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audited annual and unaudited quarterly reports with respect to our business and financial condition. If
we experience any delays, we may fail to satisfy our reporting obligations and/or we may not be able to
readily determine and accordingly report any changes in our results of operations as promptly as other
listed companies. Further, as a listed company, we will need to maintain and improve the effectiveness
of our disclosure controls and procedures and internal control over financial reporting, including keeping
adequate records of daily transactions. In order to maintain and improve the effectiveness of our
disclosure controls and procedures and internal control over financial reporting, significant resources and
management attention will be required. As a result, our management’s attention may be diverted from
our business concerns, which may adversely affect our business, prospects, financial condition and
results of operations. In addition, we may need to hire additional legal and accounting staff with
appropriate experience and technical accounting knowledge, but we cannot assure you that we will be
able to do so in a timely and efficient manner.

Foreign investors are subject to foreign investment restrictions under Indian law, which may adversely
affect the market price of the Equity Shares.

Under the exchange control regulations currently in force in India, transfers of shares between non-
residents and residents are freely permitted (subject to certain restrictions) if they comply with the pricing
guidelines and reporting requirements specified by the RBI. If the transfer of shares is not in compliance
with such requirements or falls under any of the exceptions specified by the RBI, then the approval of
the RBI will be required for such transaction to be valid. Additionally, shareholders who seek to convert
the Indian Rupee proceeds from a sale of shares in India into foreign currency and repatriate that foreign
currency from India will require a no objection/tax clearance certificate from the Indian income tax
authority. We cannot assure investors that any required approval from the RBI or any other Indian
government agency can be obtained on any particular terms, or at all.

Foreign investors may have difficulty enforcing judgments against us or our management.

We are a limited liability company incorporated under the laws of India. All of our Directors and officers
are Indian nationals and all or a significant portion of the assets of all of the Directors and officers and a
substantial portion of our assets are located in India. As a result, it may be difficult for investors to effect
service of process outside India on us or on such directors or officers or to enforce judgments against
them obtained from courts outside India, including judgments predicated on the civil liability provisions
of foreign securities laws.

U.S. and India do not currently have a treaty providing for reciprocal recognition and enforcement of
judgments, other than arbitration awards, in civil and commercial matters. Therefore, a final judgment
for the payment of money rendered by any federal or state court in the U.S. on civil liability, whether or
not predicated solely upon the federal securities laws of the U.S., would not be enforceable in India.
However, the party in whose favour such final judgment is rendered may bring a new suit in a competent
court in India based on a final judgment that has been obtained in the U.S. The suit must be brought in
India within three years from the date of the judgment in the same manner as any other suit filed to
enforce a civil liability in India. It is unlikely that a court in India would award damages on the same
basis as a foreign court if an action is brought in India. Further, it is unlikely that an Indian court would
enforce a foreign judgment if it viewed the amount of damages awarded as excessive or inconsistent with
Indian practice. A party seeking to enforce a foreign judgment in India is required to obtain approval
from the Reserve Bank of India under the Foreign Exchange Management Act, 1999, to execute such a
judgment or to repatriate any amount recovered.

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