Section 11 in The Haryana Transmission and Bulk Supply Licence
11. Disposal of Assets.
- 11.1 The Licensee shall not dispose of or relinquish operational control over any land and building of whatever value otherwise than in accordance with this Condition 11.11.2The Licensee shall not dispose of or relinquish operational control over any assets, other than land and building, otherwise than in accordance with following paragraphs of this Condition 11, if the replacement cost of the assets being disposed of or whose operational control is being relinquished in a single transaction or a series of related transactions exceeds Rs. 30 lacs.11.3The Licensee shall give to the Commission not less than two months' prior written notice of its intention to dispose of or relinquish operational control over any asset. Notice shall not be deemed to have been given until such time as the Licensee has provided to the Commission all such further information as the Commission may require.11.4The Licensee may dispose of or relinquish operational control over any asset as is specified in any notice given under Condition 11.3 if :(a)the Commission confirms in writing that it consents to such disposal or relinquishment subject to such conditions as the Commission may impose; or(b)the Commission does not inform the Licensee in writing of any objection to such disposal or relinquishment of control within the notice period referred to in Condition 11.3.11.5The Licensee may dispose of or relinquish operational control over any asset where :(a)the Commission has issued directions for the purposes of this Condition 11 containing a general consent (whether or not subject to conditions) to :(i)transactions of a specified description; and/or(ii)the disposal of or relinquishment of operational control over assets of a specified description and the transaction or the assets are of a description to which such directions apply and the disposal of or relinquishment is in accordance with any conditions to which the consent is subject; or(b)the disposal or relinquishment of operational control in question is required pursuant to the terms of a contract or agreement, executed before the commencement of this licence; or(c)the disposal or relinquishment of operational control in question is required by or under any enactment or subordinate legislation;(d)the asset in question was acquired and used by the Licensee exclusively in connection with a non-core activity that it has been authorised by the Commission to carry on pursuant to Condition 5.1(d) and does not constitute a legal or beneficial interest in land, or form part of the Transmission System or the Distribution System.11.6In this Condition 11, disposal includes any sale, gift, lease, licence, loan, mortgage, charge or the grant of any other encumbrance or the permitting of any encumbrance to subsist or any other disposition to a third party; and dispose shall be construed accordingly;
