Insider Trading - Caution

In terms of The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 (the 'Regulations'), as amended from time to time, 'Insiders' are prohibited, when in possession of any unpublished price sensitive information in relation to the Company, from buying /selling the Company's securities, either on their own behalf or on the behalf of any other person. Such 'Insiders' are also prohibited from communicating or counseling or procuring any unpublished price sensitive information to / from any person.

Under the Regulations, an 'Insider' has been defined as any person who,

1. is or was connected with the Company or is deemed to have been connected with the Company and who is reasonably expected to have access to unpublished price sensitive information in relation to the Company's securities, or
2. has received or has had access to such unpublished price sensitive information.

Such 'Insiders' will, inter alia, include:

• Any person having a professional or business relationship with the Company
• Auditors
• Associate / subsidiary companies
• Debenture Trustees
• Investment Advisors
• Merchant Bankers

In view of the above, 'Insiders' are advised not to deal in the securities of the Company, while in possession of unpublished price sensitive information. Further, 'Insiders' are also advised to acquaint themselves with the provisions contained in the Regulations

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