Search the Internet           Tips

Guarantee of the government of India

Information compiled by Enron Action group

Guarantee: The President of India acting through the Ministry of Finance, Government of India the ("Guarantor") refers to the Power Purchase Agreement dated 8 December, 1993 (the "Agreement" made between Dabhol Power Company, "Nirmal", 17th Floor, Nariman Point, Bombay - 400021 (the "Company") of the one part and the Maharashtra State Electricity Board ("MSEB") of the other part.

Whereas, the State of Maharashtra has executed a guarantee on 10th February, 1994 (the "GOM Guarantee") guaranteeing the payments due to the Company from MSEB pursuant to the Agreement. The State of Maharashtra has requested the Guarantor to furnish a counter guarantee in regard to certain payment obligations undertaken by it under the GOM Guarantee in respect of Phase I of the Power Station.

And whereas the Company has agreed and accepted that it shall be in compliance with (1) the terms and conditions set out in the approval for setting up the Dabhol Power Station as given by the Government of India acting through the Secretariat for Industrial Approvals, Department of Industrial Development, Ministry of Industry, as contained in its letters of 3 February 1993, 20 July 1993 and 23 March 1994, as amended from time to time and such amendments being accepted by the Company, and (2) its financing plans which are to be approved by Ministry of Finance.

The guarantor hereby irrevocably undertakes the following obligations:

1. Guarantee: If and whenever

• i) MSEB has failed to pay to the Company any sum of money validly due under the Agreement in respect of only Capacity Payments (which expression for the purpose of this Guarantee includes amounts calculated by reference to Capacity Payments payable under clause 4.8 of the Agreement in so far as it applies to late completion of the Transmission Lines and/or Energy Payments both relating only to Phase I and
• ii) the State of Maharashtra upon demand therefore made by the Company pursuant to the GOM Guarantee as primary obligor has failed to pay such sum to the Company in accordance with the terms of the GOM Guarantee, the Guarantor shall within 30 (thirty) days following the date of receiving from the company a demand for payment pursuant to this Guarantee pay the same to the Company together with interest thereon until paid at a rate equal to 1 percentage point in excess of the Bank Rate (defined herein as the Rate announced by the Reserve Bank of India from time to time in pursuance of Section 49 of the Reserve Bank of India Act, 1934 or any replacement of the Rate for the time being in effect) commencing from 15 days after the date when the demand on the Guarantor was made until the payment is actually received by the Company (such interest to be calculated on a daily balance basis), provided that :-

• a) the Guarantor has received from the Company a certified copy of each and every demand raised by the Company on the State of Maharashtra together with particulars thereof in reasonable detail, as and when such demand is raised by the Company; and
• b) the Company's demand on the Guarantor for payment pursuant to this Guarantee is supported by notarised copies of :

• i) the Company's demands on the State of Maharashtra that remain unpaid,
• ii) particulars in reasonable detail of such demands duly made and delivered, certified by the Company;
• iii) the respective claims by the Company on MSEB,
• iv) any communication received by the Company from the State of Maharashtra in respect of the demand and
• v) a certificate from the Company to the effect of the sum in question remains unpaid.

If any amounts are paid in excess of what is due hereunder then the excess shall be deducted from any payment under this Guarantee following the original payment or shall be paid by direct repayment by the Company to the Guarantor expeditiously, and such excess amounts shall carry an interest rate of 1% above the Bank Rate which shall be paid from the date on which the excess payment was made.

The obligations of the Guarantor under this paragraph are those of the secondary obligor, the State of Maharashtra being the primary obligor, the expressions "secondary obligor" and "primary obligor" meaning for the purposes of this paragraph that so long as this Guarantee remains in effect, the Guarantor can only be called upon to make any payment herein in the order established by the preceding provisions of this paragraph 1.

2. Assignment: The Company shall not assign or transfer all or any part of its rights or obligations hereunder without the prior written consent of the Guarantor, provided however that with the prior written consent of the Guarantor (which consent shall not be unreasonably withheld), the Company may assign its rights hereunder to lending institutions providing finance to the company under the Financing Agreements for the implementation of Phase I and the Guarantor may execute such acknowledgments and consents as may reasonably be requested in connection therewith. No such assignments shall have the effect, in any manner whatsoever, of increasing the liability or responsibility of the Guarantor herein.

3. Duration of this guarantee: This Guarantee shall expire at the earliest to occur of the following events:-

• a) the occurrence of the Expiry Date as defined in Paragraph 17.1 (a) of the Agreement or the termination of the Agreement by MSEB or the Company prior to such Expiry Date;
• b) when no sum remains to be advanced or is outstanding to the Lender qualifying Financing Agreements referred to in paragraph 5(b) (subject always to the limitations amounting paragraph 5(b)(iii).
• c) the expiry of a period of 12 years from the date of Entry into Commercial Service of Phase I;
• d) If, Enron Corporation, General Electric Company and Bechtel Enterprises Inc., directly or through their respective Affiliates, together cease to hold at least 50 percent of the issued share capital of the Company at any time between the Financial Close of Phase I and the entry into Commercial Service of Phase I, or Enron Corporation (directly or through its Affiliates) ceases to hold at least 26 per cent of that issued share capital at any time between such Entry into Commercial Service and the date on which this Guarantee would otherwise expire under this paragraph (in each case other than by the nationalisation, expropriation, confiscation or compulsory acquisition of any shares in the Company or its assets by action mandated by the Government of India).
• e) the GOM Guarantee ceasing to be in force (except that such an event shall have no consequences on the Guarantor's liability under para 5 of this Guarantee if it results from matters outside the control of the Company).
• f) any Change in Ownership, as defined in the Agreement, occurring without the Guarantor's consent.
• g) upon payment of the Termination Payment by the Guarantor under para 5 of this Guarantee.

Upon the expiry of this Guarantee, it shall stand terminated and cease to have effect, except that the expiry of this Guarantee shall not prejudice or affect the liability of the Guarantor in respect of any obligations guaranteed hereunder which exist on the date of the expiry of this Guarantee or any liability of the Guarantor under paragraph 5 which arises as a result of the termination of the Agreement. Provided, however, that in respect of Capacity Payments and Energy Payments, if any, which have accrued up to the date of the expiry of this Guarantee, the Company may submit demands on the Guarantor for payment up to 30 (thirty) days after the date of expiry of this Guarantee.

4. Financial limitations:
a) Notwithstanding any other provision of this Guarantee the liability of the Guarantor for Capacity Payments and Energy Payments payable under the Agreement shall not exceed Indian Rupees 1500 crores (Indian Rupees One thousand five hundred crores only) in relation to any one Financial year (meaning the period from 1st April to 31st March) (herein called the 'Limit'), and shall be limited to those amounts validly due to the Company in respect of Capacity Payments and Energy Payments under the Agreement and shall be Adjusted as follows:-

• i) on 1st April, 1996 and each subsequent anniversary of that date the Limit in effect immediately before the date in question (as adjusted pursuant to the following paragraphs) shall be increased by 9 per cent.
• ii) if however, the index value of "Wholesale Prices for Manufactured Products" as listed in the publication of "Index Numbers of Wholesale Prices and Consumer prices" published monthly by the "Centre for Monitoring Indian Economy" or any replacement of that index wherever published (the "Wholesale Index") increases by more than 10 percent per annum over a period of three consecutive Financial Years beginning on or after 1st April, 1995 then the figure of 9 in (I) above shall be replaced by the average increase in that index over that period expressed as a percentage per annum. The new figure shall take effect from the beginning of the Financial year which is current when that period expires. This process shall be repeated from time to time with reference to the most recent figure applicable under this paragraph (ii) if the Wholesale Index increases by more than 10 percent per annum over a period of three consecutive Financial Years beginning on or after the day on which the most recent figure has come into effect.
• iii) if and whenever the value of the Rupee (expressed in Rupees against one US Dollar) declines on or after 1st April, 1995 by virtue of any action mandated by the Guarantor, or the Reserve Bank of India acting on behalf of the Guarantor, other than the management of exchange rates through a series of interventions in currency markets in accordance with the usual procedures of Central Bank (for the avoidance of any doubt, any mandated action shall not be taken as including usual fluctuations of exchange rates in the foreign exchange markets), then the Limit applicable at the time shall be adjusted by multiplying it by the Reference Exchange Rate upon the date occurring one business day after the change in value takes effect and dividing it by the 'Reference Exchange Rule upon the date occurring one business day before the change takes effect. No adjustment shall however be made under this paragraph if its effect would be to increase the limit by less than 2% of the Limit at the time.
• iv) the Limit shall be adjusted to take account of any material increase in the estimated annual amount of the payment obligations of MSEB under the Agreement in respect of Capacity Payments and/or Energy Payments as a result of Changes in Relevant Taxes occurring after the date of this Guarantee. For the purposes of this paragraph an amount is material only if it exceeds 5 % of the Limit at the time;
• v) if, in the case of any three successive Financial years beginning after 31st March 1995, the rate of escalation in the relevant sums payable under the Agreement is substantially less than 9 percent, then the Guarantor may approach the Company with a view to making an appropriate adjustment to the Limit. The rate of escalation for this purpose shall be the increase in the value in respect of the sums payable under the Agreement in the Financial year in question in respect of Capacity Payments and Energy Payments as compared to the corresponding value in the previous Financial Year, expressed as a percentage. (For this purpose the sums payable in respect of periods before Entry into Commercial Service shall be calculated on the basis of estimates of what they would have been if Entry into Commercial Service had already occurred.) Any adjustment which may be so made shall not have the effect of reducing the Limit below 109 per cent of the estimated value in Rupees of such sums for the Financial Year which is current when the adjustment is made. The new Limit shall take effect from the beginning of the Financial Year which is current when the adjustment is made. This process shall be repeated from time to time under this sub-paragraph (v). The Limit as adjusted under this sub-paragraph (v) shall itself be subject to adjustment in accordance with the other provisions of this paragraph (a)(i) through (v);
• vi) in respect of any sum or sums, other than a Termination Payment, becoming due and payable after 12 years from the date of Entry into Commercial Service of Phase I or the occurrence of any of the events in Paragraph 3 above (subject to the last sub-paragraph thereof), whichever of them is earlier, the liability of the Guarantor shall be nil.

  b) Not later than 30 days before the beginning of each future Financial year the Company shall notify the Guarantor of what, on the basis of the information available to the Company at the time, as the projected amount of the Limit for that Financial year, and shall send a copy of the notification of MSEB and the State of Maharashtra at their respective addresses. In case the amount so notified is not consistent with the principles indicated above, the Guarantor may inform the Company about the existence of inconsistencies and the reasons therefor.

5.Termination of payment: a) If

• i) MSEB has failed to pay to the Company any sum of money validly due unde the Agreement in respect of the termination of the Agreement by the Company and
• ii) The State of Maharashtra upon demand therefore made by the Company pursuant to the GOM Guarantee as primary obligor has failed to pay such sum to the Company in accordance with the terms of the GOM, Guarantee, the Guarantor shall within 30 (thirty) days following the date of receiving from the Company a demand for payment pursuant to this Guarantee pay the sum in question, as limited by para (b) below (the "Termination Payment"), to the Company together with interest thereon until paid at a rate equal to 1 percentage point in excess of the Bank Rate commencing from 15 days after the date when the demand on the Guarantor was made until the payment is actually received by the Company (such interest to be calculated on a daily balance basis) subject to the Guarantor having received from the Company :
  

• i) a copy of the demand for such payment on MSEB and the State of Maharashtra;
• ii) particulars in reasonable detail of such demand duly made, certified by the Company;
• iii) particulars in reasonable detail from the Company explaining why the termination has taken place;
• iv) particulars detailing out the extent of the Termination Payment as per sub-para (b) immediately hereinbelow; and
• v) a certificate from the Company that the said Termination Payment remains unpaid.

b) The liability of the Guarantor in respect of the payment of the Termination Payment shall at all times be limited to an amount (expressed in the currency of the debt) equal to the aggregate of all principal outstanding under the Financing Agreements referred to below under which the company is borrower as on the date of the relevant Termination Statement and the amount of all interest thereon and other fees and expenses under those Financing Agreements (but limited to the fees and expenses contemplated in those Financing Agreements when originally entered into) outstanding or accrued including amounts not yet due, as at the date of the relevant Termination Statement for which purpose the Financing Agreements are limited to :-

• i) the Financing Agreements for Phase I under which the Company is a borrower on the date of Financial Close of Phase I (or on the date falling within six months thereafter notified by the Company to the Guarantor, if the Company considers it necessary to substitute that date) in an amount limited to the amount contemplated in the Financing Agreements as at that time; such Financing Agreements being further limited to an amount equivalent to the equity for the financing of Phase I (for the avoidance of doubt, the maximum commitment, Limited to US$ 300 million, given by the shareholders in the Company to subscribe for shares to the Lenders under the Financing Agreements);
• ii) Financing Agreements other than for loans made or guaranteed by Financial Institutions whose principal office is located in India and which are majority owned, directly or indirectly, by Indian residents or any State Owned Entity (collectively referred to as Indian Indebtedness);
• iii) any financing arrangements under which the 'Company may borrow funds for the purpose of refinancing amounts payable under the Financing Agreements but on the basis that the liability of the Guarantor shall be calculated so as to exclude a) the principal or interest due in any year or years which is more than would have been the case but for the refinancing; and b) sums attributable to any extension in the final maturity of the refinanced amounts as a result of the refinancing; and on the basis that if, as a result of changes to the terms of the financing arrangement in question after it was entered into an amount falls due later than would have been the case but for the change, the change shall not be binding on the Guarantor. c) In respect of the Guarantor's obligations under this Agreement to make a Termination Payment, in provisions contained in sub-para (c) of Para 3 above shall not be applicable. d) In the event that this Guarantee is invoked under this paragraph 5, the Guarantor shall be entitled to repayment of and interest on the Termination Payment paid to the Company on the same terms and conditions as those applicable under the Financing Agreements referred to in subparagraph 5(b) above and would be entitled to a first charge on the Power Station, to the extent of Termination Payment made by the Guarantor and on a pari passu basis with the Indian Indebtedness. Upon payment of the Termination Payment by the Guarantor all liability of the Guarantor in respect of Capacity Payments and Energy payments under this Guarantee shall cease in relation to such charges falling due after the date of payment of such Termination Payments, provided that;

• i) the Company's claim for payment of the Transfer Amount shall be unaffected;
• ii) the Guarantor shall be entitled to receive, in immediate repayment of the Termination Payment, such monies that MSEB or the State of Maharashtra might pay on account of the Transfer Amount, to the exclusion of all others. (For avoidance of doubts, this provision shall apply only in a situation where State of Maharashtra of MSEB make a payment of the Transfer Amount in a sum that is less than the due Transfer Amount under the Agreement);
• iii) the Guarantor shall not exercise any right it may have to accelerate repayments or to demand immediate repayment of the Termination Payment unless such a right is exercised by the lenders under the Financing Agreements for "Indian Indebtedness"; and
• iv) where the Company has terminated the Agreement on grounds arising as a result of an act or omission of the Guarantor as contemplated in the Agreement (such as Political Force Majeure, Forced Transfer of Control, expropriation, compulsory acquisition of assets, nationalisation, etc.) the Guarantor shall have no right to claim interest on the Termination Payment.
• e) The Guarantor shall only be required to make a Termination Payment under this Guarantee as and when the amount in respect of which it is payable becomes due under the financing arrangements (subject to sub para (b) above) according to the terms of the financing arrangements).
• f) The obligations of the Guarantor under this paragraph are those of a secondary obligor, the State of Maharashtra being the primary obligor, the expressions "secondary obligor" and "primary obligor" meaning for the purposes of this paragraph that so long as this Guarantee remains in effect, the Guarantor can only be called upon to make any payment herein in the order established by the preceding provisions of this paragraph 5 (except that, if the GOM Guarantee has ceased to be in effect under paragraph 3(e), if it resulted from matters outside the control of the Company, no demand for payment on the State of Maharashtra need be made under paragraph 5(a).

6. Taxes:

a) All payments made by the Guarantor hereunder shall be made without set off or counterclaim and without any deduction or withholding for any reason except as required by law. If in compliance with the laws of India, any deduction or withholding on account of any tax, of whatever nature and by whomsoever imposed is required to be made from any sum paid or payable by the Guarantor to the Company, the Guarantor shall pay any such amount as shall be necessary to ensure that the Company receives on the due date and retains A net sum equal to what it would have received and retained had no deduction or withholding been required or made.
• b) The Guarantor shall pay promptly any stamp duty payable in connection with the entry into, performance, enforcement or admissibility in evidence of this Guarantee.

7. Company not obliged to exhaust recourse:

Subject to paragraphs 1 and 5 above and paragraph 13(b) (viii) below, the company shall not be obliged before taking steps to enforce this Guarantee, to;

• a) take action or obtain any judgment or arbitration award against MSEB or the State of Maharashtra in any Court or before any arbitrator; or
• b) make or file any claim in bankruptcy of MSEB, or
• c) exercise any legal remedies which may be available to it under or in respect of the Agreement or the GOM Guarantee.

8. Amendments to Government of Maharashtra guarantee or the agreement: For the purposes of this Guarantee, no amendments either verbal or in writing to the GOM Guarantee, and no such amendments to the Agreement which have an impact on or affect the Capacity Payments, Energy payments and Termination Payments as referred to in this Guarantee (including amendments to provisions relating to equity, borrowings and other methods of funding which are contained in the Agreement), shall be made unless such amendments have been executed with the prior written approval of the Guarantor. Any other amendments to the agreements may be made without the consent of the Guarantor but with prior notice in writing to the Guarantor by the Company. Any failure to obtain such approval where required or to give such notice will result in the amendment being void in so far as it relates to the Guarantor.

9. Guarantor's right to direct supply of energy: As and when any payment other than a Termination Payment is made by the Guarantor to the Company pursuant to these presents the Company shall continue to supply energy from the Power Station on the terms and conditions of the Agreement but the Guarantor shall own the energy and have the right to give directions to those to whom the energy is supplied as to the use of the energy until the Guarantor has recovered all amounts paid to the Company hereunder. No such directions shall prejudice the right of the Company to payment in respect of such energy in accordance with the Agreement. Such an arrangement shall not be construed to be a breach of the Agreement by the Company, and MSEB, by its counter signature of this Guarantee, confirms that it so agrees.

10. Miscellaneous provisions:

• a) Subject to paragraph 3 no obligation of the Guarantor hereunder shall be in any way discharged or imparted by reason of any time or other indulgence granted by the Company to MSEB or the State of Maharashtra, by any variation of the Agreement or the GOM Guarantee by any other act or thing (except the fulfillment by MSEB or the State of Maharashtra of the obligations guaranteed hereunder or thereunder) whereby, but for the provisions of this paragraph, the Guarantor's obligations would be discharged subject to paragraph 8, to the extent that such indulgence or variation impacts on or affects the liability of the Guarantor, it shall not be binding on the Guarantor. (For the avoidance of any doubt, this sub-paragraph does not have the effect of overriding paragraph 8.)
• b) As a separate and alternative stipulation, the Guarantor unconditionally and irrevocably agrees that any sum expressed to be payable by it under this Guarantee but which is for any reason whatsoever (whether or not now existing and whether or not now known or becoming known to the Company) not recoverable from the Guarantor on the basis of a guarantee shall nevertheless be payable by it. This sub-paragraph shall not have the effect of causing a sum to be payable which is more than would have been the case if it had been recoverable from the Guarantor on the basis of the other terms of this Guarantee.
• c) Subject to the Guarantor being the secondary obligor this Guarantee shall be in addition to, and not in substitution for, or derogation of, any other security which the Company may at any time hold in respect of the obligations of MSEB under the Agreement. This however will not affect in any way rights which the Guarantor may under law have against the State of Maharashtra and MSEB.
• d) No failure on the part of the Guarantor or the Company to exercise, and no delay on the part of the Guarantor or the Company in exercising, any right or remedy hereunder shall operate as a waiver thereof. No single or partial exercise of any right or remedy shall preclude any other or further exercise thereof or the exercise of any other right or remedy. No waiver by the Guarantor of the Company shall be effective unless it is in writing. The rights and remedies of the Guarantor of the Company herein provided are not exclusive of any rights or remedies provided by law.
• e) Capitalised terms used but not defined in this Guarantee shall have the same meanings as in the Agreement.
• f) Nothing in this paragraph 10 shall prejudice the fact that the Guarantor's liability for Capacity Payments, Energy Payments and Termination Payment under paragraphs 1 and 5 is that of a secondary obligor (within the meaning of that term for the purposes of the relevant paragraph). Moreover nothing in this paragraph 10 shall prejudice the nature of the Guarantor's liability for Capacity Payments, Energy Payments and Termination Payment, under paragraphs 1 and 5 of this Guarantee.

11. Notices: All notices, demands or other communications required to be given shall be in writing in the English Languages, shall be addressed to the Guarantor or the Company as the case may be, at the following address (or to any other address as provided by the Guarantor or the Company to the other in writing) and shall be deemed given on delivery.

Guarantor : Secretary to the Government of India, Ministry of Finance, North Block, Central Secretariat, New Delhi 110001.

Company : Dabhol Power Company, 'NIRMAL', 7th Floor, Nariman Point, Bombay 400 021.

12. Governing law: This Guarantee shall be governed by and construed in accordance with the laws of India.

13. Settlement of disputes: Any dispute or difference (each a "dispute") arising out of or in connection with this Guarantee shall, regardless of the nature of the dispute, be referred to the dispute resolution procedure in this section.

a) The parties shall first seek an amicable settlement of the disputes by conciliation.

• (I) Such conciliation shall take place in accordance with UNCITRAL Conciliation Rules (the "conciliation Rules") as at present in force and shall be conducted by three conciliators (or such lesser number as the parties may agree) to be appointed according to the Conciliation Rules.
• ii) Any meetings with the conciliators shall be held at new Delhi, India.
• iii) Each of the parties hereby gives for the purpose of the conciliation, undertakings and assurances as contained in the Conciliation Rules including an undertaking to promptly deposit its share of advance for payment of the costs as estimated by the conciliators.

b) Any dispute that remains unresolved in accordance with the procedure outlined above in sub-paragraph 13(a), within sixty days or within such period as may be extended by the parties with mutual consent, shall be resolved by arbitration.

• i) Such arbitration shall be in accordance with the provisions of the UNCITRAL Arbitration Rules (the "Arbitration Rules") as at present in force and shall be conducted by three arbitrators to be appointed according to the Arbitration Rules.
• ii) The arbitration proceedings shall be held in London, England.
• iii) The third arbitrator appointed pursuant to this paragraph shall not be a national of India or of the United States.
• iv) The language of any conciliation and/or arbitration proceedings shall be English.
• v) Amounts due under any arbitration award shall be paid within 30 (thirty) days of the award and interest shall accrue thereafter on unpaid amounts under the award at the rate referred to in paragraph 1 above.
• vi) Notwithstanding any other provision of this Guarantee, the law governing this arbitration agreement shall be the law of the place where the arbitration proceedings are held.
• vii) Any award given pursuant to arbitration in London, England, under clause (ii) shall be governed by the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 1958.
• viii) If at any time there are arbitration Awards in favour of the Company under each of this Guarantee and GOM Guarantee which remain unpaid, then any proceedings in India for enforcement, attachment or execution which the Company may initiate with respect to the award under this Guarantee shall be initiated not earlier than 30 (thirty) days after enforcement, attachment or execution is initiated with respect to the award under the GOM Guarantee.

14. Sovereign immunity: The Guarantor unconditionally and irrevocably:-

• a) agrees that the execution, delivery and performance by it of this Guarantee constitute private and commercial acts done and performed for private and commercial purposes;
• b) agrees that, should any proceedings be brought against it or its assets in any jurisdiction in relation to this Guarantee or any transaction contemplated by this Guarantee, no immunity from such proceedings shall be claimed by or on behalf of the Guarantor or with respect to its assets;
• c) waives any right of immunity which it or any of its assets now has or may acquire in the future in any jurisdiction.
• d) consents generally in respect of the enforcement of any judgment or award against it in any such proceedings to the giving of any relief or the issue of any process in any jurisdiction in connection with such proceedings (including, without limitation, the making, enforcement or execution against or in respect of any assets whatsoever irrespective of their use or intended use of any order or judgment that may be made or given in connection therewith); and
• e) specifies that, for the purposes of this paragraph 14, "assets" shall be taken as excluding present or future "premises of the mission" as defined in the Vienna Convention on Diplomatic Relations signed in 1961, "consular premises" as defined in the Vienna Convention on Consular Relations signed in 1963 and military property or military assets or property or assets related thereto of the Guarantor.

15. Government of Maharashtra Guarantee: A copy of the GOM Guarantee is annexed to this Guarantee.

IN WITNESS WHEREOF this Guarantee has been executed by the President of India, this ___________ day of __________ 1994 at New Delhi. For and on behalf of the President of India Signature : Name : Designation :

Accepted and agreed to for and on behalf of Dabhol Power Company (the Company) Signature : Name : Designation :

Counter signed and witnessed for and on behalf of Government of Maharashtra (GOM) by Signature : Name : Designation :

Counter signed and witnessed for and on behalf of MSEB by Signature: Name : Designation :

Back to the interview| Guarantee of the government of Maharashtra

ALSO READ:

Maharashtra moves to clean up electricity mess

'Dabhol tariff is not the highest': Neil McGregor, CEO of the DPC

US Ambassador Richard Celeste on the Enron controversy

Dabhol power to light up Maharashtra

Dabhol Power Company may export flowers, fruits

Dabhol Power Project opens, finally

Sucheta Dalal on power deals in India

Sucheta Dalal on the Enron fiasco

Sucheta Dalal on whether the govt has guts to act against DPC

EXTERNAL LINKS:

'Bankruptcy, not Enron, is the real issue'

A deserved downgrade for Maharashtra

Enron and Dabhol: A human rights perspective

Dabhol Power Project

Why the Swadeshi Jagran Manch opposes Dabhol project

MNC Masala: Dabhol story in a nutshell

Enron Intl announces financial closure of Phase-II of Dabhol project

Money

Interviews

Tell us what you think of this information