In case of Project being executed through SPVs Sample Clauses

In case of Project being executed through SPVs. The Selected Bidder executing the project, if being a single company, shall ensure that its shareholding in the SPV/ Project company incorporated for implementing the project and executing the PPA, shall not fall below 51% at any time prior to 01 (one) year after the SCD, except with the prior approval of DVC. In the event the selected Bidder is a consortium, then the combined shareholding of the consortium members in the SPV/ Project Company executing the PPA, shall not fall below 51% at any time prior to 01 (one) year after SCD, except with the prior approval of DVC. However, in case the Project is being set up by a listed Company, this condition will not be applicable. In case of the selected Bidder itself executing the PPA, it shall ensure that its promotors shall not cede control (Control shall mean the ownership, directly or indirectly, of more than 50% of the voting shares of such Company or right to appoint majority Directors), till 01 (one) year after the SCD, except with the prior approval of DVC. However, in case the Project is being set up by a listed Company, this condition will not be applicable. In case of companies having multiple promoters (but none of the shareholders having more than 50% of voting rights and paid-up share capital), it shall be considered as a company under joint control. In such cases, the shareholding pattern in the company as submitted at the time of bidding, shall be maintained for a period of 01 (one) year after SCD. Any change in the shareholding after the expiry of 01 year after SCD can be undertaken under intimation to DVC. Transfer of controlling shareholding of the company developing the project within the same group of companies will however be allowed after SCD with the permission of DVC, subject to the condition that the management control remains within the same group of companies.
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Related to In case of Project being executed through SPVs

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