Cancellation of share certificate in respect of forfeited shares

51.

Upon any sale, re-allotment or other disposal under the provisions of the preceding Article, the
certificate or certificates originally issued in respect of the relative shares shall (unless the same shall
on demand by the Company have been previously surrendered to it by the defaulting member) stand
cancelled and become null and void and of no effect, and the Directors shall be entitled to issue a
duplicate certificate or certificates in respect of the said shares to the person or persons entitled thereto.

Forfeiture may be remitted

52.

In the meantime and until any share so forfeited shall be sold, re- allotted, or otherwise dealt with as
aforesaid, the forfeiture thereof may, at the discretion and by a resolution of the Directors, be remitted
as a matter of grace and favour, and not as was owing thereon to the Company at the time of forfeiture
being declared with interest for the same unto the time of the actual payment thereof if the Directors
shall think fit to receive the same, or on any other terms which the Director may deem reasonable.

Surrender of shares

53.

The Directors may, subject to the provisions of the Act, accept a surrender of any share from or by any
Member desirous of surrendering on such terms the Directors may think fit.

TRANSFER AND TRANSMISSION OF SHARES

Execution of the instrument of shares

54.a

54.b.

The instrument of transfer of any share in or debenture of the Company shall be executed by or on
behalf of both the transferor and transferee.

The transferor shall be deemed to remain a holder of the share or debenture until the name of the
transferee is entered in the Register of Members or Register of Debenture holders in respect thereof.

Transfer Form

55.

The instrument of transfer of any share or debenture shall be in writing and all the provisions of Section
56 of the Companies Act, 2013 and statutory modification thereof including other applicable provisions
of the Act shall be duly complied with in respect of all transfers of shares or debenture and registration
thereof. There shall be a common form of transfer in accordance with the Act and the rules.

Transfer not to be registered exception production of instrument of transfer

56.

The Company shall not register a transfer in the Company unless a proper instrument of transfer duly
stamped and executed by or on behalf of the transferor and by or on behalf of the transferee and
specifying the name, address and occupation if any, of the transferee, has been delivered to the
Company along with the certificate relating to the shares or if no such share certificate is in existence
along with the letter of allotment of the shares: Provided that where, on an application in writing made
to the Company by the transferee and bearing the stamp, required for an instrument of transfer, it is
proved to the satisfaction of the Board of Directors that the instrument of transfer signed by or on
behalf of the transferor and by or on behalf of the transferee has been lost, the Company may register
the transfer on such terms as to indemnity as the Board may think fit, provided further that nothing in
this Article shall prejudice any power of the Company to register as shareholder any person to whom
the right to any shares in the Company has been transmitted by operation of law. Subject to the
provisions of Sections 56, 58 and 59 of the Companies Act, 2013, these Articles and other applicable
provisions of the Act or any other Law for the time being in force, the Board may, refuse to register the
transfer of, or the transmission by operation of law of the right to, any securities or interest of a
Shareholder in the Company. The Company shall, within 30 (thirty) days from the date on which the
instrument of transfer, or the intimation of such transmission, as the case may be, was delivered to the
Company, send a notice of refusal to the transferee and transferor or to the person giving notice of such
transmission, as the case may be, giving reasons for such refusal. Registration of a transfer shall not be
refused on the ground of the transferor being either alone or jointly with any other Person or Persons
indebted to the Company on any account whatsoever except where the Company has a lien on shares.

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