gayatri projects limited - Edelweiss

GAYATRI PROJECTS LIMITEDNotice of call amount payable atfixed times or by instalmentspayable as callsWhen interest on call or instalmentpayable(i) If by the terms of issue of any share or otherwise any amount is made payableon allotment or at any fixed time or by instalments at fixed times, whether onaccount of the nominal amount of the share or by way of premium every suchamount or instalment shall be payable as if it were a call duly made by theDirectors and of which due notice had been given, and all the provisions hereincontained in respect of the calls shall relate to such amount or instalment,accordingly.(ii) In the case of non-payment of such sum all the relevant provisions of theseArticles to payment of interest and expenses, forfeiture or otherwise shall applyas if such sum had become payable by virtue of a call duly made and notified.If the sum payable in respect of any call or instalment be not paid on or before theday appointed for the payment thereof, the holder for the time being of the sharein respect of which the call shall have been made or the instalment shall be dueshall pay interest for the same at the rate of 12 per cent per annum or at such rateas the Directors may determine from time to time not exceeding 18 percent perannum, from the day appointed for the payment thereof to the time of actualpayment. The Directors shall be at liberty to waive payment of any such interest,wholly or in part.Payment of calls in advanceThe Directors may, subject to Section 92 of the Companies Act, 1956 receive fromany member willing to advance all or any part of money unpaid upon the sharesheld by him beyond the sums actually called for and exceeds the amount of callsthen made upon the shares in respect of which such advance has been made,the company may pay interest at such rate as the member paying such sum inadvance and the Directors agree upon not less than 15 percent per annum. Moneyso paid in excess of the amount of calls shall not rank for dividend or anticipate inProfits until it is appropriated towards satisfaction of any call. The Directors may atany time repay the amount so advanced.Amount and time of callNo call shall exceed one fourth of the nominal value of a share, or be payable atless then one month from the date fixed for the payment of the last proceedingcall. A call may be revoked or postponed at the discretion of the Board.Evidence in action for callOn the trial or hearing of any action for the recovery of any money due for anycall, it shall be sufficient to prove that the name of the member sued is entered inthe register as the holder, or one of the holders of the shares in respect of whichsuch debt accrued; that the resolution making the call is duly recorded in the minutebook; and the notice of such call was duly given to the member, in pursuanceofthese presents; and it shall not be necessary to prove the appointment of theDirectors who made such call or any other matter whatsoever but the proof of thematters aforesaid shall be conclusive evidence of the debt.Forfeiture, surrender And lien if If any Member fails to pay any call, or instalment, on or before the day appointedcall or instalment Not paid notice for payment thereof, the Directors may at any time thereafter, during such time asto be given the call or instalment remains unpaid, serve notice on him to pay the same togetherwith any interest that may have accrued, by reasons of such non-payment, andstating that in the event of non-payment on or before some day to be named inthe notice (such day not being less than fourteen days from the date of service ofsuch notice) and at some place (either the Office or a bank) named in such notice,the shares in respect of which the call was made or instalment is payable will beliable to be forfeited.If notice not complied with sharesmay be forfeitedIf the requisition of such notice are not complied with, any share in respect ofwhich such notice has been given may at any time thereafter, before payment ofcalls, instalments, and interest may be forfeited by a resolution of the Board of204