Board Resolution Legalese Rewriting

Protocol of directors meeting on 5th September * in Pondicherry, authorizing managing director Saphal Jhunjhunwala, to sign a Memorandum of Understanding with Parul N. Desai regarding purchase of lands from Aditi Diamonds, situated in the Masterplan Area of Auroville. Today, the 5th of September *, a board meeting of directors was held in Pondicherry. Present were: Saphal Junjhunwala, Michael Bonke, Nisha Jhunjhunwala. Subject: Land sale of Aditi Diamonds Pvt. Ltd. to Parul N. Desai and the necessary steps of precautions to be taken to ensure a smooth and safe way to implement the same. The following points were unanimously accepted, and a resolution was passed to authorize managing director Saphal Jhunjhunwala to sign an agreement with Parul N. Desai stating the various points of decisions made by the board of directors in this meeting: *) From the lands which Aditi Diamonds Pvt. Ltd. is holding, the following lands could be offered to Parul N. Desai: i. MA */* (*.* acres as per Sale Deed) ii. MA */* (*.* acres as per Sale Deed) iii. MA */* (*.* acres as per Sale Deed) iv. RP */3A (*.* acres as per Sale Deed) v. RP */* (*.* acres as per Sale Deed) vi. RP */* (*.* acres as per Sale Deed) vii. RP */* (*.* acres as per Sale Deed) viii. RP */* (*.* acres as per Sale Deed) ix. RP */* (*.* acres as per Sale Deed) x. RP */9B (*.*½ acres as per Sale Deed) xi. RP */* (*.*½ acres as per Sale Deed) *) Since Parul N. Desai requires an assurance that she can construct a residence for herself on the lands to be purchased, Aditi Diamonds Pvt. Ltd. is willing to take up the work to seek all required permissions to construct a private residence on the lands which might be sold to her. *) Such efforts to get permissions require not only a lot of work, but also endanger the good name of Aditi Diamonds Pvt. Ltd. in Auroville, in case after a lot of discussions with the official authorities of Auroville, Parul N. Desai would not come forward and implement her plans. Hence Aditi Diamonds Pvt. Ltd. will request from Parul N. Desai some Advance/Earnest money to the tune of Rs. * Crore, to demonstrate her seriousness in the above-mentioned plans, and to show that she has enough funds to go forward with the purchase, once the approvals are obtained. *) For the time to obtain the required permission and to seek a safe way of access to the lands sold, a maximum time-frame of 36 months is envisaged. Should the work to prepare the transaction not be over by this time, the earnest money will have to be paid back, or a prolongation of the MOU must be agreed upon and has to be signed by both parties. *) The advance/earnest money is free from interest. Accepted and decided on *. *. *, in Pondicherry : Saphal Jhunjunwala (director) Michael Bonke (director) Nisha Jhunjhunwala (director)