COMPANY’S LIEN ON SHARES/ DEBENTURES,

Article 31 provides that the Company shall have a first and paramount lien upon all the shares/ debentures (other
than fully paid-up shares/ debentures) registered in the name of each member (whether solely or jointly with
others) and upon the proceeds of sale thereof for all moneys (whether presently payable or not) called or payable
at a fixed time in respect of such shares/ debentures and no equitable interest in any share shall be created except
upon the footing and condition that the Article 31 will have full effect. And such lien shall extend to all dividends
and bonuses from time to time declared in respect of such shares/ debentures. Unless otherwise agreed the
registration of a transfer of shares/ debentures shall operate as a waiver of the Company’s lien if any, on such
shares/ debentures. The Directors may at any time declare any shares/ debentures wholly or in part to be exempt
from the provisions of the Article 31. Fully paid-up share shall be free from all lien and in the case of partly paid-
up shares the Company’s lien shall be restricted to moneys called or payable at a fixed time in respect of such
shares.

Article 32 provides that for the purpose of enforcing such lien the Directors may sell the Shares subject thereto in
such manner as they shall think fit, but no sale shall be made until such period as aforesaid shall have arrived and
until notice in writing of the intention to sell shall have been served on such member or the person (if any) entitled
by transmission to the Shares and default shall have been made by him in payment, fulfillment of discharge of
such debts, liabilities or engagements for seven days after such notice. To give effect to any such sale the Board
may authorize some person to transfer the shares sold to the purchaser thereof and purchaser shall be registered
as the holder of the shares comprised in any such transfer. Upon any such sale as the certificates in respect of the
shares sold shall stand cancelled and become null and void and of no effect, and the Directors shall be entitled to
issue a new certificate or certificates in lieu thereof to the purchaser or purchasers concerned.

Further, Article 33 provides that the net proceeds of any such sale shall be received by the Company and applied
in or towards payment of such part of the amount in respect of which the lien exists as is presently payable and
the residue, if any, shall (subject to lien for sums not presently payable as existed upon the shares before the sale)
be paid to the person entitled to the Shares at the date of the sale.

TRANSFER AND TRANSMISSION OF SHARES

Article 47 provides that a common form of transfer shall be used and 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 Companies Act, 2013, shall be duly complied
with in all respect of all transfers of shares or debenture and registration thereof.

Article 48 provides that, subject to the provisions of Section 58 of the Companies Act, 2013 and Section 22A of
the Securities Contracts (Regulation) Act, 1956, the Directors may decline to register any transfer of shares on
which the company has a lien, provided that the registration of 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.

Article 52 provides that subject to the provisions of the Companies Act, 2013 and the Articles of Association, any
person becoming entitled to any share in consequence of the death, lunacy, bankruptcy, insolvency of any member
or by any lawful means other than by a transfer in accordance with the Articles of Association, may, with the
consent of the Directors (which they shall not be under any obligation to give) upon producing such evidence that
he sustains the character in respect of which he proposes to act under the Article 52 or of this title as the Director
shall require either be registered as member in respect of such shares or elect to have some person nominated by
him and approved by the Directors registered as Member in respect of such shares; provided nevertheless that if
such person shall elect to have his nominee registered he shall testify his election by executing in favour of his
nominee an instrument of transfer in accordance so he shall not be freed from any liability in respect of such
shares.

Article 53 provides that subject to the Companies Act, 2013 and the Articles of Association, the Directors shall
have the same right to refuse or suspend register a person entitled by the transmission to any shares or his nominee
as if he were the transferee named in an ordinary transfer presented for registration.

Article 54 provides that every transmission of a share shall be verified in such manner as the Directors may require

and the Company may refuse to register any such transmission until the same be so verified or until or unless an
indemnity be given to the Company with regard to such registration which the Directors at their discretion shall

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