SATYAM COMPUTER SERVICES LIMITED — Direct Registration System for ADSs
Exhibit 99.7
000 Xxxxxxxxx Xxxxxx
00xx xxxxx
Xxx Xxxx, XX 00000
[Citi Logo]
November 7, 2007
XXXXXX COMPUTER SERVICES LIMITED
Xxxxxx Technology Center
Bahadurpally Village
Qutubullapur Mandal
R.R. District—000 000
Xxxxxxxxx, Xxxxxx
Xxxxxxx, Xxxxx
Attention: Managing Director
XXXXXX COMPUTER SERVICES LIMITED — Direct Registration System for ADSs
Ladies and Gentlemen:
Reference is made to the Deposit Agreement, dated as of May 14, 2001 and
further amended by letter agreement dated September 4, 2002 (the “Deposit
Agreement”), by and among XXXXXX COMPUTER SERVICES LIMITED (the “Company”),
Citibank, N.A., as Depositary (the “Depositary”) and all Holders and Beneficial Owners
from time to time of American Depositary Receipts (“ADRs”) evidencing American Depositary
Shares (“ADSs”) issued thereunder, each ADS representing two (2) equity shares, par value Rs.
2 per share (the “Shares”) of the Company. Capitalized terms used herein without
definition shall have the meaning assigned thereto in the Deposit Agreement.
The purpose of this letter agreement is to supplement the Deposit Agreement to enable the
establishment by the Depositary of a “direct registration system” (the “DR System”)
for ADSs and the issuance by the Depositary of “uncertificated ADSs” as part of the DR System.
Therefore, the Company and the Depositary agree as follows:
1. Notwithstanding any provision of the Deposit Agreement, the Depositary may, at any
time and from time to time, issue ADSs that are not evidenced by ADRs (such ADSs, the
“Uncertificated ADSs”, and the ADSs evidenced by ADRs, the “Certificated
ADSs”).
2. Uncertificated ADSs shall not be represented by any instrument(s) but shall be
evidenced only by the registration of “uncertificated securities” on the books and records of
the Depositary maintained for such purpose. Any reference to Holders of ADR(s) or ADS(s) in
the Deposit Agreement shall, in the context of the Uncertificated ADSs, refer to the person(s)
in
Citibank, N.A.
whose name the Uncertificated ADSs are registered on the books of the Depositary maintained
for such purpose.
3. Holders of Uncertificated ADSs that are not subject to any registered pledges, liens,
restrictions or adverse claims, of which the Depositary has written notice at such time, shall at
all times have the right to exchange the Uncertificated ADSs (or any portion thereof) for
Certificated ADSs of the same type and class, subject in each case to applicable laws and any
rules the Depositary may establish from time to time in respect of the Uncertificated ADSs.
4. Holders of Certificated ADSs shall, so long as the Depositary maintains the DR System for
the ADSs, have the right to exchange the Certificated ADSs (or any portion thereof) for
Uncertificated ADSs upon (i) the due surrender of the Certificated ADSs to the Depositary for such
purpose, and (ii) the presentation of a written request to such effect to the Depositary, subject
in each case to (a) all liens and restrictions noted on the ADR evidencing the Certificated ADS(s)
and all adverse claims of which the Depositary then has written notice, (b) the terms of the
Deposit Agreement (as supplemented by this letter agreement) and the rules that the Depositary may
establish from time to time for such purposes thereunder, and (c) applicable law.
5. Uncertificated ADSs shall in all material respects be identical to Certificated ADSs of the
same type and class, except that (i) no ADR(s) shall be, nor shall need to be, issued to evidence
Uncertificated ADSs, (ii) Uncertificated ADSs shall, subject to the terms of the Deposit Agreement
(as supplemented by this letter agreement), be transferable upon the same terms and conditions as
uncertificated securities under New York law, (iii) each Holder’s ownership of Uncertificated ADSs
shall be recorded on the books and records of the Depositary maintained for such purpose and
evidence of such Holder’s ownership shall be reflected in periodic statements provided by the
Depositary to each such Holder in accordance with applicable law, (iv) the Depositary may from time
to time, upon notice to the Holders of Uncertificated ADSs affected thereby, establish rules and
amend or supplement existing rules, as may be deemed reasonably necessary to maintain the DR System
and for the issuance of Uncertificated ADSs on behalf of Holders, provided that such rules do not
conflict with the terms of the Deposit Agreement (as supplemented by this letter agreement) and
applicable law, (v) the Holder of Uncertificated ADSs shall not be entitled to any benefits under
the Deposit Agreement (as supplemented by this letter agreement) and such Holder’s Uncertificated
ADSs shall not be valid or enforceable for any purpose against the Depositary or the Company unless
such Holder is registered on the books and records of the Depositary maintained for such purpose,
(vi) the Depositary may, in connection with any deposit of Shares resulting in the issuance of
Uncertificated ADSs and with any transfer, pledge, release and cancellation of Uncertificated ADSs,
require the prior receipt of such documentation as the Depositary may reasonably request, and (vii)
upon termination of the Deposit Agreement (as supplemented by this letter agreement), the
Depositary shall not require Holders of Uncertificated ADSs to affirmatively instruct the
Depositary or to take other action before remitting proceeds from the
sale of the Deposited
Securities represented by such Holders’ Uncertificated ADSs under the terms of Section 6.2 of the
Deposit Agreement.
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6. When issuing ADSs under the terms of the Deposit Agreement, including, without limitation,
issuances pursuant to Sections 4.3 and 4.4 thereof, the Depositary may in its discretion determine
to issue Uncertificated ADSs rather than Certificated ADSs, unless otherwise specifically
instructed in writing by the applicable Holder to issue Certificated ADSs.
7. Holders of Uncertificated ADSs may request the sale of ADSs through the Depositary,
subject to the terms and conditions generally applicable to the sale of ADSs through the
Depositary from time to time (which may be changed by the Depositary).
8. All provisions and conditions of the Deposit Agreement shall apply to
Uncertificated ADSs to the same extent as to Certificated ADSs, except as contemplated herein. The
Depositary is authorized and directed to take any and all actions, and establish any and all
procedures, deemed reasonably necessary to give effect to the terms hereof. Any references in the
Deposit Agreement or any ADR(s) to the terms “American Depositary Share(s)” or “ADS(s)” shall,
unless the context otherwise requires, include Certificated ADS(s) and Uncertificated ADS(s),
individually or collectively, as the context may require.
9. Except as set forth herein and except as required by applicable law, the Uncertificated
ADSs shall be treated as ADSs issued and outstanding under the terms of the Deposit Agreement (as
supplemented by this letter agreement). In the event that, in determining the rights and
obligations of parties to the Deposit Agreement (as supplemented by this letter agreement) with
respect to any Uncertificated ADSs, any conflict arises between (a) the terms of the Deposit
Agreement and (b) the terms hereof, the terms and conditions set forth herein shall be controlling
and shall govern the rights and obligations of the parties to the Deposit Agreement pertaining to
the Uncertificated ADSs.
10. This letter agreement shall be interpreted under, and all the rights and obligations
hereunder shall be governed by, the laws of the State of New York without regard to the principles
of choice of law thereof.
11. The terms of this letter agreement supplement the Deposit Agreement, and are not intended
to materially prejudice any substantial existing rights of Holders of ADSs and, as a result,
notice may, but is not required, to be given of the terms hereof to Holders of ADSs under the
Deposit Agreement.
12. The Company and the Depositary shall make reference to the terms of this letter agreement,
or attach an executed copy hereof to, the next Registration Statement on Form F-6 filing made with
the Securities and Exchange Commission in respect of the ADSs.
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| CITIBANK, N.A., as Depositary |
||||
| By: | /s/ Xxx-Xxxxx Xxxxxxx | |||
| Name: | Xxx-Xxxxx Xxxxxxx | |||
| Title: | Vice President | |||
| Date: | November 7, 2007 | |||
| Acknowledged and Agreed: XXXXXX COMPUTER SERVICES LIMITED |
|||||
| By: | /s/ G Xxxxxxxxx | ||||
| Name: | G Xxxxxxxxx | ||||
| Title: | Global Head — Corp. Governance & Company Secretary | ||||
| Date: | |||||
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Xxxxxx
XXXXXX COMPUTER SERVICES LIMITED INCUMBENCY CERTIFICATE
The undersigned hereby certifies that (i) he is the Managing Director of XXXXXX COMPUTER
SERVICES LIMITED (the “Company”) and as such he is authorized to execute this Incumbency
Certificate, (ii) G Xxxxxxxxx (“Authorized Officer”) has been elected or appointed, is
qualified, and is now acting as an officer of the Company in the capacity indicated below, and that
the signature set forth opposite the Authorized Officer’s name is the Authorized Officer’s true and
genuine signature, and (iii) the Authorized Officer has all requisite power and authority to
execute and deliver the Letter Agreement, dated as of November 7, 2007 (the “Letter”),
between the Company and Citibank, N.A., in the name and on behalf of the Company, that the
Authorized Officer has duly executed and delivered the Letter on behalf of the Company, and that
his signature on such Letter is genuine.
| Name | Title | Phone | Signature | |||
G Xxxxxxxxx
|
Global head — Corp.
Governance & Company Secretary |
00-00-00000000 | /s/ G Xxxxxxxxx |
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of the Company
this 21st day of November, 2007.
| XXXXXX COMPUTER SERVICES LIMITED |
||||
| By: | /s/ B Rama Raju | |||
| Name: | B Rama Raju | |||
| Title: | Managing Director | |||
[Xxxxxx Company’s letter head]
