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  • GENESIS COLORS LIMITED · DRAFT RED HERRING PROSPECTUS Dated September 28, 2016 Please read Section 32 of the Companies Act 2013 (This Draft Red Herring Prospectus will be updated
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DRAFT RED HERRING PROSPECTUS Dated September 28, 2016 Please read Section 32 of the Companies Act 2013 (This Draft Red Herring Prospectus will be updated upon filing with the RoC) 100% Book Building Offer GENESIS COLORS LIMITED Our Company was incorporated as “Genesis Retail Private Limited” on November 23, 1998, as a private limited company under the Companies Act 1956, at New Delhi, with a certificate of incorporation granted by the Registrar of Companies, National Capital Territory of Delhi and Haryana (“RoC”). A fresh certificate of incorporation consequent to the change in our Company’s name to “Genesis Colors Private Limited” was issued by the RoC on September 14, 2001. Pursuant to a change in the location of our registered office from New Delhi to Gurgaon, the RoC issued a fresh certificate of incorporation dated March 20, 2015. Further, pursuant to the conversion of our Company to a public limited company, our name was changed to “Genesis Colors Limited” and the RoC issued a fresh certificate of incorporation on September 16, 2016. For details of changes in name and registered office of our Company, see “History and Certain Corporate Matters” on page 126. Corporate Identity Number: U51311HR1998PLC054949 Registered and Corporate Office:51-52, Udyog Vihar, Phase – IV, Gurgaon,122001, Haryana,IndiaTel: +91 1244181 111 Fax: +91 124418 1112 Contact Person: Ms. Meenu Juneja, Company Secretary and Compliance Officer Tel:+91 124418 1040Fax:+91 124 418 1112 E-mail: complianceoffi[email protected]Website: www.genesiscolors.com OUR PROMOTERS: MR. SANJAY KAPOOR AND SANJAY KAPOOR TRUST INITIAL PUBLIC OFFERING OF UP TO [•] EQUITY SHARES OF FACE VALUE OF ` 10 EACH (THE “EQUITY SHARES”) OF GENESIS COLORS LIMITED (OUR “COMPANY” OR THE “COMPANY” OR THE “ISSUER”) FOR CASH AT A PRICE OF ` [•] PER EQUITY SHARE (INCLUDING SHARE PREMIUM OF ` [•] PER EQUITY SHARE) (THE “OFFER PRICE”) AGGREGATING UP TO [•] MILLION (THE “OFFER”) COMPRISING A FRESH ISSUE OF [•] EQUITY SHARES BY OUR COMPANY AGGREGATING UP TO `3,800 MILLION AND AN OFFER FOR SALE OF UPTO 1,916,741 EQUITY SHARES AGGREGATING TO ` [•] MILLION BY THE SELLING SHAREHOLDERS, INCLUDING UPTO 859,219 EQUITY SHARES AGGREGATING TO ` [•] MILLION BY HEP MAURITIUS LIMITED, UP TO 130,006 EQUITY SHARES AGGREGATING TO ` [•] MILLION BY SEMINARY TIE-UP PRIVATE LIMITED, UP TO 556,316 EQUITY SHARES AGGREGATING TO ` [•] MILLION BY MAYFIELD FVCI, LTD., UP TO 161,065 EQUITY SHARES AGGREGATING TO ` [•] MILLION BY ICP HOLDINGS I, UP TO 70,047 EQUITY SHARES AGGREGATING TO ` [•] MILLION BY PRANAV ANSAL & SON HUF, UP TO 70,044 EQUITY SHARES AGGREGATING TO ` [•] MILLION BY MS. KUSUM ANSAL AND UP TO 70,044 EQUITY SHARES AGGREGATING TO ` [•] MILLION BY MS. SHEETAL ANSAL (“OFFER FOR SALE”). THE OFFER SHALL CONSTITUTE [•]% OF THE POST-OFFER PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY. THE PRICE BAND AND THE MINIMUM BID LOT WILL BE DECIDED BY OUR COMPANY AND THE INSTITUTIONAL SELLING SHAREHOLDERS (AS DEFINED BELOW), IN CONSULTATION WITH THE GLOBAL CO-ORDINATORS AND BOOK RUNNING LEAD MANAGERS (THE “GCBRLMs”) AND BOOK RUNNING LEAD MANAGER (“BRLM”) AND WILL BE ADVERTISED IN [•] EDITIONS OF [•] (A WIDELY CIRCULATED ENGLISH NATIONAL DAILY NEWSPAPER) AND [•] EDITIONS OF [•] (A WIDELY CIRCULATED HINDI NATIONAL DAILY NEWSPAPER, HINDI ALSO BEING THE REGIONAL LANGUAGE IN THE PLACE WHERE OUR REGISTERED AND CORPORATE OFFICE IS LOCATED) AT LEAST FIVE WORKING DAYS PRIOR TO THE BID/OFFER OPENING DATE AND SHALL BE MADE AVAILABLE TO THE BSE LIMITED (THE “BSE”) AND THE NATIONAL STOCK EXCHANGE OF INDIA LIMITED (THE “NSE”, AND TOGETHER WITH THE BSE, THE “STOCK EXCHANGES”) FOR THE PURPOSES OF UPLOADING ON THEIR RESPECTIVE WEBSITES. THE FACE VALUE OF THE EQUITY SHARE IS `10 EACH In case of a revision in the Price Band, the Bid/Offer Period will be extended for at least three additional Working Days after revision of the Price Band subject to the Bid/Offer Period not exceeding a total of 10 Working Days. Any revision in the Price Band and the revised Bid/Offer Period, if applicable, will be widely disseminated by notification to the Stock Exchanges, by issuing a press release, and also by indicating the change on the websites of the GCBRLMs and BRLM, and at the terminals of the members of the Syndicate and by intimation to Self Certified Syndicate Banks (“SCSBs”), the Registered Brokers,Collecting Registrar and Share Transfer Agents (“CRTAs”)and Collecting Depository Participants (“CDPs”). The offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (the “SCRR”), through the Book Building Process and in compliance with Regulation 26(2) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (the “SEBI ICDR Regulations”), wherein at least 75% of the Offer shall be Allotted to Qualified Institutional Buyers (“QIBs”) (the “QIB Category”), provided that the Company and HEP Mauritius Limited, Mayfield FVCI, Ltd. and ICP Holdings I (the “Institutional Selling Shareholders”)may, in consultation with the GCBRLMs and BRLM, allocate up to 60% of the QIB Category to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (the “Anchor Investor Portion”), of which one-third is to be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the price at which allocation is made to Anchor Investors. Further, 5% of the QIB Category (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis only to Mutual Funds, and the remainder of the QIB Category shall be available for allocation on a proportionate basis to all QIBs (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. If at least 75% of the Offer cannot be Allotted to QIBs, then the entire application money will be refunded forthwith. Further, not more than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Investors and not more that 10% of the Offer shall be available for allocation to Retail Individual Investors, in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. All Investors (except Anchor Investors) shall mandatorily participate in this Offer only through the Application Supported by Blocked Amount (“ASBA”) process, and shall provide details of their respective bank account in which the Bid amount will be blocked by the Self Certified Syndicate Banks (“SCSBs”).Anchor Investors are not permitted to participate in the Anchor Investor Portion through the ASBA process.For details, see “OfferProcedure” on page 327. RISKS IN RELATION TO THE FIRST OFFER This being the first public issue of the Equity Shares, there has been no formal market for the Equity Shares of our Company. The face value of our Equity Shares is ` 10 and the Floor Price and Cap Price are [•] times and [•] times of the face value of the Equity Shares, respectively. The Offer Price (as determined and justified by our Company and the Institutional Selling Shareholders in consultation with the GCBRLMs and BRLM, in accordance with with SEBI ICDR Regulations, and as stated in “Basis for OfferPrice” on page 87) should not be taken to be indicative of the market price of the Equity Shares after the Equity Shares are listed. No assurance can be given regarding an active and/or sustained trading in the Equity Shares or regarding the price at which the Equity Shares will be traded after listing. GENERAL RISKS Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in the Offer unless they can afford to take the risk of losing their investment. Investors are advised to read the risk factors carefully before taking an investment decision in the Offer. For taking an investment decision, investors must rely on their own examination of our Company and the Offer including the risks involved. The Equity Shares have not been recommended or approved by the Securities and Exchange Board of India (“SEBI”), nor does the SEBI guarantee the accuracy or adequacy of the contents of this Draft Red Herring Prospectus. Specific attention of the investors is invited to “Risk Factors” on page 16. ISSUER’S AND SELLING SHAREHOLDERS’ ABSOLUTE RESPONSIBILITY Our Company, having made all reasonable inquiries, accepts responsibility for and confirms that this Draft Red Herring Prospectus contains all information with regard to our Company and the Offer, which is material in the context of the Offer, that the information contained in this Draft Red Herring Prospectus is true and correct in all material aspects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are no other facts, the omission of which makes this Draft Red Herring Prospectus as a whole or any of such information or the expression of any such opinions or intentions, misleading in any material respect. Further, each Selling Shareholder accepts responsibility for and confirms that the information relating to itself and the Equity Shares being offered by it in the Offer for Sale contained in this Draft Red Herring Prospectus are true and correct in all material aspects and are not misleading in any material respect. Each Selling Shareholder, severally and not jointly, does not assume any responsibility for any other statements, including without limitation, any and all of the statements made by or in relation to the Company or the other Selling Shareholders in this Draft Red Herring Prospectus. LISTING The Equity Shares issued though the Red Herring Prospectus are proposed to be listed on the Stock Exchanges. We have received in-principle approvals from the BSE and the NSE for the listing of the Equity Shares pursuant to letters dated [•] and [•], respectively. For the purposes of this Offer, [•] is the Designated Stock Exchange. A signed copy of the Red Herring Prospectus and the Prospectus shall be delivered for registration to the RoC in accordance with Section 26(4) of the Companies Act 2013. For details of the material contracts and documents available for inspection from the date of the Red Herring Prospectus up to the Bid/Offer Closing Date. For details, see “Material Contracts and Documents for Inspection” on page 381. GLOBAL CO-ORDINATORS AND BOOK RUNNING LEAD MANAGERS BOOK RUNNING LEAD MANAGER REGISTRAR TO THE OFFER ICICI Securities Limited ICICI Center, H.T. Parekh Marg, Churchgate, Mumbai – 400 020, Maharashtra,India Tel: +91 22 2288 2460; Fax: +91 22 2282 6580 E-mail: [email protected]; Website: www.icicisecurities.com Investor Grievance E-mail: [email protected] Contact Person: Govind Khetan SEBI Registration No.: INM000011179 Edelweiss Financial Services Limited 14 th Floor, Edelweiss House, Off. CST Road, Kalina, Mumbai – 400 098, Maharashtra, India Tel: +91 22 4009 4400; Fax: +91 22 4086 3610 E-mail: gcl.ipo@edelweissfin.com; Website: www.edelweissfin.com Investor Grievance E-mail: customerservice.mb@edelweissfin.com Contact Person: Siddharth Shah / Sanjukta Bhattacharjee SEBI Registration No.: INM0000010650 Ambit Private Limited * Ambit House, 449, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India Tel: +91 22 3982 1819; Fax: +91 22 3982 3020 E-mail: [email protected], Website: www.ambit.co Investor Grievance E-mail: [email protected] Contact Person: Sandeep Sharma SEBI Registration No.: INM000010585 * Formerly Ambit Corporate Finance Private Limited Link Intime India Private Limited C-13, Pannalal Silk Mills Compound, L.B.S Marg, Bhandup (West), Mumbai– 400 078, Maharashtra, India Tel: +91 22 6171 5400;Fax: +91 22 2596 0329 E-mail: [email protected]; Website: www.linkintime.co.in Investor Grievance Email: [email protected] Contact Person: Shanti Gopalkrishnan SEBI Registration No.: INR000004058 BID/OFFER PERIOD* BID/OFFER OPENS ON* [•] BID/OFFER CLOSES ON ** [•] * Our Company and the Institutional Selling Shareholders, in consultation with the GCBRLMs and BRLM, may consider participation by Anchor Investors, in accordance with the SEBI ICDR Regulations. The Anchor Investor Bidding Date shall be one Working Day prior to the Bid/Offer Opening Date. ** Our Company and the Institutional Selling Shareholders, in consultation with the GCBRLMs and BRLM, may decide to close the Bid/Offer Period for QIBs one Working Day prior to the Bid/Offer Closing Date, in accordance with the SEBI ICDR Regulations.

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  • DRAFT RED HERRING PROSPECTUSDated September 28, 2016

    Please read Section 32 of the Companies Act 2013(This Draft Red Herring Prospectus will be updated upon filing with the RoC)

    100% Book Building Offer

    GENESIS COLORS LIMITEDOur Company was incorporated as “Genesis Retail Private Limited” on November 23, 1998, as a private limited company under the Companies Act 1956, at New Delhi, with a certificate of incorporation granted by the Registrar of Companies, National Capital Territory of Delhi and Haryana (“RoC”). A fresh certificate of incorporation consequent to the change in our Company’s name to “Genesis Colors Private Limited” was issued by the RoC on September 14, 2001. Pursuant to a change in the location of our registered office from New Delhi to Gurgaon, the RoC issued a fresh certificate of incorporation dated March 20, 2015. Further, pursuant to the conversion of our Company to a public limited company, our name was changed to “Genesis Colors Limited” and the RoC issued a fresh certificate of incorporation on September 16, 2016. For details of changes in name and registered office of our Company, see “History and Certain Corporate Matters” on page 126.

    Corporate Identity Number: U51311HR1998PLC054949Registered and Corporate Office:51-52, Udyog Vihar, Phase – IV, Gurgaon,122001, Haryana,IndiaTel: +91 1244181 111 Fax: +91 124418 1112

    Contact Person: Ms. Meenu Juneja, Company Secretary and Compliance Officer Tel:+91 124418 1040Fax:+91 124 418 1112E-mail: [email protected]: www.genesiscolors.com

    OUR PROMOTERS: MR. SANJAY KAPOOR AND SANJAY KAPOOR TRUST

    INITIAL PUBLIC OFFERING OF UP TO [•] EQUITY SHARES OF FACE VALUE OF ` 10 EACH (THE “EQUITY SHARES”) OF GENESIS COLORS LIMITED (OUR “COMPANY” OR THE “COMPANY” OR THE “ISSUER”) FOR CASH AT A PRICE OF ` [•] PER EQUITY SHARE (INCLUDING SHARE PREMIUM OF ` [•] PER EQUITY SHARE) (THE “OFFER PRICE”) AGGREGATING UP TO [•] MILLION (THE “OFFER”) COMPRISING A FRESH ISSUE OF [•] EQUITY SHARES BY OUR COMPANY AGGREGATING UP TO `3,800 MILLION AND AN OFFER FOR SALE OF UPTO 1,916,741 EQUITY SHARES AGGREGATING TO ` [•] MILLION BY THE SELLING SHAREHOLDERS, INCLUDING UPTO 859,219 EQUITY SHARES AGGREGATING TO ` [•] MILLION BY HEP MAURITIUS LIMITED, UP TO 130,006 EQUITY SHARES AGGREGATING TO ` [•] MILLION BY SEMINARY TIE-UP PRIVATE LIMITED, UP TO 556,316 EQUITY SHARES AGGREGATING TO ` [•] MILLION BY MAYFIELD FVCI, LTD., UP TO 161,065 EQUITY SHARES AGGREGATING TO ` [•] MILLION BY ICP HOLDINGS I, UP TO 70,047 EQUITY SHARES AGGREGATING TO ` [•] MILLION BY PRANAV ANSAL & SON HUF, UP TO 70,044 EQUITY SHARES AGGREGATING TO ` [•] MILLION BY MS. KUSUM ANSAL AND UP TO 70,044 EQUITY SHARES AGGREGATING TO ` [•] MILLION BY MS. SHEETAL ANSAL (“OFFER FOR SALE”). THE OFFER SHALL CONSTITUTE [•]% OF THE POST-OFFER PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY.THE PRICE BAND AND THE MINIMUM BID LOT WILL BE DECIDED BY OUR COMPANY AND THE INSTITUTIONAL SELLING SHAREHOLDERS (AS DEFINED BELOW), IN CONSULTATION WITH THE GLOBAL CO-ORDINATORS AND BOOK RUNNING LEAD MANAGERS (THE “GCBRLMs”) AND BOOK RUNNING LEAD MANAGER (“BRLM”) AND WILL BE ADVERTISED IN [•] EDITIONS OF [•] (A WIDELY CIRCULATED ENGLISH NATIONAL DAILY NEWSPAPER) AND [•] EDITIONS OF [•] (A WIDELY CIRCULATED HINDI NATIONAL DAILY NEWSPAPER, HINDI ALSO BEING THE REGIONAL LANGUAGE IN THE PLACE WHERE OUR REGISTERED AND CORPORATE OFFICE IS LOCATED) AT LEAST FIVE WORKING DAYS PRIOR TO THE BID/OFFER OPENING DATE AND SHALL BE MADE AVAILABLE TO THE BSE LIMITED (THE “BSE”) AND THE NATIONAL STOCK EXCHANGE OF INDIA LIMITED (THE “NSE”, AND TOGETHER WITH THE BSE, THE “STOCK EXCHANGES”) FOR THE PURPOSES OF UPLOADING ON THEIR RESPECTIVE WEBSITES.

    THE FACE VALUE OF THE EQUITY SHARE IS `10 EACHIn case of a revision in the Price Band, the Bid/Offer Period will be extended for at least three additional Working Days after revision of the Price Band subject to the Bid/Offer Period not exceeding a total of 10 Working Days. Any revision in the Price Band and the revised Bid/Offer Period, if applicable, will be widely disseminated by notification to the Stock Exchanges, by issuing a press release, and also by indicating the change on the websites of the GCBRLMs and BRLM, and at the terminals of the members of the Syndicate and by intimation to Self Certified Syndicate Banks (“SCSBs”), the Registered Brokers,Collecting Registrar and Share Transfer Agents (“CRTAs”)and Collecting Depository Participants (“CDPs”).The offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (the “SCRR”), through the Book Building Process and in compliance with Regulation 26(2) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (the “SEBI ICDR Regulations”), wherein at least 75% of the Offer shall be Allotted to Qualified Institutional Buyers (“QIBs”) (the “QIB Category”), provided that the Company and HEP Mauritius Limited, Mayfield FVCI, Ltd. and ICP Holdings I (the “Institutional Selling Shareholders”)may, in consultation with the GCBRLMs and BRLM, allocate up to 60% of the QIB Category to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (the “Anchor Investor Portion”), of which one-third is to be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the price at which allocation is made to Anchor Investors. Further, 5% of the QIB Category (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis only to Mutual Funds, and the remainder of the QIB Category shall be available for allocation on a proportionate basis to all QIBs (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. If at least 75% of the Offer cannot be Allotted to QIBs, then the entire application money will be refunded forthwith. Further, not more than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Investors and not more that 10% of the Offer shall be available for allocation to Retail Individual Investors, in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. All Investors (except Anchor Investors) shall mandatorily participate in this Offer only through the Application Supported by Blocked Amount (“ASBA”) process, and shall provide details of their respective bank account in which the Bid amount will be blocked by the Self Certified Syndicate Banks (“SCSBs”).Anchor Investors are not permitted to participate in the Anchor Investor Portion through the ASBA process.For details, see “OfferProcedure” on page 327.

    RISKS IN RELATION TO THE FIRST OFFER

    This being the first public issue of the Equity Shares, there has been no formal market for the Equity Shares of our Company. The face value of our Equity Shares is ` 10 and the Floor Price and Cap Price are [•] times and [•] times of the face value of the Equity Shares, respectively. The Offer Price (as determined and justified by our Company and the Institutional Selling Shareholders in consultation with the GCBRLMs and BRLM, in accordance with with SEBI ICDR Regulations, and as stated in “Basis for OfferPrice” on page 87) should not be taken to be indicative of the market price of the Equity Shares after the Equity Shares are listed. No assurance can be given regarding an active and/or sustained trading in the Equity Shares or regarding the price at which the Equity Shares will be traded after listing.

    GENERAL RISKSInvestments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in the Offer unless they can afford to take the risk of losing their investment. Investors are advised to read the risk factors carefully before taking an investment decision in the Offer. For taking an investment decision, investors must rely on their own examination of our Company and the Offer including the risks involved. The Equity Shares have not been recommended or approved by the Securities and Exchange Board of India (“SEBI”), nor does the SEBI guarantee the accuracy or adequacy of the contents of this Draft Red Herring Prospectus. Specific attention of the investors is invited to “Risk Factors” on page 16.

    ISSUER’S AND SELLING SHAREHOLDERS’ ABSOLUTE RESPONSIBILITYOur Company, having made all reasonable inquiries, accepts responsibility for and confirms that this Draft Red Herring Prospectus contains all information with regard to our Company and the Offer, which is material in the context of the Offer, that the information contained in this Draft Red Herring Prospectus is true and correct in all material aspects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are no other facts, the omission of which makes this Draft Red Herring Prospectus as a whole or any of such information or the expression of any such opinions or intentions, misleading in any material respect. Further, each Selling Shareholder accepts responsibility for and confirms that the information relating to itself and the Equity Shares being offered by it in the Offer for Sale contained in this Draft Red Herring Prospectus are true and correct in all material aspects and are not misleading in any material respect. Each Selling Shareholder, severally and not jointly, does not assume any responsibility for any other statements, including without limitation, any and all of the statements made by or in relation to the Company or the other Selling Shareholders in this Draft Red Herring Prospectus.

    LISTINGThe Equity Shares issued though the Red Herring Prospectus are proposed to be listed on the Stock Exchanges. We have received in-principle approvals from the BSE and the NSE for the listing of the Equity Shares pursuant to letters dated [•] and [•], respectively. For the purposes of this Offer, [•] is the Designated Stock Exchange. A signed copy of the Red Herring Prospectus and the Prospectus shall be delivered for registration to the RoC in accordance with Section 26(4) of the Companies Act 2013. For details of the material contracts and documents available for inspection from the date of the Red Herring Prospectus up to the Bid/Offer Closing Date. For details, see “Material Contracts and Documents for Inspection” on page 381.

    GLOBAL CO-ORDINATORS AND BOOK RUNNING LEAD MANAGERS BOOK RUNNING LEAD MANAGER REGISTRAR TO THE OFFER

    ICICI Securities LimitedICICI Center, H.T. Parekh Marg, Churchgate, Mumbai – 400 020, Maharashtra,IndiaTel: +91 22 2288 2460; Fax: +91 22 2282 6580E-mail: [email protected]; Website: www.icicisecurities.comInvestor Grievance E-mail: [email protected] Person: Govind KhetanSEBI Registration No.: INM000011179

    Edelweiss Financial Services Limited 14th Floor, Edelweiss House, Off. CST Road, Kalina, Mumbai – 400 098, Maharashtra, IndiaTel: +91 22 4009 4400; Fax: +91 22 4086 3610E-mail: [email protected]; Website: www.edelweissfin.comInvestor Grievance E-mail: [email protected] Person: Siddharth Shah / Sanjukta BhattacharjeeSEBI Registration No.: INM0000010650

    Ambit Private Limited*Ambit House, 449, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India Tel: +91 22 3982 1819; Fax: +91 22 3982 3020E-mail: [email protected], Website: www.ambit.coInvestor Grievance E-mail: [email protected] Contact Person: Sandeep Sharma SEBI Registration No.: INM000010585* Formerly Ambit Corporate Finance Private Limited

    Link Intime India Private LimitedC-13, Pannalal Silk Mills Compound, L.B.S Marg, Bhandup (West), Mumbai– 400 078, Maharashtra, IndiaTel: +91 22 6171 5400;Fax: +91 22 2596 0329E-mail: [email protected]; Website: www.linkintime.co.inInvestor Grievance Email: [email protected] Person: Shanti GopalkrishnanSEBI Registration No.: INR000004058

    BID/OFFER PERIOD*BID/OFFER OPENS ON* [•] BID/OFFER CLOSES ON ** [•]

    * Our Company and the Institutional Selling Shareholders, in consultation with the GCBRLMs and BRLM, may consider participation by Anchor Investors, in accordance with the SEBI ICDR Regulations. The Anchor Investor Bidding Date shall be one Working Day prior to the Bid/Offer Opening Date.** Our Company and the Institutional Selling Shareholders, in consultation with the GCBRLMs and BRLM, may decide to close the Bid/Offer Period for QIBs one Working Day prior to the Bid/Offer Closing Date, in accordance with the SEBI ICDR Regulations.

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    SECTION I - GENERAL ..................................................................................................................................... 2 DEFINITIONS AND ABBREVIATIONS ..................................................................................................... 2 CERTAIN CONVENTIONS, USE OF FINANCIAL INFORMATION AND MARKET DATA AND CURRENCY OF PRESENTATION ............................................................................................................ 12 FORWARD-LOOKING STATEMENTS ................................................................................................... 15

    SECTION II - RISK FACTORS ....................................................................................................................... 16 SECTION III – INTRODUCTION ................................................................................................................... 40

    SUMMARY OF INDUSTRY ........................................................................................................................ 40 SUMMARY OF BUSINESS ......................................................................................................................... 44 SUMMARY FINANCIAL INFORMATION .............................................................................................. 51 THE OFFER .................................................................................................................................................. 59 GENERAL INFORMATION ....................................................................................................................... 60 CAPITAL STRUCTURE .............................................................................................................................. 68 OBJECTS OF THE OFFER ......................................................................................................................... 83 BASIS FOR OFFER PRICE ........................................................................................................................ 87 STATEMENT OF TAX BENEFITS ............................................................................................................ 90

    SECTION IV: ABOUT THE COMPANY ....................................................................................................... 92 INDUSTRY OVERVIEW ............................................................................................................................. 92 OUR BUSINESS .......................................................................................................................................... 104 KEY REGULATIONS AND POLICIES IN INDIA................................................................................. 123 HISTORY AND CERTAIN CORPORATE MATTERS ......................................................................... 126 OUR MANAGEMENT ............................................................................................................................... 138 OUR PROMOTERS, PROMOTER GROUP AND GROUP COMPANIES ......................................... 152 DIVIDEND POLICY ................................................................................................................................... 158

    SECTION V – FINANCIAL INFORMATION ............................................................................................. 159 FINANCIAL STATEMENTS..................................................................................................................... 159 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ...................................................................................................................................... 274 FINANCIAL INDEBTEDNESS ................................................................................................................. 292

    SECTION VI – LEGAL AND OTHER INFORMATION ........................................................................... 294 OUTSTANDING LITIGATION AND OTHER MATERIAL DEVELOPMENTS .............................. 294 GOVERNMENT AND OTHER APPROVALS ........................................................................................ 301 OTHER REGULATORY AND STATUTORY DISCLOSURES ........................................................... 305

    SECTION VII – OFFER RELATED INFORMATION ............................................................................... 319 OFFER STRUCTURE ................................................................................................................................ 319 TERMS OF THE OFFER ........................................................................................................................... 323 RESTRICTION ON FOREIGN OWERSHIP OF SECURITIES .......................................................... 326 OFFER PROCEDURE................................................................................................................................ 327

    SECTION VIII – MAIN PROVISIONS OF ARTICLES OF ASSOCIATION .......................................... 373 SECTION IX – OTHER INFORMATION .................................................................................................... 381

    MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION ................................................ 381 DECLARATION ......................................................................................................................................... 383

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  • "

    5""""

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    Itqyvj"Kpxguvogpvu"K"Ugtkgu/C"EERU"" 20223'" Ugtkgu" C" qh" eqorwnuqtkn{" eqpxgtvkdng"rtghgtgpeg" ujctgu" qh" hceg" xcnwg" qh"

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    UURN" U{orjqp{"Rtkpvu"Rtkxcvg"Nkokvgf"UUUJC" Share subscription and shareholders’ agreement dated May 22, 2008 coqpi" vjg"

    UUUJC"Kpxguvqtu."qwt"Eqorcp{"cpf"Ot0"Ucplc{"Mcrqqt."cu"cogpfgf"d{"cogpfogpv"citggogpvu"fcvgf"Ugrvgodgt"4:."422;."Lwn{"49."4233"cpf"Pqxgodgt"52."42340""

    UUUJC"Kpxguvqtu" Vjg"Ugswqkc"Kpxguvqtu."KER"cpf"Oc{hkgnf""Uwdukfkctkgu" The subsidiaries of our Company as disclosed in “Jkuvqt{"cpf"Egtvckp"Eqtrqtcvg"

    Ocvvgtu"–"Uwdukfkctkgu"qh"qwt"Eqorcp{”"qp"rcig"356"UXD" UXD"Kpfkc"Ecrkvcn"Rctvpgtu"K."N0R0"X(D"Kpfkc" X(D"Nkhguv{ng"Kpfkc"Rtkxcvg"Nkokvgf""

    """"

  • "

    6""""

    Qhhgt"Tgncvgf"Vgtou"""

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    Cpejqt" Guetqy"Citggogpv"

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    Codkv" Codkv"Rtkxcvg"Nkokvgf"Cpejqt"Kpxguvqt" C" SKD." yjq" crrnkgu" wpfgt" vjg" Cpejqt" Kpxguvqt" Rqtvkqp" kp" ceeqtfcpeg" ykvj" vjg"

    tgswktgogpvu"urgekhkgf"kp"vjg"UGDK"KEFT"Tgiwncvkqpu""Cpejqt" Kpxguvqt"Dkffkpi"Fcvg"

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    Cpejqt" Kpxguvqt" Qhhgt"Rtkeg"

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    Dcpmgt*u+" vq" vjg" Qhhgt"1Cpejqt" Guetqy"Dcpm*u+"

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  • "

    7""""

    Vgto" Fguetkrvkqp"Dkf"ewo"Crrnkecvkqp"Hqto"

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    Dkf"Nqv" [●]"Gswkv{"Ujctgu"Dkffgt" Cp{"rtqurgevkxg"kpxguvqt"yjq"ocmgu"c"Dkf"rwtuwcpv"vq"vjg"vgtou"qh"vjg"Tgf"Jgttkpi"

    Rtqurgevwu"cpf"vjg"Dkf"ewo"Crrnkecvkqp"Hqto"cpf"wpnguu"qvjgtykug"uvcvgf"qt"kornkgf."kpenwfgu"cp"Cpejqt"Kpxguvqt"

    Dkf1Qhhgt"Enqukpi"Fcvg" Gzegrv" kp" tgncvkqp" vq" Cpejqt" Kpxguvqtu." vjg" fcvg" chvgt" yjkej" vjg" Fgukipcvgf"Kpvgtogfkctkgu"ujcnn"pqv"ceegrv"cp{"Dkfu"hqt"vjg"Qhhgt."yjkej"ujcnn"dg"rwdnkujgf"kp"[●] gfkvkqpu"of [●] (a widely circulated English national fckn{"pgyurcrgt+"cpf"[●]"gfkvkqpu"of [●] (a widely" ektewncvgf" Jkpfk" pcvkqpcn" fckn{" pgyurcrgt." Jkpfk" cnuq" dgkpi" vjg"tgikqpcn"ncpiwcig"kp"vjg"rnceg"yjgtg"qwt"Tgikuvgtgf"cpf"Eqtrqtcvg"Qhhkeg"ku"nqecvgf+"cpf"kp"ecug"qh"cp{"tgxkukqpu."vjg"gzvgpfgf"Dkf1Qhhgt"Enqukpi"Fcvg"ujcnn"cnuq"dg"pqvkhkgf"qp"vjg"ygdukvgu"cpf"vgtokpcnu"qh"vjg"U{pfkecvg"Ogodgtu."cu"tgswktgf"wpfgt"vjg"UGDK"KEFT" Tgiwncvkqpu0" Qwt" Eqorcp{" cpf" vjg" Kpuvkvwvkqpcn" Ugnnkpi" Ujctgjqnfgtu." kp"eqpuwnvcvkqp"ykvj"vjg"IEDTNOu"cpf"DTNO."oc{"fgekfg"vq"enqug"vjg"Dkf1"Qhhgt"Rgtkqf"hqt"SKDu"qpg"Yqtmkpi"Fc{"rtkqt" vq"vjg"Dkf1Qhhgt"Enqukpi"Fcvg."uwdlgev" vq"vjg"UGDK"KEFT"Tgiwncvkqpu""

    Dkf1Qhhgt"Qrgpkpi"Fcvg" Gzegrv"kp"tgncvkqp"vq"Cpejqt"Kpxguvqtu."vjg"fcvg"qp"yjkej"vjg"Fgukipcvgf"Kpvgtogfkctkgu"ujcnn"uvctv"ceegrvkpi"Dkfu"hqt"vjg"Qhhgt."yjkej"ujcnn"dg"rwdnkujgf"kp"[●] gfkvkqpu"of [●] *c"ykfgn{"ektewncvgf"Gpinkuj"pcvkqpcn"fckn{"pgyurcrgt+"cpf"[●]"gfkvkqpu"of [●] (a widely ektewncvgf"Jkpfk"pcvkqpcn"fckn{"pgyurcrgt."Jkpfk"cnuq"dgkpi"vjg"tgikqpcn"ncpiwcig"kp"vjg"rnceg"yjgtg"qwt"Tgikuvgtgf"cpf"Eqtrqtcvg"Qhhkeg"ku" nqecvgf+"cpf"kp"ecug"qh"cp{"tgxkukqpu."vjg"gzvgpfgf"Dkf1Qhhgt"Enqukpi"Fcvg"ujcnn"cnuq"dg"pqvkhkgf"qp"vjg"ygdukvgu"cpf"vgtokpcnu"qh"vjg"U{pfkecvg"Ogodgtu."cu"tgswktgf"wpfgt"vjg"UGDK"KEFT"Tgiwncvkqpu0"

    Dkf1Qhhgt"Rgtkqf" Gzegrv"kp"tgncvkqp"vq"Cpejqt"Kpxguvqtu."vjg"rgtkqf"dgvyggp"vjg"Dkf1Qhhgt"Qrgpkpi"Fcvg"cpf" vjg" Dkf1Qhhgt" Enqukpi" Fcvg." kpenwukxg" qh" dqvj" fc{u" fwtkpi" yjkej" rtqurgevkxg"Dkffgtu"*gzenwfkpi"Cpejqt"Kpxguvqtu+"ecp"uwdokv" vjgkt"Dkfu." kpenwfkpi"cp{"tgxkukqpu"vjgtgqh"kp"ceeqtfcpeg"ykvj"vjg"UGDK"KEFT"Tgiwncvkqpu"cpf"vjg"vgtou"qh"vjg"Tgf"Jgttkpi"Rtqurgevwu0"

    Dkffkpi"Egpvtgu" Egpvtgu"cv"yjkej"vjg"Fgukipcvgf"Kpvgtogfkctkgu"ujcnn"ceegrv"vjg"Dkf"ewo"Crrnkecvkqp"Hqtou."dgkpi" vjg" Fgukipcvgf" UEUD" Dtcpej" hqt" UEUDu." Urgekhkgf" Nqecvkqpu" hqt" vjg"U{pfkecvg." Dtqmgt" Egpvtgu" hqt" Tgikuvgtgf" Dtqmgtu." Fgukipcvgf" TVC" Nqecvkqpu" hqt"ETVCu"cpf"Fgukipcvgf"EFR"Nqecvkqpu"hqt"EFRu0"

    Dqqm"Dwknfkpi"Rtqeguu" Vjg"dqqm"dwknfkpi"rtqeguu"cu"fguetkdgf"kp"Uejgfwng"ZK"qh"vjg"UGDK"KEFT"Tgiwncvkqpu."kp"vgtou"qh"yjkej"vjg"Qhhgt"ku"dgkpi"ocfg"

    Dqqm"Twppkpi"Ngcf"Ocpcigt1DTNO"

    Codkv"Rtkxcvg"Nkokvgf."dqqm"twppkpi"ngcf"ocpcigt"vq"vjg"Qhhgt"

    Dtqmgt"Egpvtgu" Dtqmgt"egpvtgu"qh"vjg"Tgikuvgtgf"Dtqmgtu."yjgtg"Dkffgtu"*qvjgt"vjcp"Cpejqt"Kpxguvqtu+"ecp"uwdokv"vjg"Dkf"ewo"Crrnkecvkqp"Hqtou0"Vjg"fgvcknu"qh"uwej"Dtqmgt"Egpvtgu."cnqpi"ykvj" vjg" pcogu" cpf" eqpvcev" fgvcknu" qh" vjg" Tgikuvgtgf" Dtqmgtu" ctg" cxckncdng" qp" vjg"tgurgevkxg"ygdukvgu"qh"vjg"Uvqem"Gzejcpigu""

    ECP"1"Eqphktocvkqp"qh"Cnnqecvkqp"Pqvg"

    Pqvkeg"qt"kpvkocvkqp"qh"cnnqecvkqp"qh"vjg"Gswkv{"Ujctgu"ugpv"vq"Cpejqt"Kpxguvqtu."yjq"jcxg"dggp"cnnqecvgf"vjg"Gswkv{"Ujctgu."chvgt"vjg"Cpejqt"Kpxguvqt"Dkffkpi"Fcvg"

    Ecr"Rtkeg" Vjg"jkijgt"gpf"qh"vjg"Rtkeg"Dcpf"cdqxg"yjkej"vjg"Qhhgt"Rtkeg"cpf"Cpejqt"Kpxguvqt"Qhhgt"Rtkeg"yknn"pqv"dg"hkpcnk|gf"cpf"cdqxg"yjkej"pq"Dkfu"yknn"dg"ceegrvgf." kpenwfkpi"cp{"tgxkukqpu"vjgtgqh"

    Enkgpv"KF" Client identification number of the Bidder’s beneficiary account"Eqnngevkpi"Fgrqukvqt{"Rctvkekrcpvu1EFRu"

    C"fgrqukvqt{"rctvkekrcpv."cu"fghkpgf"wpfgt" vjg"Fgrqukvqtkgu"Cev."3;;8"cpf"tgikuvgtgf"wpfgt" Ugevkqp" 34" *3C+" qh" vjg" UGDK" Cev" cpf" yjq" ku" gnkikdng" vq"rtqewtg" Dkfu" cv" vjg"Fgukipcvgf"EFR"Nqecvkqpu"kp"vgtou"qh"ektewnct"pq0"EKT1EHF1RQNKE[EGNN13314237"fcvgf"Pqxgodgt"32."4237"kuuwgf"d{"UGDK"

    Eqnngevkpi"Tgikuvtct"cpf"Ujctg"Vtcpuhgt"Cigpvu"qt"ETVCu"

    Tgikuvtct"cpf"ujctg"vtcpuhgt"cigpvu"tgikuvgtgf"ykvj"UGDK"cpf"gnkikdng"vq"rtqewtg"Dkfu"cv"vjg" Fgukipcvgf" TVC" Nqecvkqpu" kp" vgtou" qh" ektewnct" pq0"EKT1EHF1RQNKE[EGNN13314237"fcvgf"Pqxgodgt"32."4237"kuuwgf"d{"UGDK"

    Ewv/qhh"Rtkeg" Vjg"Qhhgt"Rtkeg."hkpcnk|gf"d{"qwt"Eqorcp{"cpf"vjg"Kpuvkvwvkqpcn"Ugnnkpi"Ujctgjqnfgtu."kp"eqpuwnvcvkqp"ykvj"vjg"IEDTNOu"cpf"DTNO."yjkej"ujcnn"dg"cp{"rtkeg"ykvjkp"vjg"Rtkeg"Dcpf0"Qpn{"Tgvckn" Kpfkxkfwcn" Kpxguvqtu"ctg"gpvkvngf" vq"Dkf"cv" vjg"Ewv/qhh"Rtkeg0"

  • "

    8""""

    Vgto" Fguetkrvkqp"SKDu"*kpenwfkpi"Cpejqt"Kpxguvqtu+"cpf"Pqp/Kpuvkvwvkqpcn"Kpxguvqtu"ctg"pqv"gpvkvngf"vq"Dkf"cv"vjg"Ewv/qhh"Rtkeg"

    Fgoqitcrjke"Fgvcknu" The details of the Bidders including the Bidders’ address, names of the Bidders’ hcvjgt1jwudcpf."kpxguvqt"uvcvwu."qeewrcvkqp"cpf"dcpm"ceeqwpv"fgvcknu""

    Fgukipcvgf"Dtcpejgu" Uwej"dtcpejgu"qh"vjg"UEUDu"yjkej"oc{"eqnngev"vjg"Dkf"ewo"Crrnkecvkqp"Hqto"wugf"d{"Dkffgtu"*qvjgt"vjcp"Cpejqt"Kpxguvqtu+."c"nkuv"qh"yjkej"ku"cxckncdng"cv"vjg"ygdukvg"qh"vjg"UGDK" *jvvr

  • "

    9""""

    Vgto" Fguetkrvkqp"Owvwcn"Hwpf"Rqtvkqp" 7'"qh"vjg"SKD"Ecvgiqt{"*gzenwfkpi"vjg"Cpejqt"Kpxguvqt"Rqtvkqp+"qt"]●_"Gswkv{"Ujctgu"

    yjkej"ujcnn"dg"cxckncdng"hqt"cnnqecvkqp"vq"Owvwcn"Hwpfu"qpn{."qp"c"rtqrqtvkqpcvg"dcuku."uwdlgev"vq"xcnkf"Dkfu"dgkpi"tgegkxgf"cv"qt"cdqxg"vjg"Qhhgt"Rtkeg"

    Pgv"Rtqeggfu" Rtqeggfu"qh"vjg"Qhhgt"vjcv"yknn"dg"cxckncdng"vq"qwt"Eqorcp{."k0g0."itquu"rtqeggfu"qh"vjg"Htguj"Kuuwg."nguu"Qhhgt"Gzrgpugu"vq"vjg"gzvgpv"crrnkecdng"vq"vjg"Htguj"Kuuwg"

    Pqp/Kpuvkvwvkqpcn"Ecvgiqt{"

    Vjg"rqtvkqp"qh"vjg"Qhhgt."dgkpi"pqv"oqtg"vjcp"37'"qh"vjg"Qhhgt"or [●] Equity Shares, cxckncdng"hqt"cnnqecvkqp"qp"c"rtqrqtvkqpcvg"dcuku"vq"Pqp/Kpuvkvwvkqpcn"Kpxguvqtu"uwdlgev"vq"xcnkf"Dkfu"dgkpi"tgegkxgf"cv"qt"cdqxg"vjg"Qhhgt"Rtkeg"

    Pqp/Kpuvkvwvkqpcn"Kpxguvqtu1PKKu"

    Cnn"Dkffgtu."kpenwfkpi"Ecvgiqt{"KKK"HRKu"vjcv"ctg"pqv"SKDu"*kpenwfkpi"Cpejqt"Kpxguvqtu+"qt"Tgvckn"Kpfkxkfwcn"Kpxguvqtu"."yjq"jcxg"Dkf"hqt"Gswkv{"Ujctgu"hqt"cp"coqwpv"qh"oqtg"vjcp"` 422.222"*dwv"pqv"kpenwfkpi"PTKu"qvjgt"vjcp"Gnkikdng"PTKu+"

    Qhhgt" Rwdnke"kuuwg"qh"wr"vq"[●]"Gswkv{"Ujctgu"qh"hceg"xcnwg"₹32"gcej"hqt"ecuj"cv"c"rtkeg"qh"₹"[●]"gcej"eqortkukpi"vjg"Htguj"Kuuwg"cpf"vjg"Qhhgt"hqt"Ucng"

    Qhhgt"Citggogpv" Vjg"citggogpv"fcvgf"Ugrvgodgt"4:."4238"gpvgtgf"kpvq"coqpi"qwt"Eqorcp{."vjg"Ugnnkpi"Ujctgjqnfgtu"cpf"vjg"IEDTNOu"cpf"DTNO."rwtuwcpv"vq"yjkej"egtvckp"cttcpigogpvu"ctg"citggf"vq"kp"tgncvkqp"vq"vjg"Qhhgt"

    Qhhgt"hqt"Ucng" Qhhgt"qh"wr" vq"3.;38.963"Gswkv{"Ujctgu" vq"dg"qhhgtgf" hqt"ucng1vtcpuhgt"d{" vjg"Ugnnkpi"Ujctgjqnfgtu"rwtuwcpv" vq" vjg" Qhhgt" kp" vgtou" qh" vjg" Tgf" Jgttkpi" Rtqurgevwu" cpf" vjg"Rtqurgevwu"

    Qhhgt"Rtkeg" Vjg"hkpcn"rtkeg"cv"yjkej"Gswkv{"Ujctgu"yknn"dg"Cnnqvvgf"vq"vjg"uweeguuhwn"Dkffgtu"*gzegrv"Cpejqt"Kpxguvqtu+."cu"fgvgtokpgf"kp"ceeqtfcpeg"ykvj"vjg"Dqqm"Dwknfkpi"Rtqeguu"cpf"fgvgtokpgf"d{"qwt"Eqorcp{"cpf"vjg"Kpuvkvwvkqpcn"Ugnnkpi"Ujctgjqnfgtu."kp"eqpuwnvcvkqp"ykvj"vjg"IEDTNOu"cpf"DTNO"kp"vgtou"qh"vjg"Tgf"Jgttkpi"Rtqurgevwu"qp"vjg"Rtkekpi"Fcvg0""

    Rtkeg"Dcpf" Rtkeg"dcpf"qh"vjg"Hnqqt"Rtkeg"qh"₹"[●] and a Cap Price of ₹"[●], including"cp{"tgxkukqpu"vjgtgqh0"Vjg"Rtkeg"Dcpf"cpf"vjg"okpkowo"Dkf"Nqv"uk|g"hqt"vjg"Qhhgt"yknn"dg"fgekfgf"d{"qwt" Eqorcp{" cpf" vjg" Kpuvkvwvkqpcn" Ugnnkpi" Ujctgjqnfgtu." kp" eqpuwnvcvkqp" ykvj" vjg"IEDTNOu" cpf" DTNO." cpf" cfxgtvkugf" kp" ]●_" gfkvkqpu" of [●], a widely circulated Gpinkuj" pcvkqpcn" fckn{" pgyurcrgt" cpf" ]●_" gfkvkqpu"of [●] (a widely circulated Jkpfk"pcvkqpcn"fckn{"pgyurcrgt."Jkpfk"cnuq"dgkpi"vjg"tgikqpcn"ncpiwcig"kp"vjg"rnceg"yjgtg"qwt"Tgikuvgtgf"cpf"Eqtrqtcvg"Qhhkeg"ku"nqecvgf+"cv"ngcuv"hkxg"Yqtmkpi"Fc{u"rtkqt"vq"vjg"Dkf1Qhhgt"Qrgpkpi"Fcvg."ykvj"vjg"tgngxcpv"hkpcpekcn"tcvkqu"ecnewncvgf"cv"vjg"Hnqqt"Rtkeg"cpf"cv"vjg"Ecr"Rtkeg"cpf"ujcnn"dg"ocfg"cxckncdng"vq"vjg"Uvqem"Gzejcpigu"hqt"vjg"rwtrqug"qh"wrnqcfkpi"qp"vjgkt"ygdukvgu"

    Rtkekpi"Fcvg" Vjg" fcvg" qp" yjkej" qwt" Eqorcp{" cpf" vjg" Kpuvkvwvkqpcn" Ugnnkpi" Ujctgjqnfgtu." kp"eqpuwnvcvkqp"ykvj"vjg"IEDTNOu"cpf"DTNO."ujcnn"hkpcnk|g"vjg"Qhhgt"Rtkeg"

    Rtqurgevwu" Vjg"Rtqurgevwu"vq"dg"hkngf"ykvj"vjg"TqE"hqt"vjku"Qhhgt"qp"qt"chvgt"vjg"Rtkekpi"Fcvg"kp"ceeqtfcpeg"ykvj"vjg"rtqxkukqpu"qh"Ugevkqp"48"qh"vjg"Eqorcpkgu"Cev"4235"cpf"vjg"UGDK"KEFT"Tgiwncvkqpu."eqpvckpkpi"vjg"Qhhgt"Rtkeg."vjg"uk|g"qh"vjg"Qhhgt"cpf"egtvckp"qvjgt"kphqtocvkqp."kpenwfkpi"cp{"cffgpfc"qt"eqttkigpfc"vjgtgvq"

    Rwdnke"Qhhgt"Ceeqwpv" Vjg"ceeqwpv*u+"vq"dg"qrgpgf"ykvj"vjg"Dcpmgt*u+"vq"vjg"Qhhgt"wpfgt"Ugevkqp"62*5+"qh"vjg"Eqorcpkgu"Cev"4235"vq"tgegkxg"oqpkgu"htqo"vjg"Cpejqt"Guetqy"Ceeqwpv*u+"cpf"vjg"CUDC"Ceeqwpvu"qp"vjg"Fgukipcvgf"Fcvg"

    SKD"Ecvgiqt{" Vjg"rqtvkqp"qh" vjg"Qhhgt."dgkpi"cv"ngcuv"97'"qh" vjg"Qhhgt"qt"[●]"Gswkv{"Ujctgu"vq"dg"Cnnqvvgf" vq"SKDu"qp"c"rtqrqtvkqpcvg"dcuku." kpenwfkpi" vjg"Cpejqt"Kpxguvqt"Rqtvkqp" *kp"yjkej"cnnqecvkqp"ujcnn"dg"qp"c"fkuetgvkqpct{"dcuku."cu"fgvgtokpgf"d{"qwt"Eqorcp{"cpf"vjg" Kpuvkvwvkqpcn" Ugnnkpi" Ujctgjqnfgtu." kp" eqpuwnvcvkqp" ykvj" vjg" IEDTNOu" cpf"DTNO+."uwdlgev"vq"xcnkf"Dkfu"dgkpi"tgegkxgf"cv"qt"cdqxg"vjg"Qhhgt"Rtkeg"

    Swcnkhkgf"Kpuvkvwvkqpcn"Dw{gtu"qt"SKDu"

    C"swcnkhkgf"kpuvkvwvkqpcn"dw{gt"cu"fghkpgf"wpfgt"Tgiwncvkqp"4*3+*|f+"qh"vjg"UGDK"KEFT"Tgiwncvkqpu""

    Tgf"Jgttkpi"Rtqurgevwu"qt"TJR"

    Vjg"tgf"jgttkpi"rtqurgevwu"vq"dg"kuuwgf"kp"ceeqtfcpeg"ykvj"Ugevkqp"54"qh"vjg"Eqorcpkgu"Cev"4235"cpf"vjg"UGDK"KEFT"Tgiwncvkqpu."yjkej"yknn"pqv"jcxg"eqorngvg"rctvkewnctu"qh"vjg"rtkeg"cv"yjkej"vjg"Gswkv{"Ujctgu"ujcnn"dg"Cnnqvvgf"cpf"yjkej"ujcnn"dg"hkngf"ykvj"vjg"TqE"cv" ngcuv" vjtgg"Yqtmkpi" Fc{u"dghqtg" vjg"Dkf1Qhhgt"Qrgpkpi"Fcvg" cpf" yknn"dgeqog"vjg"Rtqurgevwu"chvgt"hknkpi"ykvj"vjg"TqE"chvgt"vjg"Rtkekpi"Fcvg."kpenwfkpi"cp{"cffgpfc"qt"eqttkigpfc"vjgtgvq"

    Tghwpf"Ceeqwpv*u+" Ceeqwpv*u+"qrgpgf"ykvj"vjg"Tghwpf"Dcpm"htqo"yjkej"tghwpfu."kh"cp{."qh"vjg"yjqng"qt"rctv"qh"vjg"Dkf"Coqwpv"ujcnn"dg"ocfg"vq"Cpejqt"Kpxguvqtu"

  • "

    :""""

    Vgto" Fguetkrvkqp"Tghwpf"Dcpm*u+" Vjg"Dcpmgtu"vq"vjg"Qhhgt"ykvj"yjqo"vjg"Tghwpf"Ceeqwpv*u+"jcxg"yknn"dg"qrgpgf."kp"

    this case being [●]"Tgikuvgtgf"Dtqmgtu" Uvqem"dtqmgtu"tgikuvgtgf"ykvj"vjg"uvqem"gzejcpigu"jcxkpi"pcvkqpykfg"vgtokpcnu."qvjgt"

    vjcp" vjg"ogodgtu"qh" vjg"U{pfkecvg" cpf" gnkikdng" vq"rtqewtg"Dkfu" kp" vgtou"qh"ektewnct"pwodgt"EKT1EHF13614234"fcvgf"Qevqdgt"36."4234."kuuwgf"d{"UGDK"

    Tgikuvtct"Citggogpv" Vjg"citggogpv"fcvgf"Ugrvgodgt"4:."4238."gpvgtgf"kpvq"coqpi"qwt"Eqorcp{"cpf"vjg"Tgikuvtct"vq"vjg"Qhhgt"kp"tgncvkqp"vq"vjg"tgurqpukdknkvkgu"cpf"qdnkicvkqpu"qh"vjg"Tgikuvtct"vq"vjg"Qhhgt"rgtvckpkpi"vq"vjg"Qhhgt"

    Tgikuvtct"vq"vjg"Qhhgt" Nkpm"Kpvkog"Kpfkc"Rtkxcvg"Nkokvgf"Tgvckn"Ecvgiqt{" Vjg"rqtvkqp"qh"vjg"Qhhgt."dgkpi"pqv"oqtg"vjcp"32'"qh"vjg"Qhhgt"qt"[●] Equity Shares,

    cxckncdng"hqt"cnnqecvkqp"vq"Tgvckn"Kpfkxkfwcn"Kpxguvqtu."yjkej"ujcnn"pqv"dg"nguu"vjcp"vjg"okpkowo"Dkf"nqv."uwdlgev"vq"cxckncdknkv{"kp"vjg"Tgvckn"Ecvgiqt{""

    Tgvckn"Kpfkxkfwcn"Kpxguvqtu1"TKKu"

    Dkffgtu"*kpenwfkpi"JWHu"cpf"Gnkikdng"PTKu+"yjqug"Dkf"Coqwpv"hqt"Gswkv{"Ujctgu"kp"vjg"Qhhgt"ku"pqv"oqtg"vjcp"̀ "422.222"kp"cp{"qh"vjg"dkffkpi"qrvkqpu"kp"vjg"Qhhgt"*kpenwfkpi"JWHu"crrn{kpi"vjtqwij"vjgkt"mctvc"cpf"Gnkikdng"PTKu"cpf"fqgu"pqv"kpenwfg"PTKu"qvjgt"vjcp"Gnkikdng"PTKu+"

    Tgxkukqp"Hqto" Vjg"hqto"wugf"d{"vjg"Dkffgtu"vq"oqfkh{"vjg"swcpvkv{"qh"Gswkv{"Ujctgu"qt"vjg"Dkf"Coqwpv"kp" cp{" qh" vjgkt" Dkf" ewo" Crrnkecvkqp" Hqtou" qt" cp{" rtgxkqwu" Tgxkukqp" Hqto*u+." cu"crrnkecdng0"SKDu"dkffkpi"kp"vjg"SKD"ecvgiqt{"cpf"Pqp/Kpuvkvwvkqpcn"Kpxguvqtu"dkffkpi"kp"vjg"Pqp/Kpuvkvwvkqpcn"ecvgiqt{"ctg"pqv"rgtokvvgf"vq"ykvjftcy"vjgkt"Dkf*u+"qt"nqygt"vjg"uk|g"qh"vjgkt"Dkf*u+"*kp"vgtou"qh"swcpvkv{"qh"Gswkv{"Ujctgu"qt"vjg"Dkf"Coqwpv+"cv"cp{"uvcig"

    Ugnh"Egtvkhkgf"U{pfkecvg"Dcpmu"qt"UEUDu"

    Vjg"dcpmu"tgikuvgtgf"ykvj"vjg"UGDK"yjkej"qhhgt" vjg"hceknkv{"qh"CUDC"cpf"vjg"nkuv"qh"yjkej" ku" cxckncdng" qp" vjg" ygdukvg" qh" vjg" UGDK"*jvvr

  • "

    ;""""

    Vgto" Fguetkrvkqp"ECIT" Eqorqwpfgf"Cppwcn"Itqyvj"Tcvg""Ecvgiqt{"KKK"HRKu" HRKu"tgikuvgtgf"cu"ecvgiqt{"KKK"HRKu"wpfgt"vjg"UGDK"HRK"Tgiwncvkqpu."yjkej"ujcnn"kpenwfg"

    cnn"qvjgt"HRKu"pqv"gnkikdng"wpfgt"ecvgiqt{" K"cpf" KK" hqtgkip"rqtvhqnkq" kpxguvqtu." uwej"cu"gpfqyogpvu."ejctkvcdng"uqekgvkgu."ejctkvcdng"vtwuvu."hqwpfcvkqpu."eqtrqtcvg"dqfkgu."vtwuvu."kpfkxkfwcnu"cpf"hcokn{"qhhkegu"

    EFUN" Egpvtcn"Fgrqukvqt{"Ugtxkegu"*Kpfkc+"Nkokvgf"EKP" Eqtrqtcvg"Kfgpvkv{"Pwodgt"Eqorcpkgu"Cev" Eqorcpkgu"Cev."3;78"*ykvjqwv"tghgtgpeg"vq"vjg"rtqxkukqpu"vjgtgqh"vjcv"jcxg"egcugf"vq"

    jcxg"ghhgev"wrqp"pqvkhkecvkqp"qh"vjg"Pqvkhkgf"Ugevkqpu+"cpf"vjg"Eqorcpkgu"Cev."4235."tgcf"ykvj"vjg"twngu."tgiwncvkqpu."enctkhkecvkqpu"cpf"oqfkhkecvkqpu"vjgtgwpfgt"

    Eqorcpkgu"Cev"3;78" Eqorcpkgu"Cev."3;78"*ykvjqwv"tghgtgpeg"vq"vjg"rtqxkukqpu"vjgtgqh"vjcv"jcxg"egcugf"vq"jcxg"ghhgev"wrqp"pqvkhkecvkqp"qh"vjg"Pqvkhkgf"Ugevkqpu+"

    Eqorcpkgu"Cev"4235" Eqorcpkgu"Cev."4235."vq"vjg"gzvgpv"kp"hqteg"rwtuwcpv"vq"vjg"pqvkhkecvkqp"qh"vjg"Pqvkhkgf"Ugevkqpu."tgcf"ykvj"vjg"twngu."tgiwncvkqpu."enctkhkecvkqpu"cpf"oqfkhkecvkqpu"vjgtgwpfgt"

    Eqpuqnkfcvgf"HFK"Rqnke{"

    Vjg"eqpuqnkfcvgf"HFK"Rqnke{."ghhgevkxg"htqo"Lwpg"9."4238."kuuwgf"d{"vjg"Fgrctvogpv"qh"Kpfwuvtkcn"Rqnke{"cpf"Rtqoqvkqp."Okpkuvt{"qh"Eqoogteg"cpf"Kpfwuvt{."Iqxgtpogpv"qh"Kpfkc."cpf"cp{"oqfkhkecvkqpu"vjgtgvq"qt"uwduvkvwvkqpu"vjgtgqh."kuuwgf"htqo"vkog"vq"vkog"

    Eqr{tkijv"Cev" Eqr{tkijv"Cev."3;79"Fgrqukvqt{" C"fgrqukvqt{"tgikuvgtgf"ykvj"vjg"UGDK"wpfgt"vjg"Ugewtkvkgu"cpf"Gzejcpig"Dqctf"qh"Kpfkc"

    *Fgrqukvqtkgu"cpf"Rctvkekrcpvu+"Tgiwncvkqpu."3;;8"Fgrqukvqtkgu"Cev"" Vjg"Fgrqukvqtkgu"Cev."3;;8"Fgukipu"Cev" Fgukipu"Cev."4222"FKRR" Fgrctvogpv"qh"Kpfwuvtkcn"Rqnke{"cpf"Rtqoqvkqp."Okpkuvt{"qh"Eqoogteg"cpf"Kpfwuvt{."

    IqK"FR"KF" Depository Participant’s kfgpvkv{"pwodgt"GDKVFC" Gctpkpiu"Dghqtg"Kpvgtguv."Vcz."Fgrtgekcvkqp"cpf"Coqtvk|cvkqp""GRH"Cev" Employees’ Provident Fund and Miscellaneous Provisions Act, 1952"GRU" Gctpkpiu"rgt"ujctg"GUK"Cev" Gornq{ges’ State Insurance Act, 1948 "Gwtq" Gwtq."vjg"qhhkekcn"ukping"ewttgpe{"qh"vjg"rctvkekrcvkpi"ogodgt"uvcvgu"qh"vjg"Gwtqrgcp"

    Geqpqoke"cpf"Oqpgvct{"Wpkqp"qh"vjg"Vtgcv{"guvcdnkujkpi"vjg"Gwtqrgcp"Eqoowpkv{"Hcevqtkgu"Cev" Hcevqtkgu"Cev."3;6:""HEPT"Ceeqwpv" Hqtgkip" Ewttgpe{" Pqp" Tgukfgpv" *Dcpm+" ceeqwpv" guvcdnkujgf" kp" ceeqtfcpeg" ykvj" vjg"

    HGOC"HFK" Hqtgkip"fktgev"kpxguvogpv"HGOC" Vjg"Hqtgkip"Gzejcpig"Ocpcigogpv"Cev."3;;;"tgcf"ykvj"twngu"cpf"tgiwncvkqpu"vjgtgwpfgt"HKK*u+" Hqtgkip"Kpuvkvwvkqpcn"Kpxguvqtu"cu"fghkpgf"wpfgt"Ugewtkvkgu"cpf"Gzejcpig"Dqctf"qh"Kpfkc"

    *Hqtgkip" Kpuvkvwvkqpcn" Kpxguvqtu+" Tgiwncvkqpu." 4222." tgikuvgtgf" ykvj" vjg" UGDK" wpfgt"crrnkecdng"ncyu"kp"Kpfkc"cpf"fggogf"cu"HRKu"wpfgt"vjg"UGDK"HRK"Tgiwncvkqpu"

    Hkpcpekcn"[gct1Hkuecn1"Hkuecn"[gct"

    Vjg"rgtkqf"qh"34"oqpvju"eqoogpekpi"qp"Crtkn"3"qh"vjg"koogfkcvgn{"rtgegfkpi"ecngpfct"{gct"cpf"gpfkpi"qp"Octej"53"qh"vjcv"rctvkewnct"ecngpfct"{gct"

    HRKu" C" hqtgkip" rqtvhqnkq" kpxguvqt" yjq" jcu" dggp" tgikuvgtgf" rwtuwcpv" vq" vjg" UGDK" HRK"Tgiwncvkqpu."rtqxkfgf"vjcv"cp{"HKK"yjq"jqnfu"c"xcnkf"egtvkhkecvg"qh"tgikuvtcvkqp"ujcnn"dg"fggogf"vq"dg"cp"HRK"wpvkn"vjg"gzrkt{"qh"vjg"dnqem"qh"vjtgg"{gctu"hqt"yjkej"hggu"jcxg"dggp"rckf" cu"rgt" vjg" Ugewtkvkgu" cpf" Gzejcpig" Dqctf" qh" Kpfkc" *Hqtgkip" Kpuvkvwvkqpcn"Kpxguvqtu+"Tgiwncvkqpu."3;;7"

    Htquv"("Uwnnkxcp" Htquv"("Uwnnkxcp"*Kpfkc+"Rtkxcvg"Nkokvgf"HXEK"" Hqtgkip"Xgpvwtg"Ecrkvcn"Kpxguvqtu"*cu"fghkpgf"wpfgt"vjg"Ugewtkvkgu"cpf"Gzejcpig"Dqctf"

    qh"Kpfkc"*Hqtgkip"Xgpvwtg"Ecrkvcn"Kpxguvqtu+"Tgiwncvkqpu."4222+"tgikuvgtgf"ykvj"UGDK"ICCT" Igpgtcn"Cpvk/Cxqkfcpeg"Twngu"IFR" Itquu"Fqoguvke"Rtqfwev"IqK" Vjg"Iqxgtpogpv"qh"Kpfkc"IUV" Iqqfu"cpf"ugtxkegu"vcz"JWH*u+" Jkpfw"Wpfkxkfgf"Hcokn{*kgu+"KCU"Twngu" Eqorcpkgu"*Kpfkcp"Ceeqwpvkpi"Uvcpfctfu+"Twngu."4237"KECK" Kpuvkvwvg"qh"Ejctvgtgf"Ceeqwpvcpvu"qh"Kpfkc"

  • "

    32""""

    Vgto" Fguetkrvkqp"KHTU" Kpvgtpcvkqpcn"Hkpcpekcn"Tgrqtvkpi"Uvcpfctfu"KHUE" Kpfkcp"Hkpcpekcn"U{uvgo"Eqfg"Kpeqog"Vcz"Cev" Kpeqog"Vcz"Cev."3;83"Kpf*CU+" Vjg" Kpfkcp" Ceeqwpvkpi" Uvcpfctfu" tghgttgf" vq" kp" vjg" Eqorcpkgu" *Kpfkcp" Ceeqwpvkpi"

    Uvcpfctf+"Twngu."4237."cu"cogpfgf"Kpfkcp"ICCR" Igpgtcnn{"Ceegrvgf"Ceeqwpvkpi"Rtkpekrngu"kp"Kpfkc"KPT"qt"Twrgg"qt"₹"qt"Tu0""

    Kpfkcp"Twrgg."vjg"qhhkekcn"ewttgpe{"qh"vjg"Tgrwdnke"qh"Kpfkc"

    KV" Kphqtocvkqp"Vgejpqnqi{"Ngicn"Ogvtqnqi{"Cev" Ngicn"Ogvtqnqi{"Cev."422;"OEC" Vjg"Okpkuvt{"qh"Eqtrqtcvg"Chhcktu."IqK"Op" Oknnkqp""Owvwcn"Hwpfu" Owvwcn"hwpfu"tgikuvgtgf"ykvj"vjg"UGDK"wpfgt"vjg"Ugewtkvkgu"cpf"Gzejcpig"Dqctf"qh"Kpfkc"

    *Owvwcn"Hwpfu+"Tgiwncvkqpu."3;;8"Pqvkhkgf"Ugevkqpu" Vjg"ugevkqpu"qh"vjg"Eqorcpkgu"Cev."4235"vjcv"jcxg"dggp"pqvkhkgf"d{"vjg"OEC"cpf"ctg"

    ewttgpvn{"kp"ghhgev"PT1"Pqp/tgukfgpv" C"rgtuqp"tgukfgpv"qwvukfg"Kpfkc."cu"fghkpgf"wpfgt"vjg"HGOC"cpf"kpenwfgu"cp"PTK"PTK" Pqp/Tgukfgpv"Kpfkcp"PUFN"" Pcvkqpcn"Ugewtkvkgu"Fgrqukvqt{"Nkokvgf"PUG" Vjg"Pcvkqpcn"Uvqem"Gzejcpig"qh"Kpfkc"Nkokvgf"R1G"Tcvkq" Rtkeg1Gctpkpiu"Tcvkq"RCP" Rgtocpgpv"ceeqwpv"pwodgt"RCV" Rtqhkv"chvgt"vcz"Rc{ogpv"qh"Dqpwu"Cev" Rc{ogpv"qh"Dqpwu"Cev."3;87"Rc{ogpv"qh"Itcvwkv{"Cev"

    Rc{ogpv"qh"Itcvwkv{"Cev."3;94"

    TDK" Vjg"Tgugtxg"Dcpm"qh"Kpfkc"Tgiwncvkqp"U" Tgiwncvkqp"U"wpfgt"vjg"W0U0"Ugewtkvkgu"Cev."3;55"TqE"qt"Tgikuvtct"qh"Eqorcpkgu"

    Vjg"Tgikuvtct"qh"Eqorcpkgu."Pcvkqpcn"Ecrkvcn"Vgttkvqt{"qh"Fgnjk"cpf"Jct{cpc"

    UETC" Ugewtkvkgu"Eqpvtcev"*Tgiwncvkqp+"Cev."3;78"UETT" Vjg"Ugewtkvkgu"Eqpvtcevu"*Tgiwncvkqp+"Twngu."3;79"UGDK" Vjg"Ugewtkvkgu"cpf"Gzejcpig"Dqctf"qh"Kpfkc"eqpuvkvwvgf"wpfgt"vjg"UGDK"Cev"UGDK"Cev" Vjg"Ugewtkvkgu"cpf"Gzejcpig"Dqctf"qh"Kpfkc"Cev."3;;4"UGDK"KEFT"Tgiwncvkqpu"

    Vjg" Ugewtkvkgu" cpf" Gzejcpig" Dqctf" qh" Kpfkc" *Kuuwg" qh" Ecrkvcn" cpf" Fkuenquwtg"Tgswktgogpvu+"Tgiwncvkqpu."422;"

    UGDK"HRK"Tgiwncvkqpu" Ugewtkvkgu" cpf" Gzejcpig" Dqctf" qh" Kpfkc" *Hqtgkip" Rqtvhqnkq" Kpxguvqtu+" Tgiwncvkqpu."4236"

    UGDK"HXEK"Tgiwncvkqpu""

    Ugewtkvkgu" cpf" Gzejcpig" Dqctf" qh" Kpfkc" *Hqtgkip" Xgpvwtg" Ecrkvcn" Kpxguvqtu+"Tgiwncvkqpu."4222"

    UGDK"Nkuvkpi"Tgiwncvkqpu""

    UGDK"*Nkuvkpi"Qdnkicvkqpu"cpf"Fkuenquwtg"Tgswktgogpvu+"Tgiwncvkqpu."4237"

    UVV" Ugewtkvkgu"Vtcpucevkqp"Vcz"Vcmgqxgt"Tgiwncvkqpu" Vjg"Ugewtkvkgu"cpf"Gzejcpig"Dqctf"qh" Kpfkc" *Uwduvcpvkcn"Ceswkukvkqp"qh"Ujctgu"cpf"

    Vcmgqxgtu+"Tgiwncvkqpu."4233"Vtcfgoctmu"Cev" Vtcfgoctmu"Cev."3;;;"WU&1"WUF1"WU"Fqnnct" Wpkvgf"Uvcvgu"Fqnnct."vjg"qhhkekcn"ewttgpe{"qh"vjg"Wpkvgf"Uvcvgu"qh"Cogtkec"WUC1"W0U01"WU" Wpkvgf"Uvcvgu"qh"Cogtkec."kvu"vgttkvqtkgu"cpf"rquuguukqpu."cp{"uvcvg"qh"vjg"Wpkvgf"Uvcvgu"qh"

    Cogtkec"cpf"vjg"Fkuvtkev"qh"Eqnwodkc""W0U0"ICCR" Igpgtcnn{"Ceegrvgf"Ceeqwpvkpi"Rtkpekrngu"kp"vjg"Wpkvgf"Uvcvg"qh"Cogtkec""XCV" Xcnwg"Cffgf"Vcz"XEHu" Xgpvwtg"ecrkvcn"hwpfu"cu"fghkpgf"kp"cpf"tgikuvgtgf"ykvj"vjg"UGDK"wpfgt"vjg"Ugewtkvkgu"cpf"

    Gzejcpig"Dqctf"qh"Kpfkc"*Xgpvwtg"Ecrkvcn"Hwpf+"Tgiwncvkqpu."3;;8"qt"vjg"Ugewtkvkgu"cpf"Gzejcpig"Dqctf"qh"Kpfkc"*Cnvgtpcvkxg"Kpxguvogpv"Hwpfu+"Tgiwncvkqpu."4234."cu"vjg"ecug"oc{"dg"

    "

  • "

    33""""

    Kpfwuvt{"Tgncvgf"Vgtou"""

    Vgto" Fguetkrvkqp"CSN" Ceegrvgf"Swcnkv{"Ngxgnu""ETO" Ewuvqogt"Tgeqtf"Ocpcigogpv""GDQu" Gzenwukxg"Dtcpf"Qwvngvu""WJPJ" Wnvtc/jkij"pgv"yqtvj"jqwugjqnfu""WJPK" Wnvtc/jkij"pgv"yqtvj"kpfkxkfwcn""JPJ" Jkij"pgv/yqtvj"jqwugjqnfu""

    "Vjg"yqtfu"cpf"gzrtguukqpu"wugf"dwv"pqv"fghkpgf"kp"vjku"Ftchv"Tgf"Jgttkpi"Rtqurgevwu"yknn"jcxg"vjg"ucog"ogcpkpi"cu"cuukipgf"vq"uwej"vgtou"wpfgt"vjg"Eqorcpkgu"Cev"3;78."cu"uwrgtugfgf"cpf"uwduvkvwvgf"d{"pqvkhkgf"rtqxkukqpu"qh"vjg"Eqorcpkgu"Cev"4235"*vqigvjgt"vjg"“Eqorcpkgu"Cev”)."vjg"Ugewtkvkgu"cpf"Gzejcpig"Dqctf"qh"Kpfkc"Cev."3;;4"(“UGDK"Cev”)."vjg"UGDK"KEFT"Tgiwncvkqpu."vjg"UETC."vjg"Fgrqukvqtkgu"Cev"cpf"vjg"twngu"cpf"tgiwncvkqpu"ocfg"vjgtgwpfgt0"""Notwithstanding the foregoing, terms in “Ockp"Rtqxkukqpu"qh"vjg"Ctvkengu"qh"Cuuqekcvkqp”, “Uvcvgogpv"qh"Vcz"Dgpghkvu”, “Kpfwuvt{"Qxgtxkgy”, “Tgiwncvkqpu"cpf"Rqnkekgu"kp"Kpfkc”, “Hkpcpekcn"Kphqtocvkqp”."“Qwvuvcpfkpi"Nkvkicvkqp"cpf"Ocvgtkcn"Fgxgnqrogpvu”"and “Rctv"D” of “Qhhgt"Rtqegfwtg”."yknn"jcxg"vjg"ogcpkpi"cuetkdgf"vq"uwej"vgtou"kp"vjgug"tgurgevkxg"ugevkqpu0"

  • "

    34""""

    EGTVCKP"EQPXGPVKQPU."WUG"QH"HKPCPEKCN"KPHQTOCVKQP"CPF"OCTMGV"FCVC"CPF"EWTTGPE["QH"RTGUGPVCVKQP""

    "Egtvckp"Eqpxgpvkqpu""Cnn"tghgtgpegu"kp"vjku"Ftchv"Tgf"Jgttkpi"Rtqurgevwu"vq"“India”"ctg"vq"vjg"Tgrwdnke"qh"Kpfkc0"""Hkpcpekcn"Fcvc""Wpnguu"kpfkecvgf"qvjgtykug."vjg"hkpcpekcn"fcvc"kp"vjku"Ftchv"Tgf"Jgttkpi"Rtqurgevwu"ku"fgtkxgf"htqo"qwt" tguvcvgf"eqpuqnkfcvgf"hkpcpekcn"kphqtocvkqp"cpf"tguvcvgf"uvcpfcnqpg"hkpcpekcn"kphqtocvkqp"cu"qh"cpf"hqt"vjg"Hkuecnu"gpfgf"Octej"53."4238."4237."4236."4235"cpf"4234"cpf"vjg"tgurgevkxg"pqvgu."uejgfwngu"cpf"cppgzwtgu"vjgtgvq."rtgrctgf"kp" ceeqtfcpeg" ykvj" vjg" Igpgtcnn{" Ceegrvgf" Ceeqwpvkpi" Rtkpekrngu" kp" Kpfkc" *vjg" “Kpfkcp" ICCR”) and the Eqorcpkgu"Cev"cpf"tguvcvgf"kp"ceeqtfcpeg"ykvj"vjg"UGDK"KEFT"Tgiwncvkqpu"cpf"kpenwfgf"gnugyjgtg"kp"vjku"Ftchv"Tgf"Jgttkpi"Rtqurgevwu0"""Egtvckp"fcvc"kpenwfgf"kp"vjku"Ftchv"Tgf"Jgttkpi"Rtqurgevwu"kp"tgncvkqp"vq"egtvckp"qrgtcvkpi"ogvtkeu."hkpcpekcn"cpf"qvjgt"dwukpguu"tgncvgf"kphqtocvkqp"pqv"qvjgtykug"kpenwfgf"kp"vjg"tguvcvgf"hkpcpekcn"kphqtocvkqp"jcu"dggp"tgxkgygf"cpf"xgtkhkgf"d{"Pc{{ct"Ocpkct"("Cuuqekcvgu"NNR"qt"FOTP"("Cuuqekcvgu." vjktf/rctv{"ejctvgtgf"ceeqwpvcpvu0"Hwtvjgt."vjg"uvcvgogpv"qh"vcz"dgpghkvu"jcu"dggp"tgxkgygf."egtvkhkgf"cpf"xgtkhkgf"d{"Clc{"Ycfjyc"cpf"Cuuqekcvgu."Ejctvgtgf"Ceeqwpvcpvu0""In this Draft Red Herring Prospectus, references to “revenue from Owned Brands” includes, in addition to tgxgpwgu" htqo"Ucv{c"Rcwn"cpf"Dy#vej." tgxgpwgu" htqo"rtkxcvg/ncdgn"eqpvtcev"ocpwhcevwtkpi"cpf"fkuvtkdwvkqp" hqt"egtvckp"vjktf/rctv{"dtcpfu."uqog"qh"yjkej"yg"jcxg"egcugf"vq"ocpwhcevwtg1fkuvtkdwvg"gkvjgt"dghqtg"qt"ykvj"ghhgev"htqo"Crtkn"3."4238."cu"crrnkecdng0"Hwtvjgt." kp" vjku"Ftchv"Tgf"Jgttkpi"Prospectus, references to “revenue from International Brands” means revenues from the distribution and sale of such international luxury and premium dtcpfu"cu"ctg"rctv"qh"qwt"rqtvhqnkq"htqo"vkog"vq"vkog."kp"tgurgev"qh"yjkej"yg"jcxg"fkuvtkdwvkqp"tkijvu"kp"Kpfkc0"Cu"qh"vjg"fcvg"qh"vjku"Ftchv"Tgf"Jgttkpi"Rtqurgevwu."yg"jcxg"vjg"tkijvu"vq"fkuvtkdwvg"38"uwej"kpvgtpcvkqpcn"dtcpfu."cu"fguetkdgf"kp"oqtg"fgvckn"in “Qwt"Dwukpguu” on page 3260"""Qwt"Company’s hkpcpekcn"{gct"eqoogpegu"qp"Crtkn"3"qh"vjg"koogfkcvgn{"rtgegfkpi"ecngpfct"{gct"cpf"gpfu"qp"Octej"53"qh"vjcv"rctvkewnct"ecngpfct"{gct."uq"cnn"tghgtgpegu"vq"c"rctvkewnct"hkpcpekcn"{gct"ctg"vq"vjg"34"oqpvj"rgtkqf"eqoogpekpi"qp"Crtkn"3"qh"vjg"koogfkcvgn{"rtgegfkpi"ecngpfct"{gct"cpf"gpfkpi"qp"Octej"53"qh"vjcv"rctvkewnct"ecngpfct"{gct0"""Vjgtg"ctg"ukipkhkecpv"fkhhgtgpegu"dgvyggp"vjg"Kpfkcp"ICCR."vjg"Kpvgtpcvkqpcn"Hkpcpekcn"Tgrqtvkpi"Uvcpfctfu"*vjg"“KHTU”) and the Generally Accepted Accounting Principles in the United States of America (vjg"“W0U0"ICCR”). Ceeqtfkpin{."vjg"fgitgg"vq"yjkej"vjg"hkpcpekcn" kphqtocvkqp"kpenwfgf"kp"vjku"Ftchv"Tgf"Jgttkpi"Rtqurgevwu"yknn"provide meaningful information is entirely dependent on the reader’s level of familiarity with Indian accounting rtcevkegu0"Cp{"tgnkcpeg"d{"rgtuqpu"pqv"hcoknkct"ykvj"Kpfkcp"ceeqwpvkpi"rtcevkegu."vjg"Kpfkcp"ICCR."vjg"Eqorcpkgu"Cev"cpf"vjg"UGDK"KEFT"Tgiwncvkqpu"qp"vjg"hkpcpekcn"fkuenquwtgu"rtgugpvgf"kp"vjku"Ftchv"Tgf"Jgttkpi"Rtqurgevwu"ujqwnf"ceeqtfkpin{"dg"nkokvgf0"Yg"jcxg"pqv"cvvgorvgf"vq"swcpvkh{"vjg"korcev"qh"vjg"KHTU"qt"vjg"W0U0"ICCR"qp"vjg"hkpcpekcn"fcvc"kpenwfgf"kp"vjku"Ftchv"Tgf"Jgttkpi"Rtqurgevwu."pqt"fq"yg"rtqxkfg"c"tgeqpeknkcvkqp"qh"qwt"hkpcpekcn"kphqtocvkqp"vq"vjqug"wpfgt"vjg"W0U0"ICCR"qt"vjg"KHTU"cpf"yg"wtig"{qw"vq"eqpuwnv"{qwt"qyp"cfxkuqtu"tgictfkpi"uwej"fkhhgtgpegu"cpf"vjgkt"korcev"qp"qwt"hkpcpekcn"fcvc0"""Qp"Hgdtwct{"38."4237."vjg"Okpkuvt{"qh"Eqtrqtcvg"Chhcktu"kuuwgf"vjg"Eqorcpkgu"*Kpfkcp"Ceeqwpvkpi"Uvcpfctfu+"Rules, 2015 (“KCU"Twngu”) for the purpose of enacting changes to Indian GAAP that are intended vq"cnkip"Kpfkcp"ICCR"hwtvjgt"ykvj"KHTU0"Vjg"KCU"Twngu"rtqxkfg"vjcv"vjg"hkpcpekcn"kphqtocvkqp"qh"vjg"eqorcpkgu"vq"yjkej"vjg{"crrn{"ujcnn"dg"rtgrctgf"cpf"cwfkvgf"kp"ceeqtfcpeg"ykvj"the Indian Accounting Standard (“KPF"*CU+”)."cnvjqwij"cp{"eqorcp{"oc{"xqnwpvctkn{"korngogpv"KPF"*CU+"hqt"vjg"ceeqwpvkpi"rgtkqf"dgikppkpi"htqo"Crtkn"3."42370""Yg"jcxg"pqv"ocfg"cp{"cvvgorv"vq"swcpvkh{"qt"kfgpvkh{"vjg"korcev"qh"vjg"fkhhgtgpegu"dgvyggp"Kpfkcp"ICCR"cpf"KPF"*CU+"cu"crrnkgf"vq"qwt"hkpcpekcn"kphqtocvkqp"cpf"kv"ku"wtigf"vjcv"{qw"eqpuwnv"{qwt"qyp"cfxkuqtu"tgictfkpi"vjg"korcev"qh"fkhhgtgpeg."kh"cp{."qp"hkpcpekcn"fcvc"kpenwfgf"kp"vjku"Ftchv"Tgf"Jgttkpi"Rtqurgevwu0"See “Tkum"Hcevqtu"–"Ukipkhkecpv"fkhhgtgpegu"gzkuv"dgvyggp"Kpfkcp"ICCR"cpf"qvjgt"ceeqwpvkpi"rtkpekrngu."uwej"cu"vjg"Kpvgtpcvkqpcn"Financial Reporting Standards (“IFRS”) and U.S. GAAP, which may be material to investors’ assessment of

  • "

    35""""

    qwt"hkpcpekcn"eqpfkvkqp0"Qwt"hcknwtg"vq"uweeguuhwnn{"cfqrv"KPF"*CU+"oc{"jcxg"cp"cfxgtug"ghhgev"qp"vjg"rtkeg"qh"qwt"Gswkv{"Ujctgu” on page 560""Egtvckp"hkiwtgu"eqpvckpgf"kp"vjku"Ftchv"Tgf"Jgttkpi"Rtqurgevwu."kpenwfkpi"hkpcpekcn"kphqtocvkqp."jcxg"dggp"uwdlgev"vq"tqwpfkpi"cflwuvogpvu0"Cnn"fgekocnu"jcxg"dggp"tqwpfgf"qhh"vq"vyq"fgekocn"rqkpvu0"Kp"egtvckp"kpuvcpegu."*k+"vjg"uwo"qt"rgtegpvcig"ejcpig"qh"uwej"pwodgtu"oc{"pqv"eqphqto"gzcevn{"vq"vjg"vqvcn"hkiwtg"ikxgp="cpf"*kk+"vjg"uwo"qh"vjg"pwodgtu"kp"c"eqnwop"qt"tqy"kp"egtvckp"vcdngu"oc{"pqv"eqphqto"gzcevn{"vq"vjg"vqvcn"hkiwtg"ikxgp"hqt"vjcv"eqnwop"qt"tqy0"Jqygxgt."yjgtg"cp{"hkiwtgu"vjcv"oc{"jcxg"dggp"uqwtegf"htqo"vjktf/rctv{"kpfwuvt{"uqwtegu"ctg"tqwpfgf"qhh" vq"qvjgt"vjcp"vyq"fgekocn"rqkpvu"kp"vjgkt"tgurgevkxg"uqwtegu."uwej"hkiwtgu"crrgct"kp"vjku"Ftchv"Tgf"Jgttkpi"Rtqurgevwu"cu"tqwpfgf/qhh"vq"uwej"pwodgt"qh"fgekocn"rqkpvu"cu"rtqxkfgf"kp"uwej"tgurgevkxg"uqwtegu0""Kpfwuvt{"cpf"Octmgv"Fcvc"""We have commissioned a report titled “Cuuguuogpv"qp"Kpfkcp"Nwzwt{"Iqqfu"Kpfwuvt{” dated Ugrvgodgt"37."4238."rtgrctgf"d{"Htquv"cpf"Uwnnkxcp"*Kpfkc+"Rtkxcvg"Nkokvgf."hqt"vjg"rwtrqug"qh"eqphktokpi"qwt"wpfgtuvcpfkpi"qh"vjg"kpfwuvt{"kp"eqppgevkqp"ykvj"vjg"Qhhgt0"Hwtvjgt."kp"vjku"tgictf."Htquv"cpf"Uwnnkxcp"*Kpfkc+"Rtkxcvg"Nkokvgf"jcu"kuuwgf"vjg"hqnnqykpi"fkuenckogt

  • "

    36""""

    Kp"vjku"Ftchv"Tgf"Jgttkpi"Rtqurgevwu."qwt"Eqorcp{"jcu"rtgugpvgf"egtvckp"pwogtkecn"kphqtocvkqp0"Cnn"hkiwtgu"jcxg"been expressed in millions. One million represents ‘10 lakhs’ or 1,000,000. However, where any figures that may jcxg"dggp"uqwtegf"htqo"vjktf/rctv{"kpfwuvt{"uqwtegu"ctg"gzrtguugf"kp"fgpqokpcvkqpu"qvjgt"vjcp"oknnkqpu"kp"vjgkt"tgurgevkxg"uqwtegu."uwej"hkiwtgu"crrgct"kp"vjku"Ftchv"Tgf"Jgttkpi"Rtqurgevwu"gzrtguugf"kp"uwej"fgpqokpcvkqpu"cu"rtqxkfgf"kp"uwej"tgurgevkxg"uqwtegu0""Gzejcpig"Tcvgu""Vjku"Ftchv"Tgf"Jgttkpi"Rtqurgevwu"eqpvckpu"eqpxgtukqpu"qh"W0U0"Fqnnctu"cpf"qvjgt"ewttgpe{"coqwpvu"kpvq"Kpfkcp"Twrggu"vjcv"jcxg"dggp"rtgugpvgf"uqngn{"vq"eqorn{"ykvj"vjg"tgswktgogpvu"qh"vjg"UGDK"KEFT"Tgiwncvkqpu0"Vjgug"eqpxgtukqpu"ujqwnf"pqv"dg"eqpuvtwgf"cu"c"tgrtgugpvcvkqp"vjcv"uwej"ewttgpe{"coqwpvu"eqwnf"jcxg"dggp."qt"ecp"dg"eqpxgtvgf"kpvq"Kpfkcp"Twrggu."cv"cp{"rctvkewnct"tcvg."qt"cv"cnn0""Vjg"gzejcpig"tcvgu"qh"egtvckp"ewttgpekgu"wugf"kp"vjku"Ftchv"Tgf"Jgttkpi"Rtqurgevwu"kpvq"Kpfkcp"Twrggu"ctg"rtqxkfgf"dgnqy0""

    "*kp"`+"Ewttgpe{" Gzejcpig"tcvg"

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    3"IDR" :9097" ;7042" ;4098" ;;095" :4049" :40:8"3"Gwt" 96084" 9702;" 89073" :407:" 8;076" 8:056"3"CGF" 3:047" 3:022" 39024" 38058" 3609;" 3603:"Uqwteg

  • "

    37""""

    HQTYCTF/NQQMKPI"UVCVGOGPVU""

    Vjku" Ftchv" Red Herring Prospectus contains certain “forward/looking statements”. These forward looking uvcvgogpvu"kpenwfg"uvcvgogpvu"yjkej"ecp"igpgtcnn{"dg"kfgpvkhkgf"d{"yqtfu"qt"rjtcugu"uwej"cu"“cko”, “cpvkekrcvg”, “dgnkgxg”, “gzrgev”, “guvkocvg”, “kpvgpf”."“nkmgn{"vq”, “qdlgevkxg”, “rncp”, “rtqrqug”, “yknn"eqpvkpwg”, “uggm"vq”, “yknn"rwtuwg” or other words or phrases of similar import0"""

    Vjgug"hqtyctf/nqqmkpi"uvcvgogpvu"ctg"dcugf"qp"qwt"ewttgpv"rncpu."guvkocvgu"cpf"gzrgevcvkqpu"cpf"cevwcn"tguwnvu"oc{"fkhhgt"ocvgtkcnn{"htqo"vjqug"uwiiguvgf"d{"uwej"hqtyctf/nqqmkpi"uvcvgogpvu0"Cnn"hqtyctf/nqqmkpi"uvcvgogpvu"ctg"uwdlgev"vq"tkumu."wpegtvckpvkgu"cpf"cuuworvkqpu"cdqwv"wu"vjcv"eqwnf"ecwug"cevwcn"tguwnvu"vq"fkhhgt"ocvgtkcnn{"htqo"vjqug"eqpvgorncvgf"d{"vjg"tgngxcpv"hqtyctf/nqqmkpi"uvcvgogpv0"Vjku"oc{"dg"fwg"vq"tkumu"qt"wpegtvckpvkgu"cuuqekcvgf"ykvj"qwt"gzrgevcvkqpu"ykvj"tgurgev"vq."dwv"pqv"nkokvgf"vq."tgiwncvqt{"ejcpigu"rgtvckpkpi"vq"vjg"kpfwuvtkgu"kp"Kpfkc"kp"yjkej"yg"jcxg"qwt"dwukpguugu"cpf"qwt"cdknkv{"vq"tgurqpf"vq"vjgo."qwt"cdknkv{"vq"uweeguuhwnn{"korngogpv"qwt"uvtcvgi{."qwt"itqyvj"cpf"gzrcpukqp."vgejpqnqikecn"ejcpigu."qwt"gzrquwtg"vq"octmgv"tkumu."igpgtcn"geqpqoke"cpf"rqnkvkecn"eqpfkvkqpu"kp"Kpfkc."yjkej"jcxg"cp"korcev"qp"qwt"dwukpguu"cevkxkvkgu"qt"kpxguvogpvu."vjg"oqpgvct{"cpf"hkuecn"rqnkekgu" qh" Kpfkc." kphncvkqp." fghncvkqp." wpcpvkekrcvgf" vwtdwngpeg" kp" kpvgtguv" tcvgu." hqtgkip" gzejcpig" tcvgu."gswkv{"rtkegu"qt"qvjgt"tcvgu"qt"rtkegu."vjg"rgthqtocpeg"qh"vjg"hkpcpekcn"octmgvu"kp"Kpfkc"cpf"inqdcnn{."ejcpigu"kp"fqoguvke" ncyu." tgiwncvkqpu" cpf" vczgu." ejcpigu" kp" eqorgvkvkqp" kp" qwt" kpfwuvt{" cpf" kpekfgpeg" qh" cp{" pcvwtcn"ecncokvkgu"cpf1qt"cevu"qh"xkqngpeg0"Korqtvcpv"hcevqtu"vjcv"yqwnf"ecwug"cevwcn"tguwnvu"vq"fkhhgt"ocvgtkcnn{"kpenwfg."kpenwfkpi."dwv"pqv"nkokvgf"vq

  • "

    38""""

    UGEVKQP"KK"/"TKUM"HCEVQTU"""Cp"kpxguvogpv"kp"gswkv{"ujctgu"kpxqnxgu"c"jkij"fgitgg"qh"tkum0"[qw"ujqwnf"ectghwnn{"eqpukfgt"cnn"vjg"kphqtocvkqp"fkuenqugf" kp" vjku"Ftchv"Tgf"Jgttkpi"Rtqurgevwu." kpenwfkpi"vjg"tkumu"cpf"wpegtvckpvkgu"fguetkdgf"dgnqy."dghqtg"ocmkpi"cp"kpxguvogpv"kp"vjg"Gswkv{"Ujctgu0"Vjg"tkumu"fguetkdgf"dgnqy"ctg"pqv"vjg"qpn{"qpgu"tgngxcpv"vq"wu"qt"vjg"Gswkv{"Ujctgu."qt"vjg"octmgv"hqt"nwzwt{"rtqfwevu"kp"Kpfkc0"Cffkvkqpcn"tkumu"cpf"wpegtvckpvkgu"pqv"rtgugpvn{"mpqyp"vq"wu"qt"vjcv"yg"ewttgpvn{"fggo"koocvgtkcn"oc{"cnuq"korckt"qwt"dwukpguu."hkpcpekcn"eqpfkvkqp."tguwnvu"qh"qrgtcvkqpu"cpf"rtqurgevu0"Kp"ocmkpi"cp"kpxguvogpv"fgekukqp."rtqurgevkxg"kpxguvqtu"owuv"tgn{"qp"vjgkt"qyp"gzcokpcvkqp"qh"wu"cpf"vjg"vgtou"qh"vjg"Qhhgt"kpenwfkpi"vjg"ogtkvu"cpf"vjg"tkumu"kpxqnxgf0"Kh"cp{"qh"vjg"tkumu"fguetkdgf"dgnqy"qt"qvjgt"tkumu" vjcv"ctg"ewttgpvn{"pqv"mpqyp"cevwcnn{"qeewt."qwt"dwukpguu." hkpcpekcn"eqpfkvkqp."tguwnvu"qh"qrgtcvkqpu"cpf"rtqurgevu" eqwnf" dg" cfxgtugn{" chhgevgf." vjg" vtcfkpi" rtkeg" qh" vjg" Gswkv{"Ujctgu" eqwnf" fgenkpg." cpf" rtqurgevkxg"kpxguvqtu"oc{"nqug"cnn"qt"rctv"qh"vjgkt"kpxguvogpv0"[qw"ujqwnf"eqpuwnv"{qwt"vcz."hkpcpekcn"cpf"ngicn"cfxkuqtu"cdqwv"vjg"rctvkewnct"eqpugswgpegu"vq"{qw"qh"cp"kpxguvogpv"kp"vjg"Gswkv{"Ujctgu0"Rtqurgevkxg"kpxguvqtu"ujqwnf"tgcf"vjku"ugevkqp"kp"eqplwpevkqp"ykvj"vjg"qvjgt"ugevkqpu"qh"vjku"Ftchv"Tgf"Jgttkpi"Rtqurgevwu." kp"rctvkewnct"vjg"ugevkqpu"titled “Qwt" Dwukpguu”, “Kpfwuvt{" Qxgtxkgy” and “Management’s Discussion and Analysis of Financial Eqpfkvkqp" cpf" Tguwnvu" qh" Qrgtcvkqpu” on pages 326." ;4" cpf" 496." tgurgevkxgn{." cu" ygnn" cu" vjg" tguvcvgf"eqpuqnkfcvgf"hkpcpekcn"kphqtocvkqp"cpf"vjg"tguvcvgf"uvcpfcnqpg"hkpcpekcn"kphqtocvkqp"kpenwfgf"kp"vjg"ugevkqp"vkvngf"“Hkpcpekcn"Uvcvgogpvu” on page 37;0"Vjku"Ftchv"Tgf"Jgttkpi"Rtqurgevwu"eqpvckpu"hqtyctf/nqqmkpi"uvcvgogpvu"vjcv" kpxqnxg"tkumu"cpf"wpegtvckpvkgu0"Qwt"cevwcn"tguwnvu"eqwnf"fkhhgt"ocvgtkcnn{" htqo" vjqug"cpvkekrcvgf" kp" vjgug"hqtyctf/nqqmkpi" uvcvgogpvu" cu" c" tguwnv" qh" egtvckp" hcevqtu." kpenwfkpi" vjg" eqpukfgtcvkqpu" fguetkdgf" dgnqy" cpf"elsewhere in this Draft Red Herring Prospectus. For further details, see “Hqtyctf/Nqqmkpi"Uvcvgogpvu” on page 370"Wpnguu"qvjgtykug"uvcvgf"qt"vjg"eqpvgzv"tgswktgu."hkpcpekcn"kphqtocvkqp"wugf"kp"vjku"ugevkqp"ku"fgtkxgf"htqo"vjg"Tguvcvgf"Eqpuqnkfcvgf"Hkpcpekcn"Kphqtocvkqp"qh"qwt"Eqorcp{0"""Kpvgtpcn"Tkum"Hcevqtu""

    30 Kh"yg"ctg"wpcdng"vq"ockpvckp"gzkuvkpi"cpf1qt"guvcdnkuj"pgy"cttcpigogpvu"ykvj"vjg"dtcpf"qypgtu"hqt"vjg"fkuvtkdwvkqp"qh"kpvgtpcvkqpcn"nwzwt{"rtqfwevu"kp"Kpfkc."qt"ctg"wpcdng"vq"rtqewtg"cp"cfgswcvg"uwrrn{"qh"rtqfwevu."qwt"dwukpguu"yqwnf"dg"cfxgtugn{"chhgevgf0"""Yg"jcxg"gpvgtgf"kpvq"fkuvtkdwvkqp1"lqkpv"xgpvwtg"citggogpvu"ykvj"dtcpf"qypgtu"kp"tgncvkqp"vq"38"kpvgtpcvkqpcn"dtcpfu" kp" Kpfkc" *vjg" “Kpvgtpcvkqpcn" Dtcpfu”), pursuant to which we distribute" nwzwt{" cpf" rtgokwo"rtqfwevu0"Vjgug"cttcpigogpvu"ctg"rtgfqokpcpvn{"kp"vjg"hqto"qh"fkuvtkdwvqt"cpf" lqkpv"xgpvwtg"citggogpvu"yjkej."qvjgt"vjcp"hqt"qpg"qh"vjg"Kpvgtpcvkqpcn"Dtcpfu."rtqxkfg"wu"ykvj"vjg"gzenwukxg"tkijv"vq"fkuvtkdwvg"vjg"rtqfwevu" qh" uwej" Kpvgtpcvkqpcn" Dtcpfu" ykvjkp" Kpfkc" *qvjgt" vjcp" fwv{" htgg" uvqtgu" cpf" qpnkpg" fkuvtkdwvkqp"ejcppgnu" hqt"egtvckp" Kpvgtpcvkqpcn"Dtcpfu+0"Yjkng"yg"uvtkxg" vq"gpvgt" kpvq" nqpi/vgto" citggogpvu"ykvj" vjg"dtcpf"qypgtu."qwt"ewttgpv"citggogpvu"v{rkecnn{"tcpig"htqo"c"vgto"qh" vjtgg"vq"42"{gctu0"Kp"vjg"cdugpeg"qh"nqpi/vgto"citggogpvu"ykvj"uqog"qh"vjg"dtcpf"qypgtu."yg"ecppqv"cuuwtg"{qw"vjcv"vjg{"yknn"eqpvkpwg"vq"dg"cuuqekcvgf"*gzenwukxgn{"qt"qvjgtykug+"ykvj"wu"qp"tgcuqpcdng"vgtou."qt"cv"cnn0"Hwtvjgt."vjg"dtcpf"qypgtu"oc{"tgecnkdtcvg" vjgkt" inqdcn" uvtcvgi{" xku/ä/xku" Kpfkc" cu" c"octmgv." yjkej" eqwnf" tguwnv" kp" vgtokpcvkqp" qh" qwt"citggogpvu"ykvj"vjgo"qt"tgpgiqvkcvkqp"qt"tgpgycn"qh"citggogpvu"qp"vgtou"nguu"hcxqwtcdng"vq"wu0"Kh"qpg"qt"oqtg" qh" qwt" citggogpvu" ykvj" uwej"dtcpf" qypgtu" ku" tgpgiqvkcvgf" qt" vgtokpcvgf." qwt"dwukpguu." tguwnvu" qh"qrgtcvkqpu"cpf"hkpcpekcn"eqpfkvkqp"oc{"dg"cfxgtugn{"chhgevgf0"Cu"c"tguwnv."yg"oc{"dg"tgswktgf"vq"gpvgt"kpvq"cnvgtpcvg"cttcpigogpvu"ykvj"qvjgt"dtcpf"qypgtu."yjkej"oc{"pqv"dg"qp" vgtou"hcxqwtcdng" vq"wu"qt"yjqug"dtcpfu"oc{"pqv"dg"cu"tgeqipk|cdng"qt" kp"fgocpf."cpf"eqwnf" ngcf" vq"cp"cfxgtug" korcev"qp"qwt"dwukpguu0"Cffkvkqpcnn{."cu"qp"Cwiwuv"53."4238."vjtgg"qh"qwt"fkuvtkdwvkqp"citggogpvu"ykvj"vjg"Kpvgtpcvkqpcn"Dtcpfu"ctg"fwg"vq"ncrug"kp"vjg"pgzv"34"oqpvju"kp"ceeqtfcpeg"ykvj"vjgkt"vgtou0"Hwtvjgt."qwt"fkuvtkdwvkqp"citggogpv"ykvj"qpg"qh"vjg"Kpvgtpcvkqpcn"Dtcpfu"gzrktgf"kp"Octej"4238."cpf"cnvjqwij"yg"eqpvkpwg"vq"fkuvtkdwvg"uwej"dtcpf"qp"vjg"ucog"vgtou"cu"qwt"gzrktgf"fkuvtkdwvkqp"citggogpv."vjgtg"ecp"dg"pq"cuuwtcpeg"vjcv"yg"yknn"dg"cdng"vq"tgpgy"uwej"cttcpigogpv"qp"vgtou"ceegrvcdng"vq"wu."qt"cv"cnn0"Kh"qwt"fkuvtkdwvkqp"citggogpvu"kp"tgncvkqp"vq"vjg"Kpvgtpcvkqpcn"Dtcpfu"ctg"pqv"tgpgygf."qt"ctg"pqv"tgpgygf"qp"vgtou"cpf"eqpfkvkqpu"vjcv"ctg"hcxqwtcdng"vq"wu."qwt"dwukpguu."hkpcpekcn"eqpfkvkqp"cpf"tguwnvu"qh"qrgtcvkqp"oc{"dg"cfxgtugn{"chhgevgf0"""Yg"jcxg"gpvgtgf"kpvq"lqkpv"xgpvwtg"citggogpvu"ykvj"dtcpf"qypgtu"yjkej"rtqxkfg"qwt"lqkpv"xgpvwtgu"ykvj"exclusive distribution rights for, ‘Dwtdgtt{’, ‘Xknngtq{"("Dqej’ and ‘Ecpcnk’ products in Ipfkc0"Jqygxgt."we do not have “control” qxgt" uwej" eqorcpkgu." cpf" vjgtghqtg" ecppqv"ocmg"ocpcigogpv" cpf" dwukpguu"fgekukqpu"qp"dgjcnh"qh"uwej"eqorcpkgu0"Kh"eqpuwogtu"jcxg"eqornckpvu"tgictfkpi"dwukpguu"fgekukqpu"qh"uwej"eqorcpkgu" qt" gzrgtkgpeg" rtqfwev" tgncvgf" kuuwgu." uwej" eqornckpvu"oc{" jcxg" cp" cfxgtug" korcev" qp" qwt"tgrwvcvkqp"cpf"vjg"ucngu"qh"uwej"rtqfwevu0"

  • "

    39""""

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  • "

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