NOTABLE CHANGES IN THE DRAFT AND AGREEMENT SIGNED
NOTABLE CHANGES IN THE DRAFT AND AGREEMENT SIGNED
Page
No:(signed
agreement
Article As on Draft passed by Cabinet As on agreement signed
JOB OPPURTUNITY
Page 22 Art 9.3 ……..TECOM shall generate at least
90000 jobs in 10 years from closing
date.
……..TECOM shall make best
efforts to generate at least
90000 jobs in 10 years from
closing date.
LAND VALUE ON DEFAULT
Page 19 Art7.2.2(b) Notwithstanding anything contained in
clause 3.2.2 hereinabove, to buy out the
entire shareholding of the TECOM at a
price to be determined by an
independent valuer taking the value of
the Land as Zero, in which event the
TECOM shall agree not to claim………
Notwithstanding anything
contained in clause 3.2.2
hereinabove, to terminate the
lease and buy out the entire
shareholding of the TECOM at
a price to be determined by an
independent valuer taking the
value of the Land as Rupees
91.52 crores (Rupees ninty
one crore and fifty two lakh
only) which is the advance less
premium paid by the SPV to the
GoK for 88% of the land), in
which event the TECOM shall
agree not to claim………
ADDITIONAL 10% SHARE
Page 13 Art 3.3.5 …TECOM agrees that GoK shall have
the option to call on TECOM and its
permitted affiliate for the transfer of
additional 10% of the paid-up share
capital in the SPV(Call Shares) within a
period of five years to facilitate GoK to
acquire 26% of the total paid-up share
capital.
…TECOM agrees that GoK
shall have the option to call on
TECOM and its permitted
affiliate for the transfer of
additional 10% of the paid-up
share capital in the SPV(Call
Shares) upon completion of
five years in order to raise the
share holding of the GoK in
the SPV to 26% of the total
paid-up share capital.
EXTENTION OF LEASE
Page 14 Art 5.1 Subject to Article 2.9, within ten (10)
days of the developer status attainment
date or within sixty (60) days of the
execution date, which ever is later, the
GoK, either themselves or through any
other person so appointed by Gok in this
regard, shall lease the land to SPV
through the execution and registration
of a lease deed ("Lease Deed") for a
term of ninety-nine (99) years for the
purpose of developing the same under
the development plan
Subject to Article 2.9, within
ten (10) days of the developer
status attainment date or within
sixty (60) days of the execution
date, which ever is later, the
GoK, either themselves or
through any other person so
appointed by Gok in this regard,
shall lease the land to SPV
through the execution and
registration of a lease deed
("Lease Deed") for a term of
ninety-nine (99) years for the
purpose of developing the same
under the development plan.
On expiry the lease period
can be extended to further
periods on terms and
conditions to be mutually
agreed upon.
CHAIRMAN
Page 10
Page 11
Art 3.1.2
Art 3.1.4
GoK shall be entitled to
nominate two Directors on
the BoD
The chairman shall be
nominated by GoK.
GoK shall be entitled to
nominate two Directors on the
BoD as long as the GoK hold
not less than 9% of the share
capital of the SPV. Nominees
of GoK in the BoD shall be an
officer not below the rank of
Special Secretary to
Government or a Minister.
The chairman shall be
nominated by GoK from
among Directors nominated
by GoK.
KINFRA LAND
Page 6
Definition
Land-(C) connectable land
admeasuring a total of ten
(10) acres in the district of
Ernakulam comprised in
Connectable land admeasuring
a total of ten (10) acres in the
Kakkanadu village, Ernakulam
district belonging to KINFRA
Page 28
Annexure A/2
survey numbers as
perAnnexure"A2" of
Kakkanadu village,
Ernakulam district more
particularly earmarked in
pink on the map of the site
contained in Annexure
"A1" attached to and
forming a part of this
agreement, with the survey
number marked therein.
Survey Nos
570,574,575,576 (Total
4.046 hectares)
To be identified later
FREE HOLD
Page 15 Art 5.4 12% of the land shall be
converted into freehold
after creation of minimum
Upon completion of master plan
that determines different plots
among other things, SPV will
space in accordance with
the development plan and
after GoK share reaches
26% of SPV. Minimum
space to be created in land
as per development plan is
8.8 million sq.ft built up
space of which 6.2 million
sq.ft shall be dedicated for
IT/ITES/allied services.
identify plots to be converted
to freehold and such plots will
be converted to freehold by
GoK forthwith without any
consideration or charges.
Cumulative area of the plots
converted to freehold will not
exceed 12% of the total land
area at any point of time
DEVELOPMENT PLAN
Page 29 Annexure B Note: the construction of
the built up area as
mentioned is the table
above that has to
commence in the year will
be completed with in two
years of year of
commencement of
construction.
Note: the construction of the
built up area as mentioned is the
table above that has to
commence in the year will be
completed with in three years
of year of commencement of
construction
Source: oommenchandy.net
