KEY REGULATIONS AND POLICIES IN INDIA

The following description is a summary of certain sector specific laws and regulations in India, which are
applicable to our Company. The information detailed in this chapter has been obtained from various statutes,
regulations and/or local legislations and the bye laws of relevant authorities that are available in the public
domain. The description may not be exhaustive, and is only intended as a substitute to provide general information
to investors, and is neither designed, nor intended as a substitute for professional legal advice. Judicial and
administrative interpretations are subject to modification or clarification by subsequent legislative, judicial or
administrative decisions. For further information, see “Government and Other Approvals” on page 330.

Industry specific legislations
Bureau of Indian Standards Act, 2016

The Bureau of Indian Standards Act, 2016, as amended (the “Bureau of Indian Standards Act”), provides for
the establishment of bureau for the standardization, marking and quality certification of goods. The Bureau of
Indian Standards Act provides for the functions of the bureau which include, among others (a) recognize as an
Indian standard, any standard established for any goods, article, process, system or service by any other institution
in India or elsewhere; (b) specify a standard mark to be called the Bureau of Indian Standards Certification Mark
which shall be of such design and contain such particulars as may be prescribed to represent a particular Indian
standard; and (c) make such inspection and take such samples of any material or substance as may be necessary
to see whether any goods, article, process, system or service in relation to which the standard mark has been used
conforms to the Indian standard or whether the standard mark has been properly used in relation to any article or
process with or without a license.

Bureau of Indian Standards Rules, 2018

The Bureau of India Standards Rules, 2018 (the “Bureau of Indian Standards Rules”) have been notified, in
supersession of the Bureau of Indian Standards Rules, 1987, in so far as they relate to Chapter IV A of the said
rules relating to registration of the articles notified by the Central Government, and in supersession of the Bureau
of Indian Standards Rules, 2017 except in relation to things done or omitted to be done before such supersession.
Under the Bureau of Indian Standards Rules, the bureau is required to establish Indian standards in relation to any
goods, article, process, system or service and shall reaffirm, amend, revise or withdraw Indian standards so
established as may be necessary.

Steel and Steel Products (Quality Control) Order, 2020

The Steel and Steel Products (Quality Control) Order, 2020, as amended (the “Quality Control Order 2020”),
was notified by the Ministry of Steel, Government of India, to bring 120 steel products under mandatory BIS
certification. All manufacturers of steel and steel products are required to apply to the Bureau of Indian Standards
for certification and ensure compliance with the Quality Control Order 2020. The Quality Control Order 2020
further provides that every steel and steel products stated therein shall bear the standard mark under a license from
Bureau of Indian Standards as provided in Bureau of Indian Standards (Conformity Assessment) Regulations,
2018.

Legal Metrology Act, 2009

The Legal Metrology Act, 2009, as amended (the “Metrology Act”), was enacted with the objectives to establish
and enforce standards of weights and measures, regulate trade and commerce in weights, measures and other
goods which are sold or distributed by weight, measure or number and for matters connected therewith or
incidental thereto. The Metrology Act states that any transaction/contract relating to goods/class of goods or
undertakings shall be as per the weight/measurement/numbers prescribed by the Metrology Act. The
specifications with respect to the exact denomination of the weight of goods to be considered in transactions are
contained in rules by each state

Duty Drawback Scheme
The duty drawback scheme is an option available to exporters. Under this scheme, exporter of goods is allowed

to take back refund of money to compensate him for excise duty paid on the inputs used in the products exported
by him. It neutralizes the duty impact in the goods exported. Relief of customs and central excise duties suffered

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