intended stabilizing effects. Any significant financial disruption could have a material adverse effect on our
business, financial condition and results of operation.

54, If there is any change in laws or regulations, including taxation laws, or their interpretation, such changes
may significantly affect our financial statements.

Any change in Indian tax laws could have an effect on our operations. For instance, the Taxation Laws
(Amendment) Act, 2019, prescribes certain changes to the income tax rate applicable to companies in India.
According to this Act, companies can henceforth voluntarily opt in favor of a concessional tax regime (subject to
no other special benefits/exemptions being claimed), which would ultimately reduce the tax rate (on gross basis)
for Indian companies from 30% to 22% (exclusive of applicable health and education cess and surcharge). Any
such future amendments may affect our ability to claim exemptions that we have historically benefited from, and
such exemptions may no longer be available to us. Any adverse order passed by the appellate authorities/ tribunals/
courts would have an effect on our profitability.

The Finance Act, 2020 (“Finance Act”), has, amongst others things, provided a number of amendments to the
direct and indirect tax regime, including, without limitation, a simplified alternate direct tax regime. For instance,
dividend distribution tax (“DDT”) will not be payable in respect of dividends declared, distributed or paid by a
domestic company after March 31, 2020, and accordingly, such dividends would not be exempt in the hands of
the shareholders, both resident as well as non-resident and are likely be subject to tax deduction at source. The
Company may or may not grant the benefit of a tax treaty (where applicable) to a non-resident shareholder for the
purposes of deducting tax at source from such dividend. Investors should consult their own tax advisors about the
consequences of investing or trading in the Equity Shares.

Further, a draft of the Personal Data Protection Bill, 2019 has been introduced before the Lok Sabha on December
11, 2019, which is currently being referred to a joint parliamentary committee by the Parliament. We may incur
increased costs and other burdens relating to compliance with such new requirements, which may also require
significant management time and other resources, and any failure to comply may adversely affect our business,
results of operations and prospects. Uncertainty in the applicability, interpretation or implementation of any
amendment to, or change in, governing law, regulation or policy, including by reason of an absence, or a limited
body, of administrative or judicial precedent may be time consuming as well as costly for us to resolve and may
impact the viability of our current businesses or restrict our ability to grow our businesses in the future.

In addition, we are subject to tax related inquiries and claims. We may be particularly affected by claims from tax
authorities on account of income tax assessment, service tax and GST that combines taxes and levies by the central
and state governments into one unified rate of interest with effect from July 1, 2017 and all subsequent changes
and amendments thereto.

Further, the Government of India has notified the Finance Act, 2021, which has introduced various amendments
to taxation laws in India. As such, there is no certainty on the impact that the Finance Act, 2021 may have on our
business and operations or on the industry in which we operate. In addition, unfavorable changes in or
interpretations of existing, or the promulgation of new laws, rules and regulations including foreign investment
laws governing our business, operations and group structure could result in us being deemed to be in contravention
of such laws or may require us to apply for additional approvals. We may incur increased costs relating to
compliance with such new requirements, which may also require management time and other resources, and any
failure to comply may adversely affect our business, results of operations and prospects. Uncertainty in the
applicability, interpretation or implementation of any amendment to, or change in, governing law, regulation or
policy, including by reason of an absence, or a limited body, of administrative or judicial precedent may be time
consuming as well as costly for us to resolve and may affect the viability of our current business or restrict our
ability to grow our business in the future.

We cannot predict whether any new tax laws or regulations impacting our services will be enacted, what the nature
and impact of the specific terms of any such laws or regulations will be or whether, if at all, any laws or regulations
would have an adverse effect on our business.

55. If inflation were to rise in India, we might not be able to increase the prices of our services at a proportional
rate in order to pass costs on to our clients thereby reducing our margins.

Inflation rates in India have been volatile in recent years, and such volatility may continue in the future. India has
experienced high inflation in the recent past. Increased inflation can contribute to an increase in interest rates and

51
