Rights of Depositories & Beneficial Owners:

i. Notwithstanding anything to the contrary contained in the Act or these Articles, a
Depository shall be deemed to be the Registered Owner for the purposes of effecting
transfer of ownership of Securities on behalf of the Beneficial Owner.

ii. Save as otherwise provided in (i) above, the Depository as the Registered Owner of the
Securities shall not have any voting rights or any other rights in respect of the Securities
held by it.

iii. Every person holding shares of the Company and whose name is entered as the

Beneficial Owner in the records of the Depository shall be deemed to be a Shareholder
of the Company.

iv. The Beneficial Owner of Securities shall, in accordance with the provisions of these
Articles and the Act, be entitled to all the rights and subject to all the liabilities in
respect of his Securities, which are held by a Depository

v. All the aforesaid provisions with respect to rights of depositories and beneficial owners
are subject to Article (s) 8 to 29 of the Articles of Association of the Company.

Except as ordered by a court of competent jurisdiction or as may be required by Law required
and subject to the applicable provisions of the Act, the Company shall be entitled to treat the
person whose name appears on the Register as the holder of any share or whose name appears
as the Beneficial Owner of any share in the records of the Depository as the absolute owner
thereof and accordingly shall not be bound to recognize any benami trust or equity, equitable
contingent, future, partial interest, other claim to or interest in respect of such shares or (except
only as by these Articles otherwise expressly provided) any right in respect of a share other than
an absolute right thereto in accordance with these Articles, on the part of any other person
whether or not it has expressed or implied notice thereof but the Board shall at their sole
discretion register any share in the joint names of any two or more persons or the survivor or
survivors of them subject to the Company shall not be bound to register more than 3 (three)
persons as the joint holders of any share except in the case of executors or trustees of a deceased
member.

Register and Index of Beneficial Owners:

The Company shall cause to be kept a register and index of members with details of shares and
debentures held in materialized and dematerialized forms in any media as may be permitted by
Law including any form of electronic media. The register and Index of Beneficial Owners
maintained by a Depository under the Depositories Act shall be deemed to be a register and
index of members for the purposes of this Act. The Company shall have the power to keep in
any state or country outside India a register resident in that state or country.

Cancellation of Certificates upon surrender by Person:

Upon receipt of certificate of securities on surrender by a person who has entered into an
agreement with the Depository through a participant, the Company shall cancel such certificates
and shall substitute in its record, the name of the Depository as the registered owner in respect
of the said Securities and shall also inform the Depository accordingly.

Service of Documents:

Notwithstanding anything contained in the Act or these Articles to the contrary, where
Securities are held in a Depository, the records of the beneficial ownership may be served by
such Depository on the Company by means of electronic mode or by delivery of floppies or

discs.

Transfer of Securities

409
