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(iv) After the availability of the direction of AAIFR in January, 2001, advertisement inviting Expressions of Interest (EoI) was issued in the newspapers in February, 2001. The last date of receipt of EoI was stipulated as 23 March, 2001.
(v) The five short-listed bidders were provided with the bid documents, namely, confidential information memorandum and draft transaction document, i.e., shareholders agreement (SHA), share purchase agreement (SPA) and guarantee agreement (GA). M/s Luthra & Luthra, the Legal Advisors for the transaction, drafted the draft transaction documents.
(vi) The bidders completed their date room/plant visit and due diligence exercise.
(vii) The comments of the bidders on the Draft Transaction Document were considered by the IMG.
(viii) Based on the decision of IMG, the documents were revised and vetted by the Department of Legal Affairs.
(ix) Simultaneously, M/s Devcon Engineering Ltd., Calcutta, was appointed as asset valuers to evaluate the assets of the company.
(x) The Government approved, in January, 2002, the final SHA/SPA/GA in respect of induction of the strategic partner in Jessop.