoxious, anti-social,
            illegal, or prejudicial to the norms of decency and/or etiquette
            and/or illegal and/or which may be or become a nuisance to the
            Licensor or other occupants of the said building.

      e.    To perform and strictly observe all the rules, regulations and bye
            laws applicable to the Building as also the provisions of this
            Agreement and not to do and/or omit to do any act, deed, matter or
            thing as would constitute a breach of the rules regulations and
            bye-laws applicable to the said building in which the Licensed
            premised is situated.

      f.    The LICENSEE agrees that notwithstanding this License, the licensee
            does hereby agree and confirm that the exclusive and juridical
            possession of the licensed premises shall always remain with the
            LICENSOR.

      g.    Not to put any claim of tenancy or any other right or title or
            interest into or in respect of the Licensed Premises or any part or
            portion thereof and this

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            Agreement shall not be construed to create any such right whatsoever
            in favour of the LICENSEE save and except the mere restricted
            permission to use the Licensed Premises as License during the
            validity of the License and such License shall automatically come to
            an end on the expiry of this Leave and License Agreement (whether on
            termination and/or on sooner determination).

      h.    To vacate the Licensed Premises after removing all its belongings,
            on the expiry of the License period and/or on sooner determination
            and to restore the Licensed Premise to state and condition as
            reasonably as possible in which it is at the date hereof,
            reasonable wear and tear excepted.

      i.    To allow and permit the LICENSOR and/or its authorized
            representatives shall be entitled, at all reasonable times, to enter
            the Licensed Premises after giving reasonable notice of minimum
            forty eight hours, to view and/or make physical verification of the
            condition thereof and to direct the LICENSEE to set right any
            wrongful use, damage, repairs, etc.

      j.    Not to claim any protection or any other right under the provisions
            of The Maharashtra Rent Control Act, 1999, (and/or any other
            statutory enactment there to and or any other acts, ruling,
            judgments and/or etc.), as it is the intention of both the Parties
            to this Agreement that this License is only a permissible personal
            license given by the LICENSOR to the LICENSEE for the use of the
            Licensed Premises for the office purpose during the subsistence of
            this Agreement.

      k.    The LICENSEE further covenants with the LICENSOR that in the event
            of the LICENSEE going into liquidation (whether voluntary or

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            otherwise) then this Leave and License Agreement will automatically
            stand terminated and the LICENSEE shall be liable to pay to the
            LICENSOR, the License Fee and all other amounts payable by the
            LICENSEE in respect of the unexpired period of the License as
            mentioned in this Leave and License Agreement.

9.    TERMINATION/SOONER DETERMINATION:-

      (a)   The LICENSOR and the LICENSEE declare and confirm that the entire
            licensed period of this agreement shall be the Lock in period and
            further that during such period neither party is allowed to
            terminate this agreement except as, provided herein. (b) On
            completion of the License period, the LICENSEE shall handover the
            vacant charge of the licensed premise to the LICENSOR, in the same
            state and condition as it is at the commencement hereof, reasonable
            wear and tear excepted.(c)The LICENSEE shall hand over the vacant
            charge of the Licensed Premises (as mentioned in CLAUSE 9(b) above)
            to the LICENSOR simultaneously against the LICENSOR refunding the
            Security Deposit . The Licensee shall pay separate amount by cheque
            towards any dues outstanding. The outstanding dues may be amounts
            towards the pending Licensee fee, all other amounts payable by the
            LICENSEE to the LICENSOR as also such amounts payable by the
            LICENSEE to the third parties including the estimated/pending
            amounts towards the Telephone charges, the electricity charges cable
            charges, gas charges and such other amounts payable not included in
            License fee towards amenities and facilities use and enjoyed by the
            LICENSEE during the licensed period.

d.    In case if the LICENSEE is ready and willing to hand over the charge of
      the Licensed premises on the agreed

                                                                   Page 10 of 10

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      date but the LICENSOR is unable to repay the balance of the interest free
      Security Deposit, then the LICENSEE shall enjoy the Licensed premises till
      the date the LICENSOR refunds the balance of the interest free Security
      Deposits with out any obligation to pay the License Fee and the Licensor
      shall also be liable to pay Rs. 20000/- (Rs.Twenty thousands only)) for
      per day for each day delay of refund of security deposit.

e     In case if on the agreed date the LICENSOR is ready and willing to refund
      the balance of the interest free Security Deposits to the LICENSEE but the
      LICENSEE is unable to vacate the Licensed premises, then the LICENSOR
      shall (with out prejudice to their rights under the Law and under the
      provisions of this Agreement, be entitled to recover from the LICENSEE as
      and by way of compensation, over and above the agreed Licensed fees, Rs.
      20000/- (Rupees Twenty thousand only) per day for each day of delay till
      the vacating the premises.

f     The LICENSEE shall be liable to reimburse and pay to the LICENSOR such
      amounts as may be determined by the Architect who shall be appointed
      jointly by both the parties of the LICENSOR for any damage, losses,
      breakages replacements, painting etc., caused to the said Licensed
      Premises either during the Leave and License Period or at any time after
      the LICENSEE vacating the said Licensed Premises and the quantum of such
      damages as determined by the Architect shall be final and binding upon
      the Parties hereto. And the LICENSEE shall within 10 (ten) days of the
      Architect quantifying the damage and receipt of the report thereof, pay
      over the damages to the LICENSOR. In respect of any delay caused by the
      LICENSEE in making the payment as stipulated herein, the LICENSEE shall be
      liable to pay to the LICENSOR an interest at the rate of eighteen (18) per
      cent per annum from the date on which such payment becomes due till the
      date of full realization thereof by the LICENSOR together with the due
      interest due there on.

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10.   MAINTENANCE AND PROPERTY TAXES:

      The LICENSOR shall be liable to bear and pay all present and future
      Municipal Taxes in respect of the Licensed Premises. The LICENSEE shall,
      at its own costs and expenses, insure its furniture, fixtures, fittings,
      articles, chattels, etc. against loss or damage by fire and other usual
      risks. The LICENSEE alone shall be responsible to pay at actuals, the
      present and future general maintenance charges in respect of the said
      licensed premises. And the LICENSEE do here by indemnify and shall always
      keep indemnified the LICENSOR of from and against all damages claims
      charges costs and expenses that the LICENSOR and/ or the licensed premises
      is made liable for by any authorities due to non payment, delayed payment
      dispute and/or for any other liabilities that may arise by any reason/s
      what so ever. However the estimated present outgoing in respect of the
      Licensed Premises is Rs.1.50 per square feet of the built up area per
      month, i.e. RS.49,688/- (Rupees Forty Nine Thousand Six Hundred Eighty
      Eight Only) as estimated subject to actual amounts. And the LICENSEE shall
      pay such estimated amount for every month in advance on the 1st Day of
      each month with a grace period of 10 days. After every 6 months, the
      actual amount will be ascertained and the LICENSEE shall pay the
      adjustment amount to the LICENSOR.

11.   (ASSIGNMENT)

      During the validity of this agreement, the LICENSOR is and shall always be
      entitled to sell, transfer and assign the Licensed Premises to any
      Institution, Body Corporate or any other party as the LICENSOR may in
      their absolute discretion deem fit and proper. In such an event, the
      LICENSOR shall inform the LICENSEE by giving to the LICENSEE a Notice in
      writing of such a

                                                                   Page 12 of 12

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      development and the new Owner/LICENSOR shall confirm this Leave and
      License Agreement in its entirety. Likewise, the LICENSOR is and shall
      always be entitled to discount the benefit of this Leave and License
      Agreement with any Institution, Body Corporate or any other Party as the
      LICENSOR may in its sole and absolute discretion deem fit and proper. The
      Licensor however expressly undertakes that the Licensee shall not be
      prejudiced in any manner whatsoever by such assignment/transfer in future
      by the Licensor.

12.   LEGAL EXPENSES

      The LICENSEE does hereby confirm that all payments under the provisions of
      the Bombay Stamp Act and the Indian Registration Act, like the Stamp Duty
      and Registration Charges etc. payable in respect of this transaction
      including this Agreement and all other documents which may be executed in
      pursuance of this transaction shall be borne and paid by the LICENSEE
      alone and the LICENSOR shall not be liable or responsible for the same in
      any manner what so ever. Each party shall bear and pay the costs of its
      respective Advocates and Solicitors.

13.   NOTICE:

      Any Notice herein may be given if sent by hand delivery and written
      acknowledgment obtained thereof or by Registered A.D. at the addresses of
      the parties set forth below:

      A.    To the LICENSOR

             a. Address    :    514, Dalamal Towers, Nariman
                                Point, Mumbai - 400 021.

             b. Telephone  :    91-22-22876060/61

             c. Facsimile  :    91-22-22832010

             d. Attention  :    PARTNERS OF LAKE VIEW
                                DEVELOPERS

                                                                   Page 13 of 13

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      B.    To the LICENSEE

            a. Address    :    Unit No.112, SDF IV,
                               Seepz, Andheri - East,
                               MUMBAI - 400 096.

            b. Telephone  :    91-22-28290270/0271

            c. Facsimile  :    91-22-28291179

            c. Attention  :    DIRECTORS OF SYNTEL SOURCING
                               PVT. LTD

14.   DEFAULT:

      In case if the LICENSEE or LICENSOR makes default and/or delays in
      punctuality in complying with the performance/s obligation/s performance/s
      as mentioned herein, then the other party ( i.e. non-defaulting party
      LICENSOR shall get the same performed AND all obligations including
      financial commitment/s made by the LICENSOR/ LICENSEE shall be deemed have
      been made by the LICENSOR/LICENSEE and same shall be honored and complied
      by the LICENSOR/LICENSEE and same shall be at the costs charges risks and
      consequences of the defaulting party.

15.   GENERAL:

      The LICENSEE also agree that it will neither transfer nor assign nor
      permit any other person/s to enter the Licensed premises nor allow any one
      else to enter the licensed premises for any reason/s what so ever. The
      permission hereby given is personal to the LICENSEE and the permission
      hereby given is non transferable in any manner what so ever.

16.   ARBITRATION:

      Any dispute, difference or question which may arise at any time hereafter
      between the parties hereto touching the true construction of this
      Agreement of the rights and liabilities of the parties hereto, shall be
      referred to the sole arbitration of a single arbitrator mutually agreed

                                                                   Page 14 of 14

<PAGE>

      upon by and between the parties hereto, in accordance with The Arbitration
      And Conciliation Act, 1996. The decision of the sole Arbitrator shall be
      final and binding on the parties to this Agreement. The arbitration
      proceedings shall be held in Mumbai.

17.   FORCE MAJEURE

      Any time during the subsistence of this agreement the said Licensed
      premises shall be destroyed or damaged by fire, flood, war, riot,
      earthquake, irresistible force or any other cause beyond human control so
      as to render the said licensed premises unfit for use and occupation, then
      the Licensors shall return to the Licensee the security deposit forthwith
      and Licensee shall be relieved of any obligation to pay for such destroyed
      or damaged premises.

18.   The Licensor here by agrees and undertakes to provide.

                  (i)   Sanctioned power load of minimum 550 KVA, terminated
                        into electrical room, in case it increases, it will be
                        in the scope of Licensor to provide for the same.

                  (ii)  Underground and overhead tanks for fire fighting purpose
                        with two wet risers i.e one for hose reel and another
                        for sprinkler system.

                  (iii) Space for DG sets and outdoor HVAC units will be
                        provided free of cost.

                  (iv)  Occupancy Certificate & Fire NOC by 31st July, 04

                  (v)   Lift Lobby of first floor by 31st July, 2004.The main
                        entrance lobby by 15th August 2004 shall be reasonably
                        complete.

(The Licensor agrees, that in case of any delay in providing the facilities as
specified above, the rent free period will be 12th Aug, 04 or the date on which
all these facilities completed, whichever is later).

19.   The Licensor also agrees to provide adjoining terrace area without any
      extra fee along with the licensed premises to Licensee for use subject to
      the due and proper observance and compliance of the rules and regulations
      of the Municipal Corporation of Greater Mumbai (M.C.G.M)

                                                                   Page 15 of 15

<PAGE>

INWITNESS WHEREOF THE PARTIES HERETO HAVE HEREUNTO SET AND SUBSCRIBED THEIR
RESPECTIVE HAND AND SEAL THE DAY AND YEAR FIRST HEREINABOVE WRITTEN.

SIGNED, SEALED AND DELIVERED BY       )
THE WITHINNAMED THE LICENSOR          )
LAKE VIEW DEVELOPERS                  )
BY HAND OF                            )

/s/ MRS. KAMAL HIRANANDANI            )
--------------------------------------
IN THE PRESENCE OF                    )
/s/ [ILLEGIBLE]                       )
--------------------------------------

SIGNED, SEALED AND DELIVERED BY       )
THE WITHINNAMED THE LICENSEE          )
M/S.SYNTEL SOURCING PVT. LIMITED      )
BY THE HAND OF                        )

/s/ MR. YATIN KAMAT                   )
--------------------------------------
IN THE PRESENCE OF                    )
                                      )
--------------------------------------

                                                                   Page 16 of 16

<PAGE>

                                  ANNEXURE "A"

                                  [FLOOR PLAN]

<PAGE>

                                  ANNEXURE "B"

                                  [FLOOR PLAN]

<PAGE>

                                  ANNEXURE "B"

                                  [FLOOR PLAN]

<PAGE>

[SYNTEL LOGO]

      CERTIFIED TRUE COPY OF THE RESOLUTION PASSED AT THE MEETING OF THE BOARD
      OF DIRECTORS OF SYNTEL SOURCING PRIVATE LIMITED HELD ON FEBRUARY 11TH,
      2004.

      "RESOLVED that Mr. Keshav Murugesh and/or Mr. Yatin Kamat be and are
      hereby appointed as the Authorized Signatories to sign all papers,
      documents, applications, contracts, undertakings and similar documents and
      do all such other acts, deeds and things incidental thereto, to be
      submited to various government and statutory authorities, on behalf of the
      company.

      CERTIFIED TRUE COPY.

      For Syntel Sourcing Private Limited.

      /s/ Bharat Desai
      -------------------
      Bharat Desai
      Chairman

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