Aberdeen Global Funds - Fundsupermart.com

The Mauritian Subsidiary will:
• provide the Mauritius Offshore Business Activities Authority (“MOBAA”) with this Prospectus, the Memorandum
and Articles of Association and other documents necessary to effect registration of the Mauritian Subsidiary as an
offshore company, the investment plans and the operational agreements concerning the management, custodians,
advisers and other participants in the Fund and the Mauritian Subsidiary and inform it of any substantial changes
and modifications in the documents;
• provide MOBAA with a copy of any authorisation/permission/consent required from any supervisory body in
relation to the conduct and implementation of the Mauritian Subsidiary;
• have its registered office in Mauritius;
• maintain its banking transactions through a bank account in Mauritius;
• hold its directors’ meetings in Mauritius;
• retain a company secretary resident in Mauritius;
• maintain a set of accounting records in Mauritius;
• cause its Net Asset Value calculation to be prepared and signed in Mauritius;
• provide MOBAA with reports on investment performance on a quarterly basis;
• provide a copy of its half-yearly unaudited accounts and its annual audited accounts to MOBAA;
• comply with such conditions as may from time to time be adopted and imposed in relation to investment funds,
collective investment schemes and conduct of investment business; and
• in general, provide such other information as MOBAA may require from time to time.
The use of the Mauritian Subsidiary and the tax treaty it is afforded is based on the law and practice which is currently in
force in India and Mauritius as understood by the Directors after making reasonable enquiries.
It is subject to any future changes and any such changes may adversely affect the returns of the India Opportunities Fund.
This includes any circumstances where the India/Mauritius double taxation treaty may not apply or cases to be applied, as a
result of, inter alia, any future ruling by the Indian tax authorities. The Indian Government has released an official statement
confirming that Indian tax authorities should accept a registration certificate issued by the Mauritian Government as proof of
an investor’s residence. The Directors have been advised that so long as this remains the case the underlying portfolio of
Indian investments should not be subject to Indian capital gains tax.
Should this position change or the treaty not be applied, interest earned on securities listed on the Indian Stock Exchange
(earned by the Mauritian Subsidiary being treated as a Foreign Institutional Investor) would be subject to tax at a rate of 20%.
Capital gains on the disposal of such investments would be subject to tax and rates of 10% or 30% in respect of listed Indian
Securities depending on the length of time the investment has been held.
3. Mauritian Administrator
The Mauritian Subsidiary has appointed Multiconsult Limited, 10 Frere Felix De Valios Street, Port Louis, Mauritius, to act
as administrator, secretary and registrar of the Mauritian Subsidiary. Multiconsult Limited is incorporated in Mauritius and is
licensed by the MOBAA to provide, inter alia, company management services to offshore companies.
4. Directors of Mauritian Subsidiary
The Directors of the Mauritian Subsidiary are as follows:-
Mr G. Marshall (British) (see above for details).
Martin Gilbert (British) (see above for details).
Hugh Young (British) (see above for details).
Mr U. Gujadhur (Mauritian) (date of birth: 1955) is a partner in De Chazal Du Mee and Manager of Multiconsult Limited.
Mr Gujadhur is a Fellow of the Chartered Association of Certified Accountants and has extensive experience in auditing,
especially in the banking and insurance sectors.
Mr Yuvraj Kumar Juwaheer (Mauritian) (date of birth 1958) ioined Multiconsult in Mauritius in 1993 and became a
partner in 2001. He qualified as an Associate Member of the Institute of Chartered Secretaries & Administrators in 1991
after gaining an LLB London in 2000.
5. Agreements for the Mauritian Subsidiary
Custodian Agreement between the Mauritian Subsidiary and BNP Paribas Securities Services, Luxembourg Branch dated
24 March 2006 under which the Custodian was appointed custodian of the Mauritian Subsidiary’s assets. The agreement can
be terminated on 3 months written notice.
47