gayatri projects limited - Edelweiss

Directors, and the forfeiture shall be recorded in the Directors’ Minute book; andthe holder of such share will thereupon cease to have any interest therein, andhis name shall be removed from the register as such holder and thereupon noticeshall be given to him of such removal, and an entry of the forfeiture with the datethereof shall forthwith be made in the register, but no forfeiture shall be in anymanner invalidated by any omission or neglect to give such notice to or to makesuch entry aforesaid.Effect of forfeitureArrears to be paid NotwithstandingforfeitureForfeited share to become propertyof the CompanyPower to annul forfeitureDeclaration for forfeiture of sharesLien on sharesAs to enforcing a lien by saleValidity of saleThe forfeiture of a share shall involve the extinction of all interest in and also of allclaims and demands against the company in respect of the share and all otherrights incidental to the share except only such of those rights as by these Articlesare expressly saved.Any person whose share shall be so forfeited shall case to be a member in respectof the forfeited share, but shall, notwithstanding the forfeiture, be liable to pay tothe company all calls or instalment and interest, or in respect of such shares atthe time of forfeiture together with interest at the rate of 12 percent per annum, orat such rate as the Directors may determine. The liability of such person shall ceaseif and when the company shall have received payment in full of all such amountsdue in respect of the shares.Any share so forfeited shall be deemed to be the property of the company and theBoard of Directors may sell, re-allot, or otherwise dispose of the same in suchmanner as they think fit.The Directors may at any time, before any share, is so forfeited, shall have beensold, re-allot or annul the forfeiture thereof upon such conditions as they think fit.A duly verified declaration in writing that the declarant is a Director or the Secretaryof the Company, and that a share in the Company has been duly forfeited on adate stated in the declaration, shall be conclusive evidence for the facts, thereinstated as against all persons claiming to be entitled to the share.The company shall have a first and paramount lien upon all the shares (otherthan fully paid-up shares) registered in the name of each member (whether solelyor jointly with others) and upon the proceeds of sale thereof for all moneys(whether presently payable or not) called or payable at a fixed time in respect ofsuch shares and no equitable interest in any share shall be created except uponthe footing and condition that this Article will have full effect. And such lien shallextend to all dividends and bonus from time to time declared in respect of suchshares. Unless otherwise agreed the registration of shares shall operate as a waiverof the Company’s lien if any on such shares. The Directors may at any time declareany shares wholly or in part to be exempt from the provisions of this clause.The Director shall be entitled to give effect to such lien by sale or forfeiture andre-issue of the shares subject thereto or by retaining all dividends and profits inrespect thereof or by any combination of the said means but no sale or forfeitureshall be made, until such period as aforesaid shall have arrived, and unless asum in respect of which the lien exists is presently payable and until notice inwriting of the intention to sell or forfeit shall have been served on such member,his executors, or administrators and default shall have been made by him or bythem in the payment, fulfilment, or discharge of such debts liabilities orengagements for seven days after such notice.Upon any sale after forfeiture or for enforcing a lien in purported exercise of thepower herein before given, the Directors may cause the purchaser’s name to beentered in the register in respect of the shares sold, and the purchaser shall not205