THECOMPANIESACT,2013PUBLICCOMPANYLIMITEDBYSHARES

MEMORANDUMOFASSOCIATIONOF

BHARTIYAINTERNATIONALLIMITED

I. ThenameoftheCompanyisBHARTIYAINTERNATIONALLIMITED.II. The registered office of the Company will be situated in the State of Tamil

NaduwithinthejurisdictionofRegistrarofCompanies,Chennai.III. TheobjectsforwhichtheCompanyisestablishedare

(A) MAINOBJECTSTOBEPURSUEDBYTHECOMPANYONITSINCORPORATION

1. Tocarryonthebusinessofproducing,developing,manufacturing,processing,re‐processing, converting, researching, developing, refining, preparing, blending,purifying, piping, dyeing, retailing, formulating, acquiring, dealing in, buying,selling, storing, importing & exporting, acting as commission agents, qualitycontrollers,marketingagentsforallkindsof:

a. Textiles and textile products, yarns, cotton yarn, spun, synthetic, polyester,acrylic, dyed yarn, combed, gassed & mercerized yarn, silk, wool, knittedfabric, fibers, dyes, cloth, leather and leather garments, leather productsincluding belts, wallets, bags and others, all kinds of footwear, PU and PUproducts,syntheticandman‐madefibers,furs,readymadegarments,cushions,pillows, mattresses, canvas, terry towels, terry products, bath robes, terrycloth,shearingclothandderivatives,by‐products,intermediatesandmixturesthereof.

b. Paper and paper products including but not limited to writing & printingpaper,maplethepaper,Kraftpaper,bondpaper,glacepaper,pulp,paperandpulp based products, wood based paper, packing materials, card board,printing inks and derivatives, by‐products, intermediates and mixturesthereof.

c. Chemicals, fertilizers, phosphates, heavy chemicals, agro chemicals, acids,sulphuric acid, gaseous, liquid or solid chemicals, organometallic chemicals,organic and inorganic chemicals, synthetic chemicals, pesticides, fungicides,insecticides, fine&specialtychemicals, industrialchemicals,petrochemicals,spirits,inks,alkalis,alcohols,aceticacid,ethylacetate,aceticanhydride,butylacetate, catalyst & reagents, chlorides, caustic soda, plastics, methanolmelamine, gases (industrial or otherwise), petroleum, petroleum products,oils, oil wells, vegetable oils, vanaspati oil, refineries, fuels, coal, coal tarproducts, lubricants, lubricating compositions, soaps, detergents, paints,colors, varnishes, resins, fats, perfumes, essences, cosmetics, drugs,pharmaceutical products and derivatives, by‐products, intermediates andmixturesthereof.

d. Biotech, cultivation, growing, sowing, seeds ,floriculture, horticulture, tissueculture, herbs, shrubs, gardening, crops, cash crops, hybrids, vegetables andother agricultural products and plants, including raising of plants & herbs,nursery through tissue culture, agricultural houses, gardens, agriculturalequipment, irrigationequipment& farmequipment, bee‐keeping,mushroomfarming, purification, rabbit farming, fishery farming, pig farming, poultryfarming,cattlefarmingandallotheralliedactivitiesevenwiththeapplicationoflatesttechnologies.

e. Generation of electricity, power, steam or other energy sources andaccumulationandusagethereofforrunningCompany'sownfactories,plant&machineryandtodisposeofanysurplusthereoftoanyothercompany,firmorpersonforanypurposesandonsuchterms&conditionsandinsuchmannerastheCompanythinksfitandexpedient.

f. Any typeof goodsormerchandiseof anydescriptionwhethermanufacturedbytheCompanyornotandtodealinalltypeofindustries.

2. To manufacture, produce, cultivate , process, re‐process, prepare, bale, double,cure, comb,blend, spin,weave, gin, pack, bleach,dye,print, tuft,buy, sell, store,import,export,finish,scour,sizeandotherwisedealinallkinds,descriptionsandgrades of cotton, silk, linen, nylon, rayon, jute, hemp, flax, silk,wool, yarn, hair,coir, sisal fiber and fibrous substances, wool hair, carpets, druggist ,rugs, floorcoverings,linen,cloth,textile,fabric,felted,netted,loopedorflocked,staplefiber,synthetic fiberandallother fibers,alliedproducts,bye‐productsandsubstitutesfor or any of them. To carry on the business of manufacturing machinery orproviding consultancy or to render designing and engineering services andprovide technical know‐how to run and maintain plants and machinery formanufactureofalloranyoftheabovetypesofgoods,materialandrawmaterialsthereof.

3. Tomanufacture,cultivate,plant,grow,process,repair,can,refine,contain,bottle,buy,sell, import,export,warehouse,anddealinallkinds,descriptionsorgradesof,agriculturalproducts,foods,eggs,poultry,vegetables,healthandinstantfoods,cereals,fruit,juices,beverages,coffee,tea,tonics,restoratives,pulses,andaeratedor mineral waters and food stuffs, consumable provisions, confectionery items,condensed milk, and to purchase, manufacture, produce, boils, refine, prepare,import, export, sell andgenerallydeal in sugar, sugar‐candy, jiggery, sugarbeet,sugarcane,molasses,syrups,malady,alcohol,andallsugarproductsand/orbye‐productsand inconnectiontherewithtoacquire,construct,operate factories forthemanufactureof sugar or anyof its products orbye‐products andacquireormanufacturemachineryforanyoftheabovepurposes.

4. To carry on the business of consultants, advisors, agents, assemblers, dealers,distributors, developers, resellers, retailers, repairers, installers, buyers, sellers,lesser,importers,exportersofsoftwareandotherproductsrelatedtoinformationtechnology such as computer systems, mini computers, micro computers,peripherals, business machines, computer software, hardware, networking,programmable systems, microprocessors, computer based systems, systems foronline applications, connectivity , telecommunication & internet based systemsandtoestablish,maintains,conduct,provide,procure,ormakeavailableservices

of every kind including but not limited to information technology, commercial,statistical, financial, accountancy , medical, legal, management, educational,training,humanresourcedevelopment,engineering, communication, telecom, ITenabled services such asmedical or legal transcription, call centers, knowledgeand other technological, social or other services and to establish and run dataprocessing/computer centers; provide data processing services includingvoice/automatedinteractiveresponsesystems,provideconsultancyservicesandimparttraininginvariousdisciplinesofInformationTechnology;develop,marketsoftwarepackages aswell as related items and to undertake turn‐keyprojects/assignments in India and abroad in Information Technology includingdevelopment of software in India and abroad and to import, export or transmitdatathroughanysourceinIndiaandabroadeitheronitsownorincollaborationwith other businesses, to develop and design web sites, act as Internet serviceproviders, provide all kinds of Internet and Internet related business includingbuying, selling,dealing,export, import inallkindsofgoodsandservices,payingand acceptingmoney through the Internet either on its ownor in collaborationwithotherbusinesses.

5. Tocarryonthebusinessofmanufacturers,repairers,assemblers,dealers,buyers,sellers, lesser, importers, exporters of all types of electronic equipment’s,electrical, systems and accessories such asmultiplexing equipment’s, radio linksystems, supervisory and data acquisition system, analogue to digital transmultiplexing systems, radios, FM radio, broadcasting, man pack/transportable/staticradio, trans‐receivers, radioteleprinter, teletypesystems,selectivecallingradio system, analogues systems , digital switching equipment, record chargers,compact discs, tape recorders, transistors, television sets, television tubes,telecommunication equipment’s, communication equipment’s, basic telephonyservices, cellular services, dish antennas, concentrators, telemetry, centralmonitoring and scanning systems , wire and cordless type telephones,mobiles,cellular, optical cable, networking, V‐sets, electronic tele printer, facsimile,random access digital address systems , voice and telegraph coding systems ,modems, power‐line carrier equipment, tropospheric systems, scatter systems,automatic answering systems and to set up research and developmentlaboratoriesinIndiaandelsewhereforitemsdealtin.

6. To carry on the business of technical, investment, financial and managementconsultantsandadvisers;todealinalltypesoffinancing,leasingandinvestmentactivities.Tocarryonthebusinessofrunningofhotels,motels,schools,colleges,computer centers, educational institutions, hospitals, clinics and to provide alltechnicalknow‐howandtoarrangeforlicenses,patents,rights,concessions,fromanygovernmentorotherauthorityandtotakepartintheformation,supervisionor control of the business and/or operations of any company/ institution/organization/firm and to act as collaborators, partners, master franchisee,franchises, channel partner, value added partners, technology partners,authorizedrepresentatives,facilitymanagementrepresentativesandtoenterintoany partnership, collaboration, joint ventures, strategic alliances, technical,financial, commercial collaboration, tie‐up, arrangement with Indian and/orforeigncompanies,institutions,individuals,associationsformutualbenefits.

7. Tocarryonthebusinessofconstruction,civilengineering,industrialengineering,designing, architectural services and to erect, construct, develop, improve, lay

down,maintain,remove,enlarge,carryout,controlandalteranybuildings,plants,commercialsites,complexes,multiplexes,worksorfactories,sites,officesoranyroads,ways,sub‐ways,orotherworksandconvenience,housingcomplexes,flatsand to enter into any tie‐ups and/or arrangements with any Indian or foreigncompany,firm,individualsorassociationofpersonstocarryoutanyconstructionprojects jointly such as construction of bridges, dams, roads, ways, industrialbuildings,commercialbuildingsortoprovidetechnicalknowhoworexpertiseformutualbenefits.

8. To lend and advance money, give credit to any person or company, to giveguaranteeorindemnifyforthepayment/repaymentofmoneyortheperformanceofcontractsorobligationsbyanyperson;tosecureorundertakeinanywaytherepaymentofmoneylentoradvancedto,ortheliabilitiesincurredby,anyperson,Financial Institution/Bank/BodyCorporate/Govt.Department/Agency subject totheprovisionsoftheAct.

9. Tomanufactureorhelp in themanufacturingof any spareparts, accessories,oranythingorthingsrequiredandnecessaryfortheabovementionedbusiness.

(B) MATTERSWHICH ARE NECESSARY FOR FURTHERANCE OF THE OBJECTSSPECIFIEDINCLAUSE3(A):‐

1. To buy, sell, trade and deal in all kinds of plant, equipment, machinery,apparatus, tools, utensils, commodities, substances, articles and thingsnecessaryorusefulforcarryingonanyoftheabovebusinessorusuallydealtwithbypersonsengagedtherein.

2. Toenterintoagreementwithanycompanyorpersonsforobtainingbygrantoflicenceoronotherterms;formulaeandotherrightsandbenefits,technicalinformation, know‐how and expert guidance and equipment andmachineryfor the production and manufacture in India of the articles and thingsmentioned herein above and to arrange facilities for training of technicalpersonnelbythem.

3. Toestablish,provide,maintainandconductorotherwise, subsidies researchlaboratoriesandexperimentalworkshopsforscientificandtechnicalresearchand experiments and to undertake and carry on with all scientific andtechnical research, experiments and tests of all kind and to promote studiesand research both scientific and technical investigation and invention byproviding, subsidizing, endowing or assisting laboratories, workshops,libraries, lectures, meeting and conferences and by providing theremuneration to scientific and technical professors and teachers and byprovidingfortheaward,scholarships,prizes,grantsandbursariestostudentsor independentstudentsorotherwiseandtoencourage,promoteandawardstudies, researches, investigations, experiments, tests and inventions of anykindthatmaybeconsidered likely toassistanyof thebusinesseswhichandCompanyisauthorizedtocarryon.

4. Toacquirebyconcession,grant,purchase,barter, lease,Licenceorotherwiseeitherabsolutelyorconditionallyandeitheraloneorjointlywithothersland,buildings,machinery,plants,utensils,works,conveniencesandothermovableand immovable properties of any description and any patents, trademarks,concessions, privileges, brevets inventions, licences, protections and

concessions conferring and exclusive or limited rights to any inventions,secrets of other information which may seem necessary for any of thepurposes of the Company and construct,maintain and alter any building orwork,necessaryorconvenientforthepurposeoftheCompanyandtopayforsuch land, buildings, works, property or rights or any other property andrightspurchasedoracquiredbyorfortheCompanyorotherwiseandmanage,develop,letonleaseorforhireorotherwisedisposeoforturntoaccountthesameatsuchtimeortimesandinsuchmannerandforsuchconsiderationasmaybedeemedproperorexpedient.

5. Toactasconsultantsinitemsbeingdealtwithbythecompanyinthematterofmanufacturing, buying, selling, importing and exporting of raw material intheirfinishedsemi‐finishedorintheirrawform.

6. Toenterintoanyarrangement,withanygovernmentorauthorities,municipal,local or otherwise or any person or company, in India or abroad, that mayseem conducive to the object of the company or any of them and to obtainfrom any such government, authority persons or company any rights,privileges,charters,contracts,licencesandconcessionsincludinginparticularrights inrespectofwaterways,roadsandhighways,whichthecompanymaythinkdesirableandcarryout,exerciseandcomplytherewith.

7. To apply for and obtain and order of Central/State or other authority forenablingtheCompanytocarryanyofitsobjectsintoeffectorforeffectinganymodificationsoftheCompany’sconstitutionoranyotherpurpose,whichmayseem expedient and to make representations against any proceedings orapplicationswhichmayseemcalculateddirectlyorindirectlytoprejudicethecompany’sinterests

8. Toenterintopartnershiporintoanyarrangementforsharingprofits,unionofinterest,co‐operation,joint‐venture,reciprocalconcessionsorotherwisewithany person, firm or company carrying on or engaged in any business ortransactionswhich this company isauthorized tocarryonsubject to section391 to 394 of the Companies Act, 1956, and applicable provisions ofCompaniesAct,2013toamalgamatewithanyotherCompany,havingobjectsaltogetherorinpartsimilartothoseofthisCompany.

9. Topurchaseorotherwiseacquireandundertakethewholeoranypartofthebusiness,property,rightsandliabilitiesofanycompanyorperson,carryingonbusinesswhichthisCompanyisauthorizedtocarryonorispossessedofrightsuitableforanyofthepurposesofthisCompany.

10. Todoalloranyoftheabovethingsasprincipals,agents,contractors,trusteesorotherwiseandbyorthroughtrustees,agentsorotherwiseandeitheraloneorinconjunctionwithothersandtodoallsuchotherthingsasareincidentalorastheCompanymaythinkconducivetotheattainmentoftheaboveobjectsoranyofthem.

11. To promote, form and register, aid in the promotion, formation andregistration of any company or companies, subsidiary or otherwise for thepurposeofacquiringalloranyof theproperties, rightsand liabilitiesof thiscompanyandtotransfertoanysuchcompanyanypropertyofthisCompany

and to be interested in or take or otherwise acquire, hold, sell or otherwisedispose of shares, stock, debentures and other securities in or of any suchcompany, subsidiary or otherwise for all or any of the objectsmentioned inthis Memorandum and to assist any such company and to undertake themanagementandsecretarialorotherworkdutiesandbusinessonsuchtermsasmaybearranged.

12. Toopenaccountswithanybankor financial Institutionsand todraw,make,accept, endorse, discount, execute and issue promissory notes, bills ofexchange,hundies,billsoflading,warrants,debentureandothernegotiableortransferableinstrumentsandtobuy,sellanddealinthesame.

13. Subject to Sections 73, 74, 75, 76, 179 and 180 of the Companies Act, 2013readwithapplicableRulesmadethereinandthedirectionsissuedbyReserveBankof Indiatoborrow,raiseorsecurethepaymentofmoneyor toreceivemoneyasloan,atinterestforanyofthepurposesofthecompanyandatsuchtime or times asmay be thought fit, by promissory notes, bills of exchange,hundies,billsoflading,warrantsorothernegotiableInstrumentsorbytakingcreditinoropeningcurrentaccountsorover‐draftaccountswithanyperson,firm,bankorcompanyandwhetherwithorwithoutanysecurityorbysuchothermeans,astheDirectorsmayintheirabsolutediscretiondeemexpedientandinparticularbytheissueofdebenturesordebenturestockperpetuityorotherwiseandinsecurityforanysuchmoneysoborrowed,raisedorreceivedandofanysuchdebenturesordebenturestocksoissued,tomortgage,pledgeor charge thewholeoranypartof thepropertyand,assetsof theCompany,bothpresentandfuture,includingitsuncalledcapitalbyspecialassignmentorotherwiseortotransferorconveythesameabsolutelyorintrustandtogivethe lenders power of sale and other powers asmay seem expedient and topurchase,redeemorpayoffsuchsecurities,providedthatthecompanyshallnot carry on the business of banking within the meaning of the BankingRegulationsAct,1949.

14. To invest in other than investment in company’s own shares and deal withmoniesofthecompanynotimmediatelyrequired,insuchsharesoruponsuchsecurities or investments and in suchmanner asmay from time to time bedetermined.

15. TolendandadvancemoneynotimmediatelyrequiredbytheCompanyorgivecredittosuchpersons,firmsorcompaniesandonsuchtermswithorwithoutsecurity asmay seemexpedient and in particular to customers of and otherhavingdealingswiththeCompanyandtogiveguaranteesorsecuritiesforanysuchpersons, firmsorcompaniesasmayappearproperorreasonabletotheDirectors, provided that the Company shall not carry on the business ofbanking,withinthemeaningofBankingRegulationsAct,1949.

16. To sell, improve, alter, manage, develop, exchange, lease, mortgage,enfranchise,disposeof,turntoaccountorotherwisedealwithalloranypartoftheland,properties,assetsandrightsandtheresourcesandundertakingoftheCompany,insuchmannerandonsuchtermsastheDirectorsmaythinkfit.

17. To remunerate any person or company for services rendered or to berenderedrelatedtotheformationorpromotionoftheCompanyortheconduct

ofitsbusiness.

18. To create any depreciation fund, reserve fund, sinking fund, provident fund,superannuationfundoranyspecialorotherfund,whetherfordepreciationorforrepairing,improving,extendingormaintaininganyofthepropertiesoftheCompanyor for redemptionofdebenturesor redeemablepreference shares,workers welfare or for any other purpose conducive to the interest of theCompany.

19. Toprovideforthewelfareofemployeesorex‐employees(includingDirectorsand other officers) of the Company and the wives and families or thedependentorconnectionsofsuchpersons,bybuildingorcontributingtothebuilding of houses, dwellings or chawls or by grants of money, pensions,allowances, bonus or other payments or by creating and from time to timesubscribing or contributing to provident fund and other association,institutions,fundsortrustsand/orbyprovidingorsubscribingorcontributingtowards places of instruction and recreation, hospitals and dispensaries,medicalandotherattendancesandotherassistanceasthecompanyshallthinkfit.

20. To undertake and execute any trusts, the undertaking of which may seemdesirable, either gratuitously or otherwise, for the attainment of the mainobjectsoftheCompany.

21. To procure the incorporation, registration or other recognition of theCompany in the Country, State or place outside India and to establish andmaintainlocalregisteredandbranchplacesofthebusinessinanypartoftheworld.

22. To adopt suchmeans ofmaking the products of the Company asmay seemexpedient and in particular by advertising in the press, by circulars, bypurchaseandexhibitionofworksofartorinterest,bypublicationofbooksandperiodicals and by granting prizes, rewards and donations or holdingexhibitions.

IV. ClauseIV“Theliabilityofmembersislimitedandthisliabilityislimitedtotheamountunpaid,ifany,onsharesheldbythem.”

IV. TheAuthorizedShareCapitalof theCompany isRs.25,00,00,000/‐ (Rupees

TwentyFivecrores)dividedinto2,00,00,000(twocrore)EquitySharesofRs.10/‐eachand5,00,000(fivelacs)PreferenceSharesofRs.100/‐each.”

We, the several persons whose names and addresses are subscribed below, aredesirous of being formed into a Company in pursuance of this Memorandum ofAssociationandwerespectivelyagreetotakethenumberofSharesinthecapitaloftheCompanysetoppositeourrespectivenames:Sr.No

Name,Description,Addressesandoccupationsofsubscribers

No.ofEquitySharestakenbyeach

subscriber

Signatureofthe

subscribers

Signatureofwitnesswithaddressand

occupation

1.2.

SnehdeepAggarwalS/oSh.C.L.Aggarwal6/1, SarvapriysVihar,NewDelhi–110016BusinessNareshSethS/oMr.D.D.Seth6/1, SarvapriysVihar,NewDelhi–110016Business

1(One)

1

(One)

Sd/‐

Sd/‐

IwitnessthesignaturesoftheSubscribers

Sd/‐

(ATULMITTAL)

CharteredAccountant

C/oM/s.SanjeevChopra&Co.

CharteredAccountants

2/2,SaraiJulena,OkhlaRoad,

New

Delhi‐110025

Total2(Two

EquityShares)

Place: NEWDELHIDated15th dayof DECEMBER, 1986

ARTICLESOFASSOCIATIONOF

BHARTIYAINTERNATIONALLIMITED

CONSTITUTIONOFTHECOMPANY

1. Subjecttotheregulationshereinafterprovided,theregulationscontainedinTable‘F’ in theFirstScheduleto theCompaniesAct,2013shallapplyto theCompany,exceptinsofarastheyareembodiedinthefollowingArticles.

2. Notwithstanding anything contained in these Articles, such provisions andregulations as may be prescribed by the legislature, as compulsory, by laterenactments relating toCompanies, shall havepriorityof observanceunder suchcircumstances.

3. Unless the context otherwise requires,words or expressions contained in theseregulations shall bear the same meaning as in the Act or any statutorymodification thereof in force at the date at which these regulations becomebindingonthecompany.TheprovisionsunderthisarticleshallbereadinconjunctionwiththesecretarialstandardswithrespecttogeneralandBoardmeetingsspecifiedbytheInstituteofCompany Secretaries of India constituted under section 3 of the CompanySecretaries Act, 1980, and approved as such by the Central Government and incaseofanyconflictbetweenthesecretarialstandardandtheprovisionsoftheAct,theprovisionswhichismorestringentshallbeapplicable.

INTERPRETATIONCLAUSE(1) Intheseregulations—

(a) “Act”meanstheCompaniesAct,2013andotherstatutorymodificationsorre‐

enactments thereof for the time being in force and Companies Act 1956,whereverapplicable;

(b) “Applicable Law”means laws of India, as applicable including, inter alia, allapplicablestatutes,enactments,actsof legislature,ordinances,rules,by‐laws,regulations,notifications,guidelines,policies,directions,directivesandordersofanyGovernmentalAuthority,tribunal,boardorcourt;

(c) “Articles”meansthearticlesofassociationofacompany;(d) “Auditors”meanstheauditoroftheCompanyforthetimebeingandfromtime

totimeappointedinaccordancewiththeCompanyAct,2013.(e) “BoardofDirectors”or“Board”,inrelationtoacompany,meansthecollective

bodyofthedirectorsoftheCompany.(f) “BoardMeeting”meansameetingoftheDirectorsdulycalledandconstituted

or as thecasemay be, the Directors assembled at a Board, or the requisite

numberofDirectorsentitled topassacircularresolution inaccordancewiththeseArticles.

(g) “Company”meansBhartiyaInternationalLimited’(h) “CompanySecretary”or“Secretary”meansacompanysecretaryasdefinedin

clause(c)ofsub‐section(1)ofsection2oftheCompanySecretariesAct,1980who is appointed by a company to perform the functions of a companysecretaryunderthisAct

(i) “Debenture” includes debenture stock, bonds or any other instrument of acompanyevidencingadebt,whetherconstitutingachargeontheassetsofthecompanyornot;

(j) “Dividend”includesanyinterimdividend.(k) “Directors”meanstheDirectorsappointedtotheBoardoftheCompany.(l) “Document” includes summons, notice, requisition, order, declaration, form

andregister,whetherissuedsentorkeptinpursuanceofthisActorunderanyotherlawforthetimebeinginforceorotherwise,maintainedonproperorinelectronicform.

(m) “Extra‐Ordinary GeneralMeeting”means an Extra‐Ordinary Generalmeetingofthemembersdulycalledandconstitutedandanyadjournedholdingthereof.

(n) “Meeting” or “General Meeting” means a meeting of the Members. “AnnualGeneralMeeting”meansaGeneralMeetingoftheMembersheldinaccordancewiththeprovisionsofSection96oftheAct.

(o) “Member”meansthememberoftheCompanyasdefinedinsub‐section(55)ofsection2oftheCompaniesAct2013oranyamendmentthereof.

(p) “Month”shallmeanthecalendarmonth.(q) “Office”meanstheRegisteredOfficeforthetimebeingoftheCompany.(r) “Proxy”includesAttorneydulyconstitutedunderapowerofAttorney.(s) “Registrar” means the Registrar of Companies of the State in which the

registeredofficeoftheCompanyis,forthetimebeing,situated.(t) “Remuneration” means any money or its equivalent given or passed to any

personforservicesrenderedbyhimandincludesperquisitesasdefinedundertheIncomeTaxAct,1961.

(u) “Seal”meanstheCommonSealoftheCompany.(v) “Securities”means the securities as defined in clause (h) of section 2 of the

SecuritiesContracts(Regulation)Act,1956.(w) “Shares” means the shares in the share capital of a company and includes

stock.(x) “SpecialResolution”shallhavethemeaningassignedtheretobySection114of

theAct.(y) “SweatEquityshares”meanssuchequitysharesasareissuedbyacompanyto

itsdirectorsoremployeesatadiscountorforconsideration,otherthancash,for providing their know‐how or making available rights in the nature ofintellectualpropertyrightsorvalueadditions,bywhatevernamecalled.

(z) “Tribunal” means the National Company Law Tribunal constituted undersection408.

(aa) “VotingRight”meansrightofamemberofacompanytovoteinanymeetingoftheCompanyorbymeansofpostalballot.

(bb) “Whole‐timeDirector”includesdirectorinthewholetimeemploymentofthecompany.

(cc) “Year” means the “Financial Year” as provided under sub section (41) ofSection2oftheAct.

(dd) Wordsimputingthemasculinegendershallalsoincludefemininegender.(ee) Words importing “persons” shall,where the context requires, includebodies

corporateandcompaniesaswellasindividuals.(ff) Words imputing the singular number includes plural where the context so

requires.(gg) ’inwriting’and‘written’includesprinting,lithographyandanyothermodeof

representingorreproducingwordsinavisibleform.(hh) “video conferencing or other audio‐visual” means means audio‐ visual

electronic communication facility employed which enables all the personsparticipating in a meeting to communicate concurrently with each otherwithoutanintermediaryandtoparticipateeffectivelyinthemeeting.

(ii) SEBImeansSecuritiesandExchangeBoardofIndiaestablishedundersection3oftheSecuritiesandExchangeBoardofIndiaAct,1992.

ShareCapital1. The Share capital of the Company shall be such as given under Clause V of theMemorandumofAssociationasalteredfromtimetotime.TheCompanyshallhavethe power to increase, reduce or re‐classify the capital for the time being intoseveral classes and to attach thereto respectively such preferential, deferred,qualifiedorspecialrights,privilegesorconditionsasmaybedeterminedbyorinaccordancewiththeprovisionsoftheCompaniesAct,2013andtheApplicableLawand tovary,modifyor abrogate any such rights, privilegesor conditions in suchmannerasmayforthetimebeingbeprovidedbytheseregulations.TheCompanymayincreaseitssubscribedcapitalonexerciseofanoptionattachedto the debentures issued or loans raised by the Company to convert suchdebenturesorloansintosharesintheCompany.

2. SubjecttotheprovisionsoftheActandtheseArticles,thesharesinthecapitalofthe company shall be under the control of theDirectorswhomay issue, allot orotherwisedisposeofthesameoranyofthemtosuchpersons,insuchproportionandonsuchtermsandconditionsandeitheratapremiumoratparandatsuchtimeastheymayfromtimetotimethinkfit.

3. IftheCompanyshallofferanyofitssharestothepublicforsubscription,suchoffershallbemadeinaccordancewiththeprovisionsofPartIofChapterIIIandotherrelevantprovisionsoftheAct.

4. Except so far as is otherwise provided, by the conditions of issue or by thesepresents,anycapitalraisedbythecreationofnewsharesshallbeconsideredpartof the existing capital of the Company and shall be subject to all the provisionsherein contained in respect of payment of call and instalments, transfer andtransmission,forfeiture,lienandotherwise.

5. (i) Every personwhose name is entered as amember in the register ofmembers

shall be entitled to receive within two months after incorporation, in case ofsubscriberstothememorandumorafterallotmentorwithinonemonthaftertheapplication for theregistrationof transferor transmissionorwithinsuchotherperiodastheconditionsofissueshallbeprovided,—a) onecertificateforallhisshareswithoutpaymentofanycharges;orb) several certificates, each for one or more of his shares, upon payment of

twentyrupeesforeachcertificateafterthefirst.(ii) EverycertificateshallbeunderthesealoftheCompanywhichshallbeaffixedin

thepresenceofandsignedbytwoDirectorsdulyauthorisedbytheBoardandtheSecretary, ifanyorsomeotherpersonappointedby theBoard for thepurpose.Further out of the two directors there shall be atleast one director other thanManaging or Whole Time Director, where the Composition of the Board sopermits.

(iii) Everycertificateshallspecifythesharestowhichitrelatesandtheamountpaid‐upthereon.

(iv) In respect of any share or shares held jointly by several persons, the companyshallnotbeboundtoissuemorethanonecertificate,anddeliveryofacertificateforasharetooneofseveral jointholdersshallbesufficientdeliverytoallsuchholders.

(v) Sharesmay be registered in the name of any persons, company or other bodycorporate.Notmorethanfourpersonsshallberegisteredjointlyasmembersinrespect of any shares. No shares shall, however, be registered in the name ofpartnershiporapersonofunsoundmind.

6. (i) Subject to theprovisionsof section46of theActandrulesmade thereunder, if

any share certificate beworn out, defaced,mutilated or torn or if there be nofurtherspaceonthebackforendorsementoftransfer,thenuponproductionandsurrenderthereoftothecompany,anewcertificatemaybeissuedinlieuthereof,and if any certificate is lost or destroyed then upon proof thereof to thesatisfactionofthecompanyandonexecutionofsuchindemnityasthecompanydeemadequate,anewcertificateinlieuthereofshallbeissued.Everycertificateunder this Article shall be issued on payment of twenty rupees for eachcertificate.

(ii) TheprovisionsofArticles(4)and(5)shallmutatismutandisapplytodebenturesofthecompany.

(iii) Where a new share certificate has been issued in pursuance of Article 5,particularsofeverysuchcertificateshallalsobeenteredinaregisterofduplicatecertificates indicatingagainst thenameof thepersontowhomthecertificate isissued, thenumberanddateof issueof the certificate in lieuofwhich thenewcertificateisissued.

7. Except as required by law, no person shall be recognised by the company asholdinganyshareuponany trust,and thecompanyshallnotbeboundby,orbecompelled in any way to recognise (even when having notice thereof) anyequitable,contingent,futureorpartialinterestinanyshare,oranyinterestinanyfractional part of a share, or (except only as by these regulations or by lawotherwise provided) any other rights in respect of any share except an absoluterighttotheentiretythereofintheregisteredholder.

8. (i) The company may exercise the powers of paying commissions conferred by

section40 (6) of theAct, provided that the rate per cent or the amount of thecommissionpaidoragreedtobepaidshallbedisclosedinthemannerrequiredbythatsectionandrulesmadethereunder.

(ii) Therateoramountofthecommissionshallnotexceed5percentofthepriceatwhich any shares are issued or 2.5%of the price atwhich any debentures areissued(asthecasemaybe)andshallnotinanycaseexceedtherateoramountprescribedinrulesmadeundersection40(6)oftheAct.

(iii) Thecommissionmaybesatisfiedbythepaymentofcashortheallotmentoffullyorpartlypaidsharesorpartlyintheonewayandpartlyintheother.

(iv) TheCompanymayalsoonanyissueofsharesordebenturespaysuchbrokerageasmaybelawful.

FurtherIssueofShareCapital9. SubjecttotheprovisionsoftheActandotherapplicablelaws,thefurther

issueofsharesbytheBoardortheCompany,asthecasemaybe,shallbemadeto:‐

a. personswho,atthedateofoffer,areholdersofequitysharesof

the Company;suchoffer shallbedeemed to include a rightexercisable by thepersonconcerned to renouncethe sharesofferedtohimoranyoftheminfavourofanyotherperson;or

b. employeesunderanyschemeofemployees'stockoption;or

c. anypersons, whetherornotthosepersons includethe personsreferredtoinclause(a)orclause(b)above.

10. The rights conferred upon the holders of the shares of any class issued

with preferred or other rights shall not, unless otherwise expresslyprovidedbythetermsofissueofthesharesofthatclass,bedeemedtobe

varied by the creation or issue of further shares ranking pari‐passutherewith.

11. Subject to and in accordancewith theAct andother applicable laws, the

Company may issue further shares and other securities includingdepository receipts in any manner whatsoever as the Board maydetermine includingbywayofpreferentialofferorprivateplacementoranyotherpermittedmanner.

12. Subject to theprovisionsof theActandtheseArticles, theDirectorsmay

allot and issue shares in the capital of theCompanyaspaymentorpart‐paymentforanypropertyorassetsofanykindwhatsoever,soldortobesold or transferred or to be transferred, or for goods or machinerysuppliedortobesuppliedorforservicesrenderedortoberenderedorfortechnical assistance or know‐how made or to be made available to theCompanyor for the conduct of its business and shareswhichmaybe soallottedmaybeissuedasfullyorpartlypaid‐upotherwisethanincashandifsoissued,shallbedeemedtobefullyorpartlypaidasthecasemaybe.

IssueofPreferenceShareCapital

13. SubjecttotheprovisionsofSection55oftheActandrulesmadethereunder,theCompanyshallhavethepowertoissuepreferenceshareswhichareorattheoption of the Company are liable to be redeemedwithin a period not exceedingtwentyyearsfromthedateofissueandtheresolutionauthorisingsuchissueshallprescribethemanner,termsandconditionsofredemption.OntheissueofRedeemablePreferenceSharesthefollowingprovisionsshalltakeeffect:

a) No such shares shall be redeemed except out of profits of the Companywhichwouldotherwisebeavailablefordividendoroutoftheproceedsofafreshissueofsharesforthepurposeoftheredemption.

b) Nosuchsharesshallberedeemedunlesstheyarefullypaid.c) Thepremium,ifany,payableonredemptionmusthavebeenprovidedfor

out of the profits of the Company or the Company's share premiumaccountbeforethesharesareredeemed.

d) Whereanysuchsharesareredeemedotherwisethanoutoftheproceedsof a fresh issue, there shall, out of profits which would otherwise beavailable for dividend, be transferred to a reserve fund, to be called the"Capital Redemption Reserve Account", a sum equal to the nominalamountoftheshareredeemedandtheprovisionsoftheActrelatingtothereductionofthesharecapitaloftheCompanyshall,exceptasprovidedinSection55oftheActapplyasiftheCapitalRedemptionReserveAccountwerepaidupsharecapitaloftheCompany.

IssueofSweatEquityShares

14. Notwithstanding anything contained in Section 53 of the Act but subject to theprovisionsofsection54readwithrulesmadethereunderandinaccordancewiththeregulationsmadebytheSEBI,theCompanymayissueSweatEquitySharesi.e.shares issuedtoEmployeesorDirectorsatadiscountor forconsiderationotherthan cash for providing know‐how or making available rights in the nature ofintellectualpropertyrightsorvalueadditions,bywhatevernamecalled,ofaclassofsharesalreadyissuedifthefollowingconditionsarefulfilled:

(a) The issue of Sweat Equity Shares is authorized by a special resolutionpassedbytheCompanyintheGeneralMeeting;

(b) TheResolutionspecifiesthenumberofshares,theircurrentmarketprice,considerationifanyandtheclassorclassesofDirectorsorEmployeestowhomsuchequitysharesaretobeissued;

15. The rights, limitations, restrictions and provisions as are for the time beingapplicable toequitysharesshallbeapplicable to thesweatequityshares issuedunderthissectionandtheholdersofsuchsharesshallrankpari‐passuwithotherequityshareholders.

VariationofShareholders’Rights

16. Ifatanytimethesharecapitalisdividedintodifferentclassesofshares,therightsattached to any class, (unless otherwise provided by the terms of issue of thesharesof that class),may,subjecttotheprovisionsofSection48,andwhetherornot the Company is being wound up, bevaried with the consent in writing ofthe holders of three fourths of the issuedsharesofthatclassorwiththesanctionofaspecialresolutionpassedataseparatemeeting of the holders of the shares ofthatclass.

17. Toeverysuchseparatemeeting,theprovisionsof thesearticlesrelatingtogeneralmeetingsshallmutatismutandisapply.

18. The rights conferred upon the holders of the shares of any class issued withpreferred or other rights shall not, unless otherwise expressly provided by thetermsofissueofthesharesofthatclass,bedeemedtobevariedbythecreationorissueoffurthersharesrankingpari‐passutherewith.

Lien19. (i) Thecompanyshallhaveafirstandparamountlien—

(a) oneverysharenotbeingafullypaidshare,whethersolelyorjointly,forallmonies(whetherpresentlypayableornot)called,orpayableatafixedtime,inrespectofthatshare;and

(b) onallshares(notbeingfullypaidshares)standingregisteredinthenameofasingleperson, forallmoniespresentlypayablebyhimorhisestatetothecompany:

ProvidedthattheBoardofdirectorsmayatanytimedeclareanysharetobewhollyorinpartexemptfromtheprovisionsofthisclause.

Unlessotherwiseagreed,theregistrationofatransferofsharesshalloperateasawaiveroftheCompany'slien,ifanyonsuchshares.

(ii) Thecompany’s lien, ifany,onashareshallextend toalldividendspayableandbonusesdeclaredfromtimetotimeinrespectofsuchshares.

20. The companymay sell, in suchmanner as the Board thinks fit, any shares onwhichthecompanyhasalien:

Providedthatnosaleshallbemade—(a) unlessasuminrespectofwhichthelienexistsispresentlypayable;or(b) until the expiration of fourteen days after a notice in writing stating and

demandingpayment of suchpart of the amount in respect ofwhich the lienexistsas ispresentlypayable,hasbeengiventotheregisteredholderforthetimebeingoftheshareorthepersonentitledtheretobyreasonofhisdeathorinsolvency.ProvidedthatthesharesofanymemberwhoisindebtedtotheCompanymaybe sold by resolution of theDirectors, to satisfy the Company's lien thereof,andbetransferredtothepurchaserwithouttheconsentandnotwithstandinganyoppositiononthepartof the indebtedmemberandcomplete title totheshare of any such member which shall be sold and transferred againstindebted member and all persons claiming under him whether he may beindebtedtothecompanyinfactornotshallstandtransferredandthereupon,the point of the purchaser shall be deemed to be the holder of such sharesdischargedfromallduesandcallsmadepriortosuchpurchase,andshallnotbeboundtoseetotheapplicationofthepurchasemoneynorhistitlestotheshares be affected by any irregularity or invalidity in the proceedings withreferencetothesale.

21. (i) Togiveeffecttoanysuchsale,theBoardmayauthorisesomepersontotransfer

thesharessoldtothepurchaserthereof.(ii) Thepurchaser shall be registeredas theholderof the shares comprised in any

suchtransfer.(iii) Thepurchasershallnotbeboundtoseetotheapplicationofthepurchasemoney,

norshallhistitletothesharesbeaffectedbyanyirregularityorinvalidityintheproceedings in reference to the sale and after name of the purchaser has beenenteredintheRegisterinrespectofsuchsharesthevalidityofthesaleshallnotbe impeachedbyanypersononanygroundwhatsoeverandtheremedyofany

personaggrievedbysuchsaleshallbeindamagesonlyandagainsttheCompanyexclusively.

(iv) WhereanysharehasbeensoldbytheBoardpursuanttotheseArticlesandthecertificate in respect thereof has not been delivered to the Company by theformerholderofsuchshare,theBoardmayissueanewcertificateforsuchsharedistinguishing it in suchmanner as itmay think fit from the certificate not sodelivered.Whereinanysuchcasethecertificateinrespectoftheshareforfeitedand/orsoldisnotdelivered,andanewcertificateforsuchsharehasbeenissued,theoriginalcertificateshallbetreatedascancelledandnoclaimortitlebasedonsuchcertificateshallbebindingontheCompany.

22. (i) The proceeds of the sale shall be received by the company and applied in

payment of such part of the amount in respect of which the lien exists as ispresentlypayable.

(ii) Theresidue,ifany,shall,subjecttoalikelienforsumsnotpresentlypayableasexisted upon the shares before the sale, be paid to the person entitled to thesharesatthedateofthesale.

Callsonshares

23. (i) TheBoardmay,fromtimetotime,subjecttotheprovisionsofsection49ofthe

Act, make calls upon the members in respect of any monies unpaid on theirshares (whether on account of the nominal value of the shares or by way ofpremium).Providedthatnocallshallexceedone‐fourthofthenominalvalueoftheshareorbepayableatlessthanonemonthfromthedatefixedforthepaymentofthelastprecedingcall.

(ii) Eachmembershall,subjecttoreceivingatleastfourteendays’noticespecifyingthetimeortimesandplaceofpayment,paytothecompany,atthetimeortimesandplacesospecified,theamountcalledonhisshares.

(iii) AcallmayberevokedorpostponedatthediscretionoftheBoard.

24. AcallshallbedeemedtohavebeenmadeatthetimewhentheresolutionoftheBoard authorising the call was passed and may be required to be paid byinstalments.

25. Thejointholdersofashareshallbejointlyandseverallyliabletopayallcallsin

respectthereof.26. (i) Ifasumcalledinrespectofashareisnotpaidbeforeoronthedayappointedfor

paymentthereof,thepersonfromwhomthesumisdueshallpayinterestthereon

fromthedayappointedforpaymentthereoftothetimeofactualpaymentatsuchpercentperannum,ifany,astheBoardmaydeterminefromtimetotime.

(ii) TheBoardshallbeatlibertytowaivepaymentofanysuchinterestwhollyorinpart.

27. (i) Anysumwhichbythetermsofissueofasharebecomespayableonallotmentor

atanyfixeddate,whetheronaccountofthenominalvalueoftheshareorbywayofpremium,shall, for thepurposesof theseregulations,bedeemedtobeacallduly made and payable on the date on which by the terms of issue such sumbecomespayable.

(ii) In case of non‐payment of such sum, all the relevant provisions of theseregulationsastopaymentofinterestandexpenses,forfeitureorotherwiseshallapply as if such sum had become payable by virtue of a call duly made andnotified.

28. OnthetrialorhearingofanyactionorsuitbroughtbytheCompanyagainstanymemberorhisrepresentativetorecoveranydebtorclaimanymoneyduetotheCompanyinrespectofhisshare,itshallbesufficienttoprovethatthenameofthedefendantis,orwas,whentheclaimarose,ontheRegisterasamemberoroneofthemembersinrespectofthesharesforwhichsuchclaimismade,andthattheamountclaimed isnotenteredaspaid inthebooksof theCompany,and itshallnotbenecessarytoprovetheappointmentof theBoardwhomadeanycall,northataquorumwaspresentattheBoardmeetingatwhichanycallwasmadenorthat themeetingatwhichanycallwasmadewasduly convenedor constituted,nor any other matter whatsoever, but the proof of matters, aforesaid shall beconclusiveevidenceofthedebt.

29. TheBoard—(a) may,ifitthinksfit,receivefromanymemberwillingtoadvancethesame,all

oranypartof themoniesuncalledandunpaiduponanysharesheldbyhim;and

(b) uponalloranyofthemoniessoadvanced,may(untilthesamewould,butforsuch advance, become presently payable) pay interest at such rate notexceeding, unless the company in general meeting shall otherwise direct,twelvepercentperannum,asmaybeagreeduponbetweentheBoardandthememberpayingthesuminadvance.Moneysopaidinexcessoftheamountofcallsshallnotrankfordividendsortoparticipateinprofits.TheBoardmayatanytimerepaytheamountsoadvancedupongivingtosuchmembernotlessthan 3 months’ notice in writing. However, it shall not be the right of themembermakingsuchpaymentinadvanceofcalltoseekortoclaimarefundorprepaymentthereof.

(c) from time to time, at itsdiscretion, extend the time fixed for thepaymentofany call, andmay extend such time as to all or any of themembers, but no

member shall be entitled to such extension save as a matter of grace andfavour.

Transferofshares

30. SaveasprovidedinSection56oftheAct,notransferofashareshallberegistered

unlessaproperinstrumentoftransferdulystampedandexecutedbyoronbehalfof thetransferorandbyoronbehalfof thetransfereehasbeendeliveredtotheCompanytogetherwiththecertificateor,ifnosuchcertificateisinexistence,theletter of allotment of the share. The instrument of transfer is in respect of oneclassofshares.TheCompanyshallkeepa"RegisterofTransfers"andthereinshallbefairlyanddistinctlyenteredparticularsofeverytransferandtransmissionofanyshares.

31. Thetransferorshallbedeemedtoremainaholderoftheshareuntilthenameofthetransfereeisenteredintheregisterofmembersinrespectthereof.WhereitisprovedtothesatisfactionofBoardthataninstrumentoftransfersignedbyoronbehalf of transferor and by or on behalf of the transferee has been lost, theCompanymay,iftheDirectorsthinkfit,onanapplicationinwritingmadebythetransfereeandbearingthestamprequiredbyaninstrumentoftransfer,registerthetransferonsuchtermsastoindemnityastheBoardmaythinkfit.

32. Applicationfortheregistrationofthetransferofasharemaybemadeeitherby

thetransferororthetransfereeprovidedthat,wheresuchapplicationismadebythetransferor,noregistrationshall,inthecaseofapartlypaidshare,beeffectedunlesstheCompanygivesnoticeofsuchpartlypaidsharestothetransfereeinthemanner prescribed by Section 56 of the Act, and subject to provisions of theseArticles,theCompanyshall,unlessobjectionismadebythetransferee,withintwoweeksfromthedateofreceiptofthenotice,enterintheRegisterthenameofthetransferee in the same manner and subject to the same conditions as if theapplicationforregistrationoftransferwasmadebythetransferee.

33. TheBoardmay,subject to therightofappealconferredbysection58of theAct

and Section 22A of Securities Contracts (Regulation) Act, 1956 and otherApplicable Laws,without assigning any reason for such refusal,maywithinonemonth from the date of which the instrument of transfer was delivered to theCompanydeclinetoregister—(a) thetransferofashare,notbeingafullypaidshare,toapersonofwhomthey

donotapprove;or(b) anytransferofsharesonwhichthecompanyhasalien.

Provided that registration of transfer shall not be refused on the ground of thetransferorbeingeitheraloneorjointlywithanypersonorpersonsindebtedtotheCompanyonanyaccountwhatsoeverexceptalienontheshares.

34. No transfer shall bemade to or registered in the name of a person of unsoundmindorapartnershiportrust.

35. Ongivingnotlessthansevendays’previousnoticeinaccordancewithsection91and rules made thereunder, the registration of transfers may be suspended atsuchtimesandforsuchperiodsastheBoardmayfromtimetotimedetermine:

Providedthatsuchregistrationshallnotbesuspendedformorethanthirtydaysatanyonetimeorformorethanforty‐fivedaysintheaggregateinanyyear.

36. Notwithstanding anything contained in any other provisions of the Articles ofAssociation,whereanyinstrumentoftransferofshareshasbeendeliveredtotheCompanyforregistrationandthetransferofsuchshareshasnotbeenregisteredbytheCompany,theprovisionsofSection126oftheActregardingdividend,anyofferofRightsSharesandany issueof fullypaid‐upBonusShares in relation tosuchsharesshallapply.

TransmissionofShares

37. IfanymemberoftheCompanydies,andtheCompany,throughanyofitsPrincipalOfficers, within the meaning of Section 84 of the Estate Duty Act, 1953, hasknowledge of the death, it shall not be lawful for the Company to register thetransferofany shares standing in thenameof thedeceasedmemberunless theCompany is satisfied that the transfereehas acquired such transfer for valuableconsiderationor there isproducedto itacertificate fromtheController,DeputyController or Assistant Controller of Estate Duty that either the estate duty inrespectthereoforthemoneydueasthecasemaybehadbeenpaidorwillbepaid.WheretheCompanyhascometoknowthroughanyofitsPrincipalOfficersofthedeath of anymember, the Company shallwithin amonth of the receipt of suchknowledge, furnish to the Assistant Controller, or Deputy Controller of EstateDuty,whoisexercisingthefunctionsoftheIncomeTaxOfficerinthecaseoftheCompanysuchparticularsasmaybeprescribedbytheEstatedutyRules,1953.

38. (i) On thedeathof amember, the survivoror survivorswhere thememberwas a

jointholder,andhisnomineeornomineesorlegalrepresentativeswherehewasasoleholder,shallbetheonlypersonsrecognizedbythecompanyashavinganytitletohisinterestintheshares.

(ii) Nothinginclause(i)shallreleasetheestateofadeceasedjointholderfromanyliability in respect of any sharewhich had been jointly held by himwith otherpersons.

39. (i) Any person becoming entitled to a share in consequence of the death or

insolvencyof amembermay,upon suchevidencebeingproducedasmay from

time to time properly be required by the Board and subject as hereinafterprovided,elect,either—

a) toberegisteredhimselfasholderoftheshare;orb) tomakesuchtransferoftheshareasthedeceasedorinsolventmembercould

havemade.c) Ifsuchpersonshallelecttohavehisnomineeregistered.

(ii) The Board shall, in either case, have the same right to decline or suspendregistration as it would have had, if the deceased or insolvent member hadtransferredthesharebeforehisdeathorinsolvency.

40. (i) If the person so becoming entitled shall elect to be registered as holder of the

sharehimself,heshalldeliverorsendtothecompanyanoticeinwritingsignedbyhimstatingthathesoelects.

(ii) If the person aforesaid shall elect to transfer the share, he shall testify thatelection by executing in favour of his nominee an instrument of transfer inaccordancewith theprovisions,hereincontained,anduntilhedoesso,heshallnotbefreedfromanyliabilityinrespectofshares.

(iii) Allthelimitations,restrictionsandprovisionsoftheseregulationsrelatingtotherighttotransferandtheregistrationoftransfersofsharesshallbeapplicabletoany such notice or transfer as aforesaid as if the death or insolvency of thememberhadnotoccurredand thenoticeor transferwerea transfer signedbythatmember.

41. Apersonbecomingentitledtoasharebyreasonofthedeath,lunancy,bankruptcyor insolvency of the holder shall be entitled to the same dividends and otheradvantagestowhichhewouldbeentitledifheweretheregisteredholderoftheshare,exceptthatheshallnot,beforebeingregisteredasamemberinrespectofthe share, be entitled in respect of it to exercise any right conferred bymembershipinrelationtomeetingsofthecompany:

ProvidedthattheBoardmay,atanytime,givenoticerequiringanysuchpersontoelecteithertoberegisteredhimselfortotransfertheshare,andifthenoticeisnotcompliedwithwithinninetydays,theBoardmaythereafterwithholdpaymentofall dividends, bonuses or othermonies payable in respect of the share, until therequirementsofthenoticehavebeencompliedwith.

42. IftheBoardrefusestoregisterthetransferof,orthetransmissionbyoperationoflawoftherighttoanyshare,theCompanyshall,within30daysfromthedateonwhich the instrument of transfer or the intimation of such transmission as thecase may be was lodged with the Company, send to the transferee and thetransferorortothepersongivingintimationofsuchtransmission,asthecasemaybe,noticeofsuchrefusal.

43. Apersonentitled toashareby transmission, subject to therightofDirectors toretainsuchdividendormoneyashereinafterprovided,beentitledtoreceivemaygive a discharge for any dividends or other moneys payable in respect of theshare.

44. TheCompanyshallincurnoliabilityorresponsibilitywhateverinconsequenceofitsregisteringorgivingeffecttoanytransferofsharesmadeorpurportingtobemadebyanyapparentlegalownerthereof(asshownorappearingintheRegisterofMembers) to theprejudiceofpersonshavingor claiminganyequitable right,titleor interest toor in thesaidshares,notwithstanding that theCompanymayhave had notice of such equitable right, title or interest or notice prohibitingregistration of such transfer, and may have entered such notice, or referredthereto in any book of the Company, and the Company shall not be bound orrequiredtoregardorattendorgiveeffecttoanynoticewhichmaybegiventoitofany equitable right, title or interest or be under any liability whatsoever forrefusing or neglecting to do, though itmayhave been entered or referred to insomebookof theCompany;but theCompanyshallneverthelessbeat liberty toregardandattendtoanysuchnotice;andgiveeffecttheretoiftheBoardshallsothinkfit.

Forfeitureofshares

45. Ifamemberfailstopayanycall,orinstalmentofacall,onthedayappointedforpayment thereof, theBoardmay,atany timethereafterduringsuchtimeasanypart of the call or instalment remains unpaid, serve a notice on him requiringpayment of so much of the call or instalment as is unpaid, together with anyinterestnotexceeding10%perannumwhichmayhaveaccrued.’

46. Thenoticeaforesaidshall—(a) nameafurtherday(notbeingearlierthantheexpiryoffourteendaysfromthe

dateofserviceofthenotice)onorbeforewhichthepaymentrequiredbythenoticeistobemade;and

(b) state that, in the event of non‐payment on or before the day so named, thesharesinrespectofwhichthecallwasmadeshallbeliabletobeforfeited.

47. If the requirements of any such notice as aforesaid are not compliedwith, anyshare inrespectofwhich thenoticehasbeengivenmay,atany time thereafter,before the payment required by the notice has been made, be forfeited by aresolutionof theBoard to that effect. Such forfeiture shall include all dividendsdeclared or any othermoneys payable in respect of the forfeited share andnotactuallypaidbeforetheforfeiture.

48. Whenanyshareshavebeensoforfeited,noticeoftheresolutionshallbegiventothemember inwhosename it stood immediatelyprior to the forfeiture, andanentry of the forfeiture, with the date thereof, shall forthwith be made in theRegister,butnoforfeitureshallinanymannerbeinvalidatedbyanyomissionorneglecttogivesuchnoticeortomakesuchentryasaforesaid.

49. (i) AforfeitedshareshallbedeemedtobethepropertyoftheCompanyandmaybe

soldor otherwisedisposedof on such terms and in suchmanner as theBoardthinks fit. The forfeiture of a share involves extinction at the time of theforfeiture,ofallinterestsinandallclaimsanddemandsagainsttheCompany,inrespectofthesharesandallotherrightsincidentaltotheshare,exceptonlysuchofthoserightsasbytheseArticlesareexpresslysaved.

(ii) At any time before a sale or disposal as aforesaid, the Board may cancel theforfeiture on such terms as it thinks fit. Upon any sale, re‐allotment or otherdisposaloftheforfeitedshares, thecertificateorcertificatesoriginally issuedinrespect of the relative shares shall (unless the same shall on demand by theCompany have been previously surrendered to it by the defaulting member)standcancelledandbecomenullandvoidandhavenoeffect,andtheDirectorsshallbeentitledtoissueanewcertificateinrespectorasaidsharestothepersonorpersonsentitledthereto.

50. (i) Apersonwhoseshareshavebeenforfeitedshallceasetobeamemberinrespect

oftheforfeitedshares,butshall,notwithstandingtheforfeiture,remainliabletopay to the company allmonieswhich, at the date of forfeiture,were presentlypayablebyhimtothecompanyinrespectoftheshares.

(ii) The liability of such person shall cease if and when the company shall havereceivedpaymentinfullofallsuchmoniesinrespectoftheshares.

51. (i) Adulyverifieddeclarationinwritingthatthedeclarantisadirector,themanager

orthesecretaryofthecompany,andthatashareinthecompanyhasbeendulyforfeitedonadatestated in thedeclaration,shallbeconclusiveevidenceof thefactsthereinstatedasagainstallpersonsclaimingtobeentitledtotheshare.

(ii) The companymay receive the consideration, if any, given for the share on anysaleordisposalthereofandmayexecuteatransferoftheshareinfavourofthepersontowhomtheshareissoldordisposedof;

(iii) Thetransfereeshallthereuponberegisteredastheholderoftheshare;and(iv) The transferee shall not be bound to see to the application of the purchase

money, if any, nor shall his title to the share be affected by any irregularity orinvalidityintheproceedingsinreferencetotheforfeiture,saleordisposaloftheshare.

52. Theprovisionsoftheseregulationsastoforfeitureshallapplyinthecaseofnon‐paymentofanysumwhich,bythetermsofissueofashare,becomespayableatafixed time,whether on account of the nominal value of the share or byway ofpremium, as if the same had been payable by virtue of a call duly made andnotified.

AlterationofCapital

53. Thecompanymay, from time to time,byordinary resolution increase the sharecapitalbysuchsum,tobedividedintosharesofsuchamount,asmaybespecifiedintheresolution.

54. Subject to the provisions of section 61, the company may, by ordinaryresolution,—(a) consolidate and divide all or any of its share capital into shares of larger

amountthanitsexistingshares;(b) convert all or any of its fully paid‐up shares into stock, and reconvert that

stockintofullypaidupsharesofanydenomination;(c) sub‐divide its existing shares or any of them into shares of smaller amount

thanisfixedbythememorandum;(d) cancelanyshareswhich,atthedateofthepassingoftheresolution,havenot

beentakenoragreedtobetakenbyanyperson.

55. Wheresharesareconvertedintostock,—(a) the holders of stockmay transfer the same or any part thereof in the same

manneras,andsubjecttothesameregulationsunderwhich,thesharesfromwhichthestockarosemightbeforetheconversionhavebeentransferred,orasneartheretoascircumstancesadmit:Provided that theBoardmay, fromtime to time, fix theminimumamountofstock transferable, so, however, that such minimum shall not exceed thenominalamountofthesharesfromwhichthestockarose.

(b) theholdersofstockshall,accordingtotheamountofstockheldbythem,havethe same rights, privileges and advantages as regards dividends, voting atmeetingsof the company, andothermatters, as if theyheld the shares fromwhichthestockarose;butnosuchprivilegeoradvantage(exceptparticipationinthedividendsandprofitsofthecompanyandintheassetsonwindingup)shallbeconferredbyanamountofstockwhichwouldnot,ifexistinginshares,haveconferredthatprivilegeoradvantage.

(c) suchoftheregulationsofthecompanyasareapplicabletopaid‐upsharesshallapply to stock and thewords “share” and “shareholder” in those regulationsshallinclude“stock”and“stock‐holder”respectively.

56. The company may, by special resolution, reduce in any manner and with, andsubjectto,anyincidentauthorisedandconsentrequiredbylaw,—

(a) itssharecapital;(b) anycapitalredemptionreserveaccount;or(c) anysharepremiumaccount.

ReductionofCapital

57. TheCompanymay,subjecttotheconfirmationbythetribunalandprovisionsofthe Act and an approval under the Applicable Laws from any regulatoryauthorities,fromtimetotimebyspecialresolutionandinanymannerauthorisedbylawreduceitssharecapitalinanywayandinparticularmay:

(a) Extinguishorreducetheliabilityonanyof itssharesinrespectofthesharecapitalnotpaidup;or

(b) Eitherwithorwithoutextinguishing,orreducingliabilityonanyofitsshares,cancel any paid up share capital which is lost, or is unrepresented by‐availableassetsorpayoffanypaid‐upsharecapitalwhichisinexcessofthewantsoftheCompany;or

alteritsmemorandumbyreducingtheamountofitssharecapitalandofitssharesaccordingly.FurthernoreductionshallbemadeiftheCompanyisinarrearsintherepayment of any deposits accepted by it, either before or after thecommencementoftheCompaniesAct2013ortheinterestpayablethereon.

CapitalizationofProfits58. (i) The company in generalmeetingmay, upon the recommendationof theBoard,

resolve—(a) that it is desirable to capitalize any part of the amount for the time being

standing to the credit of any of the company’s reserve accounts, or to thecreditof theprofitandlossaccount,orotherwiseavailable fordistribution;and

(b) thatsuchsumbeaccordinglysetfreefordistributioninthemannerspecifiedinclause(ii)amongstthememberswhowouldhavebeenentitledthereto,ifdistributedbywayofdividendandinthesameproportions.

(ii) The sumaforesaid shall notbepaid in cashbut shall be applied, subject to theprovisioncontainedinclause(iii),eitherinortowards—

(a) payingupanyamountsforthetimebeingunpaidonanysharesheldbysuchmembersrespectively;

(b) paying up in full, unissued shares of the company to be allotted anddistributed, credited as fully paid‐up, to and amongst such members in theproportionsaforesaid;

(c) partlyinthewayspecifiedinsub‐clause(a)andpartlyinthatspecifiedinsub‐clause(b).

(iii) Asecuritiespremiumaccountandacapitalredemptionreserveaccountmay,for the purposes of this regulation, be applied in the paying up of unissuedsharestobeissuedtomembersofthecompanyasfullypaidbonusshares.

(iv) The Board shall give effect to the resolution passed by the company inpursuanceofthisregulation.

59. (i) Whenever such a resolution as aforesaid shall have been passed, the Board

shall—(a) makeallappropriationsandapplicationsoftheundividedprofitsresolvedto

be capitalized thereby, and all allotments and issues of fully paid shares ifany;and

(b) generallydoallactsandthingsrequiredtogiveeffectthereto.(ii) TheBoardshallhavepower—

(a) tomakesuchprovisions,bytheissueoffractionalcertificatesorbypaymentin cash or otherwise as it thinks fit, for the case of shares becomingdistributableinfractions;and

(b) to authorise any person to enter, on behalf of all the members entitledthereto, intoanagreementwiththecompanyprovidingfortheallotmenttothem respectively, credited as fully paid‐up, of any further shares towhichtheymaybeentitleduponsuchcapitalization,orasthecasemayrequire,forthepaymentbythecompanyontheirbehalf,bytheapplicationtheretooftherespectiveproportionsofprofitsresolvedtobecapitalized,oftheamountoranypartoftheamountsremainingunpaidontheirexistingshares;

(iii) Anyagreementmadeundersuchauthorityshallbeeffectiveandbindingonsuchmembers

Buy‐backofShares

60. Notwithstandinganythingcontainedinthesearticlesbutsubjecttotheprovisionsofsections68to70andanyotherapplicableprovisionoftheActandrulesmadethereunderandprovisionsframedinthisregardbytheSEBIor

61. any other law for the time being in force, the company may purchase its ownsharesorotherspecifiedsecurities.

Generalmeetings

62. Allgeneralmeetingsotherthantheannualgeneralmeetingshallbecalledextra‐ordinarygeneralmeeting.

63. (i) TheBoardmay,wheneveritthinksfit,callanextra‐ordinarygeneralmeeting.(ii) TheBoardshallattherequisitionmadebysuchnumberofmemberswhohold,on

thedateof thereceiptof therequisitions,not less thanone‐tenthof suchof thetotalpaid‐upcapitaloftheCompanyasonthatdatecarriestherighttovotecallan

extra‐ordinary general meeting of the company in the manner provided underSection 100 of the Act. Where two or more persons hold any shares jointly, arequisition or notice calling ameeting signed by first holder or any of the jointholder,ifnotsignedbyfirstholder,forthepurposeofthisArticle,havethesameforceandeffectasifithadbeensignedbyallofthem.Therequisitionmadebythemembersshallsetoutthemattersfortheconsiderationofwhichthemeetingistobecalledandshallbesignedbytherequisitionistsandsenttotheregisteredofficeofthecompany.

64. Inadditiontoanyothermeetings,AnnualGeneralMeetingoftheCompanyshallbeheldineachyearwithinsuchintervalsasarespecifiedinSection96(1)oftheAct,and,subjecttotheprovisionsofSection96(2)oftheAct,atsuchtimesandplacesasmaybedeterminedbytheBoard.

65. The Company shall complywith the provisions of Section 111 of theAct as togivingnoticeofresolutionsandcirculatingstatementsontherequisitionofmembers.

66. Saveas isprovided inSection101(1)of theAct,not less thancleartwentyonedays’noticeeither inwritingor throughelectronicmodeshallbegiven for callingGeneralMeetingoftheCompany.Thegeneralmeetingmaybecalledaftergivingshorternoticeiftheconsentisgiveninwritingorbyelectronicmodebynotlessthanninety‐fivepercentofthemembersentitledtovoteatsuchmeeting.Everynoticeof themeeting shall specify theplace,date,dayandhourof themeetingandshallcontainastatementofthebusinesstobetransactedthereat.

Where any such business consists of “special business” as hereinafter definedthereshallbeannexedtothenoticeastatementcomplyingwiththeprovisionsofSection102oftheAct.

Notice of everymeetingof theCompany shall be given to everymemberof theCompany, legal representative of any deceased member or the assignee of aninsolventmember,auditororauditorsofthecompanyandeverydirectorofthecompany.

Anyaccidentalomissiontogiveanysuchnoticetoorthenon‐receiptthereofbyanymemberorotherpersonwhoisentitledtosuchnoticeshallnotinvalidatetheproceedingofthemeeting.

Proceedingsatgeneralmeetings

67. The ordinary business of an Annual General Meeting shall be to receive andconsider the profit and loss account, the Balance Sheet and the reports of theDirectors andof theAuditors, toelectDirectors in theplaceof those retiringbyrotation,toappointauditorsandtofixtheirremunerationandtodeclaredividends.All other business transacted at an Annual General Meeting and all businesstransacted at any other meeting shall be deemed special business. No General

Meetingshallbecompetenttodiscussortransactanyspecialbusinesswhichhasnotbeenspecificallystatedinthenoticeofthemeeting.

68. ThechairmanoftheBoardofDirectorsshallpresideaschairmanateveryGeneralMeetingoftheCompany.IfthereisnosuchChairmanorifatanymeetingheisnotpresentwithinfifteenminutesafterthetimeappointedforholdingthemeetingoris unwilling to act as Chairman, the members present shall choose anotherDirectorasChairman,andifnoDirectorbepresentorifalltheDirectorsdeclinetoChair the meeting, then the members present shall choose one of them to beChairman.

69. Anyactorresolutionwhich,underthesearticlesandtheActispermittedorrequiredtobedoneorpassedbytheCompanyinGeneralMeeting,shallbesufficientlydoneorpassedifeffectedbyanOrdinaryResolutionasdefinedinSection114(1)oftheActunlesseithertheActortheArticlesspecificallyrequiresuchacttobedoneorresolutiontobepassedbyaspecificmajorityorbySpecialResolutionasdefinedinSection114(2)oftheAct.

70. No business shall be transacted at any General Meeting unless a quorum ofmembers ispresent at the timewhen themeetingproceeds tobusiness.Saveasotherwiseprovidedherein,thequorumforthegeneralmeetingsshallbeasprovidedinSection103oftheAct.

AdjournmentofMeeting

71. Ifwithinhalfanhourfromthetimeappointedforthemeeting,aquorumisnotpresent, the meeting, if called upon the requisition of members, shall standcancelled;but inanyothercase itshallstandadjournedtothesameday inthenext week,at thesametimeandplace,ortosuchotherdayandsuchtimeandplaceastheBoardmaydetermineandifatsuchadjournedmeetingaquorumisnot present, the members present, shall be a quorum and may transact thebusinessforwhichthemeetingwascalled.TheCompanyshallgivenotlessthanthree days’ notice to the members either individually or by publishing anadvertisement in thenewspapers in termsof sub‐section (2) of section103oftheAct.

72. (i) TheChairmanofaGeneralMeetingmaywith theconsentof themeetingatwhicha

quorumispresent,andshall,ifsodirectedbythemeeting,adjournthemeetingfromtimetotimeandfromplacetoplace.Nobusinessshallbetransactedatanyadjournedmeetingotherthanthebusinessleftunfinishedatthemeetingfromwhichtheadjournmenttookplace.

(ii)When a meeting is adjourned for thirty days or more, notice of the adjournedmeetingshallbegivenas in thecaseofanoriginalmeeting.Saveasprovidedin

theArticles, it shallnotbenecessary togiveanynoticeofanadjournmentorofthebusinesstobetransactedatanadjournedmeeting.

VotingRights

73. Atanygeneralmeeting,aresolutioncannotbeputtovoteonashowofhandsbutwill be decided through poll which shall include voting by electronicmeans intermsoftheprovisionsofSection108and109oftheAct.ThepollshallbetakeninsuchmannerastheChairmandirectsandtheresultsofthepollshallbedeemedtobethedecisionofthemeetingontheresolutioninrespectofwhichthepollwasdemanded. In the case of an equality of votes, on a poll, the question shall besubmittedforre‐pollandinnoeventshalltheChairmanofthemeetingbeentitledtoasecondorcastingvote.

74. Onapoll,everymemberholdingequitysharesthereinshallhavevotingrightsinproportiontohisshareofthepaid‐upequitysharecapital.Amemberhavingmorethanonevote,orhisproxyorotherpersonentitledtovoteforhimneednotuseall his votes in the same way. In the case of joint holders the vote of the firstnamedof such jointholderswho tenders avotewhether inpersonorbyproxyshallbeacceptedtotheexclusionofthevotesoftheotherjointholders.Onapoll,votesmaybegiveneitherpersonallyorbyproxy.Nomembershallbeentitledtovote at anyGeneralMeetingunless all calls orother sumspresentlypayablebyhimhavebeenpaid,orinregardtowhichtheCompanyhaslienandhasexercisedanyrightoflien.

75. Noobjectionshallberaisedastothequalificationofanyvoterexceptatthemeetingoradjournedmeetingatwhichthevoteobjectedtoisgivenortenderedandeveryvotenotdisallowedatsuchmeetingshallbevalidforallpurposes.Anyobjectionastothequalificationofanyvoter,madeinduetime,shallbereferredbytheChairmanofthemeetingwhosedecisionshallbefinalandconclusive.

Proxy

76. Theinstrumentappointingaproxyandpowerofattorneyorotherauthority;ifany,underwhichitissigned,oranotarisedcopyofthatpowerofattorneyorauthority,shallbedepositedattheofficeofthecompanynotlessthan48hoursbeforethetimeappointedforthetakingofthepoll,andindefaulttheinstrumentofproxyshallnotbetreatedasvalid.

77. Every instrument of proxywhether for a specifiedmeeting or otherwise shall, asnearlyascircumstanceswilladmit,beintheformsetoutintherulesmadeundersection105oftheAct.

78. Avotegiveninaccordancewiththetermsofaninstrumentappointingaproxyshallbe valid notwithstanding the previous death or insanity of the principal, orrevocationoftheproxyoroftheauthorityunderwhichtheproxywasexecuted,orthe transferof theshares inrespectofwhich theproxy isgiven.Provided thatnointimationinwritingofsuchdeath,insanity,revocationortransfershallhavebeenreceivedbytheCompanyat itsofficebeforethecommencementofthemeetingoradjournedmeetingatwhichtheproxyisused.

BoardofDirectors

79. ThenumberofDirectorsoftheCompanyshallnotbelessthanthreeandnotmorethan fifteen including woman director. The company may appoint more thanfifteendirectorsafterpassingaspecialresolution.

80. ThesubscriberstotheMemorandumofAssociationshallbethefirstdirectorsoftheCompany.

81. Any person whether member of the Company or not may be appointed as aDirectorandnoqualificationbywayofshareholdingberequiredforanyDirector.

82. Subject to the provisions of section 152, listing agreement (including anyamendments thereto) or any other regulations made under SEBI Act, anindependentdirectorshallholdoffice fora termupto fiveconsecutiveyearsontheboardoftheCompanyandshallbeeligibleforthere‐appointmentonpassingof a special resolution by the Company subject to such term of appointment asapprovedbytheBoard..

83. The Company shall have at least one‐third of the total numbers of directors asindependentdirectorsatanytimeaspertheprovisionsoftheActsubjecttosuchminimum number of independent director in the board of the Company asrequired under the listing agreement or any other rules or regulations madeunderSEBIAct.

84. Whereanyinvestmentandfinancecorporations,suchas,IndustrialDevelopmentBankofIndia,IndustrialFinanceCorporationofIndia,TheIndustrialCreditandInvestmentCorporationofIndiaLtd.,LifeInsuranceCorporationofIndia,UnitTrustofIndia,oranyotherCorporationorBankortheStateorCentral(GovernmentofIndia,obtainsharesoftheCompany,makeloanstotheCompanyorgiveguaranteesinconnectionwiththegrantofaloantoorthesupplyofmachineryfortheCompany,orwhere the Company enters into a contract with any person or persons forborrowinganymoneyorforprovidinganyguaranteeorfortechnicalcollaborationor assistance or enters into any other arrangement, any such body or personsshallbeentitledtoappointaDirectororDirectorsoftheCompanyastheirnominee,ifthatbeagreedtoasaconditionofthegrantofaloanorgivingofsuchguaranteeorthe acquiring of shares or of any other arrangement. The nominee Directors

appointedby the Financial Institutions shall not be liable to retire by rotationsubject to the provision to haveminimumnumber of rotational directors. TheDirectors so appointed shall have the same powers and privileges as otherDirectorsoftheCompany .ThesaidDirectorsshallholdofficeatthepleasureofanysuchcorporationorGovernmentorpersonswhichshallhavefullpowertoremoveanyoftheDirectorsappointedbyitandtoappointanyotherpersonsinplaceofsuchDirectors.ThenomineeDirectorsoappointedshallholdthesaidoffi ceonlysolongas anymoneyremainsowingbytheCompanyoranyguaranteeor securitygivenbysuchperson(s)isoutstandingorsolongassuchbodyorpersonholdsanysharessubscribed by virtue of their under writing obligation or so long any otherarrangement(s)enteredintowithsuchpersonorbodyissubsistingandsuchnomineeDirectorsoappointed shall ipso facto vacates that office immediately themoneyowingbytheCompanytosuchbodyorpersonispaidofforsuchpersonorbodyceases to hold any shares in the Company so subscribed pursuant to theirunderwriting obligation or any, guarantee so given is discharged or such otherarrangementsoagreeduponisdetermined.

85. Remunerationofdirectors

(i) The remuneration of the directors shall, in so far as it consists of a monthlypayment, be deemed to accrue from day‐to‐day. The Company may payremuneration to its directors includingmanaging director,whole time directorandmanagerincompliancewiththeprovisionsofsection197oftheAct,whichshall not exceed 11% of the net profit during the financial year. In case ofinadequateprofitorloss,theCompanymaypaysuchremunerationnotexceedingthe limits as prescribed under schedule V of the Act after complying with theprovisionsofthatschedule.Thecompanymaypaysittingfeestoitsdirector(otherthanwholetimedirectorandmanagingdirector)shallbeentitledtoreceivesuchfeeforeverymeetingoftheBoardorCommittee thereofattendedbyhim,asmaybedeterminedby theBoard,notexceedingsuchsumasmay,fromtimetotimebepermissiblepursuanttoapplicableprovisionsoftheAct.TheCompanymaypaydifferentialsittingfeestothedirectorsbutsuchfeesshallnotbeinexcessofthatofsittingfeespaidtoIndependentDirectorandwomandirector.ThesittingfeesshallnotformpartoftheremunerationasprovidedintheAct.

(ii) In addition to the remuneration payable to them in pursuance of the Act, thedirectorsmaybepaidall travelling,hotelandotherexpensesproperly incurredbythem—(a) in attending and returning frommeetings of the Board of Directors or any

committeethereoforgeneralmeetingsofthecompany;or(b) inconnectionwiththebusinessofthecompany.

86. Thecompanymayexercisethepowersconferredonitbysection88withregard

tothekeepingofaforeignregister;andtheBoardmay(subjecttotheprovisions

ofthatsection)makeandvarysuchregulationsasitmaythinkfitforkeepingofanysuchregister.

87. All cheques, promissory notes, drafts, hundis, bills of exchange and othernegotiableinstruments,andallreceiptsformoniespaidtothecompany,shallbesigned,drawn,accepted,endorsed,orotherwiseexecuted,asthecasemaybe,bysuch person and in such manner as the Board shall from time to time byresolutiondetermine.

88. EverydirectorpresentatanymeetingoftheBoardorofacommitteethereofshallsignhisnameinabooktobekeptforthatpurpose.

89. TheofficeofaDirectorshallipsofactobecomevacantasprovidedintheActandrulesmadethereunder.

RotationofDirectors

90. NotlessthantwothirdsofthetotalnumberofDirectorsshallbepersonswhoseofficeshallbeliabletoretirebyrotation.

91. AteachAnnualGeneralMeetingoftheCompanyonethirdofsuchoftheDirectorsforthetimebeingasareliabletoretirebyrotation,oriftheirnumberisnotthreeoramultipleofthree,thenthenumbernearesttoonethirdshallretirefromoffice.

92. Theindependentdirectorsshallnotbeliabletoretirebyrotation.

93. The Directors to retire by rotation at every Annual General Meeting shall bethosewhohavebeenlongestinofficesincetheirlastappointment,butasbetweenpersonswhobecameDirectorsonthesameday,thosetoretireshallindefaultofandsubjecttoanyagreementamongthemselves,bedeterminedbylot.

94. Save as permitted by Section 162 of the Act, every resolution of a GeneralMeeting for the appointment of a Director shall relate to one named individualonly.

95. TheCompanyattheAnnualGeneralMeetingatwhichaDirectorretiresbyrotationmaybyresolution,fillthevacantofficebyappointingtheretiringDirectororsomeotherpersonthereto.

IftheplaceoftheretiringDirectorisnotsofilledandthemeetinghasnotexpresslyresolved to leave the vacancy unfilled, meeting shall stand adjourned until thesamedayinthenextweek,atthesametime,andplace,orifthatdayisanationalholidayuntilthenextsucceedingdaywhichisnotaholiday,atthesametimeandplace.IfattheadjournedmeetingtheplaceoftheretiringDirectorisstillnotfilledand that meeting has as yet not expressly resolved to fill the said vacancy, theretiring Director shall be deemed to have been reappointed at the adjourned

meetingunless:

a) atthatmeetingoratthepreviousmeetingaresolutionforthereappointmentofsuchDirectorhasbeenputtothevoteandlost;or

b) theretiringDirectorhasbynoticeinwritingaddressedtotheCompanyortheBoardofDirectors,expressedhisunwillingnesstobereappointed;or

c) heisnotqualifiedorisdisqualifiedforappointment;ord) aresolution,whetherspecialorordinaryisrequiredforhisappointmentor

reappointment by virtue of any provisions of the Act and has not beenpassed;or

e) section162oftheActisapplicabletothecase.

CasualVacancy

96. TheCompanymay,subjecttotheprovisionsofSection169oftheAct,byordinaryresolutionofwhichaspecialnoticehasbeengivento,removeanyDirectorbeforetheexpirationofhisperiodofofficeaftergivinghimareasonableopportunityofbeingheard.Thepersonsoappointedshallholdofficeuntilthedateuptowhichhispredecessorwouldhaveheldofficeifhehadnotbeensoremoved.IfthevacancycreatedbytheremovalofaDirectorundertheprovisionsofthisArticleisnotsofilledbythemeetingatwhichheisremoved,theBoardmayanytimethereafterfill suchvacancyunder theprovisionsofSection169but thedirectorwhowasremovedinthatmeetingshallnotbere‐appointedasadirectorbytheboardofdirectors.

97. IfanyDirectorappointedbytheCompanyinGeneralMeetingvacateshisofficeasaDirectorbeforetheexpiryofhistermofoffice,thevacancymaybefilledbytheBoard at ameeting of the Board, but any person so appointed shall retain hisofficeonly so longas thevacatingDirectorwouldhave retained the same ifnovacancy had occurred; provided that the Boardmay not fill such a vacancy byappointingtheretoanypersonwhohasbeenremovedfromtheofficeofDirectorunderSection169.

However,anyintermittentvacancyofanindependentdirectorshallbefilled‐upbytheBoardattheearliestbutnotlaterthanimmediatenextBoardmeetingorthreemonthsfromthedateofsuchvacancy,whicheverislater

98. Nopersonnotbeinga retiringDirector shallbeeligible forappointment to theofficeofDirectoratanyGeneralMeetingunlessheorsomememberintendingtoproposehimhas,notlessthanfourteendaysbeforethemeeting,leftattheofficea notice in writing under his hand signifying his candidature for the office ofDirectorortheintentionofsuchmembertoproposehimasacandidateforthatofficeasthecasemaybe.

AlternateDirectors

99. TheBoardmayappointanyperson(notnecessarilyamemberoftheCompany)toactasalternateDirectorforaDirectorduringthelatter’sabsenceforaperiodof not less than three months from India. In case the absent director is anIndependentDirector then the alternatedirector tobe appointed inplace suchdirector shall also be independent in terms of the provisions of the Act. Thealternatedirectorshallnotholdofficeforaperiodlongerthanthatpermissibletothedirector inwhoseplacehehasbeenappointedandshallvacate theoffice ifandwhenthedirectorinwhoseplacehehasbeenappointedreturnstoIndia.

ProceedingsoftheBoard

100. (i)MinimumNumberofmeetingsAmeetingof theBoardofDirectorsshallholdminimumof fourmeetingsof itsboardofdirectorseveryyearinsuchamannerthatnotmorethanonehundredandtwentydaysshallintervenebetweentwoconsecutivemeetingsoftheboard.

(ii) NoticeofBoardMeetingNoticeofeverymeetingoftheboardshallbegiveninwritingtoeveryDirectorathis registeredaddress, at least sevendaysbefore themeetingof theboardandsuchnoticeshallbesentbyhanddeliveryorbypostorcourierorbyelectronicmeans.ThenoticeofameetingshallincludeaninquirywhetherattendancewillbethroughphysicalattendanceorothermeansaswellastheCompany'scontactinformationforattendanceofDirectorsbymeansotherthanphysicalattendance.The Board meeting may be called at shorter notice to transact the urgentbusinesssubjecttotheconditionthatatleastoneindependentdirectorshallbepresentatthemeetingandincaseofabsenceofindependentdirectorfromsuchmeeting,decisionstakenshallbecirculatedtoallthedirectorsandshallbefinalonratificationthereofbyatleastoneindependentdirector.

(iii) ParticipationintheBoardMeetingSubject toprovisionsofSection173of theActandrulesmade in this regard,adirector intending to participate through video conferencing or audio visualmeans shall communicate his intention to the Chairperson or the companysecretaryofthecompanyandincaseofabsenceofsuchcommunication,itshallbeassumedthatthedirectorshallattendthemeetinginperson.

101. A director may at any time and the Secretary shall, upon the request of aDirector,conveneameetingoftheBoard.

Chairman

102. TheBoardshallappointoneof theirmember tobe theChairmanof theBoardandmaydeterminetheperiodforwhichhewillholdoffice.TheChairmanshallhave only such duties and responsibilities as are specifically assigned to himfromtimetotimebytheBoard.Inexercisingallhispowersandresponsibilitiesas theChairmanof theBoard, theChairmanwill beguidedat all timesby the

BoardoftheCompany.TheDirectorsshallhavethepowertoappointanyoneoftheirmember tobe theViceChairmanof theBoardofDirectors,whoshallbeentitledtotaketheChairatanymeetingatwhichtheChairmanisabsent. Ifatany meeting of the Board, neither the Chairman nor the Vice Chairman ispresent,within15minutesafterthetimeappointedforholdingthemeeting,theDirectorspresentshallchooseoneoftheirmembertobetheChairmanforsuchmeeting.

103. QuorumSubjecttotheprovisionsofSection174oftheAct,thequorumnecessaryforthetransactionofthebusinessbytheBoardshallbeone‐thirdof itstotalstrength[any fraction contained in that one‐third being rounded off as one], or twoDirectors,whicheverishigher.SubjecttotheprovisionsofSection174oftheActanyDirectorattendingameetingoftheBoardbymeansofvideoconferencingorotheraudiovisualmeansshallbecountedinaquorumforsuchmeeting.Forthepurposeof thisArticleanalternatedirectorshallbecounted inaquorumatameeting at which the Director for whom he is appointed is not present. If aquorumshallnotbepresentwithinfifteenminutesfromthetimeappointedforholdingameetingoftheBoard,themeetingshallbeadjourneduntilsuchdateand timeas theChairmanof theBoardor themeeting shall fix. Provided thatwhereatanytimethenumberofinterestedDirectorsexceedsorisequaltotwo‐thirdofthetotalstrength,thenumberofremainingDirectors,thatistosay,thenumberofDirectorswhoarenot interested, present at themeetingbeingnotlessthantwoshallbethequorumduringsuchtime.

104. Ameeting of the Board at which a quorum be present shall be competent toexercisealloranyoftheauthorities,powersanddiscretionsbyorundertheseArticlesforthetimebeingvestedinorexercisablebytheBoard.

105. Questionsarisingatanymeetingshallbedecidedbyamajorityvoteand,incaseof an equality of votes, theChairpersonof themeeting shall have a secondorcastingvote.

106. Subject to the restrictions contained in section179of theAct, theBoardmay,from time to time, andat any time,delegateanyof itspowers toa committeeconsistingofsuchDirectororDirectorsas itthinksfit;buteveryCommitteeoftheBoardsoformedshall,intheexerciseofthepowerssodelegated,confirmtoanyregulations thatmay fromtimeto timebe imposedon itby theBoard.Allacts done by any such Committee of the Board in conformity with suchregulationsandinfulfilmentofthepurposesoftheirappointment,shallhavethelikeforceandeffectasifdonebytheBoard.

107. (i) A committee shall be constituted in themanner as provided in the Act and

electaChairpersonofitsmeetings.

(ii) IfnosuchChairperson iselected,or ifatanymeeting theChairperson isnotpresentwithinfiveminutesafterthetimeappointedforholdingthemeeting,thememberspresentmaychooseoneoftheirmemberstobeChairpersonofthemeeting.

108.

(i) Acommitteemaymeetandadjournasitthinksfit.(ii) Questions arising at any meeting of a committee shall be determined by a

majorityofvotesofthememberspresent,andincaseofanequalityofvotes,theChairpersonshallhaveasecondorcastingvote.

109. AlloranyactdonebyapersonasaDirectorshallbevalid,notwithstandingthat

itmayafterwardsbediscoveredthathisappointmentwasinvalidbyreasonofany defect or disqualification or had terminated by virtue of any provisioncontained in theAct or in theseArticles; provided that nothing in this ArticleshallbedeemedtogivevaliditytoactsdonebyaDirectorafterhisappointmenthasbeenshowntotheCompanytobeinvalidortohavebeenterminated.

ResolutionbyCirculation

110. (i) NoresolutionshallbedeemedtohavebeendulypassedbytheBoardorbya

committeethereofbycirculation,unlesstheresolutionhasbeencirculatedindraft, together with the necessary papers, if any, to all the directors, ormembersof thecommittee,as thecasemaybe,at theiraddressesregisteredwith the company in India by hand delivery or by post or by courier, orthroughelectronicmeans(includese‐mailorfax)andhasbeenapprovedbyamajority of the directors or members, who are entitled to vote on theresolution.

(ii) The chairperson shall put the resolution to be decided at a meeting of theBoardwhere not less than one‐third of the total number of directors of thecompany for the time being requires that any resolution under circulationmustbedecidedatameeting.

Minutes

111. TheBoard shall, in accordancewith the provisions of the Act and rulesmade

there under, cause Minutes to be kept by making within thirty days of theconclusionof everymeetingof theBoardorof everyCommitteeof theBoard,entries thereof in books kept for the purpose with their pages consecutivelynumbered,eachpageofeverysuchbookbeinginitialledorsignedandlastpageof the record of proceedings of each meeting in such books being dated andsigned, in the case of minutes of proceedings of a meeting of the Board orCommitteethereof,bytheChairmanofthesaidMeetingortheChairmanofthenextsucceedingmeeting,and,inthecaseofminutesorproceedingsofaGeneral

Meeting, by the Chairman of the samemeetingwithin the aforesaid period ofthirtydaysorintheeventofthedeathorinabilityoftheChairmanwithinthatperiod, by a Director duly authorised by the Board for the purpose, providedthatinnocaseshalltheminutesorproceedingsofameetingbeattachedtosuchbooksasaforesaidbypastingorotherwise.

Theminutesshallcontainparticulars:

(a) ofthenamesoftheDirectorspresentateachmeetingoftheBoardandofanyCommitteeoftheBoardandinthecaseofeachresolutionpassedatthemeeting, the names of the Directors, if any, dissenting from or notconcurringintheresolution;

(b) ofallordersmadebytheBoardandCommitteeoftheBoard;(c) ofallappointmentsofofficersmadeatanyofthemeetingsoftheBoard or

CommitteeoftheBoard.

TheMinutesofeachmeetingshall containa fairandcorrectsummaryoftheproceedingsthereat.

Provided that no matter need be included in any such Minutes which theChairmanofthemeeting,inhisabsolutediscretion,considerstobe:

(a) defamatory,orcouldreasonablyberegardedas,defamatoryofanyperson;(b) irrelevantorimmaterialtotheproceedings;or(c) detrimentaltotheinterestsoftheCompany.

112.Minutes of any meeting of the Board or Committee thereof, or of theCompany in Generalmeeting, it kept in accordancewith theprovisions of theSection 118 of theAct, shall be evidence of the proceedings recorded in suchMinutes.TheMinuteBooksofGeneralMeetingsoftheCompanyshallbe kept attheofficeandshallbeopen to inspectionbymembersonanyworkingdayforatleast2hoursasdeterminedbytheBoard.

PowersoftheBoard

113. Theboardofdirectors shall be entitled to exercise all suchpowers and todo all such acts and things as the Company is authorised to exercise to do,subjecttotheprovisionsoftheActoranyotherStatuteortheMemorandumofthe Company or theseArticles or otherwise, to be exercised or done by theCompanyinGeneralMeetings.NoregulationsmadebytheCompanyingeneralmeetingshall invalidateanyprioractoftheboardwhichwouldhavebeenvalidifthatregulationhadnotbeenmade.

Withoutprejudice to thegeneralpowersconferredby theproceedings,ArticlesandpowersconferredbytheseArticlesandsubjecttotheprovisionsofSection

180andotherapplicableprovisionsoftheAct,theBoardofDirectorsshallhavethefollowingpowers,thatistosay:(a) To pay the costs, charges and expenses preliminary and incidental to the

promotion,establishmentandregistrationoftheCompany.(b) At theirdiscretiontopay foranypropertyrights,privilegesacquireby,or in

shares, bonds, debentures or other securities of the Company and any suchsharesmaybeissuedeitherasfullypaiduporwithsuchamountcreditedaspaid up thereon asmay be agreed upon subject always to the liability of allshareholders in regard to the debts of the Company and any such bonds,debentures,orothersecuritiesmaybeeitherspecificallychargeduponallorany part of the property of the Company and its uncalled capital or not socharged.

(c) Totakeonlease,purchaseorotherwiseacquirefortheCompany,anypropertyrightorprivileges,whichtheCompanyisauthorisedtoacquire,atsuchpriceandgenerallyonsuchtermsandconditionsastheymaythinkfit.

(d) To appoint any persons or person to hold in trust for the Company, anypropertybelongingtotheCompanyorinwhichitisinterestedorforanyotherpurposesandtoexecuteallsuchinstrumentsandtodoallsuchthingsasmaybenecessaryorrequisiteinrelationtoanysuchtrust.

(e) Tosell, let,exchangeorotherwisedisposeoffabsolutelyorconditionallyanypartof theproperty,privilegesandundertakingsof theCompanyuponsuchtermsandconditionsandforsuchconsiderationastheymaythinkfit.

(f) Toappointandattheirdiscretionremoveorsuspendsuchagents,managers,secretariesforpermanent,temporaryorspecialserviceastheymayfromtimetotimethinkfitandtodeterminetheirpowersanddutiesandfixtheirsalariesor emoluments and to require securities in such instances and to suchamountsastheythinkfitandgenerallytoprovideforthemanagementoftheCompanyindifferentpartsofIndiaoroutsideinanycountriesandtoestablishandmaintainbranchoffices.

(g) To buy or procure the supply of all article goods, merchandise and othermoveablepropertyrequiredforthepurposeoftheCompanyandtosellthem.

(h) To appoint any person or persons to be Attorneys of the Company for eachpurpose, and with powers, authorities and discretions not exceeding thosevestedinorexercisablebytheBoardandforsuchperiodsandsubjecttosuchconditionsastheBoardfromtimetotimethinkfit.

(i) Toenterinto,carryout,rescindorvaryfinancialarrangementwithanybanks,persons or corporations for or in connection with the Company's businessaffairs andpursuant to or in connectionwith such arrangements to deposit,pledge or hypothecate any property of the Company and to execute andregisteranydocumentrelatingtothesame.

(j) Tomakeandgivereceipt, realiseandotherdischarges formoneypayable totheCompanyandfortheclaimsanddemandsoftheCompany.

(k) TocompoundandallowtimeforthepaymentorsatisfactionofanydebtsduetoorbyCompanyandany claimor anddemandbyor against theCompanyandtorefermatterstoarbitrationandobserveandperformtheawards.

(l) Tosign,draw,accept,endorseandnegotiateanddiscount,forandonbehalfoftheCompany, all such cheques, bills of exchange,promissorynotes, hundies,drafts, government and other securities and all other documents, whethernegotiableorotherwiseforcarryingontheaffairsoftheCompany.

(m) To institute, prosecute, defend, compromise or abandon any legalproceedingsbyoragainsttheCompanyoritsofficersorotherwiseconcerningaffairsoftheCompany.

(n) To invest anddealwith anyof themoneysof theCompanynot immediatelyrequired for thepurpose thereofupon such securities in investments and insuchmanner as theymay think fit, and from time to time to vary or realisesuchsecuritiesandinvestments.

(o) To enter into negotiations and contracts and to rescind or vary all suchcontractsandtodoallacts,deedsandthingsinthenameandonbehalfoftheCompany as they consider expedient for or in relation to anyof themattersaforesaidorotherwiseforthepurposeoftheCompany.

(p) To make and repeal, from time to time bye‐laws for the regulations of thebusinessoftheCompany,itsofficersandservants.

(q) Todepositmoneyonsecurityorotherwisewithotherpersonsorcompanyorcompanies,whetherBankingCompanyornot,andto investany fundsof theCompanythatarenotrequired for the timebeing for thegeneralpurposeoftheCompany in such investments (other than the share of theCompany) asmaybethoughtproperandtohold,exchange,sell,varyanddisposeoffordealwithanyoftheinvestmentsofthecompaniesasmaybedeemedexpedient.

(r) Togivecreditordealuponcreditwithorwithoutsecuritywithanypersons,including a member of the Company of such amount upon such terms andconditionsastheyshallthinkfit.

(s) To call any GeneralMeeting of the Company to transact such business as ismentionedinthenoticeconveningthemeeting.

(t) To exercise and to carry into effect any or all of the objects and powersmentionedorreferredtointheMemorandumofAssociation.

114. Subject totheprovisionsof theActand inparticular, to theprohibitionsandrestrictions contained in Section179 andother applicableprovisions, if any,thereof the Board may from time to time, entrust to and confer upon anyDirector for the time being; such of the powers exercisable under thesepresentsbytheBoardasitmaythinkfitandmayconfersuchpowersforsuchtimes,andtobeexercisedforsuchobjectsandpurposes,anduponsuchtermsand conditions, andwith such restrictions as it thinks fit; and itmay confersuchpowerseithercollaterallywith,ortotheexclusionofandinsubstitutionforalloranyofthePowersoftheBoardinthatbehalfandmay,fromtimetotimerevoke,withdraw,alterorvaryalloranysuchpowers.

115. SubjecttotheprovisionsoftheAct,theBoardmayfromtimetotime,asitmaythink fit, delegate to such person or persons as it may choose any of thepowersherebyconferredupontheBoardotherthanthepowerstomakecallson members in respect of money unpaid on their shares and to issuedebentures.

Subjecttoaforesaid,anybonds,debenturestockorothersecuritiesissuedbytheCompanyshallbeunderthecontrolofDirectorswhomayissuethemuponsuchtermsandconditionsandinsuchmannerandforsuchconsiderationastheyshallconsidertobeforthebenefitoftheCompany.

116. AdditionalDirectorSubject to the provisions of section 149, the Board shall have power at anytime, and from time to time, to appoint a person as an additional director,providedthenumberofdirectorsandadditionaldirectortogethershallnotatany time exceed themaximum strength fixed for the board by the Articles.Suchadditionaldirectorshallholdofficeonlyuptothedateofthenextannualgeneralmeetingof the companybut shallbeeligible forappointmentby thecompanyasadirectoratthatmeetingsubjecttotheprovisionsoftheAct.

ChiefExecutiveOfficer,Manager,CompanySecretaryorChiefFinancialOfficer

117. SubjecttotheprovisionsoftheAct,—

(i) Achiefexecutiveofficer,manager,companysecretaryorchieffinancialofficermaybeappointedbytheBoardforsuchterm,atsuchremunerationanduponsuch conditions as the Board may think fit; and any chief executive officer,manager, company secretary or chief financial officer so appointed may beremovedbymeansofaresolutionoftheBoard;

(ii) A director may be appointed as chief executive officer, manager, companysecretaryorchieffinancialofficer.

118. Appointmentofmanagingdirector,wholetimedirectorormanagerSubject to compliance with the provisions of Section 196, 197 and otherprovisions of the Act read with schedule V of the Act, a managing director orwholetimedirectorormanagershallbeappointedandthetermsandconditionsof such appointment and remuneration payable be approved by the Board ofDirectorsatameetingwhichshallbesubject toapprovalbyaresolutionat thenextgeneralmeetingofthecompanyandincasesuchappointmentisatvarianceto the conditions specified in Schedule V, then approval of the CentralGovernmentisrequired.

Subjecttotheprovisionsoftheact,theboardshallhavethepowertoappointamanageruponsuchtermsandconditionsastheboardmaythinkfit.

119.

TheSeal

(i) The seal of the Company shall not be affixed to any instrument except by the authority of a resolution of the Board or of a Committee of the Board authorized by it in that behalf, and except in the presence of any one Director or Company Secretary or Chief Financial Officer or such other Officer as may be authorised by any resolution of the Board of Directors or any Committee of the Board of Directors

AnnualReturn

120. The Company shall comply with the provisions of Section 92 of the ActregardingthepreparationandfilingofAnnualReturn.

DividendsandReserve

121. The Company in annual general meeting may declare dividend, but nodividendshallexceedtheamountrecommendedbytheBoard.

122. Subjecttotheprovisionsofsection123,theBoardmayfromtimetotimepayto themembers such interimdividendsas appear to it tobe justifiedby theprofitsofthecompany.

123. (i) TheBoardmay,beforerecommendinganydividend,setasideoutoftheprofits

ofthecompanysuchsumsasitthinksfitasareserveorreserveswhichshall,at the discretion of the Board, be applicable for any purpose to which theprofits of the company may be properly applied, including provision formeeting contingencies or for equalising dividends; and pending suchapplication,may,at itsdiscretion,eitherbeemployed in thebusinessof thecompany or be invested in such investments (other than shares of thecompany)astheBoardmay,fromtimetotime,thinksfit.

(ii) TheBoardmayalsocarryforwardanyprofitswhichitmayconsidernecessarynottodivide,withoutsettingthemasideasareserve.

(iii) In the event of adequacy or absence of profits in any year, a companymaydeclaredividendoutof surplus subject to the fulfilmentof the conditions asspecifiedintheActandrulesmadethereunder.

124. (i) Subjecttotherightsofpersons,ifany,entitledtoshareswithspecialrightsas

todividends,alldividendsshallbedeclaredandpaidaccordingtotheamountspaidorcreditedaspaidonthesharesinrespectwhereofthedividendispaid,but if andso longasnothing ispaiduponanyof theshares in thecompany,dividendsmaybedeclaredandpaidaccordingtotheamountsoftheshares.

(ii) No amount paid or credited as paid on a share in advance of calls shall betreatedforthepurposesofthisregulationaspaidontheshare.

(iii) Alldividendsshallbeapportionedandpaidproportionately to theamountspaidor creditedaspaidon the sharesduringanyportionorportionsof theperiod inrespectofwhich thedividend ispaid;but ifanyshare is issuedontermsprovidingthat itshallrankfordividendas fromaparticulardatesuchshareshallrankfordividendaccordingly.

125. TheBoardmaydeductfromanydividendpayabletoanymemberallsumsof

money,ifany,presentlypayablebyhimtothecompanyonaccountofcallsorotherwiseinrelationtothesharesofthecompany.

126.

(i) Any dividend, interest or othermonies payable in cash in respect of sharesmay be paid through Electronic Clearing System, where details of the BankAccount is provided by the shareholder and where Bank mandate is notprovided, by cheque or warrant sent through the post directed to theregistered address of the holder or, in the case of joint holders, to theregisteredaddressof thatoneof the jointholderswho is firstnamedon theregisterofmembers,or tosuchpersonand tosuchaddressas theholderorjointholdersmayinwritingdirect.

(ii) Everysuchchequeorwarrantshallbemadepayabletotheorderofthepersontowhomitissent.

127. Anyoneoftwoormorejointholdersofasharemaygiveeffectivereceiptsfor

anydividends,bonusesorothermoniespayableinrespectofsuchshare.

128. Notice of any dividend that may have been declared shall be given to thepersonsentitledtosharethereininthemannerprovidedundertheAct.

129. Nodividendshallbearinterestagainstthecompany.

BooksandDocuments

130. The Board shall cause to be kept in accordancewith section 128 of the Actproperbooksofaccountwithrespectto:

(a) AllsumsofmoneyreceivedandexpendedbytheCompanyandthemattersinrespectofwhichthereceiptsandexpenditurestakeplace;

(b) allsalesandpurchasesofgoodsbytheCompanyand:(c) theassetsandtheliabilitiesoftheCompany.

131. Thebooksofaccountshallbekeptattheofficeoratsuchotherplaceorplacesin India as the Board may decide, and where the Board so decides, theCompany shall, within seven days of the decision, file with the Registrar anotice in writing giving the full address of that other place. The books ofaccountshallalsobeopentoinspectionbyanyDirectorduringbusinesshoursprovided that the books of account shall also be open to inspection by theRegistrar or by any officer of Government authorised by the CentralGovernmentinthisbehalf.

132. Thebooksofaccountof theCompanyshallbepreserved ingoodorder fora

periodofnotlessthaneightfinancialyearsimmediatelyprecedingthecurrentfinancialyear.

Accounts

133. At everyAnnual GeneralMeeting theBoard shall lay before the Company a

Balance Sheet and Profit and Loss Accountmade up in accordancewith theProvisions of Section 129 of the Act and such Balance Sheet and Profit andLoss Account shall complywith the requirements of Sections 129, 133, 134andofScheduleIIIoftheActsofarastheyareapplicabletotheCompanybut,saveasaforesaid, theBoardshallnotbebound todisclosegreaterdetailsofthe result or extent of the trading transactions of the Company than itmaydeemexpedient.

134. There shall be attached to every Balance Sheet laid before the Company areportbytheBoardinaccordancewithSection134oftheAct.

135. A copy of every Balance Sheet including the Profit and Loss Account, theAuditor’s Report and every document required by law to be annexed orattachedtotheBalanceSheetorastatementcontainingthesalientfeaturesofsuchdocumentsinsuchformasmaybeprescribedpursuanttoSection136oftheAct, shallbesent toeverymemberof theCompanyandtoeveryTrusteefortheholdersofanydebenturesissuedbytheCompanynotlessthan21daysbeforethedateoftheGeneralMeetingatwhichsuchdocumentsaretobelaid.

136. TheCompanyshallcomplywithSection137oftheActastofilingofcopiesoftheBalanceSheet,ProfitandLossAccountanddocumentsrequiredtobefiledannexedorattachedtheretowiththeRegistrar.

137. Subject to the provisions of the act, the Directors shall, from time to time,

determinewhetherandtowhatextentandatwhattimesandplacesandunderwhatconditionorregulationtheaccountsandbooksoftheCompanyoranyofthemshallbeopentoinspectionofmembersnotbeingDirectors.Nomember(not being a Director) shall have any right to inspect the same, except asprovidedbytheCompaniesAct,orauthorisedbytheBoardofDirectors.

Audit

138. At least once in every year the Books of Account of the Company shall beexaminedbyoneormoreAuditors.

139. The Companymay appoint in its annual generalmeeting an individual or afirmasanauditorwhoshallholdofficefromtheconclusionofthatmeetingtillthe conclusion of its sixth annual general meeting from the date of thatmeeting and thereafter till the conclusion of every sixth meeting and themanner and procedure of selection of auditors by the members of thecompany at suchmeeting shall be such asmay be prescribed subject to theratificationbymembersateveryannualgeneralmeeting.Theappointmentismade with the written consent of the auditor to such appointment, and acertificatefromhimoritthattheappointment,ifmade,shallbeinaccordancewiththeconditionsasmaybeprescribed,shallbeobtainedfromtheauditor.Theappointment, remuneration,rightsanddutiesof theAuditororAuditorsshallberegulatedbySection139to147oftheAct.

140. Incaseofcasualvacancyintheofficeofauditor,suchvacancyshallbefilledbythe board of the Company within thirty days of such vacation and if suchvacancy is createddue to resignation, theappointment shallbemadeby thecompanyinthegeneralmeetingwithinthreemonthsoftherecommendationandtheauditorsoappointedshallholdofficetilltheconclusionofnextannualgeneralmeeting.

141. The company shall comply with the provisions of the rotation of auditorsprovidedunderthisactandrulesmadethereunder.

142. Where theCompanyhasabranchoffice theprovisionsofSection143of theActshallapply.

143. All notice and other communications, relating to any generalmeeting of theCompany,whichanymemberoftheCompanyisentitledtohavesenttohim,shallalsobeforwardedtotheAuditorof theCompany,andtheAuditorshallbe entitled to attend any general meeting and to be heard at any GeneralMeetingwhichheattendsonanypartofthebusinesswhichconcernshimasAuditor.

144. The Auditor’s Report (including the Auditors’ separate, special or

supplementary report, if any) shall be read before the Company in generalmeetingandshallbeopentoinspectionbyeverymemberoftheCompany.

145. EveryBalanceSheetandProfitandLossaccountwhenauditedandadoptedbythe Company in general meeting shall be conclusive except as regards anyerrordiscoveredthereinwithinthreemonthsnextaftertheadoptionthereof.Whenever any sucherror isdiscoveredwithin thatperiod, the account shallforthwithbecorrectedandhenceforthshallbeconclusive.

NoticeandDocuments146. (i) Anotice or other documentmay be given by the Company to anymember

eitherpersonallyorbyelectronicmodeorbysendingitbypostorthroughcouriertohimtohisregisteredaddressor(ifhehasnoregisteredaddressinIndia)tothe address, if any, (within India) supplied by him to the Company for thegivingofnoticetohim.

(ii) Whereanoticeorotherdocumentissentbypost:

(a) Service thereof shall be deemed to have been effected by properlyaddressing,prepayingpostage,andpostinga lettercontainingthenotice ordocumentprovidedthatwhereamemberhasintimatedtotheCompanyinadvancethatnoticesordocumentsshouldbesenttohimundercertificateofpostingorbyregisteredpostwithorwithoutacknowledgmentdueandhasdepositedwiththeCompanyasufficientsumtodefraytheexpensesofdoing so, service of the notice of document shall not be deemed to beeffectedunlessitissentinthemannerasintimatedbythemember;

(b) suchservicesshallbedeemedtohavebeeneffected;(i) in the case of notice ofmeeting at the expirationof forty eight hours

afterthelettercontainingthesameisposted,and(ii) inanyothercase,atthetimeatwhichtheletterwouldbedeliveredin

theordinarycourseofpost.

147. A notice or other document advertised in a newspaper circulating in theneighbourhoodoftheofficeshallbedeemedtobedulyserved,onthedayonwhich the advertisement appears, on every member who has no registeredaddressinIndiaandhasnotsuppliedtotheCompanyanaddresswithinIndiafor the giving of notice to him. Any such member who has no registeredaddress in India shall, if so required to do by the Company supply theCompanywithanaddressinIndiaforthegivingofnoticestohim.

148. AnoticeorotherdocumentmaybeservedbytheCompanyonthemembersregistered jointly in respect of a share by giving the notice to the membernamedfirstintheRegisterinrespectoftheshare.

149. Anotice or otherdocumentmaybe servedby theCompanyon thepersons

entitled toshare, inconsequenceof thedeathor insolvencyofamember,bysending it personally or through electronic mode or through the post orcourier in a prepaid letter addressed to the representatives of the deceasedmember,bynameorby title,andtoassignee; in thecaseof the insolvent,attheaddressinIndiasuppliedforthepurposebythepersonclaimingtobesoentitled,oruntilsuchanaddresshasbeensosupplied,bygivingthenoticeinany manner in which the same might have been given if the death orinsolvencyhadnotoccurred.

150. Any notice required to be given by the Company to themembers or any ofthem,andnotexpresslyprovidedforbytheseArticlesorbytheAct,shallbesufficientlygivenifgivenbyadvertisement.

151. Anynoticerequired tobe,orwhichmaybegivenbyadvertisement, shallbeadvertised once in one or more newspapers widely circulating in theneighborhoodoftheOffice.

152. Anynoticegivenbyadvertisementshallbedeemedtohavebeengivenonthedayonwhichtheadvertisementshallfirstappear.

153. Every person who by operation of law, transfer or any other means, shallbecome entitled to any share be bound by every notice in respect of suchsharesdulygiventothepersonfromwhomhederiveshistitletosuchshare,untilsuchtimeashisnameandaddressareenteredintheRegister.

154. Anynoticeordocumentdeliveredpersonallyorsentthroughelectronicmodeorsentbyposttoorleftattheregisteredaddressofanymemberinpursuanceof theseArticles shall, notwithstanding suchmembersbe thendeceasedandwhether or not the Company has notice of his demise, whether registeredsolely or jointly with other persons, for all purposes of these presents bedeemedtobesufficientserviceofsuchnoticeordocumentonhisexecutorsoradministratorsandallpersons,ifany, jointlyinterestedwithhiminanysuchshare.

SecrecyClause

155. EveryDirector, Auditor,Manager, Secretary, orTrustee for theCompany, itsmembers or debenture holders, members of a committee, officer, servant,agent, accountant or other person employed in or about the business of theCompanyshall,ifsorequiredbytheBoardorbytheManagingDirectorbeforeenteringuponhisduties,signadeclarationpledginghimselftoobservestrictsecrecyrespectingalltransactionsoftheCompanywithitscustomersandthestateofaccountswithindividualsandinmattersrelatingthereto,andshallbysuch declaration pledge himself not to reveal any of thematterswhichmaycometohisknowledgeinthedischargeofhisdutiesexceptwhenrequiredso

todobytheBoardorbyanyGeneralmeetingorbyacourtoflawandexceptwhenrequiredtodosobytheBoardorbythelawoftheCountryandasmaybenecessary in order to complywith anyof theprovisions in theseArticlescontained.

156. Subject to theActand theseArticles,nomemberoranyotherperson(otherthan Director) shall be entitled to enter the premises of the Company or toinspect or examine the Company's premises or properties or the books ofaccountsoftheCompanywithoutthepermissionoftheBoardofDirectorsofthe Company for the time being or to require discovery of any informationrespectinganydetailsofthecompany'stradingoranymatterwhichisormaybeinthenatureofatradesecret,mysteryoftrade,orsecretprocessorofanymatterwhichmay relate to the conductof thebusinessof theCompanyandwhich in the opinion of the Board will be expedient in the interests of theCompanytodiscloseorcommunicate.

Windingup

157. Subject to the provisions of Chapter XX of the Act and rules made

thereunder—(i) If the company shall be wound up, the liquidator may, with the sanction of a

special resolution of the company and any other sanction required by the Act,divide amongst the members, in specie or kind, the whole or any part of theassetsofthecompany,whethertheyshallconsistofpropertyofthesamekindornot.

(ii) For the purpose aforesaid, the liquidator may set such value as he deems fairupon any property to be divided as aforesaid and may determine how suchdivision shall be carried out as between the members or different classes ofmembers.

(iii) The liquidatormay, with the like sanction, vest thewhole or any part of suchassets in trustees upon such trusts for the benefit of the contributories if heconsiders necessary, but so that no member shall be compelled to accept anysharesorothersecuritieswhereonthereisanyliability.

Indemnity

158. Every officer of the Company shall be indemnified out of the assets of the

companyagainstany liability incurredbyhim indefendinganyproceedings,whethercivilorcriminal,inwhichjudgmentisgiveninhisfavourorinwhichheisacquittedorinwhichreliefisgrantedtohimbythecourtortheTribunal.

We, the several persons whose names and addresses are subscribed below, aredesirous of being formed into a Company in pursuance of this Memorandum ofAssociationandwerespectivelyagreetotakethenumberofSharesinthecapitaloftheCompanysetoppositeourrespectivenames:Sr.No

Name,Description,Addressesandoccupationsofsubscribers

Signatureofthesubscribers

Signatureofwitnesswithaddressandoccupation

1.2.

SnehdeepAggarwalS/oSh.C.L.Aggarwal6/1, SarvapriysVihar,NewDelhi–110016BusinessNareshSethS/oMr.D.D.Seth6/1, SarvapriysVihar,NewDelhi–110016Business

Sd/‐

Sd/‐

IwitnessedthesignaturesoftheSubscribers

Sd/‐

(ATULMITTAL)

CharteredAccountant

C/oM/s.SanjeevChopra&Co.

CharteredAccountants

2/2,SaraiJulena,OkhlaRoad,

New

Delhi‐110025

Place:NewDelhiDated15thdayofDecember,1986