Document:

ex10-3.htm

    

    Exhibit
      10.3

    

    SHARE
      PURCHASE AGREEMENT

    

    AMONG

    

    INDIA
      GLOBALIZATION CAPITAL, INC.

    

    AND

    

    ODEON
      LIMITED

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    SHARE
      PURCHASE AGREEMENT

    

    THIS
      SHARE PURCHASE AGREEMENT (this “Agreement”) is made as on this
      [●] day of [●] 2007 BETWEEN:

    

    INDIA
      GLOBALIZATION CAPITAL, INC. a company organised under the laws of the
      State of Maryland and having its office address at 4336
      Montgomery Avenue Bethesda, MD 20814 (hereinafter referred to as
“Purchaser”, which expression shall, unless it be repugnant to
      the context or meaning thereof, be deemed to mean and include its successors
      and
      assigns) of the FIRST PART;

    

    AND

    

    ODEON
      LIMITED, a company duly organised under the laws of Mauritius having
      its registered office at 3rd Floor,
      TM
      Building, Pope Hennessy Street, Port Louis, Republic of Mauritius and having
      its
      correspondence address at 180B, Bencoolen, Singapore 189648 (hereinafter
      referred to as "Seller" which expression shall, unless
      repugnant to the context or meaning thereof, be deemed to mean and include
      its
      successors) of the SECOND PART.

    

    WHEREAS:

    

    
      	
              A.  

            	
              The
                Seller is the owner of Five Million (5,000,000) convertible preference
                shares of the face value of INR 10 each with the terms and conditions
                as
                listed in Schedule 1 hereto (the
                “Shares”) in Techni Bharathi Limited, a public limited
                company organised and existing under the laws of India with its registered
                office and principle place of business at By pass road, Edappally,
                Kochi –
                682 024, India
                (“Company”).

            

    

    

    
      	
              B.  

            	
              The
                Seller has agreed to sell the Shares to the Purchaser and the Purchaser
                has agreed to purchase the Shares from the Seller in accordance with
                the
                provisions of this Agreement.

            

    

    

    NOW
      THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES CONTAINED
      HEREIN AND OTHER GOOD AND VALUABLE CONSIDERATION THE ADEQUACY OF WHICH IS HEREBY
      ACKNOWLEDGED, IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES HERETO AND THIS
      AGREEMENT WITNESSETH AS UNDER:

    

    
      	
              1.  

            	
              DEFINITIONS
                AND INTERPRETATION

            

    

    

    
      	
              1.1  

            	
              Definitions

            

    

    

    In
      this
      Agreement, except to the extent that the context requires otherwise the
      following terms shall have the meanings set forth below, such meanings to be
      applicable to both the singular and the plural forms of such terms:

    

    
      	
              (a)  

            	
              ‘Affiliate’
                means when used in respect of a specified legal person,
                each
                legal person that directly or indirectly through one or more
                intermediaries, controls or is controlled by, or is under common
                control
                with the person specified. In this definition “control” (and its
                derivatives) means both (i) holding beneficially more than fifty
                per cent
                (50%) of equity interests and (ii) the ability to cast more than
                fifty
                (50%)per cent of the voting rights attaching to voting
                securities.

            

    

    

    
      	
              (b)  

            	
              'Agreement'
                shall mean this Share Purchase Agreement, as from time to time amended,
                supplemented or replaced or otherwise modified and any document which
                amends, supplements, replaces or otherwise modifies this Agreement,
                together with the recitals and all the Schedules attached
                hereto.

            

    

    

    
      	
              (c)  

            	
              “Applicable
                Law” shall mean all applicable laws, statutes, ordinances,
                regulations, rules, orders, bye laws, administrative interpretation,
                writ,
                injunction, directive, protocols, codes, policies, notices, directions,
                judgment or decree or other instrument or other requirements of any
                Governmental Authority in any relevant jurisdiction applicable to
                any
                Party from time to time.

            

    

    

    
      	
              (d)  

            	
              ‘Articles’
                means Articles of Association of the
                Company.

            

    

    

    
      	
              (e)  

            	
              ‘Board’
                means Board of Directors of the
                Company.

            

    

    

    
      	
              (f)  

            	
              ‘Claim’
                includes any notice, demand, assessment, letter or other document
                issued
                or action taken by any tax, fiscal or other statutory or governmental
                authority, body or official whatsoever (whether of India or elsewhere
                in
                the world) whereby the Company is or may be placed or sought to be
                placed
                under a liability to make a payment or deprived of any relief, allowance,
                credit or repayment otherwise
                available.

            

    

    

    
      	
              (g)  

            	
              'Completion'
                shall mean completion of the events specified in
                Clause4.1 below and the Purchaser being
                registered as a member in respect of the Shares in the register of
                members
                of Company.

            

    

    

    
      	
              (h)  

            	
              ‘Completion
                Date' shall mean date mentioned in
                Clause4.1
                hereof.

            

    

    

    
      	
              (i)  

            	
              'Conditions
                Precedent' shall mean the conditions precedent mentioned in
                Clause 3 of this
                Agreement.

            

    

    

    
      	
              (j)  

            	
              “CPS”
                means 6% compulsorily convertible preference shares of the
                Company agreed to be subscribed by the Purchaser in terms of the
                Share
                Subscription Agreement.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	
              (k)  

            	
              'Encumbrances'
                means any encumbrance, lien, charge, security interest, mortgage,
                pledge,
                easement, conditional sale or other title retention or non-disposal
                agreement or other restriction of a similar kind, and all other easements,
                encroachments and title defects of every type and nature, or any
                conditional sale contract, title, retention contract, or other contract
                to
                give or to refrain from giving any of the
                foregoing.

            

    

    

    
      	
              (l)  

            	
              ‘INR’
                means the lawful currency of India.

            

    

    

    
      	
              (m)  

            	
              “Investor
                Shares” means 7,150,000 equity shares of the Company agreed to be
                subscribed by the Purchaser in terms of the Share Subscription
                Agreement.

            

    

    

    
      	
              (n)  

            	
              'Party'
                shall mean the Seller and the Purchaser referred to individually
                and
                'Parties' shall mean the Seller and the Purchaser
                referred to collectively.

            

    

    

    
      	
              (o)  

            	
              ‘Purchase
                Price’ means an aggregate amount of USD 2 million to be paid by
                the Purchaser to the Seller for acquiring
                Shares.

            

    

    

    
      	
              (p)  

            	
              'Person'
                shall include an individual, an association, a corporation, a partnership,
                a joint venture, a trust, an unincorporated organisation, a joint
                stock
                company or other entity or organisation, including a government or
                political subdivision, or an agency or instrumentality thereof and/or
                any
                other legal entity.

            

    

    

    
      	
              (q)  

            	
              “Promoters”
                shall have the meaning ascribed to the term in the Share
                Subscription Agreement.

            

    

    

    
      	
              (r)  

            	
              Representations and Warranties means
                the representations and warranties of the Seller as set out in Recital
                A
                and clauses 5.1.1 to 5.1.5 (both
                inclusive).

            

    

    

    
      	
              (s)  

            	
              “Share
                Subscription Agreement” means the agreement to be executed
                between the Purchaser, the Company and the
                Promoters.

            

    

    

    
      	
              1.2  

            	
              Interpretation

            

    

    

    
      	
              1.2.1  

            	
              The
                terms referred to in this Agreement shall, unless defined otherwise
                or
                inconsistent with the context or meaning thereof, bear the meaning
                ascribed to it under the relevant
                statute/legislation.

            

    

    

    
      	
              1.2.2  

            	
              All
                references in this Agreement to statutory provisions shall be construed
                as
                meaning and including references
                to:

            

    

    

    
      	
               

            	
              (a)

            	
              Any
                statutory modification, consolidation or re-enactment (whether before
                or
                after the date of this Agreement) for the time being in
                force;

            

    

    

    
      	
               

            	
              (b)

            	
              All
                statutory instruments or orders made pursuant to a statutory provision;
                and

            

    

    

    
      	
               

            	
              (c)

            	
              any
                statutory provisions of which these statutory provisions are a
                consolidation, re-enactment or
                modification.

            

    

    

    
      	
              1.2.3  

            	
              Words
                denoting the singular shall include the plural and words denoting
                any
                gender shall include all genders.

            

    

    

    
      	
              1.2.4  

            	
              Headings
                to clauses, sub-clauses and paragraphs are for information only and
                shall
                not form part of the operative provisions of this Agreement or the
                Schedules and shall be ignored in construing the
                same.

            

    

    

    
      	
              1.2.5  

            	
              References
                to recitals, clauses or schedules are, unless the context otherwise
                requires, are references to recitals, to clauses of or schedules
                to this
                Agreement.

            

    

    

    
      	
              1.2.6  

            	
              Reference
                to days, months and years are to Gregorian days, months and calendar
                years
                respectively.

            

    

    

    
      	
              1.2.7  

            	
              Any
                reference to the words “hereof,” “herein”, “hereto” and “hereunder” and
                words of similar import when used in this Agreement shall refer to
                clauses
                or annexures of this Agreement as specified
                therein.

            

    

    

    
      	
              1.2.8  

            	
              Any
                expression importing a natural person includes any company, trust,
                partnership, joint venture, association, body corporate or governmental
                agency.

            

    

    

    
      	
              1.2.9  

            	
              Where
                a word or phrase is given a defined meaning, another part of speech
                or
                other grammatical form in respect of that word or phrase has a
                corresponding meaning.

            

    

    

    
      	
              1.2.10  

            	
              Reference
                to “Purchaser”, unless repugnant to the context shall for the purpose of
                this Agreement, mean and include the Affiliates of the
                Purchaser.

            

    

    

       
      1.2.11  The words “include” and “including” shall be construed without
      limitation.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	
              2.  

            	
              PURCHASE
                AND SALE OF SHARES

            

    

    

    
      	
              2.1  

            	
              Subject
                to the terms and conditions hereof, on the Completion Date the Seller
                shall sell, assign, transfer, convey and deliver to the Purchaser
                the
                ownership and possession of the Shares, free and clear of all Encumbrances
                and restrictions of any kind, with all rights attached or accruing
                thereto
                (including without limitation, accrued dividends if any) and the
                Purchaser
                shall purchase the Shares from the Seller for the Purchase
                Price.

            

    

    

    
      	
              3.  

            	
              CONDITIONS
                PRECEDENT

            

    

    

    
      	
              3.1  

            	
              The
                Parties agree that the obligation of the Purchaser to purchase the
                Shares
                in the manner provided herein, is conditional upon (i) the Purchaser
                subscribing to the Investor Shares and the CPS; and (ii) only if
                all the
                Representations and Warranties continue to be true and correct on
                the
                Completion Date.

            

    

    

    
      	
              3.2  

            	
              Upon
                fulfilment of the Conditions Precedent, the Purchaser shall notify
                the
                Seller of the same in writing.

            

    

    

    
      	
              4.  

            	
              COMPLETION

            

    

    

    
      	
              4.1  

            	
              Upon
                fulfilment of all the Conditions Precedent to the satisfaction of
                the
                Purchaser or if specifically waived in writing by the Purchaser,
                the
                Parties shall proceed to complete the sale of the Shares to the Purchaser
                (‘Completion’) in the manner provided in this Clause.
                Such Completion shall take place on a date set by the Purchaser (the
                ‘Completion Date’), which date shall not be later than 15
                days from the fulfilment of all the Conditions Precedent to the
                satisfaction of the Purchaser. Such Completion Date shall however
                in no
                event be later than January 31, 2008 unless extended upon mutual
                agreement
                between the Parties.

            

    

    

    
      	
              4.2  

            	
              The
                Completion shall take place at Economic Laws Practice, 1502, Dalamal
                Towers, Nariman Point, Mumbai – 400021 or such other place as may be
                mutually agreed upon by the
                Parties.

            

    

     

    
      	
              4.3  

            	
              On
                the Completion Date, the Seller shall deliver or cause to be delivered
                to
                the Purchaser:

            

    

     

    
      	
               

            	
              a)

            	
              written
                confirmation from the Seller that as at the Completion Date  the
                Representations and Warranties are true, accurate and complete and
                that it
                is not aware of any matter or thing which is in breach of or inconsistent
                with any of the Representations and
                Warranties;

            

    

     

    
      	
               

            	
              b)

            	
              duly
                signed share transfer forms and the original share certificates respecting
                the Shares.

            

    

     

    
      	
              4.4  

            	
              On
                the Completion Date, a meeting of the Board shall be held at which,
                the
                Board shall pass resolutions approving the transfer of the Shares
                held by
                the Seller to the Purchaser, endorse share certificates in the name
                of the
                Purchaser and deliver the share certificates to the Purchaser and
                record
                such transfer in the register of members maintained by the Company
                and
                incorporate the name of the Purchaser as the legal and beneficial
                owner of
                the Shares in the register of members of the
                Company.

            

    

     

    
      	
              4.5  

            	
              On
                the Completion Date the Purchaser shall pay to the Seller the Purchase
                Price by way of telegraphic
                transfer.

            

    

    

    
      	
              4.6  

            	
              The
                Parties to this Agreement agree to take all measures that may be
                required
                to ensure to the extent possible, that all the events contemplated
                in
                Clause 4 above on the Completion Date are completed on
                the same day1.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    5.           REPRESENTATIONS
      AND WARRANTIES

     

    
      	
              5.1

            	
              True
                and Accurate:  The Seller represents, warrants and
                undertakes to the Purchaser, that each of the statements set out
                in this
                Clause hereunder, as applicable to the Seller, is now and will be
                true and
                accurate at the Completion Date. The Seller acknowledges that the
                Purchaser, in entering into this Agreement, is relying on such
                representations, warranties and undertakings and shall be entitled
                to
                treat the same as conditions of the
                Agreement. 

            

    

     

    
      	
              5.1.1

            	
              Ownership
                of Shares: The Seller is the sole recorded and beneficial owner of
                Shares.

            

    

    

    
      	
              5.1.2

            	
              No
                liens or Encumbrances: The Seller has good and marketable title to the
                Shares, free and clear of all
                Encumbrances.

            

    

    

    
      	
              5.1.3

            	
              Right
                to transfer Shares: The Seller has full capacity, right, power and
                authority to enter into this Agreement and to consummate the transactions
                contemplated hereby and thereby to transfer and deliver the Shares
                to the
                Purchaser, in the manner provided in this Agreement, the Purchaser
                will
                receive good and marketable title to the Shares, free and clear of
                all
                Encumbrances.

            

    

    

    
      	
              5.1.4

            	
              No
                liability: The Seller has no asserted or unasserted liability or Claim
                whatsoever towards the Company.

            

    

    

    
      	
              5.1.5

            	
              Non-contravention:
                The execution, delivery and performance of this Agreement, the
                consummation by the Seller of the transactions contemplated hereby
                and
                thereby and compliance by the Seller with the provisions hereof or
                thereof
                do not and will not (a) subject to the conditions precedent set out
                herein, require any filing by the Seller with, or the permit,
                authorization, consent or approval of, any court, arbitrator or arbitral
                tribunal, administrative agency or commission or other governmental
                or
                regulatory authority or agency (a “Governmental Entity”), (b) conflict
                with or violate any order, writ, injunction, decree, statute, rule
                or
                regulation applicable to, binding upon or enforceable against the
                Seller,
                (c) constitute a breach of any duty owed by the Seller or any person
                acting in a representative or fiduciary capacity with respect to
                the
                Seller, or (d) result in a violation or breach of, or constitute
                (with or
                without notice or lapse of time or both) a default under or give
                rise to
                any right of termination, amendment, cancellation or
                acceleration.

            

    

     

    
      	
              5.2

            	
              Purchaser
                Representation:The Purchaser hereby represents and warrants that it
                has the corporate power and authority to execute, deliver and perform
                this
                Agreement and the transactions contemplated herein. The execution,
                delivery and performance by the Purchaser of thus Agreement has been
                duly
                authorized and approved by its board of
                directors.

            

    

     

    
      	
              5.3

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

            

    

     

    
      	
              5.4

            	
              Undertaking:  The
                Seller shall not do, allow or procure any act or omission before
                the
                Completion Date which would respectively constitute a breach of any
                of the
                Representations and Warranties if they were given at the Completion
                Date,
                or which would make any of the Representations and Warranties inaccurate
                or misleading if they were so
                given.

            

    

     

    
      	
              5.6

            	
              Notification
                of breach:  The Seller hereby agrees to disclose promptly to
                the Purchaser in writing immediately upon becoming aware of the same,
                any
                matter, event or circumstance (including any omission to act) which
                may
                arise or become known to it after the date of this Agreement which
                would
                render any of the Representations and Warranties to be
                inaccurate.

            

    

     

    
      	
              5.7

            	
              Survival:  The
                Representations and Warranties provided in this Agreement shall survive
                the Completion Date.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    6.           INDEMNITY

    

    
      	
              6.1

            	
              Without
                prejudice to any other right available to the Purchaser in law or
                under
                equity, the Seller shall indemnify, defend and hold harmless the
                Purchaser, their Affiliates, directors, advisors, officers, employees
                and
                agents, from and against any and all liabilities, damages, demands,
                Claims
                (including third party Claims), actions, judgments or causes of action,
                assessments, interest, fines, penalties, and other costs or expenses
                (including, without limitation, amounts paid in settlement, court
                costs
                and all reasonable attorneys' fees and out of pocket expenses)
                (“Losses”) directly based upon, arising out of, or in
                relation to or otherwise in respect of 

               

            

    

    
      	
              i.  

            	
              any
                inaccuracy in or any breach of any Representation and Warranty, covenant
                or agreement of the Seller contained in this Agreement or any document
                or
                other papers delivered by Seller to the Purchaser in connection with
                or
                pursuant to this Agreement;

            

    

    

    
      	
              ii.  

            	
              any
                liability arising out of non compliance of any obligation undertaken
                by
                the Seller.

            

    

    

    
      	
              6.2

            	
              Any
                compensation or indemnity as referred to in Clause 6.1 above shall
                be such
                as to place the Purchaser in the same position as it would have been
                in,
                had there not been any such breach and as if the Representation and
                Warranty under which Purchaser is to be indemnified, had been
                correct.

            

    

    

    7.           NOTICES

    

    
      	
              7.1

            	
              Any
                notice or other communication that may be given by one Party to the
                other
                shall always be in writing and shall be served either by (i) hand
                delivery
                duly acknowledged; or (ii) sent by registered post with acknowledgment
                due; or (iii) by facsimile at the respective addresses set out herein
                below or at such other address as may be subsequently intimated by
                one
                party to the other in writing as set out herein. If the notice is
                sent by
                facsimile, the said notice shall also be sent by registered post
                acknowledgment due.

            

    

    

    The
      Purchaser:  Ram Mukunda

    Address:             At
      the address mentioned above

    Tel:                      +1
      301 529 4996

    Facsimile:            +
      1 240 465 0273

    

    The
      Seller :          Ben Lim
      Choon Kee

    Address:              At
      the address mentioned above

    Tel:                      
      + 65 6334 6330

    Facsimile:             +
      65 6334 7816

    

    
      	
              7.2

            	
              All
                notices shall be deemed to have been validly given on (i) the business
                date immediately after the date of transmission with confirmed answer
                back, if transmitted by facsimile transmission, or (ii) the business
                date
                of receipt, if sent by courier or hand delivery; or (iii) the expiry
                of
                seven days after posting, if sent by registered
                post.

            

    

    

    
      	
              7.3

            	
              Any
                Party may, from time to time, change its address or representative
                for
                receipt of notices provided for in this Agreement by giving to the
                other
                Party not less than 10 days prior written
                notice.

            

    

    

    8.           TERM

    

    This
      Agreement shall come into effect and force and be binding on the Parties from
      the date first written above and shall remain in full force unless terminated
      in
      accordance with the provisions of this Agreement.

    

    9.           CONFIDENTIALITY

    

    The
      Seller shall not disclose the terms, conditions, or contents of this Agreement
      to any third party without the prior written consent of the Purchaser. The
      Seller shall at all times keep strictly confidential all business and trade
      secrets relating to the business activity of the Company, Purchaser, its direct
      and indirect subsidiaries and affiliates, and shall not disclose such secrets
      to
      third parties, either directly or indirectly, nor cause, support, or conceal
      such disclosure by third parties.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    10.          TERMINATION

    

    
      	
              10.1

            	
              Grounds
                for Termination: Save and except the rights and obligations of the
                Parties
                that terminate as provided in the specific clauses in this Agreement,
                this
                Agreement shall continue in full force and effect until terminated
                in
                accordance with the provisions of this
                Clause.

            

    

    

    
      	
              10.2

            	
              This
                Agreement can be terminated at any time prior to the sale of the
                Shares in
                the manner set out in Clause 4 of this Agreement, by mutual written
                agreement of the Parties.

            

    

    

    
      	
              10.3

            	
              This
                Agreement shall stand terminated if the Completion does not take
                place as
                per Clause 4.1.

            

    

    

    
      	
              10.4

            	
              Effect
                of Termination: Termination of this Agreement under Clauses 10.2
                to 10.3
                shall be without liability of any Party (or any shareholder, director,
                officer, agent, employee, consultant or representative of such Party)
                to
                the other Party.

            

    

    

    
      	
              10.5

            	
              The
                provisions of Clause 6 (Indemnity), 7 (Notices), and 9 (Confidentiality)
                shall survive the termination hereof pursuant to Clause
                10.1.

            

    

    

    11.          MISCELLANEOUS
      PROVISIONS

    

    11.1        Reservation
      of Rights

    

    No
      forbearance, indulgence or relaxation or inaction by any Party at any time
      to
      require performance of any of the provisions of this Agreement shall in any
      way
      affect, diminish or prejudice the right of such Party to require performance
      of
      that provision, and any waiver or acquiescence by any Party of any breach of
      any
      of the provisions of this Agreement shall not be construed as a waiver or
      acquiescence of any continuing or succeeding breach of such provisions, a waiver
      of any right under or arising out of this Agreement or acquiescence to or
      recognition of rights other than that expressly stipulated in this
      Agreement.

    

    11.2         Cumulative
      Rights

    

    All
      remedies of either Party under this Agreement whether provided herein or
      conferred by statute, civil law, common law, custom or trade usage, are
      cumulative and not alternative and may be enforced successively or
      concurrently.

    

    11.3         Partial
      Invalidity

    

    If
      any
      provision of this Agreement or the application thereof to any Person or
      circumstance shall be invalid or unenforceable to any extent, the remainder
      of
      this Agreement and the application of such provision to persons or circumstances
      other than those as to which it is held invalid or unenforceable shall not
      be
      affected thereby, and each provision of this Agreement shall be valid and
      enforceable to the fullest extent permitted by law. Any invalid or unenforceable
      provision of this Agreement shall be replaced with a provision, which is valid
      and enforceable and most nearly reflects the original intent of the
      unenforceable provision. Provided however, if said provision is fundamental
      provision of this Agreement or forms part of the consideration or object of
      this
      Agreement, the provision of this Clause shall not apply.

    

    11.4         Amendments

    

    No
      modification or amendment of this Agreement and no waiver of any of the terms
      or
      conditions hereof shall be valid or binding unless made in writing and duly
      executed by all the Parties.

    

    11.5         Assignment

    

    This
      Agreement and the rights and liabilities hereunder shall bind and inure to
      the
      benefit of the respective successors of the Parties hereto, but no Party shall
      assign or transfer any of its rights and liabilities hereunder to any other
      Person without the prior written consent of the other Party, which will not
      be
      unreasonably withheld. Notwithstanding anything stated above, the Purchaser
      shall be entitled to assign its rights and obligations hereunder to any of
      its
      Affiliates or its holding company or ultimate parent company or their
      Affiliates, without the consent of the Seller.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    11.6         Entire
      Agreement

    

    This
      Agreement constitutes the entire Agreement between the Parties with respect
      to
      the sale of the Shares and supersedes and cancels any prior oral or written
      agreement, representation, understanding, arrangement, communication or
      expression of intent relating to the subject matter of this
      Agreement.

    

    11.7         Relationship

    

    None
      of
      the provisions of this Agreement shall be deemed to constitute a partnership
      between the Parties hereto and no Party shall have any authority to bind the
      other Party otherwise than under this Agreement or shall be deemed to be the
      agent of the other in any way.

    

    11.8         Governing
      law

    

    This
      Agreement shall be governed and construed in accordance with the laws of India,
      under the jurisdiction of the relevant competent courts in India , without
      regard to the conflict of laws principles.

    

    11.9         Service
      of Process

    

    The
      Parties agree that any action or proceeding seeking to enforce any provision
      of,
      or based on any right arising out of this Agreement may be brought against
      any
      of the Parties in the courts of Mumbai, India and each of the Parties consent
      to
      the jurisdiction of such courts (and of the appropriate appellant courts) in
      any
      such action or proceeding and waives any objection to the venue laid therein.
      Process in any action or proceeding referred to in the preceding sentence may
      be
      served on any party anywhere in the world.

    

    11.10      
      Costs

    

    Each
      of
      Seller and Purchaser shall pay its own expenses, including attorneys’ fees
      incurred in connection with this Agreement, the transactions contemplated
      hereby, the negotiations leading to this Agreement, and the preparations for
      carrying this Agreement into effect.   Any stamp duty or such
      other charges which may be imposed arising from the transfer of the Shares
      shall
      be borne solely by the Purchaser.

    

    11.11       Severance

    

    Any
      provision of this Agreement which is invalid or unenforceable shall be
      ineffective to the extent of such invalidity or unenforceability, without
      affecting in any way the validity, legality and enforceability of the remaining
      provisions hereof. Should any provision of this Agreement be or become
      ineffective for reasons beyond the control of the Parties, the Parties shall
      use
      reasonable efforts to agree upon a new provision, which shall as nearly as
      possible have the same commercial effect as the inefficient
      provision.

    

    11.12       Public
      announcements

    

    Except
      as
      and to the extent required by Applicable Law, without the prior written consent
      of the other Party, neither Party will, and each will direct its representatives
      not to, make, directly or indirectly, any public comment, statement or
      communication with respect to, or otherwise to disclose or to permit the
      disclosure of the terms of this Agreement. The Purchaser however is required
      by
      the Securities and Exchange Commission (‘SEC’) laws in the
      United States of America to disclose the terms of this Agreement, while filing
      with the SEC, which may result into a press release or press exposure or
      disclosure to the general public.

    

    11.13       Execution
      in Counterparts

    

    This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed an original and all of which, taken together, shall constitute one and
      the same instrument. A facsimile or copy of a signature is valid as an
      original.

    

    11.14       Authorisation

    

    The
      persons signing this Agreement on behalf of the Parties represent and covenant
      that they have the authority to so sign and execute this document on behalf
      of
      the Parties for whom they are signing.

    

    11.15       Time
      of the essence

    

    Any
      date
      or period mentioned in this Agreement may be extended by agreement between
      the
      Parties hereto, failing which, as regards any such date or period, time shall
      be
      the essence of the Agreement.

     

    Execution
      Page
      Follows:

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    

    IN
      WITNESS WHEREOF THE PARTIES HERETO HAVE SET AND SUBSCRIBED THEIR RESPECTIVE
      HANDS TO THESE PRESENTS ON THE DAY, MONTH AND YEAR HEREIN
      WRITTEN:

    

    
      	
              SIGNED
                AND DELIVERED

            	
              )

            
	
              BY
                THE WITHINNAMED " Purchaser "

            	
              )

            
	
              BY
                THE HAND OF MR. RAM MUKUNDA

            	
              )

            
	
              (Authorised
                Signatory)

            	
              )

            
	 	 
	
              ON
                THE       DAY OF SEPTEMBER
                2007

            	
              )

            

    

    

    
      	
              IN
                THE PRESENCE OF:

            	
              )

            
	
              WITNESS:

            	
              )

            
	 	 
	
              NAME
                AND ADDRESS:

            	
              )

            
	 	 
	 	 
	 	 

    

    

    
      	
              SIGNED
                AND DELIVERED

            	
              )

            
	
              BY
                THE WITHINNAMED "Seller"

            	
              )

            
	
              BY
                THE HAND OF MR. BEN LIM CHOON KEE

            	
              )

            
	
              (AUTHORISED
                SIGNATORY) PURSUANT TO THE

            	
              )

            
	
              RESOLUTION
                PASSED BY THE BOARD

            	
              )

            
	
              ON
                THE      DAY OF SEPTEMBER
                2007

            	
              )

            
	 	 
	
              IN
                THE PRESENCE OF:

            	
              )

            
	
              WITNESS:

            	
              )

            
	
              ADDRESS:

            	
              )

            
	 	 
	 	 
	 	 

    

    

    

    

      

    

      
      1
        We believe all the
        activities can take place simultaneously and there is no requirement of an
        escrow agent.ex10-4.htm

    

    Exhibit
      10.4

    

    SHARE
      SUBSCRIPTION CUM PURCHASE AGREEMENT

    

    AMONG

    

    INDIA
      GLOBALIZATION CAPITAL, INC.

    

    AND

    

    SRICON
      INFRASTRUCTURE PRIVATE LIMITED

    

    AND

    

    THE
      PROMOTERS

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    SHARE
      SUBSCRIPTION CUM PURCHASE AGREEMENT

    

    THIS
      SHARE SUBSCRIPTION CUM PURCHASE AGREEMENT (this “Agreement”) is
      made as on this 15th day of September 2007
BETWEEN:

    

    INDIA
      GLOBALIZATION CAPITAL, INC. a company organised under the laws of the
      State of Maryland and having its office address at 4336
      Montgomery Avenue Bethesda, MD 20814 (hereinafter referred to as
“Investor”, which expression shall, unless it be repugnant to
      the context or meaning thereof, be deemed to mean and include its successors
      and
      assigns) of the FIRST PART;

    

    AND

    

    SRICON
      INFRASTRUCTURE PRIVATE LIMITED, a company incorporated under the Indian
      Companies Act, 1956, having its registered office at Sricon House 25, Pragati
      Layout, Rajeev Nagar, Nagpur, India (hereinafter referred to as
      "Company" which expression shall, unless repugnant to the
      context or meaning thereof, be deemed to mean and include its successors) of
      the
SECOND PART;

    

    AND

    

    THE
      PERSONS whose names and addresses are set out in Schedule
      1 hereto (hereinafter referred to as "Promoters",
      which expression shall, unless repugnant to the context or meaning thereof,
      be
      deemed to mean and include their heirs, legal representatives, executors, and
      administrators) of the THIRDPART.

    

    WHEREAS:

    

    
      	
              A.  

            	
              The
                Company is inter alia engaged in the business of infrastructure
                development specialising in construction of
                roads (the
                “Business”);

            

    

    

    
      	
              B.  

            	
              The
                Investor is currently engaged in making investments in India especially
                in
                sectors such as power, infrastructure, etc. and wishes to make a
                foray
                into the Business;

            

    

    

    
      	
              C.  

            	
              The
                Company has, at the date of this Agreement, an authorised share capital
                of
                INR 3,00,00,000 consisting of 30,00,000 equity
                shares of par value INR 10 each. As of date 2932159
                Equity Shares have been issued and are held by the persons in the
                number
                and proportion as set out in Schedule
                2;

            

    

    

    
      	
              D.  

            	
              The
                Promoters have requested the Investor and the Investor proposes to
                invest
                in the Company in accordance with the terms and subject to the conditions
                of this Agreement;

            

    

    

    
      	
              E.  

            	
              The
                Promoters are the existing shareholders of the Company as indicated
                in
                Schedule 2, and Mr. R. L. Srivastava is the legal and beneficial
                owner of
                351,840 shares as set forth in Annexure 1 (the “Sale
                Shares”). The Investor wishes to acquire the Sale Shares of the
                Company from Mr. R. L. Srivastava;

            

    

    

    
      	
              F.  

            	
              The
                Parties hereto wish to record in the manner herein mentioned the
                terms and
                conditions on which the Investor shall acquire and Mr. R. L. Srivastava
                shall sell the Sale Shares of the Company to the Investor and the
                Investor
                shall subscribe to the Equity Shares of the
                Company.

            

    

    

    NOW
      THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES CONTAINED
      HEREIN AND OTHER GOOD AND VALUABLE CONSIDERATION THE ADEQUACY OF WHICH IS HEREBY
      ACKNOWLEDGED, IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES HERETO AND THIS
      AGREEMENT WITNESSETH AS UNDER:

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	
              1.  

            	
              DEFINITIONS
                AND INTERPRETATION

            

    

    

    
      	
              1.1  

            	
              Definitions

            

    

    

    In
      this
      Agreement, except to the extent that the context requires otherwise the
      following terms shall have the meanings set forth below, such meanings to be
      applicable to both the singular and the plural forms of such terms:

    

    
      	
              (a)  

            	
              'Act'
                shall mean the Indian Companies Act, 1956 and any amendment thereto
                or any
                other succeeding enactment for the time being in
                force.

            

    

    

    
      	
              (b)  

            	
              ‘Affiliate’
                means when used in respect of a specified legal person,
                each
                legal person that directly or indirectly through one or more
                intermediaries, controls or is controlled by, or is under common
                control
                with the person specified. In this definition “control” (and its
                derivatives) means both (i) holding beneficially more than fifty
                per cent
                (50%) of equity interests and (ii) the ability to cast more than
                fifty
                (50%)per cent of the voting rights attaching to voting securities
                or (iii)
                power to direct the management or policies of such entity by contract
                or
                otherwise. The term ‘Affiliate’, when used in respect of an individual
                party mean such party’s Relative as defined in section 6 of the
                Act.

            

    

    

    
      	
              (c)  

            	
              'Agreement'
                shall mean this Share Subscription cum Purchase Agreement, as from
                time to
                time amended, supplemented or replaced or otherwise modified and
                any
                document which amends, supplements, replaces or otherwise modifies
                this
                Agreement, together with the recitals and all the Annexes, Appendices
                and
                Schedules attached hereto.

            

    

    

    
      	
              (d)  

            	
              “Applicable
                Law” shall mean all applicable laws, statutes, ordinances,
                regulations, rules, orders, bye laws, administrative interpretation,
                writ,
                injunction, directive, protocols, codes, policies, notices, directions,
                judgment or decree or other instrument or other requirements of any
                Governmental Authority in any relevant jurisdiction applicable to
                any
                Party from time to time.

            

    

    

    
      	
              (e)  

            	
              ‘Articles’
                means the Articles of Association of the Company to be duly amended
                to
                reflect the terms of the Shareholders Agreement (as from time to
                time
                amended, modified or supplemented in accordance with the provisions
                thereof) to the extent permitted under
                law.

            

    

    

    
      	
              (f)  

            	
              'Authorised
                Dealer' shall mean Allahabad Bank,
                Manishnagar Branch, Somalwada Branch, Wardha Road, Nagpur -
                25.

            

    

    

    
      	
              (g)  

            	
              ‘Audited
                Accounts’ means, the Company’s audited accounts as at March 31,
                2007 for the financial year ended March 31,
                2007.

            

    

    

    
      	
              (h)  

            	
              'Board'
                shall mean the board of directors of the
                Company.

            

    

    

    
      	
              (i)  

            	
              ‘Claim’
                includes any notice, demand, assessment, letter or other document
                issued
                or action taken by any tax, fiscal or other statutory or governmental
                authority, body or official whatsoever (whether of India or elsewhere
                in
                the world) whereby the Company is or may be placed or sought to be
                placed
                under a liability to make a payment or deprived of any relief, allowance,
                credit or repayment otherwise
                available.

            

    

    

    
      	
              (j)  

            	
              'Completion'
                shall mean completion of the events specified in
                Clause4.3 below and the Investor being
                registered as a member in respect of the Subscription Shares and
                the Sale
                Shares in the register of members of
                Company.

            

    

    

    
      	
              (k)  

            	
              ‘Completion
                Date' shall mean date mentioned in
                Clause4.3
                hereof.

            

    

    

    
      	
              (l)  

            	
              'Conditions
                Precedent' shall mean the conditions precedent mentioned in
                Clause 3 of this
                Agreement.

            

    

    

    
      	
              (m)  

            	
              ‘Derivative
                Securities’ means any subscriptions, options, debentures, bonds,
                conversion rights, warrants, or similar agreements, Securities or
                commitments of any kind obligating the Company to issue, grant, deliver
                or
                sell, or cause to be issued, granted, delivered or sold (i) any shares
                in
                the share capital or any derivative securities of the Company; (ii)
                any
                securities convertible into or exchangeable for any shares in the
                share
                capital of the Company; (iii) any obligations measured by the price
                or
                value of the shares in the share capital of the Company; or (iv)
                any
                rights to participate in the equity or income of the Company or to
                participate in or direct the election of any directors or officers
                of the
                Company.

            

    

    

    
      	
              (n)  

            	
              'Encumbrances'
                means any encumbrance, lien, charge, security interest, mortgage,
                pledge,
                easement, conditional sale or other title retention or non-disposal
                agreement or other restriction of a similar kind, and all other easements,
                encroachments and title defects of every type and nature, or any
                conditional sale, contract, title, retention contract, or other contract
                to give or to refrain from giving any of the
                foregoing.

            

    

    

    
      	
              (o)  

            	
              ‘Fully
                Diluted’ or‘Fully Diluted Basis’ means all the
                Shares of the Company, including the Shares proposed to be issued
                pursuant
                to this Agreement, all the Shares comprised in a proposed issue and
                the
                Shares underlying all Derivative Securities after making adjustments
                for
                stock splits, bonus issues, consolidation of shares
                etc.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	
              (p)  

            	
              ‘INR’
                means the lawful currency of India.

            

    

    

    
      	
              (q)  

            	
              ‘Intellectual
                Property’ shall mean all forms of intellectual property rights
                subsisting under any law or equity and all analogous rights subsisting
                under the laws of all jurisdictions and shall include any product
                or
                process of the human intellect whether registrable as patents, trade
                marks, copyrights, designs or otherwise such as an invention, or
                derivative works of the same expression or literary creation, unique
                name,
                trade secret, business method, database, industrial process, computer
                program, source code, process, presentation,
                etc.

            

    

    

    
      	
              (r)  

            	
              ‘Issue
                Price’ means the price of Rs. 254.84 per Subscription
                Share.

            

    

    

    
      	
              (s)  

            	
              ‘Liabilities’
                means any and all contingent, current, deferred or long-term liabilities,
                obligations, payables, forms of taxation whether of India or elsewhere
                in
                the world, past, present and deferred (including, without limitation,
                income tax, stamp duty, customs and other import or export duties)
                and all
                other statutory or governmental impositions, duties and levies and
                all
                penalties, charges, costs and interest relating to any
                Claim.

            

    

    

    
      	
              (t)  

            	
              ‘Memorandum’
                means the Memorandum of Association of the
                Company.

            

    

    

    
      	
              (u)  

            	
              'Party'
                shall mean the Investor, the Promoters or the Company referred to
                individually and 'Parties' shall mean the Investor, the
                Promoters and the Company referred to
                collectively.

            

    

    

    
      	
              (v)  

            	
              'Person'
                shall include an individual, an association, a corporation, a partnership,
                a joint venture, a trust, an unincorporated organisation, a joint
                stock
                company or other entity or organisation, including a government or
                political subdivision, or an agency or instrumentality thereof and/or
                any
                other legal entity.

            

    

    

    
      	
              (w)  

            	
              'Representations
                and Warranties' shall mean the representations and warranties
                given by the Company and/or the Promoters in this Agreement, in particular
                Clause 5 hereto.

            

    

    

    
      	
              (x)  

            	
              ‘Sale
                Shares’ shall mean 351840 Shares, held by Mr. R. L. Srivastava,
                free from Encumbrances, as specified in Annexure 1 hereto
                representing 12% of the total issued and paid up share capital of
                the
                Company on Completion.

            

    

    

    
      	
              (y)  

            	
              ‘Sale
                Consideration’ means an aggregate amount of Rs. 12,00,00,000 [Rs.
                Twelve crores only] to be paid by the Investor for purchase of the
                Sale
                Shares.

            

    

    

    
      	
              (z)  

            	
              ‘Securities’
                means, with respect to any person, such person's equity capital,
                registered capital, joint venture or other ownership interests (including,
                without limitation, in the case of the Company, shares) or any options,
                warrants, loans or other securities that are directly or indirectly
                convertible into, at or exercisable or exchangeable for, at the sole
                option of such person, such equity capital, registered capital, joint
                venture or other ownership interests (whether or not such Derivative
                Securities are issued by such
                person).

            

    

    

    
      	
              (aa)  

            	
              'Shares'
                or “Equity Shares” shall mean the equity shares of
                Company.

            

    

    

    
      	
              (bb)  

            	
              'Shareholder'
                or 'Shareholders' shall mean any Person who holds any
                Shares.

            

    

    

    
      	
              (cc)  

            	
              ‘Shareholders
                Agreement’ means the agreement of even date entered into between
                the Promoters, the Company, the Investor in relation to the management
                and
                governance of the Company on the terms and conditions mentioned
                therein.

            

    

    

    
      	
              (dd)  

            	
              ‘Subscription
                Shares’ mean 4041676 Equity Shares proposed to be issued by the
                Company to the Investor at the Issue Price, which would upon such
                issue
                entitle the Investor to 51 % of the post issue share capital of the
                Company on a Fully Diluted Basis at the Completion
                Date.

            

    

    

    
      	
              (ee)  

            	
              ‘Subscription
                Price’ means an aggregate amount of Rs. 103,00,00,000 [Rs. One
                Hundred and Three crores only] to be paid by the Investor for subscription
                to the Subscription Shares.

            

    

    

    
      	
              (ff)  

            	
              ‘Tax’
                or collectively ‘Taxes’ shall mean (i) any and all taxes
                imposed by any governmental body, assessments and other governmental
                charges, duties, impositions and liabilities, including sales tax,
                excise
                duties, service tax, wealth tax, dividend tax, value added tax, other
                taxes based upon or measured by gross receipts, income, profits,
                use and
                occupation, ad valorem, transfer, franchise, withholding, payroll,
                employment and property taxes, together with all interest, penalties
                and
                additions imposed with respect to such amounts; (ii) any liability
                for the
                payment of any amounts of the type described in clause (i) as a result
                of
                being or ceasing to be a member of an affiliated, consolidated, combined
                or unitary group for any period; and (iii) any liability for the
                payment
                of any amounts of the type described in clause (i) or (ii) as a result
                of
                any express or implied obligation to indemnify any other Person or
                as a
                result of any obligations under any agreements or arrangements with
                any
                other Person with respect to such amounts and including any liability
                for
                taxes of a predecessor entity or a
                transferor.

            

    

    

    
      	
              (gg)  

            	
              ‘Transaction
                Documents’ shall mean any and all deeds, documents; letters
                executed or proposed to be executed between the Parties to achieve
                Completion, including this Agreement and the Shareholders
                Agreement.

            

    

    

    
      	
              (hh)  

            	
              ‘Warrantors’
                means the Company and the Promoters and ‘Warrantor’ means
                any one of them.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	
              1.2  

            	
              Other
                Defined Terms:

            

    

    

    
      	
              (i)  

            	
              ‘Business
                Days’ means the days on which the banks are open for business
                in
                Mumbai, India.

            

    

    

    
      	
              (ii)  

            	
              ‘Dispute’
                shall have the meaning as ascribed to it in Clause 10.1
                of this Agreement.

            

    

    

    
      	
              (iii)  

            	
              ‘Losses’
                shall have the meaning as ascribed to it in Clause 6.1 of
                this Agreement.

            

    

    

    
      	
              1.3  

            	
              Interpretation

            

    

     

    
      	
              1.3.1  

            	
              The
                terms referred to in this Agreement shall, unless defined otherwise
                or
                inconsistent with the context or meaning thereof, bear the meaning
                ascribed to it under the relevant
                statute/legislation.

            

    

     

    

    
      	
              1.3.2  

            	
              All
                references in this Agreement to statutory provisions shall be construed
                as
                meaning and including references
                to:

            

    

    

    
      	
               

            	
              (a)

            	
              Any
                statutory modification, consolidation or re-enactment (whether before
                or
                after the date of this Agreement) for the time being in
                force;

            

    

    

    
      	
               

            	
              (b)

            	
              All
                statutory instruments or orders made pursuant to a statutory provision;
                and

            

    

    

    
      	
               

            	
              (c)

            	
              any
                statutory provisions of which these statutory provisions are a
                consolidation, re-enactment or
                modification.

            

    

    

    
      	
              1.3.3  

            	
              Words
                denoting the singular shall include the plural and words denoting
                any
                gender shall include all genders.

            

    

    

    
      	
              1.3.4  

            	
              Headings
                to clauses, sub-clauses and paragraphs are for information only and
                shall
                not form part of the operative provisions of this Agreement or the
                Schedules and shall be ignored in construing the
                same.

            

    

    

    
      	
              1.3.5  

            	
              References
                to recitals, clauses or schedules are, unless the context otherwise
                requires, are references to recitals, to clauses of or schedules
                to this
                Agreement.

            

    

    

    
      	
              1.3.6  

            	
              Reference
                to days, months and years are to Gregorian days, months and calendar
                years
                respectively.

            

    

    

    
      	
              1.3.7  

            	
              Any
                reference to the words “hereof,” “herein”, “hereto” and “hereunder” and
                words of similar import when used in this Agreement shall refer to
                clauses
                or annexures of this Agreement as specified
                therein.

            

    

    

    
      	
              1.3.8  

            	
              Any
                expression importing a natural person includes any company, trust,
                partnership, joint venture, association, body corporate or governmental
                agency.

            

    

    

    
      	
              1.3.9  

            	
              Where
                a word or phrase is given a defined meaning, another part of speech
                or
                other grammatical form in respect of that word or phrase has a
                corresponding meaning.

            

    

    

    
      	
              1.3.10  

            	
              Reference
                to “Investor”, unless repugnant to the context shall for the purpose of
                this Agreement, mean and include the Affiliates of the
                Investor.

            

    

    

    
      	
              1.5.11  

            	
              The
                words “include” and “including” shall be construed without
                limitation.

            

    

    

    
      	
              1.5.12  

            	
              The
                rule of construction, if any, that a contract should be interpreted
                against the Party responsible for the drafting and preparation thereof,
                shall not apply to this Agreement.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	
              2.  

            	
              SUBSCRIPTION
                AND SALE ON COMPLETION
                DATE

            

    

    

    2A.           SUBSCRIPTION
      ON COMPLETION DATE

    

    
      	
              2.1  

            	
              Subject
                to the terms of this Agreement, and relying on the Representations
                and
                Warranties and the indemnities given by the Promoters and the Company
                under this Agreement, the Investor agrees on the Completion Date
                to
                subscribe for and the Company agrees to issue and allot to the Investor
                the Subscription Shares in consideration of the Subscription
                Price.

            

    

    

    
      	
              2.2  
                

            	
              The
                Subscription Shares shall be issued free from all Encumbrances and
                together with all rights, title and interests now or hereafter attaching
                thereto. The Subscription Shares shall rank pari passu with all
                the existing Shares of the Company.

            

    

    

    
      	
              2B.

            	
              SALE
                AND PURCHASE OF SALE
                SHARES

            

    

    

    
      	
              2.1
                 

            	
              Subject
                to the terms of this Agreement, and relying on the Representations
                and
                Warranties and the indemnities given by the Promoters and the Company
                jointly and severally under this Agreement, Mr. R.L. Srivastava has
                agreed
                to sell, transfer or convey the Sale Shares and the Investor has
                agreed to
                purchase, acquire and accept the Sale Shares (together with all benefits
                and rights attaching thereto), free of all Encumbrances, for the
                Sale
                Consideration.

            

    

    

    
      	
              2.2
                  

            	
              Mr.
                R.L. Srivastava shall be responsible for all taxes, levies and dues,
                including without limitation, income tax assessed, if any, paid or
                payable
                in connection with the sale, transfer or conveyance of Sale
                Shares.

            

    

    

    
      	
              2.3  
                

            	
              Mr.
                R.L. Srivastava hereby waives any pre-emption rights he may have
                in
                relation to any of the Sale Shares under the Articles of Association
                of
                the Company or otherwise.

            

    

    

    
      	
              3.  

            	
              CONDITIONS
                PRECEDENT

            

    

    

    
      	
              3.1  

            	
              The
                Parties agree that the obligation of the Investor to subscribe to
                the
                Subscription Shares and to acquire the Sale Shares in the manner
                provided
                herein, is conditional upon (i) the fulfilment of the following conditions
                to the satisfaction of the Investor, unless specifically waived in
                writing
                by the Investor; and (ii) only if all the Representations and Warranties
                continue to be true and correct on the Completion
                Date:

            

    

     

    
      	
              3.1.1  

            	
              The
                passing by the Board, in accordance with the Act and the Articles,
                of
                resolutions approving, initialling and
                authorizing:

            

    

     

     

    
      	
               

            	
              a)

            	
              the
                execution of the Transaction Documents and the performance of the
                transactions contemplated therein;

            

    

     

    
      	
               

            	
              b)

            	
              the
                draft of the amendments to the Memorandum and Articles of Association
                of
                the Company, to reflect, to the extent permitted by law, the provisions
                of
                the Shareholders Agreement, in the form approved by the Investor,
                subject
                to obtaining approval of the shareholders of the
                Company;

            

    

     

    
      	
               

            	
              c)

            	
              the
                issue of the Subscription Shares pursuant to the terms of this
                Agreement;

            

    

     

    d)           the
      in-principle approval to the sale of the Sale Shares;

     

    
      	
              3.1.2  

            	
              Execution
                of the Shareholders Agreement;

            

    

     

    
      	
              3.1.3  

            	
              Completion
                of a business, financial, accounting, tax, technical, legal and regulatory
                due diligence on the Company by the Investor and resolution of all
                issues
                arising therefrom to the satisfaction of the Investor on or before
                45
                Business Days from the date of this
                Agreement;

            

    

     

    
      	
              3.1.4  

            	
              Mr.
                R.L. Srivastava signing
                a consent letter, in the form and content as specified in Annexure
                II, consenting to the transfer of the Sale Shares to the Investor
                and the price at which such Sale Shares are proposed to be transferred
                to
                the Investor;

            

    

    

    
      	
              3.1.5  

            	
              The
                Company providing to the Investor the shareholding pattern of Company
                (indicating the category wise equity participation of residents and
                non
                residents) after the proposed acquisition of Sale Shares by the Investor;
                and (ii) a certificate from a chartered accountant indicating the
‘fair
                value’ of the Shares calculated in accordance with the Guidelines for
                Valuation of Shares and Fixation of Premia (‘Pricing
                Guidelines’);

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	
              3.1.6  

            	
              A
                resolution being passed at a duly constituted meeting of the board
                of
                directors of Investor and a resolution being passed at duly constituted
                meeting of the shareholders of the Investor, approving the subscription
                to
                the Subscription Shares and the purchase of the Sale Shares and the
                satisfaction of all other conditions for the Investor to effect a
                Business
                Combination as set forth in the Investor's Prospectus dated March
                3, 2006
                as filed with the US Securities and Exchange
                Commission;

            

    

    

    
      	
              3.1.7  

            	
              The
                Promoters obtaining written consents from all banks, financial
                institutions, lenders of the Company and all other third parties
                as may be
                required for change in shareholding of the Company in form and substance
                satisfactory to the Investor;

            

    

    

    
      	
              3.1.8  

            	
              There
                shall not have been any  change, effect or circumstance from the
                date hereof to the Completion Date, which has or may reasonably be
                expected to have an adverse effect on the Company, the Company’s
                prospects/profits/profitability/financial position/ financial condition/
                operations/businesses/ assets and/or the
                Business;

            

    

    

    
      	
              3.1.9  

            	
              Providing
                details of the bank account of the Company maintained with the Authorised
                Dealer to the Investor for the purpose of receiving the Subscription
                Price
                under this Agreement;

            

    

    

    
      	
              3.1.10
                  

            	
              Providing
                details of the bank account of Mr. R.L. Srivastava maintained with
                the
                Authorised Dealer to the Investor for the purpose of receiving the
                Sale
                Consideration under this Agreement;

            

    

    

    
      	
              3.1.11
                 

            	
              The
                Parties obtaining all statutory consents and approvals required or
                desirable under any and all applicable laws and regulations (i) for
                the
                subscription, issue and allotment of the Subscription Shares pursuant
                to
                the terms of this Agreement; and (ii) to give effect to the transactions
                contemplated herein and under the Transaction Documents having been
                obtained and remaining in full force and
                effect;

            

    

    

    
      	
              3.1.12 
                

            	
              Each
                of the Promoters delivering to the Investor a no-objection certificate
                in
                the form contained in Schedule 4 hereto and a no-objection certificate
                from the Company in the form contained in Schedule 4A
                hereto;

            

    

    

    
      	
              3.1.13 
                

            	
              Investor
                receiving from the Promoters and the Company three year financial
                statements for the period ended March 31, 2007, March 31, 2006 and
                March
                31, 2005 converted into US GAAP and audited by a Public Company Accounting
                Oversight Board (www.pcaob.com) and unaudited US GAAP financial statements
                for the period commencing April 1, 2007 and ending September 30,
                2007 or
                as of such later period, which shall not be earlier than 7 days prior
                to
                the Completion Date.

            

    

    

    
      	
              3.2  

            	
              Upon
                fulfilment of the Conditions Precedent, the Promoters and the Company
                shall notify the Investor of the same in
                writing.

            

    

    

    
      	
              3.3  

            	
              If
                the Conditions Precedent mentioned in Clause 3.1.3 above
                is not fulfilled or satisfied to the satisfaction of the Investor
                or
                waived in writing by the Investor within 45 days of the date of this
                Agreement or such other date as may be mutually agreed between the
                Parties
                in writing, the Investor shall have the right to terminate this Agreement
                forthwith. The termination of this Agreement shall not in any way
                affect
                or prejudice any right accrued to any Party against the other prior
                to
                such termination. The Promoters however hereby confirm, undertake
                and
                agree, that they shall cause the Company to provide to the Investor
                and/or
                its advisors, all relevant information relating to the Company, including
                accounting, financial, tax, marketing, technical, human resources
                and
                legal information, whether or not requested by the Investor and/or
                its
                advisors, latest by the completion of 45 days from the date of this
                Agreement. The Promoters acknowledge and confirm that the Investor
                and/or
                its advisors shall be entitled to request for any information that
                they
                deem necessary and material in relation to the Company for the purpose
                of
                conducting the due diligence exercise. The Promoters shall provide
                full
                and complete access to the Investor and/or its advisors to all of
                the
                records, facilities, employees, suppliers and customers of the Company,
                along with answers and clarifications to questions raised by the
                Investor
                and/or its advisors and will cooperate fully with them in the completion
                of the due diligence exercise. The Parties acknowledge and confirm
                that
                the quantum and payment of the Subscription Price for the Subscription
                Shares and the Sale Consideration for the Sale Shares shall be subject
                to
                the satisfactory results of the due diligence exercise to be conducted
                by
                the Investor, at the sole satisfaction of the Investor and in the
                event,
                the Investor is not satisfied with the results of the due diligence
                exercise conducted by the Investor but has waived the requirement
                of the
                Condition Precedent mentioned in Clause 3.1.3 above, the
                Parties shall mutually agree on a revised Subscription Price and
                Sale
                Consideration.

            

    

    

    
      	
              3.4  

            	
              The
                Promoters and the Company undertake to use all best efforts to ensure
                that
                all the Conditions Precedent are satisfied as soon as possible and
                the
                Condition Precedent as mentioned in Clause 3.1.3 is
                satisfied no later than the date mentioned in Clause 3.3
                above.

            

    

    

    
      	
              3.5  

            	
              The
                Promoters and the Company shall co-operate and provide all information
                and
                reasonable assistance to the Investor and/or its advisors and authorised
                representatives to enable them to verify the records/documents of
                the
                Company.

            

    

    

    
      	
              4.  

            	
              COMPLETION

            

    

    

    
      	
              4.1  

            	
              The
                Promoters and the Company shall notify the Investor of the fulfilment
                of
                the Conditions Precedent and provide to the Investor, all the requisite
                documents evidencing fulfilment of such Conditions Precedent applicable
                to
                the Promoters and/or the Company. The Investor through its
                advisors/counsel shall then satisfy itself as to the fulfilment of
                the
                Conditions Precedent. The Investor shall notify the Promoters and
                the
                Company within 7 days from the date of receipt of all the
                documents/information from the Promoters of its satisfaction or
                dissatisfaction with the same or of waiving the fulfilment of any
                of the
                Conditions Precedent applicable to the Promoters and/or
                Company.

            

    

    

    
      	
              4.2  

            	
              In
                case the Investor notifies the Promoters or the Company of its
                dissatisfaction under Clause 4.1 above, the Promoters
                shall fulfil the unfulfilled Conditions Precedent within 7 days of
                receipt
                of such notice and shall provide to the Investor, all requisite documents
                evidencing fulfilment of that Condition Precedent. Subject to Clause
                3.3
                above, the procedure referred to in Clause 4.1 above
                shall be followed thereafter until the fulfilment of all Conditions
                Precedent applicable to the Promoters and/or Company, to the satisfaction
                of the Investor.

            

    

    

    
      	
              4.3  

            	
              Upon
                fulfilment of all the Conditions Precedent to the satisfaction of
                the
                Investor or if specifically waived in writing by the Investor, the
                Parties
                shall proceed to complete the issue of the Subscription Shares to
                the
                Investor  and the sale of the Sale Shares to the Investor
                (‘Completion’) in the manner provided in this Clause.
                Such Completion shall take place on a date set by the Investor (the
                ‘Completion Date’), which date shall not be later than 15
                days from the fulfilment of all the Conditions Precedent to the
                satisfaction of the Investor. This date may however be extended upon
                mutual agreement between the
                Parties.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	
              4.4  

            	
              The
                Completion shall take place at the office of Economic Laws Practice,
                1502
                Dalamal Towers, Nariman Point, Mumbai -
                400021.

            

    

     

    
      	
              4.5  

            	
              On
                the Completion Date, the Investor shall file Form FC-TRS, in quadruplicate
                with the Authorised Dealer along with the following
                documents:

            

    

     

    
      	
               

            	
              4.5.1

            	
              All
                documents received by the Investor from Mr. R.L. Srivastava and/or
                the Company under Clauses 3.1.4 and 3.1.5
                above;

            

    

     

    
      	
               

            	
              4.5.2

            	
              Consent
                letter of the Investor agreeing to purchase the Sale Shares and indicating
                the Sale Consideration to be paid by the Investor for such purpose;
                and

            

    

     

    
      	
               

            	
              4.5.3

            	
              An
                undertaking specifying that (i) the Investor is eligible to acquire
                the
                Sale Shares under the Foreign Direct Investment Policy of the Government
                of India from Indian resident shareholders; (ii) such acquisition
                is
                within the existing sectoral caps specified thereunder; and (iii)
                the
                price per Share is in compliance with the Pricing
                Guidelines.

            

    

     

    
      	
              4.6  

            	
              Immediately
                thereafter, Mr. R.L. Srivastava shall deliver the following documents
                to
                the Investor:

            

    

     

    
      	
               

            	
              4.6.1

            	
              A
                certificate signed by Mr. R.L. Srivastava to the effect that the
                Representations and Warranties contained in this Agreement, continue
                to be
                true and correct as on the Completion Date with the same effect as
                though
                such Representations and Warranties had been made as of such
                date;

            

    

     

    
      	
               

            	
              4.6.2

            	
              Original
                share certificates evidencing the Sale Shares (‘Sale Share Certificates’);
                and

            

    

     

    
      	
               

            	
              4.6.3

            	
              The
                Share Transfer Forms duly stamped and executed by
                him.

            

    

     

    
      	
              4.7  

            	
              Upon
                filing Form FC-TRS with the Authorised Dealer and fulfilment of the
                provisions of Clause 4.5 above, the Investor shall remit the Sale
                Consideration, for further credit to the account of Mr. R.L. Srivastava
                as
                intimated to the Investor in accordance with Clause 3.1.10 hereof.
                All
                such payments to be made by Investor to Mr. R.L. Srivastava shall
                be
                subject to such withholdings/deductions of tax as may be required
                under
                the Applicable Laws.

            

    

     

    
      	
              4.8  

            	
              Immediately
                upon the Investor receiving the certificate annexed to Form FC-TRS
                from
                the Authorised Dealer, the Investor shall lodge the Share Transfer
                Forms
                and the Sale Share Certificates with the Company for transfer of
                the Sale
                Shares in the name of the Investor. The Company shall, upon receipt
                of the
                said documents from the Investor, do the
                following:

            

    

     

    
      	
               

            	
              (i)

            	
              Immediately
                convene a meeting of the Board, wherein the Board shall pass the
                necessary
                resolutions:

            

    

     

    
      	
               

            	
              (a)

            	
              approving
                the transfer of the Sale Shares from Mr. R.L. Srivastava to the name
                of
                the Investor; and

            

    

     

    
      	
               

            	
              (b)

            	
              approving
                the Investor as a member of Company in respect of the Sale Shares
                and
                entering the name of the Investor in the register of
                members.

            

    

     

    
      	
               

            	
              (ii)

            	
              Enter
                the name of the Investor as the legal and beneficial owner of the
                Sale
                Shares, free of all Encumbrances, in the register of members of
                Company;

            

    

     

    
      	
               

            	
              (iii)

            	
              Make
                the necessary endorsements on the Sale Share Certificates, indicating
                the
                name of the Investor as the legal and beneficial owner of the Sale
                Shares
                evidenced thereunder; and

            

    

     

    
      	
               

            	
              (iv)

            	
              Return
                the original Sale Share Certificates, duly endorsed in the name of
                the
                Investor, to the Investor or its authorised representative as it
                may
                direct.

            

    

     

    
      	
              4.9  

            	
              Upon
                satisfaction of the events referred to in Clause 4.8, the Company
                shall
                deliver or cause to be delivered to the
                Investor:

            

    

     

    
      	
               

            	
              a)

            	
              certified
                true copies of the Board Resolutions referred to in clause
                3.1.1;

            

    

     

    
      	
               

            	
              b)

            	
              written
                confirmation from the Company and each of the Promoters that as at
                the
                Completion Date:

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
              ·  

            	
              no
                change, effect or circumstance has occurred, which has or may reasonably
                be expected to have an adverse effect on the Company, the Company’s
                prospects/profits/profitability/financial position/ financial condition/
                operations/businesses/ assets and/or the operations/businesses and/or
                the
                Business; and

            

    

     

    
      	
              ·  

            	
              the
                Representations and Warranties are true, accurate and complete and
                that it
                is not aware of any matter or thing which is in breach of or inconsistent
                with any of the Representations and
                Warranties;

            

    

     

    
      	
               

            	
              c)

            	
              the
                no-objection certificates referred to in clause
                3.1.11.

            

    

     

    
      	
              4.10  

            	
              Immediately
                thereafter, a meeting of the Board shall be held at which, the Board
                shall
                pass resolutions:

            

    

     

    
      	
               

            	
              (i)

            	
              approving
                the allotment of the Subscription Shares to the Investor with the
                corresponding certificates;

            

    

     

    
      	
               

            	
              (ii)

            	
              approving
                the appointment of the directors, as specified by the Investor on
                the
                Board; and

            

    

     

    
      	
               

            	
              (iii)

            	
              convening
                an extra-ordinary general meeting of the Company in accordance with
                the
                Articles of the Company to amend the Memorandum and Articles of the
                Company to incorporate the provisions of the Shareholders Agreement
                in the
                form approved by the Board under Clause 3.1.1(b)
                above.

            

    

     

    
      	
              4.11  

            	
              Immediately
                thereafter, a meeting of the shareholders shall be held at short
                notice,
                at which the following resolutions shall be
                passed:

            

    

     

    (i)           approving
      the allotment of the Subscription Shares to the Investor;

     

    
      	
               

            	
              (ii)

            	
              approving
                the amendments to the Memorandum and Articles of Association in the
                form
                approved by the Board under Clause
                3.1.1(b).

            

    

     

    
      	
              4.12  

            	
              Immediately
                thereafter the Company shall (i) issue and deliver to the authorised
                representative of the Investor the original certificates duly stamped,
                signed and sealed for the Subscription Shares subscribed to by the
                Investor; and (ii) incorporate the name of the Investor as the legal
                and
                beneficial owner of the Subscription Shares in the register of members
                of
                the Company.

            

    

     

    
      	
              4.13  

            	
              Notwithstanding
                the above, on the Completion Date the Investor shall also have a
                right to
                review the books and accounts of the Company to verify to the satisfaction
                of the Investor, that no event has occurred which has or may have
                an  adverse effect on the Business, operations, financial
                condition or prospects of the Business. In the event, the Investor
                is not
                satisfied with the results of its review; the Investor shall have
                the
                right to terminate this Agreement forthwith. The termination of this
                Agreement shall not in any way affect or prejudice any right accrued
                to
                any Party against the other prior to such
                termination.

            

    

     

    
      	
              4.14  

            	
              On
                the Completion Date the Investor
                shall:

            

    

     

    
      	
               

            	
              a)

            	
              deliver
                an application in writing for the Subscription Shares to be subscribed
                by
                them on the Completion Date; and

            

    

     

    
      	
               

            	
              b)

            	
              pay
                to the Company the Subscription Price by way of telegraphic
                transfer.

            

    

    

    
      	
              4.15  

            	
              Immediately
                after subscription to the Subscription Shares and the purchase of
                the Sale
                Shares by the Investor, the equity shareholding of the Company on
                a Fully
                Diluted Basis shall be as follows:

            

    

    

    
      
        	
                Shareholders

              	
                No.
                  of Shares held

              	
                Approximate
                  % of the total paid up Equity Shares on a Fully Diluted
                  Basis

              
	
                Investor

              	
                4393516

              	
                63

              
	
                Ravindra
                  Lal Srivastava

              	
                1227871

              	
                17.61

              
	
                Indravati
                  Devi Srivastava

              	
                1152640

              	
                16.53

              
	
                Sankata
                  Srivastava

              	
                96640

              	
                1.39

              
	
                Bihari
                  Lal Srivastava

              	
                16000

              	
                0.23

              
	
                Ramdulare
                  Srivastava

              	
                55168

              	
                0.79

              
	
                Ramdulari
                  Devi Srivastava

              	
                32000

              	
                0.45

              
	
                Total:

              	
                6973835

              	
                100%

              

      

    

    

    
      	
              4.16  

            	
              The
                Parties to this Agreement agree to take all measures that may be
                required
                to ensure to the extent possible, that all the events contemplated
                in
                Clause 4 above on the Completion Date are completed on
                the same day.

            

    

    

    
      	
              4.17  

            	
              Notwithstanding
                the provisions of Clause 4.16 hereto, all proceedings to
                be taken and all documents to be executed and delivered by the Parties
                at
                Completion shall be deemed to have been taken and executed simultaneously
                to the extent possible and no proceedings shall be deemed to have
                been
                taken nor documents executed or delivered until all have been taken,
                executed and delivered.

            

    

    

    
      	
              4.18
                  

            	
              Immediately
                after the Board meetings of the Company and passing of the resolutions
                mentioned above, the Parties shall ensure that the Company shall
                record
                the necessary entries in its registers and carry out all the actions
                that
                have been resolved to be carried out in order to effectively achieve
                Completion.

            

    

    

    
      	
              4.19  
                

            	
              The
                Company shall ensure that within 30 days from the Completion Date,
                the
                relevant forms of the Company are filed with the concerned regulatory
                authorities including the Registrar of Companies, Reserve Bank of
                India,
                etc. in accordance with the provisions of Applicable
                Law

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	
              4.20 
                

            	
              Investor’s
                Remedy

            

    

    

    
      	
              4.20.1 
                

            	
              If
                after having received the Subscription Price and the Sale Consideration
                from the Investor pursuant to Clause 4.7 and 4.14 above, the provisions
                of
                this Clause 4 are not complied with by the Company and/or the Promoters
                on
                the Completion Date, the Investor shall have the right to obligate
                the
                Company and/or the Promoters and if so required, by the Investor,
                the
                Company and/or Mr. R. L. Srivastava shall forthwith refund to the
                Investor
                the Subscription Price and the Sale Consideration received from the
                Investor pursuant to Clause 4.10 above together with interest thereon
                calculated at the rate of the then applicable State Bank of India
                prime
                lending rate (“SBI PLR”) plus 10% from the date the Investor paid the
                Subscription Price and the Sale Consideration to the date of actual
                refund
                by the Company with interest (“Liquidated Damages”). The Parties agree and
                acknowledge that the Liquidated Damages is a genuine pre estimate
                of the
                loss that may be suffered by the Investor as a result of non-compliance
                by
                the Company and/ or the Promoters of the obligations specified in
                this
                Agreement.

            

    

    

    
      	
              4.20.2  
                

            	
              The
                Parties agree and acknowledge that this obligation of the Company
                to
                refund the Subscription Price, and Mr. R.L.
                Srivastava to refund the Sale
                Consideration, to the Investor shall be without prejudice to any
                other
                right, which the Investor may have under this Agreement and in law
                or in
                equity.

            

    

    

    5.           REPRESENTATIONS
      AND WARRANTIES

     

    
      	
              5.1

            	
              True
                and Accurate:  The Warrantors represent, warrant and
                undertake to the Investor, that each of the statements set out in
                this
                Clause and Schedule 3 hereof, as applicable to the Warrantors, is
                now and
                will be true and accurate at the Completion Date. The Warrantors
                acknowledge that the Investor, in entering into this Agreement, is
                relying
                on such representations, warranties and undertakings and shall be
                entitled
                to treat the same as conditions of the
                Agreement. 

            

    

     

    
      	
              5.2

            	
              Investor
                Representation:The Investor hereby represents and warrants that it has
                the corporate power and authority to execute, deliver and perform
                this
                Agreement and the Transaction Documents and the transactions contemplated
                herein. The execution, delivery and performance by Investor of the
                Transaction Documents have been duly authorized and approved by its
                board
                of directors.

            

    

     

    
      	
              5.3

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

            

    

     

    
      	
              5.4

            	
              Knowledge:
                If any Representation or Warranty is qualified by knowledge, then
                it means
                that the Representation or Warranty has been made to the best knowledge
                of
                the Warrantors, after the Warrantors have made and caused to be made
                such
                due and proper inquiries as may be required in respect of the relevant
                matter to obtain informed
                knowledge.

            

    

     

    
      	
              5.5

            	
              Undertaking:  None
                of the Warrantors shall do, allow or procure any act or omission
                before
                the Completion Date which would respectively constitute a breach
                of any of
                the Representations and Warranties if they were given at the Completion
                Date, or which would make any of the Representations and Warranties
                inaccurate or misleading if they were so
                given.

            

    

     

    
      	
              5.6

            	
              Notification
                of breach:  Each of the Warrantors hereby agree to disclose
                promptly to the Investor in writing immediately upon becoming aware
                of the
                same, any matter, event or circumstance (including any omission to
                act)
                which may arise or become known to it after the date of this Agreement
                which:

            

    

     

    
      	
               

            	
              5.6.1

            	
              would
                render any of the Representations and Warranties to be inaccurate;
                or

            

    

     

    
      	
               

            	
              5.6.2

            	
              has,
                or is likely to have, an  adverse effect on the financial
                position/prospects/profits/profitability/financial condition/
                operations/businesses/ assets and/or the Business of the
                Company.

            

    

     

    
      	
              5.7

            	
              Survival:  The
                Representations and Warranties provided in this Agreement shall survive
                the Completion Date.

            

    

     

    
      	
              5.8

            	
              The
                Company and the Promoter hereby agree and acknowledge that the Investor
                has agreed to subscribe to the Subscription Shares and purchase the
                Sale
                Shares inter alia relying upon the Representations and
                Warranties.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    6.           INDEMNITY

    

    
      	
              6.1

            	
              Without
                prejudice to any other right available to the Investor in law or
                under
                equity, the Promoters shall jointly and severally indemnify, defend
                and
                hold harmless the Investor, their Affiliates, directors, advisors,
                officers, employees and agents, or, if so desired by the Investor,
                the
                Promoters shall indemnify the Company, from and against any and all
                liabilities, damages, demands, Claims (including third party Claims),
                actions, judgments or causes of action, assessments, interest, fines,
                penalties, and other costs or expenses (including, without limitation,
                amounts paid in settlement, court costs and all reasonable attorneys'
                fees
                and out of pocket expenses) (“Losses”) directly based
                upon, arising out of, or in relation to or otherwise in respect
                of:

            

    

     

    
      	
              i.  

            	
              any
                inaccuracy in or any breach of any Representation and Warranty, covenant
                or agreement of the Promoters or Company contained in this Agreement
                or
                any document or other papers delivered by any of them to the Investor
                in
                connection with or pursuant to this
                Agreement;

            

    

    

    
      	
              ii.  

            	
              any
                liability arising out of non compliance of any obligation undertaken
                by
                the Company or the Promoters;

            

    

    

    
      	
              iii.  

            	
              any
                liabilities and obligations of whatever nature relating to any litigation,
                Claim or governmental investigation pending or relating to the Business
                or
                operations of the Promoters or the Business of the Company prior
                to the
                date of execution of this Agreement and as on the Completion
                Date;

            

    

    

    
      	
              iv.  

            	
              any
                liability due to any non-compliance of any applicable law, rules
                or
                regulations prior to the date of execution of this Agreement and
                as on the
                Completion Date.

            

    

    

    
      	
              6.2

            	
              Any
                compensation or indemnity as referred to in Clause 6.1 above shall
                be such
                as to place the Investor in the same position as it would have been
                in,
                had there not been any such breach and as if the Representation and
                Warranty under which Investor is to be indemnified, had been
                correct.

            

    

    

    7.           ACCESS
      TO BOOKS AND RECORDS

    

    
      	
              7.1

            	
              The
                Investor and/or the Promoters and their designated officers, employees,
                accountants and attorneys shall have the right, at any time and from
                time
                to time during normal business hours and upon notice which may be
                of at
                least 3 (three) days, to carry out inspection of documents, records,
                premises and all other properties of the Company at their own cost
                as long
                as they hold any Shares in the
                Company.

            

    

    

    
      	
              7.2

            	
              The
                Investor and their designated officers, employees, accountants and
                attorneys shall have the right to consult with the officers, employees,
                accountants and attorneys of the Company for the purpose of affording
                the
                Investor full opportunity to make such investigation as it may desire
                and
                to collect such information, data, documents, evidence as may be
                required
                for the purpose of and in the course of such inspection in connection
                therewith. Such investigations and/or audit, however, shall not affect
                the
                Representations and Warranties made by the Promoters or the
                Company.

            

    

    

    
      	
              8.

            	
              INTERIM
                MANAGEMENT AND ACCESS

            

    

    

    
      	
              8.1

            	
              During
                the period beginning from the execution of this Agreement and continuing
                until the Completion Date, the Company shall, and the Promoters shall
                cause the Company to carry on its Business in the usual, regular
                and
                ordinary course in substantially the same manner as heretofore conducted,
                to pay its debts and Taxes when due, to pay or perform other obligations
                when due, and, to the extent consistent with such businesses, to
                use its
                best efforts consistent with past practice and policies to preserve
                intact
                their present business organizations, keep available the services
                of their
                present officers and employees and preserve their relationships with
                customers, suppliers, distributors, licensors, licensees and others
                having
                business dealings with them, all with the goal of preserving their
                goodwill and ongoing businesses at the Completion
                Date.

            

    

    

    
      	
              8.2

            	
              The
                Promoters shall cause the Company to provide the Investor and its
                officers, agents, advisors, consultants and other representatives
                reasonable access to (i) all of the properties, books, contracts,
                commitments and records of the Company, (ii) all other information
                concerning the Business, properties and personnel (subject to restrictions
                imposed by Applicable Law) of the Company as the Investor may request,
                and
                (iii) all employees of the Company. The Promoters shall cause the
                Company
                to provide such information within 5 days of making a request for
                the
                same.

            

    

    

    
      	
              8.3

            	
              During
                the period beginning from the execution of this Agreement and continuing
                until the Completion Date the Company and/or the
                Promoters  (including their respective Affiliates,
                representatives and/or advisors) shall not, without the prior written
                consent of the Investor:

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	
              (i)

            	
              solicit,
                encourage, entertain, initiate or participate in any inquiry, negotiations
                or discussions or disclose any information pertaining to the Company
                or
                enter into any agreement with respect to any offer or proposal to,
                acquire
                or merge or restructure (including through business transfer, asset
                transfer, amalgamation, demerger, hiving off or in any other manner
                whatsoever) or dispose off, alienate or Encumber any assets or business
                of
                the Company or parts thereof (an  ‘Acquisition
                Proposal’);

            

    

    

    
      	
              (ii)

            	
              assist
                or cooperate with any Person to make any Acquisition Proposal;
                or

            

    

    

    
      	
              (iii)

            	
              solicit,
                negotiate or enter into any agreement with any Person with respect
                to an
                Acquisition Proposal;

            

    

    

    
      	
              (iv)

            	
              In
                the event the Company or the Promoters receive, prior to the Completion
                Date, any Acquisition Proposal, the Company or the Promoters receiving
                such Acquisition Proposal shall immediately suspend any discussions
                with
                such offeror or party with regard to such Acquisition Proposal and
                immediately inform the Investor as to any such Acquisition Proposal,
                including information as to the principal terms of such Acquisition
                Proposal or request, as the case may be, and any other information
                that
                the Investor may request;

            

    

    

    
      	
              (v)

            	
              sell,
                license or transfer to any Person any rights to any Intellectual
                Property
                or enter into any agreement with respect to Intellectual Property
                with any
                Person;

            

    

    

    
      	
              (vi)

            	
              amend
                or change its Articles of Association and/or Memorandum of Association
                in
                any manner whatsoever;

            

    

    

    
      	
              (vii)

            	
              adopt
                or change accounting methods or practices other than as required
                by the
                Indian GAAP or revalue any of its assets, including writing down
                value of
                inventory or writing off notes or accounts
                receivable;

            

    

    

    
      	
              (viii)

            	
              issue,
                sell, or grant, contract to issue, sell or grant, or authorize the
                issuance, delivery, sale or purchase of any Securities of the Company
                or
                any other securities, including securities convertible into, or
                exercisable or exchangeable for Shares in the
                Company;

            

    

    

    
      	
              (ix)

            	
              declare,
                set aside or pay any dividends on or make any other distributions
                (whether
                in cash, stock or property) in respect of any shares of the Company,
                or
                split, combine or reclassify any shares of the Company, or issue
                or
                authorize the issuance of any other securities in respect of, in
                lieu of
                or in substitution for shares of the Company or repurchase, redeem,
                or
                otherwise acquire, directly or indirectly, any shares of the Company
                (or
                options, warrants or other rights convertible into, exercisable or
                exchangeable therefor);

            

    

    

    
      	
              (x)

            	
              grant
                any severance or termination, pay (cash, equity or otherwise) to
                any
                director or officer or to any employee of the Company, or increase
                (by way
                of cash, equity or otherwise) the salary or other compensation payable
                or
                to become payable by the Company to any of their officers, directors,
                employees or advisors, or declare, pay or make any commitment or
                obligation of any kind for the payment (in the form of cash, equity
                or
                otherwise) by the Company of a bonus or other additional salary or
                compensation to any such Person, or adopt or amend any employee benefit
                plan (except as necessary to comply with applicable law) or enter
                into any
                agreement with any Person which guarantees employment with the Company
                for
                a specific period of time or enter into any settlement or compromise
                agreement with any employees of the
                Company;

            

    

    

    
      	
              (xi)

            	
              waive
                any share repurchase rights, accelerate, amend or change the period
                of
                exercisability of options or restricted shares, or reprice options
                granted
                to any employee, consultant, director or other stock plans or authorize
                cash payments in exchange for any options granted under any employment
                stock option plans;

            

    

    

    
      	
              (xii)

            	
              sell,
                lease, license, Encumber or otherwise dispose off any of the assets
                or
                properties of the Company;

            

    

    

    
      	
              (xiii)

            	
              enter
                into/agree to enter into any new contract not in the ordinary course
                of
                business and/or on terms that are beyond normal and reasonable commercial
                terms including amending or otherwise modifying (or agreeing to do
                so), or
                violating the terms of any of the contracts entered into by the
                Company;

            

    

    

    
      	
              (xiv)

            	
              commence,
                compromise or settle any pending or threatened litigation, debt or
                other
                legal proceedings;

            

    

    

    
      	
              (xv)

            	
              make
                or change any election in respect of Taxes, adopt or change any accounting
                method in respect of Taxes, enter into any closing agreement, settle
                any
                Claim or assessment in respect of Taxes, or consent to any extension
                or
                waiver of the limitation period applicable to any Claim or assessment
                in
                respect of Taxes;

            

    

    

    
      	
              (xvi)

            	
              cause
                any increase in liabilities of the Business including by way of incurring
                any indebtedness in the Business in the form of loans or financial
                assistance from any lending agency or bank or repaying or incurring
                any
                additional indebtedness or making any advance payments other than
                what has
                been contractually agreed upon (upon disclosure and consent to/of
                the
                Investor);

            

    

    

    
      	
              (xvii)

            	
              amending
                any terms of any agreement with any of the
                creditors/debtors;

            

    

    

    
      	
              (xviii)

            	
              enter
                into/agree to enter into any new contract, agreement, arrangement
                with any
                related party of the Company;

            

    

    

    
      	
              (xix)

            	
              undertake
                any expenditure, transaction or commitment  other than in the
                normal course of business; or

            

    

    

    
      	
              (xx)

            	
              take
                or agree in writing or otherwise to take any of the actions described
                in
                the preceding clauses of this Clause 8 or any other
                action that would prevent the Company from performing or cause the
                Company
                not to perform its covenants hereunder or that would prejudice the
                consummation of any of the transactions contemplated in the Transaction
                Documents.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    9.         
        CO-OPERATION

    

    The
      Parties shall use their reasonable efforts to ensure that the transactions
      contemplated by this Agreement are consummated as per the terms hereof,
      including without limitation, obtaining all approvals from the applicable
      government and/or regulatory authorities and other Persons as may be necessary
      or reasonably requested by Investor in order to consummate the transactions
      contemplated by this Agreement.

    

    10.           RESOLUTION
      OF DISPUTES

    

    
      	
               

            	
              Amicable
                Settlement

            

    

    

    
      	
              10.1

            	
              If
                any dispute arises between Investor and/or the Promoters and/or Company
                during the subsistence of this Agreement or thereafter, in connection
                with
                the validity, interpretation, implementation or alleged breach of
                any
                provision of this Agreement or regarding a question, including the
                question as to whether the termination of this Agreement by one Party
                hereto has been legitimate (“Dispute”), the disputing
                Parties hereto shall endeavour to settle such Dispute amicably. The
                attempt to bring about an amicable settlement shall be considered
                to have
                failed if not resolved within 60 days from the date of the
                Dispute.

            

    

    

    
      	
               

            	
              Conciliation

            

    

    

    
      	
              10.2

            	
              If
                the Parties are unable to amicably settle the Dispute in accordance
                with
                Clause 10.1 within the period specified therein, the
                Parties shall forthwith but not later than 30 days after expiry of
                the
                aforesaid period, refer the Dispute to Mr. Ram Mukunda and Mr. R.L.
                Srivastava for resolution of the said Dispute. The attempt to bring
                about
                such resolution shall be considered to have failed if not resolved
                within
                30 days from the date of receipt of a written notification in this
                regard.

            

    

    

    
      	
               

            	
              Arbitration

            

    

    

    
      	
              10.3

            	
              If
                the Parties are unable to amicably settle the Dispute in accordance
                with
                Clause 10.2 within the period specified therein, any
                Party to the Dispute shall be entitled to serve a notice invoking
                this
                Clause and making a reference to an arbitration panel of three
                arbitrators. Each party to the dispute shall appoint one arbitrator
                within
                30 days of receipt of the notice of the Party making the reference,
                and
                the two arbitrators, so appointed shall appoint a third
                arbitrator.  The Arbitration proceedings shall be held in
                accordance with the Arbitration and Conciliation Act, 1996. The decision
                of the arbitration panel shall be binding on all the Parties to the
                Dispute.

            

    

    

    10.4        The
      place of the arbitration shall be Mumbai, India.

    

    10.5        The
      arbitration proceedings shall be governed by the laws of India.

    

    10.6        The
      proceedings of arbitration shall be in the English language.

    

    
      	
              10.7

            	
              The
                Arbitrator’s award shall be substantiated in writing. The court of
                arbitration shall also decide on the costs of the arbitration proceedings.
                The cost of arbitration shall be borne by the
                Company.

            

    

    

    
      	
              10.8

            	
              The
                award shall be binding on the Parties subject to the Applicable Laws
                in
                force and the award shall be enforceable in any competent court of
                law.

            

    

    

    
      	
              10.9

            	
              The
                Mumbai court (including any appellant court) in India shall have
                exclusive
                jurisdiction.

            

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     11.           NOTICES

    

    
      	
              11.1

            	
              Any
                notice or other communication that may be given by one Party to the
                other
                shall always be in writing and shall be served either by (i) hand
                delivery
                duly acknowledged; or (ii) sent by registered post with acknowledgment
                due; or (iii) by facsimile at the respective addresses set out herein
                below or at such other address as may be subsequently intimated by
                one
                party to the other in writing as set out herein. If the notice is
                sent by
                facsimile, the said notice shall also be sent by registered post
                acknowledgment due.

            

    

    

    The
      Investor:  Ram Mukunda

    Address:          At
      the address mentioned above

    Tel:                    +1
      301 529 4996

    Facsimile:          +
      1 240 465 0273

    

    The
      Company: Sricon Infrastructure Pvt. Ltd.

    Address:           As
      mentioned above

    Tel:                     917122287666

    Facsimile:           917122290700

    

    The
      Promoter:    R. L. Srivastava

    Address:             As
      mentioned in Schedule 1 hereto

    Tel:                      
      917122287666

    Facsimile:             917122290700

    

    
      	
              11.2

            	
              All
                notices shall be deemed to have been validly given on (i) the business
                date immediately after the date of transmission with confirmed answer
                back, if transmitted by facsimile transmission, or (ii) the business
                date
                of receipt, if sent by courier or hand delivery; or (iii) the expiry
                of
                seven days after posting, if sent by registered
                post.

            

    

    

    
      	
              11.3

            	
              Any
                Party may, from time to time, change its address or representative
                for
                receipt of notices provided for in this Agreement by giving to the
                other
                Party not less than 10 days prior written
                notice.

            

    

    

    12.           TERM

    

    This
      Agreement shall come into effect and force and be binding on the Parties from
      the date first written above and shall remain in full force unless terminated
      in
      accordance with the provisions of this Agreement.

    

    13.           CONFIDENTIALITY

     

    
      	
              13.1

            	
              The
                Parties recognise that each of them will be given and have access
                to
                confidential and proprietary information of the other Parties. The
                Parties
                undertake not to use any of such confidential information for their
                own
                corporate purposes without the prior written consent of the Party
                owning
                such information and shall keep confidential and not to disclose
                to any
                third party any of the other Parties’ confidential and proprietary
                information for a period of one year from the date hereof. The Parties
                shall also cause their respective directors, employees, officers
                and any
                other persons to whom the above mentioned information is disclosed
                to
                execute a letter of confidentiality to the effect provided in this
                Clause.
                The obligations of confidentiality shall not apply to any information
                that:

            

    

     

    (a)           was
      developed independently by the Parties;

     

    
      	
               

            	
              (b)

            	
              was
                known to the Party prior to its disclosure by the disclosing
                Party;

            

    

     

    
      	
               

            	
              (c)

            	
              has
                become generally available to the public (other than by virtue of
                its
                disclosure by the receiving Party);

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              (d)

            	
              may
                be required in any report or statement that is required to be submitted
                by
                the Company to any governmental or regulatory
                body;

            

    

     

    
      	
               

            	
              (e)

            	
              may
                be required in response to any summons or subpoena or in connection
                with
                any litigation; or

            

    

     

    
      	
               

            	
              (f)

            	
              was
                approved by both the Parties (for the avoidance of doubt, disclosure
                to
                the Affiliates of the Investor shall be
                permitted);

            

    

     

    
      	
               

            	
              (g)

            	
              is
                required by a regulatory authority or the regulations of any recognized
                stock exchange;

            

    

     

    
      	
               

            	
              (h)

            	
              is
                reasonably required for disclosure to professional advisers of the
                Party,
                who shall have given undertakings of strict
                confidentiality;

            

    

     

    
      	
               

            	
              (i)

            	
              may
                be required to comply with any law, order, regulation or ruling applicable
                to any Party hereto.

            

    

     

    Provided
      that prior to any disclosure in respect of a request to disclose confidential
      information under subsections (d), (e) (g), (h) and (i), above a Party must
      first notify the Party owning such confidential information, who shall then
      have
      the opportunity to respond to and/or dispute such request. The provisions of
      this Clause shall survive the termination of this Agreement.

     

    
      	
              13.2.

            	
              Upon
                termination of this Agreement, the Parties shall cause the Company
                to
                either (i) return to the Investor and Promoters, as applicable, and
                the
                Parties shall return to each other, all documents and information
                belonging to such Person and all copies thereof in the possession
                or under
                the control of a Party which does not own such property, and all
                confidential information in whatever media; or (ii) destroy all documents
                and information belonging to the other Party and all copies thereof
                in the
                possession or under the control of a Party. Provided that the Investor
                and/or its advisors may retain, in a secure location, copies of such
                documents and records for purposes of defending any legal proceeding
                or as
                is required to be maintained in order to satisfy any law, rule,
                regulation, or accounting or financial reporting standards to which
                the
                Investor may be subject.

            

    

     

    
      	
              13.3.

            	
              The
                Parties acknowledge and agree that the covenants and obligations
                with
                respect to confidentiality set forth in this Clause relate to special,
                unique and extraordinary matters, and that a violation of any of
                the terms
                of such covenants and obligations will cause the Company and the
                owner of
                such property irreparable injury for which adequate remedies are
                not
                available at law. Therefore, the Parties agree that the Party entitled
                to
                enforce the covenants set forth above, shall be entitled to an injunction,
                restraining order or such other equitable relief as a court of competent
                jurisdiction may deem necessary or appropriate to restrain the other
                Party
                from committing any violation of the covenants and obligations contained
                in this Clause. These injunctive remedies are cumulative and are
                in
                addition to any other rights and remedies the concerned Party may
                have at
                law or in equity.

            

    

    

    
      	
              14.

            	
              AUTHORISED
                PERSON

            

    

    

    For
      the
      purposes of this Agreement, Mr. R. L. Srivastava shall represent the Promoters.
      Accordingly, all the Promoters hereby authorise Mr. R. L. Srivastava to
      represent the Promoters and take any decision which may be required to be taken,
      do all acts and execute all documents which are or may be required by the
      Promoters for the proper and effective fulfilment of the rights and obligations
      under this Agreement. Any action taken or deed performed or document executed
      by
      Mr. R. L. Srivastava shall be deemed to be acts or deeds done or documents
      executed by all the Promoters, and shall be binding on all the
      Promoters.

    

    15.          TERMINATION

    

    
      	
              15.1

            	
              Grounds
                for Termination: Save and except the rights and obligations of the
                Parties
                that terminate as provided in the specific clauses in this Agreement,
                this
                Agreement shall continue in full force and effect until terminated
                in
                accordance with the provisions of this
                Clause.

            

    

    

    
      	
              15.2

            	
              This
                Agreement can be terminated at any time prior to the subscription
                by the
                Investor in the manner set out in Clause 4 of this Agreement, by
                mutual
                written agreement of the Parties.

            

    

    

    
      	
              15.3

            	
              This
                Agreement shall stand terminated under Clause 4 if the Completion
                does not
                take place as per Clause 4.3.

            

    

    

    
      	
              15.4

            	
              Effect
                of Termination: Termination of this Agreement under Clauses 15.2
                to 15.3
                shall be without liability of any Party (or any shareholder, director,
                officer, agent, employee, consultant or representative of such Party)
                to
                the other Parties.

            

    

    

    
      	
              15.5

            	
              The
                provisions of Clause 6 (Indemnity), 10 (Arbitration), 11 (Notices),
                and 13
                (Confidentiality) shall survive the termination hereof pursuant to
                Clause
                15.1.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    16.          MISCELLANEOUS
      PROVISIONS

    

    16.1      
        Reservation of Rights

    

    No
      forbearance, indulgence or relaxation or inaction by any Party at any time
      to
      require performance of any of the provisions of this Agreement shall in any
      way
      affect, diminish or prejudice the right of such Party to require performance
      of
      that provision, and any waiver or acquiescence by any Party of any breach of
      any
      of the provisions of this Agreement shall not be construed as a waiver or
      acquiescence of any continuing or succeeding breach of such provisions, a waiver
      of any right under or arising out of this Agreement or acquiescence to or
      recognition of rights other than that expressly stipulated in this
      Agreement.

    

    16.2         Cumulative
      Rights

    

    All
      remedies of either Party under this Agreement whether provided herein or
      conferred by statute, civil law, common law, custom or trade usage, are
      cumulative and not alternative and may be enforced successively or
      concurrently.

    

    16.3         Partial
      Invalidity

    

    If
      any
      provision of this Agreement or the application thereof to any Person or
      circumstance shall be invalid or unenforceable to any extent, the remainder
      of
      this Agreement and the application of such provision to persons or circumstances
      other than those as to which it is held invalid or unenforceable shall not
      be
      affected thereby, and each provision of this Agreement shall be valid and
      enforceable to the fullest extent permitted by law. Any invalid or unenforceable
      provision of this Agreement shall be replaced with a provision, which is valid
      and enforceable and most nearly reflects the original intent of the
      unenforceable provision. Provided however, if said provision is fundamental
      provision of this Agreement or forms part of the consideration or object of
      this
      Agreement, the provision of this Clause shall not apply.

    

    16.4         Amendments

    

    No
      modification or amendment of this Agreement and no waiver of any of the terms
      or
      conditions hereof shall be valid or binding unless made in writing and duly
      executed by all the Parties.

    

    16.5         Assignment

    

    This
      Agreement and the rights and liabilities hereunder shall bind and inure to
      the
      benefit of the respective successors of the Parties hereto, but no Party shall
      assign or transfer any of its rights and liabilities hereunder to any other
      Person without the prior written consent of the other Parties, which will not
      be
      unreasonably withheld. Notwithstanding anything stated above, the Investor
      shall
      be entitled to assign its rights and obligations hereunder to any of its
      Affiliates or its holding company or ultimate parent company or their
      Affiliates, without the consent of the other Parties.

    

    16.6         Entire
      Agreement

    

    This
      Agreement constitutes the entire Agreement between the Parties with respect
      to
      the subscription of the Equity Shares and supersedes and cancels any prior
      oral
      or written agreement, representation, understanding, arrangement, communication
      or expression of intent relating to the subject matter of this
      Agreement.

    

    16.7       
       Relationship

    

    None
      of
      the provisions of this Agreement shall be deemed to constitute a partnership
      between the Parties hereto and no Party shall have any authority to bind the
      other Party otherwise than under this Agreement or shall be deemed to be the
      agent of the other in any way.

    

    16.8         Governing
      law

    

    This
      Agreement shall be governed and construed in accordance with the laws of India,
      under the jurisdiction of the Mumbai courts, without regard to the conflict
      of
      laws principles.

    

    16.9         Service
      of Process

    

    Subject
      to the provisions of clause 10 of this Agreement, the Parties agree that any
      action or proceeding seeking to enforce any provision of, or based on any right
      arising out of this Agreement may be brought against any of the Parties in
      the
      courts of Mumbai, India and each of the Parties consent to the jurisdiction
      of
      such courts (and of the appropriate appellant courts) in any such action or
      proceeding and waives any objection to the venue laid therein. Process in any
      action or proceeding referred to in the preceding sentence may be served on
      any
      party anywhere in the world.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    16.10      
      Costs

    

    Each
      Party shall bear its own expenses incurred in preparing this Agreement including
      any brokers, finders’ fee, financial advisor’s fees and the expenses incurred by
      its representatives. The Parties agree to equally share in the cost of the
      US
      GAAP audits.

    

    16.11      
      Force Majeure

    

    No
      Party
      shall be liable to the other if, and to the extent, that the performance or
      delay in performance of any of its obligations under this Agreement is
      prevented, restricted, delayed or interfered with due to circumstances beyond
      the reasonable control of such Party, including but not limited to, Government
      legislations, fires, floods, explosions, epidemics, accidents, acts of God,
      wars, riots, strikes, lockouts, or other concerted acts of workmen, acts of
      Government and/or shortages of materials. The Party claiming an event of
force majeure shall promptly notify the other Parties in writing, and
      provide full particulars of the cause or event and the date of first occurrence
      thereof, as soon as possible after the event and also keep the other Parties
      informed of any further developments. The Party so affected shall use its best
      efforts to remove the cause of non-performance, and the Parties shall resume
      performance hereunder with the utmost dispatch when such cause is
      removed.

    

    16.12       Severance

    

    Any
      provision of this Agreement which is invalid or unenforceable shall be
      ineffective to the extent of such invalidity or unenforceability, without
      affecting in any way the validity, legality and enforceability of the remaining
      provisions hereof. Should any provision of this Agreement be or become
      ineffective for reasons beyond the control of the Parties, the Parties shall
      use
      reasonable efforts to agree upon a new provision, which shall as nearly as
      possible have the same commercial effect as the inefficient
      provision.

    

    16.13       Good
      Faith Negotiations and Further Assurances

     

    
      	
               

            	
              16.13.1
                The Parties agree that if the transactions contemplated in this Agreement
                cannot be completed in the manner set forth herein, then the Parties
                shall
                use reasonable endeavours to enter into other transactions that (a)
                would
                result in a substantially similar outcome and (b) do not prejudice
                any of
                the Parties.  Each of the Parties further agrees that, during
                any such negotiations, it shall refrain from initiating any legal
                actions
                against the other Parties; and

            

    

     

    
      	
               

            	
              16.13.2
                Each Party agrees to perform (or procure the performance of) all
                further
                acts and things, and execute and deliver (or procure the execution
                and
                delivery of) such further documents, as may be required by law or
                as the
                other Parties may reasonably require, whether on or after the date
                of this
                Agreement, to implement and/or give effect to this Agreement and
                the
                transactions contemplated by it and for the purpose of vesting in
                the
                Investor the full benefit of the assets, rights and benefits to be
                transferred to the Investor under this
                Agreement.

            

    

     

    16.14      
      Public announcements

    

    Except
      as
      and to the extent required by Applicable Law, without the prior written consent
      of the other Party, neither Party will, and each will direct its representatives
      not to, make, directly or indirectly, any public comment, statement or
      communication with respect to, or otherwise to disclose or to permit the
      disclosure of the terms of this Agreement and the Transaction Documents. The
      Investor however is required by the Securities and Exchange Commission
      (‘SEC’) laws in the United States of America to disclose the
      terms of this Agreement and the Transaction Documents, while filing with the
      SEC, which may result into a press release or press exposure or disclosure
      to
      the general public.

    

    16.15       Execution
      in Counterparts

    

    This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed an original and all of which, taken together, shall constitute one and
      the same instrument. A facsimile or copy of a signature is valid as an
      original.

    

    16.16       Authorisation

    

    The
      persons signing this Agreement on behalf of the Parties represent and covenant
      that they have the authority to so sign and execute this document on behalf
      of
      the Parties for whom they are signing.

    

    16.17       Time
      of the essence

    

    Any
      date
      or period mentioned in this Agreement may be extended by agreement between
      the
      Parties hereto, failing which, as regards any such date or period, time shall
      be
      the essence of the Agreement.

     

    

    Execution
      Page Follows:

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    IN
      WITNESS WHEREOF THE PARTIES HERETO HAVE SET AND SUBSCRIBED THEIR RESPECTIVE
      HANDS TO THESE PRESENTS ON THE DAY, MONTH AND YEAR HEREIN
      WRITTEN:

    

    
      	
              SIGNED
                AND DELIVERED

            	
              )

            
	
              BY
                THE WITHINNAMED " Investor "

            	
              )

            
	
              BY
                THE HAND OF MR. RAM MUKUNDA

            	
              )

            
	
              (Authorised
                Signatory)

            	
              )

            
	 	 
	
              ON
                THE 15th  DAY OF SEPTEMBER 2007

            	
              )

            

    

    

    
      	
              IN
                THE PRESENCE OF:

            	
              )

            
	
              WITNESS:

            	
              )

            
	 	 
	
              NAME
                AND ADDRESS:

            	
              )

            
	 	 
	 	 
	 	 

    

    

    
      	
              SIGNED
                AND DELIVERED

            	
              )

            
	
              BY
                THE WITHINNAMED "SRICON INFRASTRUCTURE PVT.
                LTD"

            	
              )

            
	
              BY
                THE HAND OF MR.  R.L. SRIVASTAVA

            	
              )

            
	
              (AUTHORISED
                SIGNATORY) PURSUANT TO THE

            	
              )

            
	
              RESOLUTION
                PASSED BY THE BOARD

            	
              )

            
	
              ON
                THE 15th   DAY OF SEPTEMBER 2007

            	
              )

            
	 	 
	
              IN
                THE PRESENCE OF:

            	
              )

            
	
              WITNESS:

            	
              )

            
	
              ADDRESS:

            	
              )

            
	 	 
	 	 
	 	 

    

    

    
      	
              SIGNED
                AND DELIVERED

            	
              )

            
	
              BY
                THE WITHINNAMED "Promoter"

            	
              )

            
	
              Mr.
                R. L. SRIVASTAVA

            	
              )

            
	 	 
	
              ON
                THE 15th  DAY OF SEPTEMBER   2007

            	
              )

            
	 	 
	
              IN
                THE PRESENCE OF:

            	
              )

            
	
              WITNESS:

            	
              )

            
	
              ADDRESS:

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