RED HERRING PROSPECTUS Dated August 24 ... - Globus Spirits

notwithstanding fixed by the Article 111 hereof, the continuing Directors not being less than any
vacancies three, may act for the purpose of increasing the number of directors to that number or
for summoning a General Meeting but for no other purpose.
122. (1) The office of a Director shall ipso facto be vacated if: -
he fails to obtain within the time specified in sub-section (1) of Section 270 of the Act, or at any
time thereafter ceases to hold, the share qualification, if any necessary for his appointment; or
(a) he is found to be of unsound mind by a Court of competent jurisdiction; or
(b) he applies to be adjudicated an insolvent;
(c) or he is adjudged insolvent; or
(d) he is convicted by a Court in India of any offence and is sentenced in respect
thereof to imprisonment for not less than six month or
(e) he falls to pay any call in respect of shares of the Company by him, whether
alone or jointly with others, within six month from the last date fixed for the
payment of the call; or
(f) he absents from three consecutive meetings of the Board or from all meetings of
the Board for a continuous period of three months whichever is the longer,
without obtaining leave of absence from the Board; or
(g) he or any firm of which he is a partner or any private company of which he is a
director, accepts a loan, or any guarantee, security for a loan, from the Company
in contravention of Section 295 of the Act; or
(h) he acts in contravention of Section 299 of the Act; or
he has been removed from office in pursuance of Section 203 c the Act; or
by notice in writing to the Company that he resigns his office; or
any office or place of profit under the Company or under an) subsidiary of the Company is held
in contravention of Section 314 of the Act and by operation of that Section he is deemed to
vacate the office.
(2) Notwithstanding any matter or thing in sub-clauses (d), (e) and 0) of clause (1), the
disqualification referred to in those sub-clauses shall not take effect
(a) for thirty days from the date of adjudication sentence or order; or
(b) where an appeal or petition is preferred within the thirty days aforesaid against
the adjudication, sentence or conviction resulting in the sentence, or order until
the expiry of seven days from the date on which such appeal or petition is
disposed of; or
(c) where within the seven days aforesaid any further appeal or petition is
preferred in respect of the adjudication, sentence, conviction or order, and the
appeal or petition, if allowed, would result in the removal of the disqualification
until such further appeal or petition is disposed of.
123. (1) A Director or his relative, a firm in which such Director or relative is a partner, or
any other partner in such firm or a private company of which the Director is a
member or a private company of which the Company is a member or director,
may enter Into any contract with Company for the sale, purchase or supply of
any goods, materials, or services or for underwriting the subscription of any
shares in, or debentures of the Company, provided that the sanction of the
Board is obtained before or within three months of the date on which the
contract is entered into in accordance with Section 297 of the Act
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