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«TABLE OF CONTENTS DEFINITION, TECHNICAL GLOSSARY AND ABBREVIATIONS FORWARD-LOOKING STATEMENTS RISK FACTORS SUMMARY SUMMARY OPERATING AND FINANCIAL ...»

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(b) The BRLMs or Syndicate Members would then send the CAN to their Bidders who have been allocated Equity Shares in the Offer. The despatch of a CAN shall be deemed a valid, binding and irrevocable contract for the Bidder to pay the entire Offer Price for all the Equity Shares allocated to such Bidder. Those Bidders who have not paid into the Escrow Account at the time of bidding shall pay in full the amount payable into the Escrow Account by the Pay-in Date specified in the CAN.

(c) Bidders who have been allocated Equity Shares and who have already paid into the Escrow Account at the time of bidding shall directly receive the CAN from the Registrar to the Offer subject, however, to realisation of their cheque or demand draft paid into the Escrow Account. The despatch of a CAN shall be a deemed a valid, binding and irrevocable contract for the Bidder to pay the entire Offer Price for all the Equity Shares to be transferred to such Bidder.

Designated Date and Transfer of Equity Shares (a) After the funds are transferred from the Escrow Account to the Offer for Sale Account on the Designated Date, the Selling Shareholder and the Company would ensure the transfer the Equity Shares to the allottees within 2 days of the finalisation of the basis of allocation.

(b) All allottees will receive credit for the Equity Shares directly in their depository account. Equity Shares will be offered only in the dematerialised form to the allottees. Allottees will have the option to re-materialise the Equity Shares so transferred, if they so desire, as per the provisions of the Companies Act and the Depositories Act.

Investors are advised to instruct their Depository Participant to accept the Equity Shares that may be allocated to them pursuant to this Offer.

General Instructions

Do’s:

a) Check if you are eligible to apply;

b) Read all the instructions carefully and complete the Resident Bid-cum-Application Form or Non-Resident Bidcum-Application Form, as the case may be;

c) Ensure that the details about Depository Participant and Beneficiary Account are correct as Equity Shares will be transferred in the dematerialized form only;

d) Ensure that the Bids are submitted at the bidding centres only on forms bearing the stamp of a member of the Syndicate;

e) Ensure that you have been given a TRS for all your Bid options; and f) Submit Revised Bids to the same member of the Syndicate through whom the Original Bid was placed and obtain a revised TRS.

Dont’s:

(a) Do not Bid for lower than the minimum Bid size;

(b) Do not Bid/ revise Bid price to less than the lower and of the price band or higher than the higher end of the price band;

(c) Do not Bid on another Bid-cum-Application Form after you have submitted a Bid to the members of the Syndicate;

–  –  –

(e) Do not send Bid-cum-Application Forms by post; instead submit the same to a member of the Syndicate only;

(f) Do not Bid at cut off price (for QIBs and non-institutional bidders);

(g) Do not fill up the Bid-cum-Application Form such that the Equity Shares bid for exceeds the Offer size and/ or investment limit or maximum number of Equity Shares that can be held under the applicable laws or regulations or maximum amount permissible under the applicable regulations.

Instructions for completing the Bid-Cum-Application Form Bidders can obtain Bid-cum-Application Forms and / or Revision Forms from the BRLMs or Syndicate Members.

Bids and Revisions of Bids

Bids and revisions of Bids must be:

(a) Made only in the prescribed Bid-cum-Application Form or Revision Form, as applicable (white colour for Resident Indians, blue colour for Eligible non residents, NRI or FII applying on repatriation basis and white colour marked “Employees” for Permanent Employees and Directors of the Company and JAL and white colour marked “Shareholders” for equity shareholders of JAL and Jaypee Hotels Limited.

(b) Completed in full, in BLOCK LETTERS in ENGLISH and in accordance with the instructions contained herein, in the Bid-cum-Application Form or in the Revision Form. Incomplete Bid-cum-Application Forms or Revision Forms are liable to be rejected.

(c) The Bids from the Retail Individual Bidders must be for a minimum of [•] Equity Shares and in multiples of [•] thereafter subject to a maximum Bid Amount of Rs. 50,000.

d) For Non-Institutional and QIB Bidders, Bids must be for a minimum of such number of Equity Shares such that the Bid Amount exceeds Rs. 50,000 and in multiples of [•] Equity Shares thereafter. Bids cannot be made for more than the Offer Size. Bidders are advised to ensure that no Bid from them exceeds the investment limits or maximum number of shares that can be held by them under the applicable laws or regulations.

e) In single name or in joint names (not more than three).

f) Thumb impressions and signatures other than in the languages specified in the Eighth Schedule in the Constitution of India must be attested by a Magistrate or a Notary Public or a Special Executive Magistrate under official seal.

Bids by Employees and Directors of Company and JAL

1. Bids by Permanent Employees and Directors of the Company and JAL shall be made only in the prescribed Bidcum-Application Form or Revision Form, (i.e. white colour Form marked “Employees”).





2. The sole/first bidder should be Permanent Employees/ Directors of JAL/ the Company.

3. Only Permanent Employees and Directors of the Company and JAL as on the cut-off date i.e. ________ would be eligible to apply in this Offer under reservation for Permanent Employees and Directors of the Company and JAL on competitive basis.

4. Permanent Employees and Directors of the Company and JAL will have to Bid like any other Bidder. Only those Bids, which are received at or above the Offer Price, would be considered for allocation under this category.

5. The maximum bid in this category can be 18,000,000 shares.

6. If the aggregate demand in this category is less than or equal to 18,000,000 Equity Shares at or above the Offer Price, full allocation shall be made to the Permanent Employees and Directors of the Company and JAL to the extent of their demand. Undersubscription in this category would be added to any other category.

7. If the aggregate demand in this category is greater than 18,000,000 Equity Shares at or above the Offer Price, the allocation shall be made on a proportionate basis subject to a minimum of [•] Equity Shares. For the method of proportionate basis of allotment, please refer paragraph “Basis of Allocation” on page 213 of this Draft Red Herring Prospectus.

Bids by Equity Shareholders of JAL and Jaypee Hotels Limited

1. Bids by equity shareholders of JAL/ Jaypee Hotels Limited shall be made only in the prescribed Bid-cumApplication Form or Revision Form, (i.e. white colour Form marked “Shareholders”).

2. The sole/first bidder should be equity shareholders of JAL and Jaypee Hotels Limited

3. Only equity shareholders of JAL and Jaypee Hotels Limited as on the cut-off date i.e. [•] would be eligible to apply in this Offer under reservation for equity shareholders of JAL and Jaypee Hotels Limited on competitive basis.

4. Equity shareholders of JAL and Jaypee Hotels Limited will have to Bid like any other Bidder. Only those Bids, which are received at or above the Offer Price, would be considered for allocation under this category.

5. The maximum bid in this category can be 500,000 shares.

6. If the aggregate demand in this category is less than or equal to 18,000,000 Equity Shares at or above the Offer Price, full allocation shall be made to the equity shareholders of JAL and Jaypee Hotels Limited to the extent of their demand. Undersubscription in this category would be added to any other category.

7. If the aggregate demand in this category is greater than 18,000,000 Equity Shares at or above the Offer Price, the allocation shall be made on a proportionate basis subject to a minimum of 100 Equity Shares. For the method of proportionate basis of allotment, refer to paragraph “Basis of Allocation” on page 213 of this Draft Red Herring Prospectus.

Bidder’s Bank Details

Bidders should note that on the basis of name of the Bidders, Depository Participant’s name, Depository ParticipantIdentification number and Beneficiary Account Number provided by them in the Bid cum Application Form, the Registrar to the Issue will obtain from the Depository the Bidders bank account details. These Bank Account details would be printed on the refund order, if any, to be sent to Bidders. Hence, Bidders are advised to immediately update their Bank Account details as appearing on the records of the depository participant. Please note that failure to do so could result in delays in credit of refunds to Bidders at the Bidders sole risk.

Unique Identification Number – MAPIN

In terms of SEBI (Central Database of Market Participants) Regulations, 2003 as amended from time to time (“said Regulations”) and SEBI Notification dated November 25, 2003 and July 30, 2004, no specified intermediaries, its related persons as mentioned in Regulation 4 of the said regulations shall subscribe to securities which are proposed to be listed in any recognized stock exchange unless such specified intermediaries, its related persons, have been allotted unique identification numbers.

Provided however that SEBI by its notification dated August 17, 2004 has specified June 30, 2005 as the extended date within which such promoters or directors of specified intermediaries, as are resident outside India, shall obtain Unique Identification Number.

In terms of In terms of SEBI (Central Database of Market Participants) Regulations, 2003 as amended from time to time (“said Regulations”) and SEBI Notification dated July 30, 2004, no specified investor being a body corporate shall subscribe to securities which are proposed to be listed in any recognized stock exchange unless such specified investor, its promoters and directors have been allotted unique identification numbers.

In case of specified investor being a body corporate, the above para shall not apply to such specified investor who has applied for allotment of a unique identification number before December 31, 2004, till the disposal of its application or, where it has filed an appeal, till the disposal of the appeal, as the case may be.

SEBI has by press release dated December 31, 2004 bearing PR No. 344/2004 extended the notified date for the purposes of obtaining unique identification numbers for specified investors being bodies corporate whose promoters or directors are persons resident outside India to December 31, 2005.

Furthermore SEBI vide its circular no. MAPIN-1/2005 dated January 4, 2005 has stated that:

“The SEBI (Central Database of Market Participants) Regulations, 2003 were notified on November 20, 2003. Pursuant to the notification dated July 30, 2004 issued under the captioned Regulations, SEBI has, inter-alia, specified in terms of sub-regulation (2) of regulation 6 that “All investors being bodies corporate as `specified investors`, along with their promoters and directors are required to obtain a UIN before December 31,2004.” In terms of the above it shall be compulsory for specified intermediaries and specified investors being bodies corporate making application in this issue to give their unique identification number.

Applications from bodies corporate as mentioned above and specified intermediaries, which are not in compliance with the above regulations and any subsequent regulations / notifications / circulars/guidelines/ clarifications if any, issued by SEBI shall be liable to be rejected.

Bidders Depository Account Details

IT IS MANDATORY FOR ALL THE BIDDERS TO GET THEIR EQUITY SHARES IN DEMATERIALISED

FORM. ALL BIDDERS SHOULD MENTION THEIR DEPOSITORY PARTICIPANT’S NAME, DEPOSITORY

PARTICIPANT IDENTIFICATION NUMBER AND BENEFICIARY ACCOUNT NUMBER IN THE BID CUM

APPLICATION FORM. INVESTORS MUST ENSURE THAT THE NAME GIVEN IN THE BID CUM

APPLICATION FORM IS EXACTLY THE SAME AS THE NAME IN WHICH THE DEPOSITORY ACCOUNT IS

HELD. IN CASE THE BID CUM APPLICATION FORM IS SUBMITTED IN JOINT NAMES, IT SHOULD BE

ENSURED THAT THE DEPOSITORY ACCOUNT IS ALSO HELD IN THE SAME JOINT NAMES AND ARE IN

THE SAME SEQUENCE IN WHICH THEY APPEAR IN THE BID CUM APPLICATION FORM.

Bidders should note that on the basis of name of the Bidders, Depository Participant’s name, Depository ParticipantIdentification number and Beneficiary Account Number provided by them in the Bid cum Application Form, the Registrar to the Offer will obtain from the Depository demographic details of the Bidders such as address, bank account details for printing on refund orders and occupation (hereinafter referred to as Demographic Details). Hence, Bidders should carefully fill in their Depository Account details in the Bid-cum-Application Form.

These Demographic Details would be used for all correspondence with the Bidders including mailing of the refund orders/ CANs/Allocation Advice and printing of Bank particulars on the refund order and the Demographic Details given by Bidders in the Bid-cum-application Form would not be used for these purposes by the Registrar.

Hence, Bidders are advised to update their Demographic Details as provided to their Depository Participants.

By signing the Bid-cum-Application Form, Bidder would have deemed to authorise the depositories to provide, upon request, to the Registrar to the Issue, the required Demographic Details as available on its records.



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