51.

52.

53.

54,

To the extent that we suffer loss or damage, or successful assertion of one or more large claims against
us for events for which we are not insured, or for which we did not obtain or maintain insurance, or which
is not covered by insurance, exceeds our insurance coverage or where our insurance claims are rejected,
the loss would have to be borne by us and our results of operations, financial performance and cash flows
could be adversely affected. See “Business - Insurance” on page 186.

Fraud, theft, employee negligence or similar incidents may adversely affect our results of operations
and financial condition.

Our operations may be subject to incidents of theft or damage to inventory in transit and prior to or during
godown stocking. The business may also encounter some inventory loss on account of employee theft,
vendor fraud and general administrative error. While we have never experienced any such instance in the
past, there can be no assurance that we will not experience any fraud, theft, employee negligence, security
lapse, loss in transit or similar incidents in the future, which could adversely affect our results of
operations and financial condition. Additionally, losses due to theft, fire, breakage or damage caused by
other casualties, could adversely affect our results of operations and financial condition.

Any failure to protect our intellectual property rights could adversely affect our competitive position,
business, financial condition and results of operation.

We have applied for the registrations for a number of trademarks in India, including certain key
trademarks, which have been objected to, or rejected. See “Business — Intellectual Property” and
“Government and Other Approvals” on pages 187 and 330, respectively. The use of our trademarks or
logos by third parties could adversely affect our reputation, which could in turn adversely affect our
business and results of operations. We may not be able to prevent infringement of our trademarks and a
passing off action may not provide sufficient protection until such time that this registration is granted.

If our trademarks or other intellectual property are improperly used, the value and reputation of our
brands could be harmed. The measures we take to protect our intellectual property may not be adequate
to prevent unauthorized use of our intellectual property by third parties. Notwithstanding the precautions
we take to protect our intellectual property rights, it is possible that third parties may copy or otherwise
infringe upon our rights, which may have an adverse effect on our business, results of operations and
financial condition.

We are still awaiting certain approvals from various regulatory agencies and the delay or refusal of
the grant of such approvals in future may significantly impact our business and strategy.

We require certain approvals, licences, registrations and permissions for operating our business, some of
which may have expired and for which we may have either made, or are in the process of making, an
application for obtaining the approval for its renewal. If we fail to obtain or retain any of these approvals
or licences, or renewals thereof, in a timely manner, our business may be adversely affected. Further, our
government approvals and licences are subject to numerous conditions, some of which are onerous and
require us to make substantial compliance-related expenditure. Further, we cannot assure you that the
approvals, licenses, registrations or permits issued to us will not be suspended or revoked in the event of
non-compliance or alleged non-compliance with any terms or conditions thereof, or pursuant to any
regulatory action. If we fail to comply or a regulator claims that we have not complied with these
conditions, our business, prospects, financial condition and results of operations may be adversely
affected. See “Government and Other Approvals” on page 330.

Compliance with, and changes in, safety, health and environmental laws and various labour,
workplace and related laws and regulations including terms of approvals granted to us, may increase
our compliance costs and as such adversely affect our business, results of operations and financial
condition.

We are subject to a broad range of safety, health, environmental, labour, workplace and related laws and
regulations in the jurisdictions in which we operate, which impose controls on the disposal and storage
of raw materials, noise emissions, air and water discharges on the storage, handling, discharge and
disposal of chemicals, employee exposure to hazardous substances and other aspects of our operations.
For example, the laws in India limit the amount of hazardous and pollutant discharge that our
manufacturing facilities may release into the air and water. The discharge of substances that are chemical

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