Common use of Completion and Post-Completion Actions Clause in Contracts

Completion and Post-Completion Actions. 5.1. The Completion shall take place within ten (10) Business Days following receipt of the CP Confirmation by MPUIF and the Company (which ever is later). 5.2. At Completion, the following shall occur simultaneously and no such transaction shall be consummated unless all such transactions are consummated: (i) The Consultant shall nominate three (3) persons to be appointed as directors on the Board including the Managing Director in accordance with clause 4.1(v) above and shall provide the Company with consents of the said persons; (ii) The Company shall: (a) allot and issue the Subscription Shares to the Consultant; (b) deliver to the Consultant one or more original share certificates evidencing the Subscription Shares, each duly completed in the name of the Consultant, as the case may be; (c) duly register the Subscription Shares in the name of the Consultant in the Company’s register of members and provide evidence thereof to the Consultant; (d) appoint the three nominees of the Consultant on the Board as directors; and (e) appoint one of the three nominees of the Consultant on the Board as the Managing Director; and (f) pass a resolution of the Board (with participation of the nominees of the Consultant) and approve the Services Agreement for execution by the Company. 5.3. Within five (5) Business Days of the Completion Date, the Company shall: (i) file the return of allotment with the Registrar of Companies, Madhya Pradesh & Chhattisgarh, for the allotment of the Subscription Shares and provide an acknowledged copy of the same to the Consultant; (ii) file all necessary forms in relation to appointment of the nominees of the Consultant on the Board with the Registrar of Companies, Madhya Pradesh & Chhattisgarh, subject to the Consultant providing the Company with all documents as may be required by the Company for completing the requirements under law for the appointment as aforesaid and no appointment shall be made without providing the Company with all such documents as it may require for the said purpose; and (iii) execute the Services Agreement with MPUIF.