L; Applicability of the Depositories Act

In case of transfer of shares, debentures and other marketable securities, where the Company has not
issued any certificate and where such shares, debentures or securities are being held in an electronic
and fungible form in a Depository, the provisions of the Depositories Act shall apply.

M. Company to recognise the rights of registered Holders as also the beneficial Owners in the records of
the Depository:

Save as herein otherwise provided, the Company shall be entitled to treat the person whose name
appears on the Register of Members as the holder of any share, as also the Beneficial Owner of the
shares in records of the Depository as the absolute owner thereof as regards to receipt of dividend or
bonus or service of notices and all or any other matters connected with the Company and accordingly,
the Company shall not except as ordered by a Court of competent jurisdiction or as by law required be
bound to recognise any benami trust or equity or equitable, contingent or other claim to or interest in
such share on the part of any other person whether or not it shall have express or implied notice thereof.

JOINT HOLDER

Joint holders

71. Where two or more persons are registered as the holders of any share they shall be deemed to hold the
same as joint Shareholders with benefits of survivorship subject to the following and other provisions
contained in these Articles:

Joint and several liabilities for all payments in respect of shares

7La the Joint holders of any share shall be liable severally as well as jointly for and in respect of all calls
and other payments which ought to be made in respect of such share;

Title of survivors

71.b. on the death of any such joint holders the survivor or survivors shall be the only person recognised by
the Company as having any title to the share but the Board may require such evidence of death as it
may deem fit and nothing herein contained shall be taken to release the estate of a deceased joint holder
from any liability of shares held by them jointly with any other person the estate of the deceased joint
holder shall continue to be liable in respect of any share which had been jointly held by him with other
persons;

Receipts of one sufficient

71.c. only the person whose name stands first in the Register of Members may give effectual receipts of any
dividends or other moneys payable in respect of share; and

Delivery of certificate and giving of notices to first named holders

71.d. only the person whose name stands first in the Register of Members as one of the joint holders of any
share shall be entitled to delivery of the certificate relating to such share or to receive documents from
the Company and any such document served on or sent to such person shall deemed to be service on all
the holders.

BORROWING POWERS

Power to borrow

76. Subject to the provisions of the Act and these Articles, the Board may, from time to time at its
discretion, by a resolution passed at a meeting of the Board receive deposits or loans from members

either as an advance of call or otherwise and generally raise or borrow money by way of deposits,
loans, overdrafts, cash credit or by issue of bonds, debentures or debenture-stock (perpetual or

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