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(i) developing a comprehensive financial model;
(ii) tying up the rupee/foreign currency loan requirements of the project;
(iii) assessing export credit agencies world-wide and obtaining commercial banks' support on the most competitive terms;
(iv) assisting the petitioner-company in loan negotiations and documentation with lenders, and for those services the board agreed to pay a fee of 0.75 per cent. of the loan amount which is payable only on successful financial closing. From the above terms, it is evident that the NRC did not undertake to secure loan of a defined sum from both foreign as well as Indian agencies. On a careful reading of the letter of proposal of the NRC and the extract of resolution of the board of directors of the petitioner-company, it is clear to us that it was no part of the services to be provided by the NRC to manage public issue in India, to correspond with various agencies to secure loan for the petitioner-company, to negotiate the terms on which the loan should be obtained or to draft documents for it. The NRC has only to develop a comprehensive financial model, tie up the rupee/foreign currency loan requirements of the project, assess export credit agencies world-wide and obtain commercial bank support, assist the petitioner-company in loan negotiations and documentation with the lender. It appears to us that the service to be rendered by the NRC is analogous to drawing up a plan for the petitioner-company to reach the required destination indicating roads and highways, the curves and the turns; it does not contemplate taking the petitioner-company to the destination by the NRC. Once the NRC has prepared the scheme and given necessary advice and assistance to the petitioner-company for obtaining loan, the responsibility of the NRC is over. It is for the petitioner-company to proceed on the suggested lines and obtain the loans from Indian or foreign agencies. On the petitioner-company obtaining the loan, the NRC becomes entitled to "success fees".