Certificates

Every Member shall be entitled, without payment to one or more certificates in marketable lots, for all the shares of each class
or denomination registered in his name, or if the Directors so approve (upon paying such fee as the Directors so determine) to
several certificates, each for one or more of such shares and the Company shall complete and have ready for delivery such
certificates, unless prohibited by any provision of law or any order of court, tribunal or other authority having jurisdiction,
within two (2) months from the date of allotment, or within one (1) month of the receipt of application of registration of transfer,
transmission, sub division, consolidation or renewal of any of its shares as the case maybe or within a period of six (6) months
from the date of allotment in the case of any allotment of debenture. In respect of any share or shares held jointly by several
persons, the Company shall not be bound to issue more than one certificate, and delivery of a certificate for a share to one of
several joint holders shall be sufficient delivery to all such joint holders.

Every certificate shall specify the shares to which it relates and the amount paid-up thereon and shall be signed by two directors
or by a director and the company secretary, wherever the company has appointed a company secretary and the common seal it
shall be affixed in the presence of the persons required to sign the certificate.

If any certificate be worn out, defaced, mutilated or torn or if there be no further space on the back thereof for endorsement of
transfer, then upon production and surrender thereof to the Company, a new certificate may be issued in lieu thereof, and if any
certificate is lost or destroyed then upon proof thereof to the satisfaction of the Company and on execution of such indemnity
as the Company deem adequate, being given, a new certificate in lieu thereof shall be given to the party entitled to such lost or
destroyed certificate. Every certificate under this Article shall be issued upon payment of such fees for each certificate as may
be specified by the Board (which fees shall not exceed the maximum amount permitted under the applicable law). Provided
that no fee shall be charged for issue of new certificates in replacement of those which are old, defaced or worn out or where
there is no further space on the back thereof for endorsement of transfer.

Provided that notwithstanding what is stated above, the Directors shall comply with such rules or regulation or requirements of
any stock exchange or the rules made under the Act or the rules made under Securities Contracts (Regulation) Act, 1956 or any
other act or rules applicable in this behalf. The provision of this Article shall mutatis mutandis apply to debentures of the
Company.

Transfer of Shares

(a) The instrument of transfer of any share shall be in writing and all the provisions of the Act, and of any statutory
modification thereof for the time being shall be duly complied with in respect of all transfer of shares and registration
thereof. The Company shall use the form of transfer, as prescribed under the Act, in all cases. In case of transfer of
shares, where the Company has not issued any certificates and where the shares are held in dematerialized form, the
provisions of the Depositories Act, 1996 shall apply.

(b) The Board may decline to recognize any instrument of transfer unless-
ji the instrument of transfer is in the form prescribed under the Act;
(ii) the instrument of transfer is accompanied by the certificate of shares to which it relates, and such other

evidence as the Board may reasonably require to show the right of the transferor to make the transfer; and
(iii) the instrument of transfer is in respect of only one class of shares.

(c) No fee shall be charged for registration of transfer, transmission, probate, succession certificate and letters of
administration, certificate of death or marriage, power of attorney or similar other document.

Transmission of Shares

Subject to the provisions of the Act and these Articles, any person becoming entitled to shares in consequence of the death,
lunacy, bankruptcy or insolvency of any Members, or by any lawful means other than by a transfer in accordance with these
Articles, may with the consent of the Board (which it shall not be under any obligation to give), upon producing such evidence
as the Board thinks sufficient, that he sustains the character in respect of which he proposes to act under this Article, or of his
title, elect to either be registered himself as holder of the shares or elect to have some person nominated by him and approved
by the Board, registered as such holder or to make such transfer of the share as the deceased or insolvent member could have
made. If the person so becoming entitled shall elect to be registered as holder of the share himself, he shall deliver or send to
the Company a notice in writing signed by him stating that he so elects. Provided, nevertheless, if such person shall elect to
have his nominee registered, he shall testify that election by executing in favour of his nominee an instrument of transfer in
accordance with the provision herein contained and until he does so he shall not be freed from any liability in respect of the
shares. Further, all limitations, restrictions and provisions of these regulations relating to the right to transfer and the registration
of transfer of shares shall be applicable to any such notice or transfer as aforesaid as if the death or insolvency of the Member
had not occurred and the notice or transfer were a transfer signed by that Member.

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