Para 15 - Omitted - SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999

[1] 15. [Deleted] [2] 15.1 [Deleted] [3] 15.2 [Deleted] [4] 15.3 [Deleted] ********** [1] Omitted clause 15 vide circular no. SEBI/CFD/DIL/ESOP/5/2009/03/09 dated September 3, 2009. Prior to its omission, clause 15 read as under: 15. Options outstanding at Public Issue: [2] Omitted clause 15.1 vide circular no. SEBI/CFD/DIL/ESOP/5/2009/03/09 dated September 3, 2009. Prior to its omission, clause 15.1 read as under: 15.1 The provisions of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines prohibiting initial public offering by companies having outstanding warrants and financial instruments shall not be applicable in case of outstanding option granted to employees in pursuance of ESOS. [3] Omitted clause 15.2 vide circular no. SEBI/CFD/DIL/ESOP/5/2009/03/09 dated September 3, 2009. Prior to its omission, clause 15.2 read as under: 15.2 If any option is outstanding at the time of an initial public offering by a company, the promoters contribution shall be calculated with reference to the enlarged capital which would arise on exercise of all vested options. [4] Omitted clause 15.3 vide circular no. SEBI/CFD/DIL/ESOP/5/2009/03/09 dated September 3, 2009. Prior to its omission, clause 15.3 was substituted vide circular no. SEBI/CFD/DIL/ESOP/3/2004/22/7 dated July 22, 2004, for all initial public offer documents filed on or after July 22, 2004 and read as under: 15.3 If any options granted to employees in pursuance of pre-IPO ESOS are outstanding at the time of IPO, the IPO document of the company shall disclose all the information specified in clause 12.1 and also the following information: (a) The impact on the profits and on the EPS of the last three years if the company had followed the accounting policies specified in clause 13 in respect of options granted in the last three years. (b) The intention of the holders of shares allotted on exercise of option granted under ESOS or allotted under ESPS, to sell their shares within three (3) months after the date of listing of shares in such IPO (aggregate number of shares intended to be sold by option holders), if any, has to be disclosed. In case of ESOS the same shall be disclosed regardless of whether the shares arise out of options exercised before or after the IPO. (c) Specific disclosures about the intention to sell shares arising out of ESOS or allotted under ESPS within three (3) months after the date of listing, by directors, senior managerial personnel and employees having ESOS or ESPS shares amounting to more than 1% of the issued capital (excluding outstanding warrants and conversions), which inter-alia shall include name, designation and quantum of ESOS or ESPS shares and quantum they intend to sell within three (3) months. (d) A disclosure in line with the clause 12 and 19 of these guidelines, regarding all the options/shares issued in last three (3) years (separately for each year) and on a cumulative basis for all the options/shares issued prior to date of the prospectus. Prior to the above mentioned substitution, clause 15.3 read as under: 15.3 If any options granted to employees in pursuance of ESOS are outstanding at the time of initial public offering, the offer document of the company shall disclose all the information specified in clause 12.1.