ANNEXURE II

ANNEXURE TO THE STATEMENT OF POSSIBLE SPECIAL TAX BENEFITS AVAILABLE TO THE COMPANY,
ITS SHAREHOLDERS AND MATERIAL SUBSIDIARY UNDER THE APPLICABLE DIRECT AND INDIRECT TAX
LAWS (“TAX LAWS”) IN INDIA.

Outlined below are the possible special tax benefits available to the Company, it’s Shareholders and material subsidiary
under the Tax Laws. These possible special tax benefits are dependent on the Company, it’s Shareholders and it’s material
subsidiary fulfilling the conditions prescribed under the Tax Laws. Hence, the ability of the Company, it’s Shareholders
and it’s material subsidiary to derive the possible special tax benefits is dependent upon fulfilling such conditions, which
are based on business imperatives it faces in the future, it may or may not choose to fulfill.

UNDER THE TAX LAWS

A. Special tax benefits available to the Company

The following special tax benefits would be available to the Company after fulfilling conditions as per the respective provisions
of the tax laws identified supra:

1. Section 115BAA of the IT Act, as inserted vide The Taxation Laws (Amendment) Act, 2019, provides that the domestic
company can opt for a rate of tax of 22% (plus applicable surcharge and cess) for the Financial Year 2019-20 (relevant to
Assessment Year 2020-21) onwards, provided the total income of the company is computed without claiming certain specified
incentives/ deductions or carry forward and set-off of certain losses, additional depreciation etc. and claiming depreciation
determined in the prescribed manner. In case the Company opts for Section 115BAA of the IT Act, provisions of Minimum
Alternate Tax (‘MAT’) under Section 115JB of the IT Act would not be applicable and also MAT credit of the earlier year(s)
will not be available for set-off. The option needs to be exercised on or before the due date of filing the tax return. Option once
exercised, cannot be subsequently withdrawn for the same or any other tax year.

We have been informed by the Company that it has opted concessional tax regime as provided under provisions of for Section
115BAA of the IT Act from the Assessment Year 2020-2021.

In accordance with the provisions of Section 80M of the IT Act, dividend received by the company from any other domestic
company or a foreign company or a business trust, a deduction of an amount equal to so much of the amount of income by
way of dividends received from such other domestic company or foreign company or business trust as does not exceed the
amount of dividend distributed by the company on or before one month prior to due date of furnishing the income-tax return
under Section 139(1) for the relevant year, be allowed.

Further, any deduction, in respect of the amount of dividend distributed by the domestic company, has been allowed under
Section 80M(1) of the IT Act in any previous year, no deduction shall be allowed in respect of such amount in any other
previous year.

2. In accordance with and subject to fulfilment of conditions as laid out under Section 35D of the IT Act, the Company may be
entitled to amortize preliminary expenditure, being expenditure incurred in connection with the issue for public subscription
or in connection with expenditure as prescribed under Section 35D of the IT Act, subject to the limit specified in Section 35D
of the IT Act. The deduction is allowable for an amount equal to one-fifth of such expenditure for each of five successive
previous years beginning with the previous year in which the business commences or as the case may be, the previous year in
which the extension of the undertaking is completed or the new unit commences production or operation.

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