(as per Clause 49 (VII) of the Listing Agreement)

The Company shall enter into transactions with related parties only on Arm’s length basis, supported by agreement or formal letter. If the transaction is not on arm’s length basis, then necessary compliances under Companies Act, 2013 and/or Listing Agreement will be adhered to.

For the purpose of the above clause, transaction with a related party shall be considered material if the transaction / transactions to be entered into individually or taken together with previous transactions during a financial year, exceeds 10% of the annual consolidated turnover of the company as per the last audited financial statements of the company.