VGCB definition
Examples of VGCB in a sentence
A Director may at any time and the secretary of VGCB shall on requisition of a Director convene a Board Meeting by notice in writing of fourteen (14) days or such other period as all Directors may agree, provided always that a Board Meeting may be convened by a notice shorter than fourteen (14) days with prior consent in writing of all the Directors.
As at the date of this Agreement, the issued, subscribed and paid up equity share capital of VGCB comprises of ten thousand (10,000) Shares of the face value of Rs 10/- each aggregating to Rupees one lakh only (Rs.1,00,000/-).
Unless otherwise agreed, VGCB shall bear and pay such reasonable travel and accommodation expenses as may be incurred by the Directors for the purpose of traveling to and attending Board Meetings.
As long as Leighton holds a minimum of 10 per cent (10%) of the equity paid-up share capital of VGCB, Leighton shall have the right to appoint 1 (one) nominee Director on the Board and the remaining Directors shall be appointed by Sterlite.
Upon the registration of such Person as a Shareholder, VGCB shall endorse all certificates issued to such Person in respect of its shareholding with the following legend: “The rights of the holder of the shares the subject of this certificate are subject to the provisions of an agreement made the 17th day of September 2010 (and any additions, supplement or amendment to the same) to which the Company and all shareholders are bound either by original agreement or subsequent accession”.
The books of accounts and other financial records and information of VGCB shall be audited once a year by the Statutory Auditor.
The Parties agree that the appointment of the CEO, CFO and other key managerial officers of VGCB shall be made in consultation with Leighton.
The Board may at any time it considers fit and shall upon a written requisition of any shareholder holding ten per cent (10%) or more of the issued voting capital of VGCB convene a general meeting of VGCB by notice in writing of twenty one (21) days or such other period as all Shareholders may agree.
It being clarified that upon such infusion of the required Additional Funding, Leighton’s shareholding in VGCB (being 26% of the equity share capital of VGCB) shall not be diluted at any time.The Parties further agree that Leighton shall be under no obligation to provide any funds or financial assistance or security either by way of cash, equity, guarantee, or any other medium in relation to the Additional Funding over and above Leighton’s Contribution.
VGCB shall also have, subject to and in accordance with the consent of the Parties, such number of additional Directors as may be required to comply with Applicable Laws.