68(iv) If the holder(s) of the shares or debentures survive(s) nominee, then the nomination made by the
holder(s) shall be of no effect and shall automatically stand revoked.

Transmission of Securities by Nominee

69. A nominee, upon production of such evidence as may be required by the Board and subject as
hereinafter provided, elect, either-

is to be registered himself as holder of the share or debenture, as the case may be;

ii. or to make such transfer of the share or debenture, as the case may be, as the deceased
shareholder or debenture holder, could have made;

iii. if the nominee elects to be registered as holder of the share or debenture, himself, as the case
may be, he shall deliver or send to the Company, a notice in writing signed by him stating that
he so elects and such notice shall be accompanied with the death certificate of the deceased
shareholder or debenture holder as the case may be;

iv. a nominee shall be entitled to the same dividends and other advantages to which he would be
entitled to, if he were the registered holder of the share or debenture except that he shall not,
before being registered as a member in respect of his share or debenture, be entitled in respect
of it to exercise any right conferred by membership in relation to meetings of the Company.

Provided further that the Board may, at any time, give notice requiring any such person to elect either
to be registered himself or to transfer the share or debenture, and if the notice is not complied with
within ninety days, the Board may thereafter withhold payment of all dividends, bonuses or other
moneys payable or rights accruing in respect of the share or debenture, until the requirements of the
notice have been complied with.

DEMATERIALISATION OF SHARES
Dematerialisation of Securities
70. For the purpose of this Article, unless the context otherwise requires:

A. Definitions:
In the following Article, Depositories Act, Beneficial Owner, Depository, Shareholder or member shall
mean and include Depositories Act, Beneficial Owner, Depository, Shareholder or member as defined
in Article 2.

B. Dematerialisation of Securities:

Notwithstanding anything contained in these Articles, the Company shall be entitled to dematerialise or
rematerialize its shares, debentures and other securities (both existing and future) held by it with the
Depository and to offer its shares, debentures and other securities for subscription in a dematerialised
form pursuant to the Depositories Act and the rules framed thereunder, if any;

a Option for Investors:

Every person subscribing to securities offered by the Company shall have the option to receive the
security certificates or to hold securities with a Depository. Such a person who is the beneficial owner
of the securities can at any time opt out of a Depository, if permitted by law, in respect of any security
in the manner provided by the Depositories Act and the Company shall, in the manner and within the
time prescribed, issue to the beneficial owner the required certificates of securities.

Where a person opts to hold his security with a Depository, the Company shall intimate such
Depository the details of allotment of the security, and on receipt of such information, the Depository
shall enter in its record the name of the allottee as the beneficial owner of the security;

D. Securities in Depositories to be in fungible form

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