(b)

Our Company has received a notice dated July 2, 2018 from Israeli Credit Insurance Company
(“ICIC”), wherein the ICIC has alleged that our Company has not made a payment of USD 274,208 to
OTI Petrosmart (pty) Ltd. (“OTI”), a policy holder of ICIC, for the goods supplied to us during the
period from December, 2017 until March 2018. ICIC had requested us to confirm as to why such
payment had not been made. Our Company responded to such notice through a letter dated August 30,
2018, wherein our Company denied any obligation to make such payment on the ground that the goods
supplied by OTI had various defects. ICIC issued further letters/notices dated October 18, 2018 and
October 29, 2018 demanding payment of the outstanding amount. In response, our Company issued
letters dated November 20, 2018 to both ICIC and OTI denying any obligation to make the
abovementioned payment. Further, ICIC issued a notice dated December 30, 2018 alleging that our
Company had acknowledged the debt of USD 274,208 to OTI, to which our Company responded
through a letter dated January 10, 2019 denying such allegations. ICIC has issued a notice dated March
7, 2019 to our Company stating that it expected our Company and OTI to resolve all differences.

Material legal notices issued by our Company

Our Company issued a notice dated March 22, 2021 to Muthoot Finance Limited (“Muthoot
Finance”) for clearing the outstanding amount of approximately 229.43 million, under various invoices
raised by our Company between February 2020 and January 2021, in relation to the deployment,
management and operation of white label ATMs. The invoices were raised under the ATM Network
Deployment and Management Agreement dated September 18, 2014 (the “Agreement”) read with the
First Addendum Agreement dated February 25, 2019, both entered into between our Company and
Muthoot Finance. Pursuant to letters dated April 15, 2021 and June 9, 2021 between our Company and
Muthoot Finance, we agreed to enter into a settlement in relation to this dispute. Subsequently, our
Company issued a letter dated June 29, 2021 to notify a dispute under clause 18.1 of the Agreement,
and to initiate the process of negotiation to settle the dispute. Our Company was unable to resolve the
dispute through negotiations with Muthoot Finance, and since the 30 day period for arriving at a
mutually acceptable solution provided for in the Agreement had expired, a notification regarding the
failure of mediation was given to Muthoot Finance through an e-mail dated October 22, 2021.
Subsequently, on November 1, 2021, our Company issued an arbitration notice to Muthoot Finance.
The agreement requires parties to appoint a sole arbitrator with mutual consent. The matter is currently
pending.

B. Litigation involving our Subsidiaries

(@

Litigation against our Subsidiaries
Criminal Proceedings

ITSL

Nil

SVIL

A police report under Section 173 of the Code of Criminal Procedure, 1973 dated July 3, 2017 has been
filed under the IPC and Sections 30 and 33(2) of the Arms Act, 1959 against Mr. Housila Pandye and
Mr. Rajesh Arote, employees of SVIL, before the First Class Magistrate, First Court Thane, alleging
that Mr. Pandye had used his firearms license issued for personal safety and self-defence while
discharging official duties for SVIL and that Mr. Arote had engaged the services of Mr. Pandye. The
matter is currently pending.

Mina Kunwarsingh Rajput has filed a criminal application (M.A. no. 1146/19) dated March 15, 2019
against certain employees of SVIL in Chandan Nagar, Pune alleging mental and physical harassment
and requesting investigation of offences under Sections 420, 323, 354, 384, 387, 452, 504 and 506(1)
of the IPC. The applicant had initially filed a complaint with the Commissioner of Police, Pune on
February 28, 2019 and on March 2, 2019. However, the applicant has filed the current application
alleging that no action was taken in relation to the above complaints. The matter is currently pending.

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