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governing law, regulation or policy, including by reason of an absence, or a limited body, of administrative or judicial
precedent may be time consuming as well as costly for us to resolve and may impact the viability of our current business
or restrict our ability to grow our businesses in the future.

If there is any change in taxation laws, or their interpretation, such changes may significantly affect our business,
financial condition and results of operations.

Any change in Indian tax laws could have an effect on our operations. For instance, the Taxation Laws (Amendment)
Ordinance, 2019, a new tax ordinance issued by India’s Ministry of Finance on September 20, 2019, prescribes certain
changes to the income tax rate applicable to companies in India. According to this new ordinance, companies can
henceforth voluntarily opt in favour of a concessional tax regime (subject to no other special benefits/exemptions being
claimed), which would ultimately reduce the effective tax rate for Indian companies from 34.94% to approximately
25.17%. While we have not opted for the concessional regime and continue to be subject to other benefits and exemptions,
any such future amendments may affect our other benefits such as exemption for income earned by way of dividend from
investments in other domestic companies and units of mutual funds, exemption for interest received in respect of tax free
bonds, and long-term capital gains on equity shares if withdrawn by the statute in the future, and the same may no longer
be available to us. Any adverse order passed by the appellate authorities/ tribunals/ courts would have an effect on our
profitability.

The Finance Act, 2020 (“Finance Act”), has, amongst others things, provided a number of amendments to the direct and
indirect tax regime, including, without limitation, a simplified alternate direct tax regime and that dividend distribution tax
(“DDT”), will not be payable in respect of dividends declared, distributed or paid by a domestic company after March 31,
2020, and accordingly, such dividends would not be exempt in the hands of the shareholders, both resident as well as non-
resident and are likely be subject to tax deduction at source. The Company may or may not grant the benefit of a tax treaty
(where applicable) to a non-resident shareholder for the purposes of deducting tax at source from such dividend. Investors
should consult their own tax advisors about the consequences of investing or trading in the Equity Shares.

In addition, we are subject to tax related inquiries and claims. We may be particularly affected by claims from tax authorities
on account of income tax assessment, service tax and GST that combines taxes and levies by the central and state
governments into one unified rate of interest with effect from July 1, 2017. In addition, the tax consequences of the General
Anti-Avoidance Rules (*GAAR”), which came into effect from April 1, 2017, being applied to an arrangement could result
in denial of tax benefit amongst other consequences. In the absence of any precedents on the subject, the application of
these provisions is uncertain and may or may not have an adverse tax impact on the Issuer. As a result, an such changes or
interpretations could have an adverse impact on our business and results of operations. Further, the Finance Act, 2019
stipulates any sale, transfer and issue of securities through exchanges, depositories or otherwise to be charged with stamp
duty. The Finance Act, 2019 has also clarified that the liability to pay stamp duty in case of sale of securities through stock
exchanges will be on the buyer, while in other cases of transfer for consideration through a depository, the onus will be on
the transferor. The stamp duty for transfer of securities other than debentures, on a delivery basis is specified at 0.015%
and on a non-delivery basis is specified at 0.003% of the consideration amount. As such, there is no certainty on the impact
that the Finance Act, 2019 may have on our business and operations.

The Government of India announced the union budget for the financial year 2021, pursuant to which the Finance Act,
effective from July 1, 2020, has introduced various amendments. As such, there is no certainty on the impact that the
Finance Act, 2020 may have on our business and operations or on the industry in which we operate. In addition,
unfavourable changes in or interpretations of existing, or the promulgation of new laws, rules and regulations including
foreign investment laws governing our business, operations and group structure could result in us being deemed to be in
contravention of such laws or may require us to apply for additional approvals. We may incur increased costs relating to
compliance with such new requirements, which may also require management time and other resources, and any failure to
comply may adversely affect our business, results of operations and prospects. Uncertainty in the applicability,
interpretation or implementation of any amendment to, or change in, governing law, regulation or policy, including by
reason of an absence, or a limited body, of administrative or judicial precedent may be time consuming as well as costly
for us to resolve and may affect the viability of our current business or restrict our ability to grow our business in the future.

Further, the Government of India has announced the union budget for the financial year 2022, pursuant to which the Finance
Bill, 2021 (“Finance Bill”) has introduced various amendments. The Finance Bill has received assent from the President
of India on March 28, 2021, and has been enacted as the Finance Act, 2021 (“Finance Act”). We have not fully determined
the impact of these recent and proposed laws and regulations on our business. We cannot predict whether any amendments
made pursuant to the Finance Act would have an adverse effect on our business, financial condition and results of
operations. Unfavourable changes in or interpretations of existing, or the promulgation of new, laws, rules and regulations
including foreign investment and stamp duty laws governing our business and operations could result in us being deemed
to be in contravention of such laws and may require us to apply for additional approvals.

We cannot predict whether any new tax laws or regulations impacting our services will be enacted, what the nature and

impact of the specific terms of any such laws or regulations will be or whether, if at all, any laws or regulations would have
an adverse effect on our business.

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