All securities held by a Depository shall be dematerialised and shall be in a fungible form. Nothing
contained in Sections 88, 89 and 186 of the Companies Act, 2013 shall apply to a Depository in respect
of the securities held by it on behalf of the beneficial owners;

Rights of Depositories and 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 security on behalf of the beneficial owner;

ii. Save as otherwise provided in (i) above, the Depository as a registered owner of the securities
shall not have any voting rights or any other right in respect of the securities held by it;

iii. Every person holding securities of the Company and whose name is entered as a beneficial
owner in the records of the Depository shall be deemed to be a member of the Company. The
beneficial owner of the securities shall be entitled to all the rights and benefits and be subject
to all the liabilities in respect of his securities held by a Depository.

Service of Information

Notwithstanding anything to the contrary contained in these Articles, where the 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 and discs.

Transfer of Security

If a beneficial owner seeks to opt out of a Depository in respect of any security, the beneficial owner
shall inform the Depository accordingly. The Depository shall, on receipt of the intimation as above,
make appropriate entries in its record and shall inform the Company accordingly.

The Company shall within thirty (30) days of the receipt of intimation from the Depository and on
fulfillment of such conditions and on payment of such fees as may be specified by the regulations,
issue the certificate of securities to the beneficial owner or the transferee as the case may be.

The Company shall keep a register of transfers and shall have recorded therein fairly and distinctly,
particulars of every transfer or transmission of any share held in material form. Nothing contained in
these Articles shall apply to transfer of securities held in a Depository.

Section 45 of the Companies Act, 2013 not to apply :

Notwithstanding anything to the contrary contained in the Articles, Section 45 of the Companies Act,
2013 shall not apply to the shares with a Depository;

Register and Index of beneficial owners

The Register and Index of Beneficial Owner, maintained by a Depository under Section 11 of the
Depositories Act shall be deemed to be the Register and Index of Members and Security holders as the
case may be for the purposes of these Articles.

Intimation to Depository

Notwithstanding anything contained in the Act or these Articles, where securities are dealt with in a
Depository, the Company shall intimate the details of allotment of securities thereof to the Depository
immediately on allotment of such securities.

Stamp duty on securities held in dematerialised form

No stamp duty would be payable on transfer of shares and securities held in dematerialised form in any
medium as may be permitted by law including any form of electronic medium.

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