Exhibit 4.2


 


 


 



 


Form of
DEPOSIT AGREEMENT


 


 



 


by and among


 


Videocon
d2h Limited 


 


as Issuer,


 


DEUTSCHE BANK TRUST COMPANY AMERICAS


 


as Depositary,


 


AND


 


THE HOLDERS AND BENEFICIAL OWNERS

OF AMERICAN DEPOSITARY SHARES EVIDENCED BY

AMERICAN DEPOSITARY RECEIPTS ISSUED HEREUNDER


 


 



 


Dated
as of [●], 2015


 


 



 




    	 



    	 



    

 


DEPOSIT AGREEMENT


 


DEPOSIT AGREEMENT, dated as of [●],
2015, by and among (i) Videocon d2h Limited, a company incorporated in India, with its principal executive office at 1st Floor,
Techweb Centre, New Link Road, Oshiwara Jogeshwari (West), Mumbai 400 102, Maharashtra, India (together with its successors, the
“Company”), (ii) Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche
Bank A.G., acting in its capacity as depositary, with its principal office at 60 Wall Street, New York, NY 10005, United
States of America and any successor depositary hereunder (the “Depositary”), and (iii) all Holders and
Beneficial Owners of American Depositary Shares evidenced by American Depositary Receipts issued hereunder (all such capitalized
terms as hereinafter defined).


 


WITNESSETH THAT:


 


WHEREAS, the Company desires to
establish an ADR facility with the Depositary to provide for the deposit of the Shares and the creation of American Depositary
Shares representing the Shares so deposited; and


 


WHEREAS, the Depositary is willing
to act as the Depositary for such ADR facility upon the terms set forth in this Deposit Agreement; and


 


WHEREAS, the American Depositary
Receipts evidencing the American Depositary Shares issued pursuant to the terms of this Deposit Agreement are to be substantially
in the forms of Exhibit A and Exhibit B annexed hereto, with appropriate insertions, modifications and omissions,
as hereinafter provided in this Deposit Agreement; and


 


WHEREAS, the American Depositary
Shares to be issued pursuant to the terms of this Deposit Agreement are accepted for trading on the NASDAQ; and


 


WHEREAS, the Board of Directors
of the Company (or an authorized committee thereof) has duly approved the establishment of an ADR facility upon the terms set forth
in this Deposit Agreement, the execution and delivery of this Deposit Agreement on behalf of the Company, and the actions of the
Company and the transactions contemplated herein.


 


NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:


 


ARTICLE I.



DEFINITIONS


 


All capitalized terms used, but not otherwise
defined, herein shall have the meanings set forth below, unless otherwise clearly indicated:


 


SECTION 1.1  “Affiliate”
shall have the meaning assigned to such term by the Commission under Regulation C promulgated under the Securities Act.


 


SECTION 1.2  “Agent”
shall mean such entity or entities as the Depositary may appoint under Section 7.8 hereof, including the Custodian or any
successor or addition thereto.


 



    	 



    	 



    

 


SECTION 1.3  “American
Depositary Share(s)” and “ADS(s)” shall mean the securities represented by the rights and interests in the
Deposited Securities granted to the Holders and Beneficial Owners pursuant to this Deposit Agreement and evidenced by the American
Depositary Receipts issued hereunder. Each American Depositary Share shall represent the right to receive four Shares, until
there shall occur a distribution upon Deposited Securities referred to in Section 4.2 hereof or a change in Deposited Securities
referred to in Section 4.9 hereof with respect to which additional American Depositary Receipts are not executed and delivered
and thereafter each American Depositary Share shall represent the Shares or Deposited Securities specified in such Sections.


 


SECTION 1.4  “Article”
shall refer to an article of the American Depositary Receipts as set forth in the Form of Face of Receipt and Form of Reverse of
Receipt in Exhibit A and Exhibit B annexed hereto.


 


SECTION 1.5  “Articles
of Association” shall mean the articles of association of the Company, as amended from time to time.


 


SECTION 1.6  “ADS
Record Date” shall have the meaning given to such term in Section 4.7 hereof.


 


SECTION 1.7  “Beneficial
Owner” shall mean as to any ADS, any person or entity having a beneficial interest in such ADS. A Beneficial Owner need
not be the Holder of the ADR evidencing such ADSs. A Beneficial Owner may exercise any rights or receive any benefits hereunder
solely through the Holder of the ADR(s) evidencing the ADSs in which such Beneficial Owner has an interest.


 


SECTION 1.8  “Business
Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not (a) a day on which banking institutions
in the Borough of Manhattan, The City of New York are authorized or obligated by law or executive order to close and (b) a
day on which the market(s) in which Receipts are traded are closed.


 


SECTION 1.9  “Commission”
shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United States.


 


SECTION 1.10  “Company”
shall mean Videocon d2h Limited, a company incorporated and existing under the laws of India, and its successors.


 


SECTION 1.11  “Corporate
Trust Office” when used with respect to the Depositary, shall mean the corporate trust office of the Depositary at which
at any particular time its depositary receipts business shall be administered, which, at the date of this Deposit Agreement, is
located at 60 Wall Street, New York, New York 10005, U.S.A.


 


SECTION 1.12  “Custodian”
shall mean, as of the date hereof, ICICI Bank Limited, having its principal office at __________________________________, as the
custodian for the purposes of this Deposit Agreement, and any other firm or corporation which may hereinafter be appointed by the
Depositary pursuant to the terms of Section 5.5 hereof as a successor or an additional custodian or custodians hereunder, as the
context shall require. The term “Custodian” shall mean all custodians, collectively.


 



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SECTION 1.13  “Deliver”,
“Deliverable” and “Delivery” shall mean, when used in respect of American Depositary Shares,
Receipts, Deposited Securities and Shares, the physical delivery of the certificate representing such security, or the electronic
delivery of such security by means of book-entry transfer (except with respect to the Shares), as appropriate, including, without
limitation, through DRS/Profile. With respect to DRS/Profile ADRs, the terms “execute”, “issue”,
“register”, “surrender”, “transfer” or “cancel” refer
to applicable entries or movements to or within DRS/Profile.


 


SECTION 1.14  “Deposit
Agreement” shall mean this Deposit Agreement and all exhibits annexed hereto, as the same may from time to time be amended
and supplemented in accordance with the terms hereof.


 


SECTION 1.15  “Depositary”
shall mean Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank AG, in its capacity
as depositary under the terms of this Deposit Agreement, and any successor depositary hereunder.


 


SECTION 1.16  “Deposited
Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit Agreement
and any and all other securities, property and cash received or deemed to be received by the Depositary or the Custodian in respect
thereof and held hereunder, subject, in the case of cash, to the provisions of Section 4.6 hereof and, in the case of collateral
delivered in connection with Pre-Release Transactions, to the provisions
of Section 2.10 hereof.


 


SECTION 1.17  “Dollars”
and “$” shall mean the lawful currency of the United States.


 


SECTION 1.18  “DRS/Profile”
shall mean the system for the uncertificated registration of ownership of securities pursuant to which ownership of ADSs is maintained
on the books of the Depositary without the issuance of a physical certificate and transfer instructions may be given to allow for
the automated transfer of ownership between the books of DTC and the Depositary. Ownership of ADSs held in DRS/Profile is evidenced
by periodic statements issued by the Depositary to the Holders entitled thereto.


 


SECTION 1.19  “DTC”
shall mean The Depository Trust Company, the central book-entry clearinghouse and settlement system for securities traded in the
United States, and any successor thereto.


 


SECTION 1.20  “Exchange
Act” shall mean the U.S. Securities Exchange Act of 1934, as from time to time amended.


 


SECTION 1.21  “Foreign
Currency” shall mean any currency other than Dollars.


 


SECTION 1.22  “Foreign
Registrar” shall mean the entity, if any, that carries out the duties of registrar for the Shares or any successor as
registrar for the Shares and any other appointed agent of the Company for the transfer and registration of Shares or, if no such
agent is so appointed and acting, the Company.


 


SECTION 1.23  “Holder”
shall mean the person in whose name a Receipt is registered on the books of the Depositary (or the Registrar, if any) maintained
for such purpose. A Holder may or may not be a Beneficial Owner. A Holder shall be deemed to have all requisite authority to act
on behalf of the Beneficial Owners of the ADRs registered in such Holder’s name.


 



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SECTION 1.24  “Indemnified
Person” and “Indemnifying Person” shall have the meaning set forth in Section 5.8 hereof.


 


SECTION 1.25  “Memorandum”
shall mean the memorandum of association of the Company.


 


SECTION 1.26  “Opinion
of Counsel” shall mean a written opinion from legal counsel to the Company who is acceptable to the Depositary.


 


SECTION 1.27  “Pre-Release
Transaction” shall have the meaning set forth in Section 2.10 hereof.


 


SECTION 1.28  “Receipt(s);
“American Depositary Receipt(s)”; and “ADR(s)” shall mean the certificate(s) or statement(s) issued
by the Depositary evidencing the American Depositary Shares issued under the terms of this Deposit Agreement, as such Receipts
may be amended from time to time in accordance with the provisions of this Deposit Agreement. References to Receipts shall include
physical certificated Receipts as well as ADSs issued through any book-entry system, including, without limitation, DRS/Profile,
unless the context otherwise requires.


 


SECTION 1.29  “Registrar”
shall mean the Depositary or any bank or trust company having an office in the Borough of Manhattan, The City of New York, which
shall be appointed by the Depositary to register ownership of Receipts and transfer of Receipts as herein provided, and shall include
any co-registrar appointed by the Depositary for such purposes. Registrars (other than the Depositary) may be removed and substitutes
appointed by the Depositary.


 


SECTION 1.30  “Restricted
ADRs” shall have the meaning set forth in Section 2.11 hereof.


 


SECTION 1.31  “Restricted
ADSs” shall have the meaning set forth in Section 2.11 hereof.


 


SECTION 1.32  “Restricted
Securities” shall mean Shares, or American Depositary Shares representing such Shares, which (i) have been acquired
directly or indirectly from the Company or any of its Affiliates in a transaction or chain of transactions not involving any public
offering and subject to resale limitations under the Securities Act or the rules issued thereunder, (ii) are held by an officer
or director (or persons performing similar functions) or other Affiliate of the Company or (iii) are subject to other restrictions
on sale or deposit under the laws of the United States or Indian, under a shareholders’ agreement, [shareholders’ lock-up
agreements] or the Articles of Association or under the regulations of an applicable securities exchange unless, in each case, such
Shares are being sold to persons other than an Affiliate of the Company in a transaction (x) covered by an effective resale
registration statement or (y) exempt from the registration requirements of the Securities Act (as hereafter defined) and the
Shares are not, when held by such person, Restricted Securities.


 


SECTION 1.33  “Restricted
Shares” shall have the meaning set forth in Section 2.11 hereof.


 


SECTION 1.34  “Securities
Act” shall mean the United States Securities Act of 1933, as from time to time amended.


 



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SECTION 1.35  “Shares”
shall mean equity shares in registered form of the Company, face value 10 Indian Rupees each , heretofore or hereafter validly
issued and outstanding and fully paid. References to Shares shall include evidence of rights to receive Shares, whether or not
stated in the particular instance; provided, however, that in no event shall Shares include evidence of rights to receive
Shares with respect to which the full purchase price has not been paid or Shares as to which pre-emptive rights have theretofore
not been validly waived or exercised; and provided further, however, that, if there shall occur any change in face value,
split-up, consolidation, reclassification, conversion or any other event described in Section 4.9 hereof in respect of the
Shares, the term “Shares” shall thereafter, to the extent permitted by law, represent the successor securities resulting
from such change in face value, split-up, consolidation, exchange, conversion, reclassification or event.


 


SECTION 1.36  “United
States” or “U.S.” shall mean the United States of America.


 


ARTICLE II. 



APPOINTMENT OF DEPOSITARY; FORM OF RECEIPT; DEPOSIT OF SHARES; 

EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS


 


SECTION 2.1  Appointment
of Depositary. The Company hereby appoints the Depositary as exclusive depositary for the Deposited Securities and hereby authorizes
and directs the Depositary to act in accordance with the terms set forth in this Deposit Agreement. Each Holder and each Beneficial
Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms of this Deposit Agreement,
shall be deemed for all purposes to (a) be a party to and bound by the terms of this Deposit Agreement and (b) appoint
the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated
in this Deposit Agreement, to adopt any and all procedures necessary to comply with applicable law and to take such action as the
Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of this Deposit Agreement (the taking
of such actions to be the conclusive determinant of the necessity and appropriateness thereof).


 


SECTION 2.2  Form
and Transferability of Receipts.


 


(a)          Form. Receipts in certificated
form shall be substantially in the forms set forth in Exhibit A and Exhibit B annexed to this Deposit Agreement,
with appropriate insertions, modifications and omissions, as hereinafter provided. Receipts may be issued in denominations of any
number of American Depositary Shares. No Receipt in certificated form shall be entitled to any benefits under this Deposit Agreement
or be valid or obligatory for any purpose, unless such Receipt shall have been executed by the Depositary by the manual or facsimile
signature of a duly authorized signatory of the Depositary. The Depositary shall maintain books on which each Receipt so executed
and Delivered, in the case of Receipts in certificated form, and each Receipt issued through any book-entry system, including,
without limitation, DRS/Profile, in either case as hereinafter provided, and the transfer of each such Receipt shall be registered.
Receipts in certificated form bearing the manual or facsimile signature of a duly authorized signatory of the Depositary who was
at any time a proper signatory of the Depositary shall bind the Depositary, notwithstanding that such signatory has ceased to hold
such office prior to the execution and Delivery of such Receipts by the Registrar or did not hold such office on the date of issuance
of such Receipts.


 



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Notwithstanding anything in this Deposit
Agreement or in the form of Receipt to the contrary, the Depositary may, in its discretion, issue ADRs, including Restricted ADRs,
in certificated form or through any book-entry system, including, without limitation, DRS/Profile, and Holders of ADRs shall only
be entitled to receive Receipts in certificated form to the extent the Depositary has made Receipts in certificated form available
at the expense of the Company (i) in its sole discretion, or (ii) (a) during a continuous period lasting at least
14 days during which DTC ceases to operate as a book-entry clearing house and settlement system (other than by reason of holidays,
statutory or otherwise) or (b) if DTC announces an intention permanently to cease and subsequently ceases business as a book-entry
clearing house and settlement system and no alternative book-entry clearing house and settlement system satisfactory to the Depositary
is available within 45 days. Holders and Beneficial Owners shall be bound by the terms and conditions of this Deposit Agreement
and of the form of Receipt, regardless of whether their Receipts are in certificated form or are issued through any book-entry
system, including, without limitation, DRS/Profile.


 


(b)          Legends. In addition to the
foregoing, the Receipts may, and upon the written request of the Company shall, be endorsed with, or have incorporated in the text
thereof, such legends or recitals or modifications not inconsistent with the provisions of this Deposit Agreement as may be (i) necessary
to enable the Depositary and the Company to perform their respective obligations hereunder, (ii) required to comply with any
applicable laws or regulations, or with the rules and regulations of any securities exchange or market upon which ADSs may be traded,
listed or quoted, or to conform with any usage with respect thereto, (iii) necessary to indicate any special limitations or
restrictions to which any particular ADRs or ADSs are subject by reason of the date of issuance of the Deposited Securities or
otherwise or (iv) required by any book-entry system in which the ADSs are held. Holders and Beneficial Owners shall be deemed,
for all purposes, to have notice of, and to be bound by, the terms and conditions of the legends set forth, in the case of Holders,
on the ADR registered in the name of the applicable Holders or, in the case of Beneficial Owners, on the ADR representing the ADSs
owned by such Beneficial Owners.


 


(c)          Title. Subject to the limitations
contained herein and in the form of Receipt, title to a Receipt (and to the ADSs evidenced thereby), when properly endorsed (in
the case of certificated Receipts) or upon delivery to the Depositary of proper instruments of transfer, shall be transferable
by delivery with the same effect as in the case of a negotiable instrument under the laws of the State of New York; provided, however,
that the Depositary, notwithstanding any notice to the contrary, may treat the Holder thereof as the absolute owner thereof for
the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for
in this Deposit Agreement and for all other purposes and neither the Depositary nor the Company will have any obligation or be
subject to any liability under the Deposit Agreement to any holder of a Receipt, unless such holder is the Holder thereof.


 



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SECTION 2.3  Deposits.


 


(a)          Subject to the terms and conditions
of this Deposit Agreement and applicable law, Shares or evidence of rights to receive Shares (including Restricted Securities)
may be deposited by any person (including the Depositary in its individual capacity but subject, however, in the case of the Company
or any Affiliate of the Company, to Section 5.7 hereof) at any time beginning on the 181st day after the date of the prospectus
contained in the registration statement on Form F-4 under which the ADSs are first sold, whether or not the transfer books of the
Company or the Foreign Registrar, if any, are closed, by Delivery of the Shares to the Custodian. Except for Shares deposited by
the Company in connection with the initial sale of ADSs under the registration statement on Form F-4, no deposit of Shares shall
be accepted under this Deposit Agreement prior to such date. Every deposit of Shares shall be accompanied by the following: (A)(i) in
the case of Shares represented by certificates issued in registered form, appropriate instruments of transfer or endorsement, in
a form satisfactory to the Custodian, (ii) in the case of Shares represented by certificates issued in bearer form, such Shares
or the certificates representing such Shares and (iii) in the case of Shares Delivered by book-entry transfer, confirmation
of such book-entry transfer to the Custodian or that irrevocable instructions have been given to cause such Shares to be so transferred,
(B) such certifications and payments (including, without limitation, the Depositary’s fees and related charges) and
evidence of such payments (including, without limitation, stamping or otherwise marking such Shares by way of receipt) as may be
required by the Depositary or the Custodian in accordance with the provisions of this Deposit Agreement, (C) if the Depositary
so requires, a written order directing the Depositary to execute and Deliver to, or upon the written order of, the person or persons
stated in such order a Receipt or Receipts for the number of American Depositary Shares representing the Shares so deposited, (D) evidence
satisfactory to the Depositary (which may include an opinion of counsel reasonably satisfactory to the Depositary provided at the
cost of the person seeking to deposit Shares) that all conditions to such deposit have been met and all necessary approvals have
been granted by, and there has been compliance with the rules and regulations of, any applicable governmental agency and (E) if
the Depositary so requires, (i) an agreement, assignment or instrument satisfactory to the Depositary or the Custodian which
provides for the prompt transfer by any person in whose name the Shares are or have been recorded to the Custodian of any distribution,
or right to subscribe for additional Shares or to receive other property in respect of any such deposited Shares or, in lieu thereof,
such indemnity or other agreement as shall be satisfactory to the Depositary or the Custodian and (ii) if the Shares are registered
in the name of the person on whose behalf they are presented for deposit, a proxy or proxies entitling the Custodian to exercise
voting rights in respect of the Shares for any and all purposes until the Shares so deposited are registered in the name of the
Depositary, the Custodian or any nominee. No Share shall be accepted for deposit unless accompanied by confirmation or such additional
evidence, if any is required by the Depositary, that is reasonably satisfactory to the Depositary or the Custodian that all conditions
to such deposit have been satisfied by the person depositing such Shares under the laws and regulations of India and any necessary
approval has been granted by any governmental body in India, if any, which is then performing the function of the regulator of
currency exchange. The Depositary may issue Receipts against evidence of rights to receive Shares from the Company, any agent of
the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records
in respect of the Shares. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this
Deposit Agreement any Shares or other Deposited Securities required to be registered under the provisions of the Securities Act,
unless a registration statement is in effect as to such Shares or other Deposited Securities, or any Shares or other Deposited
Securities the deposit of which would violate any provisions of the Memorandum and Articles of Association. The Depositary shall
use commercially reasonable efforts to comply with reasonable written instructions of the Company that the Depositary shall not
accept for deposit hereunder any Shares specifically identified in such instructions at such times and under such circumstances
as may reasonably be specified in such instructions in order to facilitate the Company’s compliance with the securities laws
in the United States and other jurisdictions, provided that the Company shall indemnify the Depositary and the Custodian for any
claims and losses arising from not accepting the deposit of any Shares identified in the Company’s instructions.


 



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(b)          As soon as practicable after receipt
of any permitted deposit hereunder and compliance with the provisions of this Deposit Agreement, the Custodian shall present the
Shares so deposited, together with the appropriate instrument or instruments of transfer or endorsement, duly stamped, to the Foreign
Registrar for transfer and registration of the Shares (as soon as transfer and registration can be accomplished and at the expense
of the person for whom the deposit is made) in the name of the Depositary, the Custodian or a nominee of either. Deposited Securities
shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or a nominee, in each case
for the account of the Holders and Beneficial Owners, at such place or places as the Depositary or the Custodian shall determine.


 


(c)          In the event any Shares are deposited
which entitle the holders thereof to receive a per-share distribution or other entitlement in an amount different from the Shares
then on deposit, the Depositary is authorized to take any and all actions as may be necessary (including, without limitation, making
the necessary notations on Receipts) to give effect to the issuance of such ADSs and to ensure that such ADSs are not fungible
with other ADSs issued hereunder until such time as the entitlement of the Shares represented by such non-fungible ADSs equals
that of the Shares represented by ADSs prior to such deposit. The Company agrees to give timely written notice to the Depositary
if any Shares issued or to be issued contain rights different from those of any other Shares theretofore issued and shall assist
the Depositary with the establishment of procedures enabling the identification of such non-fungible Shares upon Delivery to the
Custodian.


 


SECTION 2.4  Execution
and Delivery of Receipts. After the deposit of any Shares pursuant to Section 2.3 hereof, the Custodian shall notify the
Depositary of such deposit and the person or persons to whom or upon whose written order a Receipt or Receipts are Deliverable
in respect thereof and the number of American Depositary Shares to be evidenced thereby. Such notification shall be made by letter,
first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by cable, telex, SWIFT,
facsimile or electronic transmission. After receiving such notice from the Custodian, the Depositary, subject to this Deposit Agreement
(including, without limitation, the payment of the fees, expenses, taxes and/or other charges owing hereunder), shall issue the
ADSs representing the Shares so deposited to or upon the order of the person or persons named in the notice Delivered to the Depositary
and shall execute and Deliver a Receipt registered in the name or names requested by such person or persons evidencing in the aggregate
the number of American Depositary Shares to which such person or persons are entitled. Nothing herein shall prohibit any Pre-Release
Transaction upon the terms set forth in this Deposit Agreement.


 


SECTION 2.5  Transfer
of Receipts; Combination and Split-up of Receipts.


 


(a)          Transfer. The Depositary,
or, if a Registrar (other than the Depositary) for the Receipts shall have been appointed, the Registrar, subject to the terms
and conditions of this Deposit Agreement, shall register transfers of Receipts on its books, upon surrender at the Corporate Trust
Office of the Depositary of a Receipt by the Holder thereof in person or by duly authorized attorney, properly endorsed in the
case of a certificated Receipt or accompanied by, or in the case of Receipts issued through any book-entry system, including, without
limitation, DRS/Profile, receipt by the Depositary of, proper instruments of transfer (including signature guarantees in accordance
with standard industry practice) and duly stamped as may be required by the laws of the State of New York and of the United States
and any other applicable law. Subject to the terms and conditions of this Deposit Agreement, including payment of the applicable
fees and charges of the Depositary set forth in Section 5.9 hereof and Article (9) of Exhibit A hereto, the Depositary
shall execute a new Receipt or Receipts and Deliver the same to or upon the order of the person entitled thereto evidencing the
same aggregate number of American Depositary Shares as those evidenced by the Receipts surrendered.


 



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(b)          Combination and Split Up.
The Depositary, subject to the terms and conditions of this Deposit Agreement shall, upon surrender of a Receipt or Receipts for
the purpose of effecting a split-up or combination of such Receipt or Receipts and upon payment to the Depositary of the applicable
fees and charges set forth in Section 5.9 hereof and Article (9) of Exhibit A hereto, execute and Deliver a new Receipt
or Receipts for any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American
Depositary Shares as the Receipt or Receipts surrendered.


 


(c)          Co-Transfer Agents. The Depositary
may appoint one or more co-transfer agents for the purpose of effecting transfers, combinations and split-ups of Receipts at designated
transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may require evidence of authority
and compliance with applicable laws and other requirements by Holders or persons entitled to such Receipts and will be entitled
to protection and indemnity, in each case to the same extent as the Depositary. Such co-transfer agents may be removed and substitutes
appointed by the Depositary. Each co-transfer agent appointed under this Section 2.5 (other than the Depositary) shall give
notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable terms of this Deposit
Agreement.


 


(d)          Substitution of Receipts.
At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated Receipt with a Receipt issued
through any book-entry system, including, without limitation, DRS/Profile, or vice versa, execute and Deliver a certificated Receipt
or deliver a statement, as the case may be, for any authorized number of ADSs requested, evidencing the same aggregate number of
ADSs as those evidenced by the relevant Receipt.


 


SECTION 2.6  Surrender
of Receipts and Withdrawal of Deposited Securities. Upon surrender, at the Corporate Trust Office of the Depositary, of American
Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of (i) the
fees and charges of the Depositary for the making of withdrawals of Deposited Securities and cancellation of Receipts (as set forth
in Section 5.9 hereof and Article (9) of Exhibit A hereto) and (ii) all applicable taxes and/or governmental charges
payable in connection with such surrender and withdrawal, and subject to the terms and conditions of this Deposit Agreement, the
Memorandum and Articles of Association, Section 7.10 hereof and any other provisions of or governing the Deposited Securities
and other applicable laws, the Holder of such American Depositary Shares shall be entitled to Delivery, to him or upon his order,
of the Deposited Securities at the time represented by the American Depositary Shares so surrendered. American Depositary Shares
may be surrendered for the purpose of withdrawing Deposited Securities by Delivery of a Receipt evidencing such American Depositary
Shares (if held in certificated form) or by book-entry Delivery of such American Depositary Shares to the Depositary.


 



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A Receipt surrendered for such purposes
shall, if so required by the Depositary, be properly endorsed in blank or accompanied by proper instruments of transfer in blank,
and if the Depositary so requires, the Holder thereof shall execute and deliver to the Depositary a written order directing the
Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon the written order of a person or persons
designated in such order. Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated
office of the Custodian or through a book-entry delivery of the Shares (in either case, subject to Sections 2.7, 3.1, 3.2, 5.9,
hereof and to the other terms and conditions of this Deposit Agreement, to the Memorandum and Articles of Association, to the provisions
of or governing the Deposited Securities and to applicable laws, now or hereafter in effect) to or upon the written order of the
person or persons designated in the order delivered to the Depositary as provided above, the Deposited Securities represented by
such American Depositary Shares, together with any certificate or other proper documents of or relating to title of the Deposited
Securities as may be legally required, as the case may be, to or for the account of such person.


 


The Depositary may refuse to accept for
surrender American Depositary Shares only in the circumstances described in Article (4) of Exhibit A hereto. Subject thereto, in
the case of surrender of a Receipt evidencing a number of American Depositary Shares representing other than a whole number of
Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms
hereof, and shall, at the discretion of the Depositary, either (i) issue and Deliver to the person surrendering such Receipt
a new Receipt evidencing American Depositary Shares representing any remaining fractional Share, or (ii) sell or cause to
be sold the fractional Shares represented by the Receipt surrendered and remit the proceeds of such sale (net of (a) applicable
fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges) to the person surrendering
the Receipt.


 


At the request, risk and expense of any
Holder so surrendering a Receipt, and for the account of such Holder, the Depositary shall direct the Custodian to forward (to
the extent permitted by law) any cash or other property (other than securities) held in respect of, and any certificate or certificates
and other proper documents of or relating to title to, the Deposited Securities represented by such Receipt to the Depositary for
delivery at the Corporate Trust Office of the Depositary, and for further Delivery to such Holder. Such direction shall be given
by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission. Upon receipt by the Depositary,
the Depositary may make delivery to such person or persons entitled thereto at the Corporate Trust Office of the Depositary of
any dividends or cash distributions with respect to the Deposited Securities represented by such American Depositary Shares, or
of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the Depositary.


 


SECTION 2.7  Limitations
on Execution and Delivery, Transfer, etc. of Receipts; Suspension of Delivery, Transfer, etc.


 


(a)          Additional Requirements.
As a condition precedent to the execution and Delivery, registration, registration of transfer, split-up, subdivision, combination
or surrender of any Receipt, the Delivery of any distribution thereon or withdrawal of any Deposited Securities, the Depositary
or the Custodian may require (i) payment from the depositor of Shares or presenter of the Receipt of a sum sufficient to reimburse
it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such
tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and charges of the
Depositary as provided in Section 5.9 hereof and Article (9) of Exhibit A hereto, (ii) the production of proof satisfactory
to it as to the identity and genuineness of any signature or any other matter contemplated by Section 3.1 hereof and (iii) compliance
with (A) any laws or governmental regulations relating to the execution and Delivery of Receipts or American Depositary Shares
or to the withdrawal or Delivery of Deposited Securities and (B) such reasonable regulations and procedures as the Depositary
may establish consistent with the provisions of this Deposit Agreement and applicable law.


 



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(b)          Additional Limitations. The
issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be suspended, or the issuance
of ADSs against the deposit of particular Shares may be withheld, or the registration of transfer of Receipts in particular instances
may be refused, or the registration of transfers of Receipts generally may be suspended, during any period when the transfer books
of the Depositary are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith,
at any time or from time to time because of any requirement of law, any government or governmental body or commission or any securities
exchange on which the Receipts or Shares are listed, or under any provision of this Deposit Agreement or provisions of, or governing,
the Deposited Securities, or any meeting of shareholders of the Company or for any other reason, subject, in all cases, to Section 7.10
hereof.


 


SECTION 2.8  Lost
Receipts, etc. To the extent the Depositary has issued Receipts in physical certificated form, in case any Receipt shall be
mutilated, destroyed, lost or stolen, unless the Depositary has notice that such ADR has been acquired by a bona fide purchaser,
subject to Section 5.9 hereof, the Depositary shall execute and Deliver a new Receipt (which, in the discretion of the Depositary
may be issued through any book-entry system, including, without limitation, DRS/Profile, unless specifically requested otherwise)
in exchange and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed,
lost or stolen Receipt. Before the Depositary shall execute and Deliver a new Receipt in substitution for a destroyed, lost or
stolen Receipt, the Holder thereof shall have (a) filed with the Depositary (i) a request for such execution and delivery
before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient indemnity
bond in form and amount acceptable to the Depositary and (b) satisfied any other reasonable requirements imposed by the Depositary.


 


SECTION 2.9  Cancellation
and Destruction of Surrendered Receipts; Maintenance of Records. All Receipts surrendered to the Depositary shall be cancelled
by the Depositary. The Depositary is authorized to destroy Receipts so cancelled in accordance with its customary practices. Cancelled
Receipts shall not be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose.


 



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SECTION 2.10  Pre-Release.
Subject to the further terms and provisions of this Section 2.10, the Depositary, its Affiliates and their agents, on their
own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs. In its capacity as Depositary,
the Depositary shall not lend Shares or ADSs; provided, however, that the Depositary may, unless otherwise agreed with or instructed
by the Company, (i) issue ADSs prior to the receipt of Shares pursuant to Section 2.3 hereof and (ii) Deliver Shares
prior to the receipt and cancellation of ADSs which were issued under (i) above but for which Shares may not yet have been
received (each such transaction, a “Pre-Release Transaction”). The Depositary may receive ADSs in lieu of Shares
under (i) above and receive Shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be (a) accompanied
by or subject to a written agreement whereby the person or entity (the “Applicant”) to whom ADSs or Shares are
to be Delivered (1) represents that at the time of the Pre-Release Transaction the Applicant or its customer owns the Shares
or ADSs that are to be Delivered by the Applicant under such Pre-Release Transaction, (2) agrees to indicate the Depositary
as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until such Shares or
ADSs are Delivered to the Depositary or the Custodian, (3) unconditionally guarantees to deliver to the Depositary or the
Custodian, as applicable, such Shares or ADSs and (4) agrees to any additional restrictions or requirements that the Depositary
deems appropriate, (b) at all times fully collateralized with cash, United States government securities or such other collateral
as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five Business Days’ notice (save
for a prescribed termination event in which case any such Pre-Release Transaction may be immediately terminable by the Depositary)
and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The Depositary will
normally limit the number of ADSs and Shares involved in such Pre-Release Transactions at any one time to 30% of the ADSs outstanding
(without giving effect to ADSs outstanding pursuant to any Pre-Release Transaction under (i) above), provided, however,
that the Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate. The Depositary
may also set limits with respect to the number of ADSs and Shares involved in Pre-Release Transactions with any one person on a
case by case basis as it deems appropriate.


 


The Depositary may retain for its own account
any compensation received by it in conjunction with the foregoing. Collateral provided pursuant to (b) above, but not the earnings
thereon, shall be held as security for the performance of the Applicant’s obligations in respect of the relevant Pre-Release
Transaction and shall not constitute Deposited Securities.


 


SECTION 2.11 Restricted ADSs. The
Depositary shall, at the request and expense of the Company, establish procedures enabling the deposit hereunder of Shares that
are Restricted Securities in order to enable the holder of such Shares to hold its ownership interests in such restricted Shares
in the form of ADSs issued under the terms hereof (such Shares, “Restricted Shares”). Upon receipt of a written
request from the Company to accept Restricted Shares for deposit hereunder, the Depositary agrees to establish procedures permitting
the deposit of such Restricted Shares and the issuance of ADSs representing such deposited Restricted Shares (such ADSs, the “Restricted
ADSs,” and the ADRs evidencing such Restricted ADSs, the “Restricted ADRs”). The Company shall assist
the Depositary in the establishment of such procedures and agrees that it shall take all steps necessary and reasonably satisfactory
to the Depositary to insure that the establishment of such procedures does not violate the provisions of the Securities Act or
any other applicable laws. The depositors of such Restricted Shares and the holders of the Restricted ADSs may be required prior
to the deposit of such Restricted Shares, the transfer of the Restricted ADRs and the Restricted ADSs evidenced thereby or the
withdrawal of the Restricted Shares represented by Restricted ADSs to provide such written certifications or agreements as the
Depositary or the Company may require. The Company shall provide to the Depositary in writing the legend(s) to be affixed to the
Restricted ADRs, which legends shall (i) be in a form reasonably satisfactory to the Depositary and (ii) contain the specific circumstances
under which the Restricted ADRs and the Restricted ADSs represented thereby may be transferred or the Restricted Shares withdrawn.
The Restricted ADSs issued upon the deposit of Restricted Shares shall be separately identified on the books of the Depositary
and the Restricted Shares so deposited shall be held separate and distinct from the other Deposited Securities held hereunder.
The Restricted Shares and the Restricted ADSs shall not be eligible for Pre-Release Transactions. The Restricted ADSs shall not
be eligible for inclusion in any book-entry settlement system, including, without limitation, DTC, and shall not in any way be
fungible with the ADSs issued under the terms hereof that are not Restricted ADSs. The Restricted ADRs and the Restricted ADSs
evidenced thereby shall be transferable only by the Holder thereof upon delivery to the Depositary of (i) all documentation otherwise
contemplated by this Deposit Agreement and (ii) an Opinion of Counsel setting forth, inter alia, the conditions upon which the
Restricted ADR presented is, and the Restricted ADSs evidenced thereby are, transferable by the Holder thereof under applicable
securities laws and the transfer restrictions contained in the legend set forth on the Restricted ADR presented for transfer. Except
as set forth in this Section 2.11 and except as required by applicable law, the Restricted ADRs and the Restricted ADSs evidenced
thereby shall be treated as ADRs and ADSs issued and outstanding under the terms of the Deposit Agreement. In the event that, in
determining the rights and obligations of parties hereto with respect to any Restricted ADSs, any conflict arises between (a) the
terms of this Deposit Agreement (other than this Section 2.11) and (b) the terms of (i) this Section 2.11 or (ii) the applicable
Restricted ADR, the terms and conditions set forth in this Section 2.11 and of the Restricted ADR shall be controlling and shall
govern the rights and obligations of the parties to this Deposit Agreement pertaining to the deposited Restricted Shares, the Restricted
ADSs and Restricted ADRs.


 



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If any of the Restricted ADRs, the Restricted
ADSs and the Restricted Shares are no longer Restricted Securities, the Depositary, upon receipt of (x) an Opinion of Counsel setting
forth, inter alia, that such Restricted ADRs, Restricted ADSs and Restricted Shares are not as of such time Restricted Securities,
and (y) instructions from the Company to remove the restrictions applicable to such Restricted ADRs, Restricted ADSs and the Restricted
Shares, shall (i) eliminate the distinctions and separations between such Restricted Shares held on deposit under this Section
2.11 and the other Shares held on deposit under the terms of the Deposit Agreement that are not Restricted Shares, (ii) treat such
newly unrestricted ADRs and ADSs on the same terms as, and fully fungible with, the other ADRs and ADSs issued and outstanding
under the terms of the Deposit Agreement that are not Restricted ADRs or Restricted ADSs, (iii) take all actions necessary to remove
any distinctions, limitations and restrictions previously existing under this Section 2.11 between such Restricted ADRs and Restricted
ADSs, respectively, on the one hand, and the other ADRs and ADSs that are not Restricted ADRs or Restricted ADSs, respectively,
on the other hand, including, without limitation, by making the newly unrestricted ADSs eligible for Pre-Release Transactions and
for inclusion in the applicable book-entry settlement systems.


 


SECTION 2.12  Maintenance
of Records. The Depositary agrees to maintain records of all Receipts surrendered and Deposited Securities withdrawn under
Section 2.6, substitute Receipts Delivered under Section 2.8 and cancelled or destroyed Receipts under Section 2.9, in keeping
with the procedures ordinarily followed by stock transfer agents located in the United States.


 



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ARTICLE III.



CERTAIN OBLIGATIONS OF HOLDERS

AND BENEFICIAL OWNERS OF RECEIPTS


 


SECTION 3.1  Proofs,
Certificates and Other Information. Any depositor presenting Shares for deposit and any Holder and any Beneficial Owner may
be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary or the Custodian such
proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental charges, exchange control
approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms of this
Deposit Agreement and the provisions of, or governing, the Deposited Securities or other information; to execute such certifications
and to make such representations and warranties, and to provide such other information and documentation as the Depositary may
deem necessary or proper or as the Company may reasonably require by written request to the Depositary consistent with its obligations
hereunder. The Depositary and the Registrar, as applicable, may, and at the request of the Company shall, withhold the execution
or Delivery or registration of transfer of any Receipt or the distribution or sale of any dividend or distribution of rights or
of the proceeds thereof, or to the extent not limited by the terms of Section 7.10 hereof, the Delivery of any Deposited Securities,
until such proof or other information is filed or such certifications are executed, or such representations and warranties are
made, or such other documentation or information provided, in each case to the Depositary’s and the Company’s satisfaction.
The Depositary shall from time to time on written request advise the Company of the availability of any such proofs, certificates
or other information and shall, at the Company’s sole expense, provide or otherwise make available copies thereof to the
Company upon written request therefor by the Company, unless such disclosure is prohibited by law. Each Holder and Beneficial Owner
agrees to provide any information requested by the Company or the Depositary pursuant to this Section 3.1. Nothing herein shall
obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial Owners
or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners.


 


SECTION 3.2  Liability
for Taxes and Other Charges. If any present or future tax or other governmental charge shall become payable by the Depositary
or the Custodian with respect to any ADR or any Deposited Securities or American Depositary Shares, such tax or other governmental
charge shall be payable by the Holders and Beneficial Owners to the Depositary and such Holders and Beneficial Owners shall be
deemed liable therefor. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in
respect of Deposited Securities and may sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited Securities
and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) and charges,
with the Holder and the Beneficial Owner remaining fully liable for any deficiency. In addition to any other remedies available
to it, the Depositary and the Custodian may refuse the deposit of Shares, and the Depositary may refuse to issue ADSs, to Deliver
ADRs, register the transfer, split-up or combination of ADRs and (subject to Section 7.10 hereof) the withdrawal of Deposited
Securities, until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner agrees
to indemnify the Depositary, the Company, the Custodian, and each of their respective agents, officers, directors, employees and
Affiliates for, and to hold each of them harmless from, any claims with respect to taxes (including applicable interest and penalties
thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner. The obligations of Holders and Beneficial
Owners of Receipts under this Section 3.2 shall survive any transfer of Receipts, any surrender of Receipts and withdrawal
of Deposited Securities, or the termination of this Deposit Agreement.


 



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SECTION 3.3  Representations
and Warranties on Deposit of Shares. Each person presenting Shares for deposit under this Deposit Agreement shall be deemed
thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued, fully
paid, non-assessable and were legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect
to such Shares have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the
Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim
and are not, and the American Depositary Shares issuable upon such deposit will not be, Restricted Securities (except as contemplated
by Section 2.11), (v) the Shares presented for deposit have not been stripped of any rights or entitlements and (vi) the
Shares are not subject to any lock-up agreement with the Company or other party, or the Shares are subject to a lock-up agreement
but such lock-up agreement has terminated or the lock-up restrictions imposed thereunder have expired. Such representations and
warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation of American Depositary Shares in respect
thereof and the transfer of such American Depositary Shares. If any such representations or warranties are false in any
way, the Company and the Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and
all actions necessary to correct the consequences thereof.


 


SECTION 3.4  Compliance
with Information Requests. Notwithstanding any other provision of this Deposit Agreement, the Articles of Association and applicable
law, each Holder and Beneficial Owner agrees to (a) provide such information as the Company or the Depositary may request
pursuant to law (including, without limitation, relevant Indian law, any applicable law of the United States, the Memorandum and
Articles of Association, any resolutions of the Company’s Board of Directors adopted pursuant to the Memorandum and Articles
of Association, the requirements of any markets or exchanges upon which the Shares, ADSs or Receipts are listed or traded, or to
any requirements of any electronic book-entry system by which the ADSs or Receipts may be transferred), and (b) be bound by
and subject to applicable provisions of the laws of India, the Memorandum and Articles of Association and the requirements of any
markets or exchanges upon which the ADSs, Receipts or Shares are listed or traded, or pursuant to any requirements of any electronic
book-entry system by which the ADSs, Receipts or Shares may be transferred, to the same extent as if such Holder and Beneficial
Owner held Shares directly, in each case irrespective of whether or not they are Holders or Beneficial Owners at the time such
request is made. The Depositary agrees to use its reasonable efforts to forward upon the request of the Company, and at the Company’s
expense, any such request from the Company to the Holders and to forward to the Company any such responses to such requests received
by the Depositary.


 



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ARTICLE IV.



THE DEPOSITED SECURITIES


 


SECTION 4.1  Cash
Distributions. Whenever the Depositary receives confirmation from the Custodian of receipt of any cash dividend or other cash
distribution on any Deposited Securities, or receives proceeds from the sale of any Shares, rights, securities or other entitlements
under the terms hereof, the Depositary will, if at the time of receipt thereof any amounts received in a foreign currency can in
the judgment of the Depositary (pursuant to Section 4.6 hereof) be converted on a practicable basis into Dollars transferable
to the United States, promptly convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (on the
terms described in Section 4.6 hereof) and will distribute promptly the amount thus received (net of (a) the applicable
fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges) to the Holders of
record as of the ADS Record Date in proportion to the number of American Depositary Shares held by such Holders respectively as
of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing to
any Holder a fraction of one cent. Any such fractional amounts shall be rounded to the nearest whole cent and so distributed to
Holders entitled thereto. Holders and Beneficial Owners understand that in converting Foreign Currency, amounts received on conversion
are calculated at a rate which exceeds three or four decimal places (the number of decimal places used by the Depositary to report
distribution rates). The excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of any
other fees and expenses payable or owing hereunder and shall not be subject to escheatment. If the Company, the Custodian
or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any
Deposited Securities an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on
the ADSs representing such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company,
the Custodian or the Depositary to the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded
by the Company to the Depositary upon request. The Depositary shall forward to the Company or its agent such information from its
records as the Company may reasonably request to enable the Company or its agent to file necessary reports with governmental agencies,
such reports necessary to obtain benefits under the applicable tax treaties for the Holders and Beneficial Owners of Receipts.


 


SECTION 4.2  Distribution
in Shares. If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the
Company shall cause such Shares to be deposited with the Custodian and registered, as the case may be, in the name of the Depositary,
the Custodian or any of their nominees. Upon receipt of confirmation of such deposit from the Custodian, the Depositary shall establish
the ADS Record Date upon the terms described in Section 4.7 hereof and shall, subject to Section 5.9 hereof, either (i) distribute
to the Holders as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which
represent in the aggregate the number of Shares received as such dividend, or free distribution, subject to the other terms of
this Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses incurred by, the
Depositary and (b) taxes and/or governmental charges), or (ii) if additional ADSs are not so distributed, each ADS issued
and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests
in the additional Shares distributed upon the Deposited Securities represented thereby (net of (a) the applicable fees and
charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges). In lieu of Delivering fractional
ADSs, the Depositary shall sell the number of Shares represented by the aggregate of such fractions and distribute the proceeds
upon the terms described in Section 4.1 hereof. The Depositary may withhold any such distribution of Receipts if it has not
received satisfactory assurances from the Company (including an Opinion of Counsel furnished at the expense of the Company) that
such distribution does not require registration under the Securities Act or is exempt from registration under the provisions of
the Securities Act. To the extent such distribution may be withheld, the Depositary may dispose of all or a portion of such distribution
in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable, and
the Depositary shall distribute the net proceeds of any such sale (after deduction of applicable taxes and/or governmental charges
and fees and charges of, and expenses incurred by, the Depositary) to Holders entitled thereto upon the terms described in Section 4.1
hereof.


 



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The Depositary has been informed that, pursuant
to the terms of a contribution agreement dated as of December 31, 2014, as amended, entered into between the Company and Silver
Eagle Acquisition Corp and filed as an exhibit to the Company’s effective registration statement on Form F-4 dated [●]
(the “Contribution Agreement”), the existing shareholders of the Company as of [●] ([as specified in the Contribution
Agreement]) will be entitled to be issued an additional 46.72 million Shares and Global Eagle Acquisition LLC, being the Sponsor
([as specified in the Contribution Agreement]) will be entitled to be issued an additional 5.20 million Shares increasing ratably
to a maximum of 8.00 million Shares, based on the applicable actual contribution amount following the Closing (as defined in the
Contribution Agreement) subject to the achievement of certain ADS price targets during a period of three years following the Closing
Date (as defined in the Contribution Agreement) (each such issuance of additional Shares of the Company to the current shareholders
of the Company and the Sponsor is hereinafter referred to as the “Earn-out” and such shares are referred to as the
“Earn-out Shares”).


 


Any Earn-out Shares issued to the existing
shareholders of the Company as of [●] and the Sponsor will be issued by way of a bonus issue of Shares (or such other form
as determined by the independent members of the Board of Directors of the Company), in accordance with the applicable Indian laws.
In the event that such Shares are issued by way of a bonus issue, the holders of the ADSs, other than the Sponsor, shall have no
interest in or entitlement to Shares issued pursuant to such bonus. In accordance with, and as authorized under, the terms of the
Company’s Articles of Association, the holders of the ADSs shall be deemed (i) to have waived their interest in or entitlement
to equity shares issued pursuant to such Earn-out and (ii) to have authorized the Company to instruct the Depositary to accept
for deposit any Earn-Out Shares as may be required to effect the Earn-Out pursuant to the Contribution Agreement and the Company’s
Articles of Association, subject to Section 2.3 and Section 2.11 of this Agreement. The Depositary may refrain from taking any
action with respect to the Earn-out Shares if it has not received satisfactory assurances from the Company (including an Opinion
of Counsel from the Company) that such actions, instructions or any issuances of ADSs in relation thereto (i) do not require registration
under the Securities Act or are exempt from registration thereunder and (ii) do not violate the Company’s organizational
documents, the Contribution Agreement or New York law, Indian law or any other applicable laws or regulations.


 




SECTION 4.3  Elective
Distributions in Cash or Shares. Whenever the Company intends to distribute a dividend payable at the election of the holders
of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30  days prior
to the proposed distribution stating whether or not it wishes such elective distribution to be made available to Holders of ADSs.
Upon receipt of notice indicating that the Company wishes such elective distribution to be made available to Holders of ADSs, the
Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether
it is lawful and reasonably practicable to make such elective distribution available to the Holders of ADSs. The Depositary shall
make such elective distribution available to Holders only if (i) the Company shall have timely requested that the elective
distribution is available to Holders of ADRs, (ii) the Depositary shall have determined that such distribution is reasonably
practicable and (iii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 hereof.
If the above conditions are not satisfied, the Depositary shall, to the extent permitted by law, distribute to the Holders, on
the basis of the same determination as is made in the local market in respect of the Shares for which no election is made, either
cash upon the terms described in Section 4.1 hereof or additional ADSs representing such additional Shares upon the terms
described in Section 4.2 hereof. If the above conditions are satisfied, the Depositary shall establish an ADS Record Date
(on the terms described in Section 4.7 hereof) and establish procedures to enable Holders to elect the receipt of the proposed
dividend in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary.
Subject to Section 5.9 hereof, if a Holder elects to receive the proposed dividend in cash, the dividend shall be distributed
upon the terms described in Section 4.1 hereof or in ADSs, the dividend shall be distributed upon the terms described in Section 4.2
hereof. Nothing herein shall obligate the Depositary to make available to Holders a method to receive the elective dividend in
Shares (rather than ADSs). There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity
to receive elective distributions on the same terms and conditions as the holders of Shares.


 



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SECTION 4.4  Distribution
of Rights to Purchase Shares.


 


(a)          Distribution to ADS Holders.
Whenever the Company intends to distribute to the holders of the Deposited Securities rights to subscribe for additional Shares,
the Company shall give notice thereof to the Depositary at least 45 days prior to the proposed distribution stating whether
or not it wishes such rights to be made available to Holders of ADSs. Upon receipt of a notice indicating that the Company wishes
such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company
shall determine, whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall
make such rights available to Holders only if (i) the Company shall have timely requested that such rights be made available
to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 hereof
and (iii) the Depositary shall have determined that such distribution of rights is lawful and reasonably practicable. In the
event any of the conditions set forth above are not satisfied, the Depositary shall proceed with the sale of the rights as contemplated
in Section 4.4(b) below or, if timing or market conditions may not permit, do nothing thereby allowing such rights to lapse.
In the event all conditions set forth above are satisfied, the Depositary shall establish an ADS Record Date (upon the terms described
in Section 4.7 hereof) and establish procedures to distribute such rights (by means of warrants or otherwise) and to enable
the Holders to exercise the rights (upon payment of applicable fees and charges of, and expenses incurred by, the Depositary and
taxes and/or other governmental charges). Nothing herein shall obligate the Depositary to make available to the Holders a method
to exercise such rights to subscribe for Shares (rather than ADSs).


 


(b)          Sale of Rights. If (i) the
Company does not timely request the Depositary to make the rights available to Holders or requests that the rights not be made
available to Holders, (ii) the Depositary fails to receive satisfactory documentation within the terms of Section 5.7
hereof or determines it is not lawful or reasonably practicable to make the rights available to Holders or (iii) any rights
made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably
practicable to sell such rights, in a riskless principal capacity or otherwise, at such place and upon such terms (including public
or private sale) as it may deem proper. The Company shall assist the Depositary to the extent necessary to determine such legality
and practicability. The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable fees
and charges of, and expenses incurred by, the Depositary and taxes and/or governmental charges) upon the terms set forth in Section 4.1
hereof.


 



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(c)          Lapse of Rights. If the Depositary
is unable to make any rights available to Holders upon the terms described in Section 4.4(a) hereof or to arrange for the
sale of the rights upon the terms described in Section 4.4(b) hereof, the Depositary shall allow such rights to lapse.


 


The Depositary shall not be responsible
for (i) any failure to determine that it may be lawful or practicable to make such rights available to Holders in general
or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale or exercise
or (iii) the content of any materials forwarded to the Holders on behalf of the Company in connection with the rights distribution.


 


Notwithstanding anything to the contrary
in this Section 4.4, if registration (under the Securities Act or any other applicable law) of the rights or the securities
to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell
the securities represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until
a registration statement under the Securities Act covering such offering is in effect or (ii) unless the Company furnishes
at its expense the Depositary with opinion(s) of counsel for the Company in the United States and counsel to the Company in any
other applicable country in which rights would be distributed, in each case satisfactory to the Depositary, to the effect that
the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under,
the provisions of the Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian
shall be required to withhold and does withhold from any distribution of property (including rights) an amount on account of taxes
and/or other governmental charges, the amount distributed to the Holders shall be reduced accordingly. In the event that the Depositary
determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other
governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such property
(including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as
the Depositary deems necessary and practicable to pay any such taxes and/or charges.


 


There can be no assurance that Holders
generally, or any Holder in particular, will be given the opportunity to exercise rights on the same terms and conditions as the
holders of Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement
in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights or otherwise to register
or qualify the offer or sale of such rights or securities under the applicable law of any other jurisdiction for any purpose.


 


SECTION 4.5  Distributions
Other Than Cash, Shares or Rights to Purchase Shares.


 


(a)          Whenever
the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or rights to
purchase additional Shares, the Company shall give notice thereof to the Depositary at least  30 days prior to the proposed
distribution and shall indicate whether or not it wishes such distribution to be made to Holders of ADSs. Upon receipt of a
notice indicating that the Company wishes such distribution be made to Holders of ADSs, the Depositary shall determine
whether such distribution to Holders is lawful and practicable. The Depositary shall not make such distribution unless
(i) the Company shall have timely requested the Depositary to make such distribution to Holders, (ii) the
Depositary shall have received satisfactory documentation within the terms of Section 5.7 hereof and (iii) the
Depositary shall have determined that such distribution is reasonably practicable.


 



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(b)          Upon receipt of satisfactory documentation
and the request of the Company to distribute property to Holders of ADSs and after making the requisite determinations set forth
in (a) above, the Depositary may distribute the property so received to the Holders of record as of the ADS Record Date, in
proportion to the number of ADSs held by such Holders respectively and in such manner as the Depositary may deem practicable for
accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred
by, the Depositary and (ii) net of any taxes and/or other governmental charges. The Depositary may dispose of all or a portion
of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary
may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) and other governmental charges
applicable to the distribution.


 


(c)          If (i) the Company does not
request the Depositary to make such distribution to Holders or requests not to make such distribution to Holders, (ii) the
Depositary does not receive satisfactory documentation within the terms of Section 5.7 hereof or (iii) the Depositary
determines that all or a portion of such distribution is not reasonably practicable or feasible, the Depositary shall endeavor
to sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem
proper and shall distribute the net proceeds, if any, of such sale received by the Depositary (net of applicable fees and charges
of, and expenses incurred by, the Depositary and taxes and/or governmental charges) to the Holders as of the ADS Record Date upon
the terms of Section 4.1 hereof. If the Depositary is unable to sell such property, the Depositary may dispose of such property
in any way it deems reasonably practicable under the circumstances for nominal or no consideration and Holders and Beneficial Owners
shall have no rights thereto or arising therefrom.


 


SECTION 4.6  Conversion
of Foreign Currency. Whenever the Depositary or the Custodian shall receive Foreign Currency, by way of dividends or other
distributions or the net proceeds from the sale of securities, property or rights, and in the judgment of the Depositary such Foreign
Currency can at such time be converted on a practicable basis (by sale or in any other manner that it may determine in accordance
with applicable law) into Dollars transferable to the United States and distributable to the Holders entitled thereto, the Depositary
shall convert or cause to be converted, by sale or in any other manner that it may determine, such Foreign Currency into Dollars,
and shall distribute such Dollars (net of any fees, expenses, taxes and/or other governmental charges incurred in the process of
such conversion) in accordance with the terms of the applicable sections of this Deposit Agreement. If the Depositary shall have
distributed warrants or other instruments that entitle the holders thereof to such Dollars, the Depositary shall distribute such
Dollars to the holders of such warrants and/or instruments upon surrender thereof for cancellation, in either case without liability
for interest thereon. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions
among Holders on account of exchange restrictions, the date of delivery of any Receipt or otherwise.


 


In converting Foreign Currency, amounts
received on conversion may be calculated at a rate which exceeds the number of decimal places used by the Depositary to report
distribution rates (which in any case will not be less than two decimal places). Any excess amount may be retained by the Depositary
as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject
to escheatment.


 



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If such conversion or distribution can
be effected only with the approval or license of any government or agency thereof, the Depositary may file such application for
approval or license, if any, as it may deem necessary, practicable and at nominal cost and expense. Nothing herein shall obligate
the Depositary to file or cause to be filed, or to seek effectiveness of any such application or license.


 


If at any time the Depositary shall determine
that in its judgment the conversion of any Foreign Currency and the transfer and distribution of proceeds of such conversion received
by the Depositary is not practical or lawful, or if any approval or license of any governmental authority or agency thereof that
is required for such conversion, transfer and distribution is denied, or not obtainable at a reasonable cost, within a reasonable
period or otherwise sought, the Depositary shall, in its sole discretion but subject to applicable laws and regulations, either
(i) distribute the Foreign Currency (or an appropriate document evidencing the right to receive such Foreign Currency) received
by the Depositary to the Holders entitled to receive such Foreign Currency or (ii) hold such Foreign Currency uninvested and
without liability for interest thereon for the respective accounts of the Holders entitled to receive the same.


 


SECTION 4.7  Fixing
of Record Date. Whenever necessary in connection with any distribution (whether in cash, Shares, rights, or other distribution),
or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each American Depositary
Share, or whenever the Depositary shall receive notice of any meeting of or solicitation of holders of Shares or other Deposited
Securities, or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix a record date (the “ADS
Record Date”), as close as practicable to the record date fixed by the Company with respect to the Shares, for the determination
of the Holders who shall be entitled to receive such distribution, to give instructions to the Depositary for the exercise of voting
rights at any such meeting, to give or withhold such consent, to receive such notice or solicitation or to otherwise take action
or to exercise the rights of Holders with respect to such changed number of Shares represented by each American Depositary Share.
Subject to applicable law and the provisions of Sections 4.1 through 4.6 hereof and to the other terms and conditions of this Deposit
Agreement, only the Holders of record at the close of business in New York on such ADS Record Date shall be entitled to receive
such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise take action.


 


SECTION
4.8  Voting of Deposited Securities. Subject to the next sentence, as soon as practicable after receipt of
notice of any meeting at which the holders of Deposited Securities are entitled to vote, or of solicitation of consents or
proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or
solicitation of consent or proxy. The Depositary shall, if requested by the Company in writing in a timely manner (the
Depositary having no obligation to take any further action if the request shall not have been received by the Depositary at
least 21 Business Days prior to the date of such vote or meeting) and at the Company’s expense, and provided no U.S.
legal prohibitions exist, mail by regular, ordinary mail delivery (or by electronic mail or as otherwise may be agreed
between the Company and the Depositary in writing from time to time) or otherwise distribute as soon as practicable after
receipt thereof to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy; (b) a
statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to any applicable law,
the provisions of this Deposit Agreement, the Company’s Memorandum and Articles of Association and the provisions of or
governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to
instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented
by such Holder’s American Depositary Shares; and (c) a brief statement as to the manner in which such voting
instructions may be given to the Depositary, or in which instructions may be deemed to have been given in accordance with
this Section 4.8, including an express indication that instructions may be given (or be deemed to have been given in
accordance with the immediately following paragraph of this section if no instruction is received) to the Depositary to give
a discretionary proxy to a person or persons designated by the Company. Voting instructions may be given only in respect of a
number of American Depositary Shares representing an integral number of Deposited Securities. Upon the timely receipt of
voting instructions of a Holder on the ADS Record Date in the manner specified by the Depositary, the Depositary shall
endeavor, insofar as practicable and permitted under applicable law, the provisions of this Deposit Agreement, the
Company’s Memorandum and Articles of Association and the provisions of or governing the Deposited Securities, to vote
or cause the Custodian to vote the Deposited Securities (in person or by proxy) represented by American Depositary Shares
evidenced by such Receipt in accordance with such voting instructions.


 



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In the event that (i) the Depositary timely
receives voting instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities
represented by such Holder’s ADSs or (ii) no timely instructions are received by the Depositary from a Holder with respect
to any of the Deposited Securities represented by the ADSs held by such Holder on the ADS Record Date, the Depositary shall (unless
otherwise specified in the notice distributed to Holders) deem such Holder to have instructed the Depositary to give a discretionary
proxy to a person designated by the Company with respect to such Deposited Securities and the Depositary shall give a discretionary
proxy to a person designated by the Company to vote such Deposited Securities, provided, however, that no such instruction shall
be deemed to have been given and no such discretionary proxy shall be given with respect to any matter as to which the Company
informs the Depositary (and the Company agrees to provide such information as promptly as practicable in writing, if applicable)
that (x) the Company does not wish to give such proxy, (y) the Company is aware or should reasonably be aware that substantial
opposition exists from Holders against the outcome for which the person designated by the Company would otherwise vote or (z) the
outcome for which the person designated by the Company would otherwise vote would materially and adversely affect the rights of
holders of Deposited Securities, provided, further, that the Company will have no liability to any Holder or Beneficial Owner resulting
from such notification.


 


In the event that voting on any resolution
or matter is conducted on a show of hands basis in accordance with the Memorandum and Articles of Association, the Depositary will
refrain from voting and the voting instructions (or the deemed voting instructions, as set out above) received by the Depositary
from Holders shall lapse. The Depositary will have no obligation to demand voting on a poll basis with respect to any resolution
and shall have no liability to any Holder or Beneficial Owner for not having demanded voting on a poll basis.


 


Neither the Depositary nor the Custodian
shall, under any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian shall vote, attempt
to exercise the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, the Deposited Securities
represented by ADSs except pursuant to and in accordance with such written instructions from Holders, including the deemed instruction
to the Depositary to give a discretionary proxy to a person designated by the Company. Deposited Securities represented by ADSs
for which (i) no timely voting instructions are received by the Depositary from the Holder, or (ii) timely voting instructions
are received by the Depositary from the Holder but such voting instructions fail to specify the manner in which the Depositary
is to vote the Deposited Securities represented by such Holder’s ADSs, shall be voted in the manner provided in this Section
4.8. Notwithstanding anything else contained herein, and subject to applicable law, regulation and the Memorandum and Articles
of Association, the Depositary shall, if so requested in writing by the Company, represent all Deposited Securities (whether or
not voting instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for
the purpose of establishing quorum at a meeting of shareholders.


 



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There can be no assurance that Holders
or Beneficial Owners generally or any Holder or Beneficial Owner in particular will receive the notice described above with sufficient
time to enable the Holder to return voting instructions to the Depositary in a timely manner.


 


Notwithstanding the above, save for applicable
provisions of the law of India, and in accordance with the terms of Section 5.3 hereof, the Depositary shall not be liable
for any failure to carry out any instructions to vote any of the Deposited Securities or the manner in which such vote is cast
or the effect of such vote.


 


SECTION 4.9  Changes
Affecting Deposited Securities. Upon any change in face value, split-up, subdivision, cancellation, consolidation or any other
reclassification of Deposited Securities or upon any recapitalization, reorganization, amalgamation, merger or consolidation or
sale of assets affecting the Company or to which it is otherwise a party, any securities which shall be received by the Depositary
or the Custodian in exchange for, or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall,
to the extent permitted by law, be treated as new Deposited Securities under this Deposit Agreement and the Receipts shall, subject
to the provisions of this Deposit Agreement and applicable law, evidence American Depositary Shares representing the right to receive
such additional securities. Alternatively, the Depositary may, with the Company’s approval, and shall, if the Company shall
so request, subject to the terms of this Deposit Agreement and receipt of an Opinion of Counsel furnished at the Company’s
expense satisfactory to the Depositary (stating that such distributions are not in violation of any applicable laws or regulations),
execute and deliver additional Receipts, as in the case of a stock dividend on the Shares, or call for the surrender of outstanding
Receipts to be exchanged for new Receipts. In either case, as well as in the event of newly deposited Shares, necessary modifications
to the form of Receipt contained in Exhibit A and Exhibit B hereto, specifically describing such new Deposited Securities
and/or corporate change, shall also be made. The Company agrees that it will, jointly with the Depositary, amend the Registration
Statement on Form F-6 as filed with the Commission to permit the issuance of such new form of Receipt. Notwithstanding the foregoing,
in the event that any security so received may not be lawfully distributed to some or all Holders, the Depositary may, with the
Company’s approval, and shall, if the Company requests, subject to receipt of an Opinion of Counsel (furnished at the Company’s
expense) satisfactory to the Depositary that such action is not in violation of any applicable laws or regulations, sell such securities
at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds
of such sales (net of fees and charges of, and expenses incurred by, the Depositary and taxes and/or governmental charges) for
the account of the Holders otherwise entitled to such securities upon an averaged or other practicable basis without regard to
any distinctions among such Holders and distribute the net proceeds so allocated to the extent practicable as in the case of a
distribution received in cash pursuant to Section 4.1 hereof. The Depositary shall not be responsible for (i) any failure
to determine that it may be lawful or feasible to make such securities available to Holders in general or to any Holder in particular,
(ii) any foreign exchange exposure or loss incurred in connection with such sale or (iii) any liability to the purchaser
of such securities.


 



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SECTION 4.10  Available
Information.  The Company is subject to the periodic reporting requirements of the Exchange Act applicable to foreign
private issuers (as defined in Rule 405 of the Securities Act) and accordingly files certain information with the Commission. These
reports and documents can be inspected and copied at the Commission’s website at www.sec.gov or at the public reference facilities
maintained by the Commission located at 100 F Street, N.E., Washington D.C. 20549, U.S.A.


 


SECTION 4.11  Reports.  The
Depositary shall make available during normal business hour on any Business Day for inspection by Holders at its Corporate Trust
Office any reports and communications, including any proxy soliciting materials, received from the Company which are both received
by the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Securities and made generally
available to the holders of such Deposited Securities by the Company. The Company agrees to provide to the Depositary, at the Company’s
expense, all documents that it provides to the Custodian. The Depositary shall, at the expense of the Company (unless otherwise
agreed in writing by the Company and the Depositary), and in accordance with Section 5.6 hereof, also mail by regular, ordinary
mail delivery or by electronic transmission (if agreed by the Company and the Depositary) and unless otherwise agreed in writing
by the Company and the Depositary, to Holders copies of such reports when furnished by the Company pursuant to Section 5.6
hereof.


 


SECTION 4.12  List
of Holders.  Promptly upon written request by the Company, the Depositary shall furnish to it a list, as of a recent
date, of the names, addresses and holdings of American Depositary Shares by all persons in whose names Receipts are registered
on the books of the Depositary.


 


SECTION 4.13  Taxation;
Withholding.  The Depositary will, and will instruct the Custodian to, forward to the Company or its agents such
information from its records as the Company may request to enable the Company or its agents to file necessary tax reports with
governmental authorities or agencies. The Depositary, the Custodian or the Company and its agents may, but shall not be obligated
to, file such reports as are necessary to reduce or eliminate applicable taxes on dividends and on other distributions in respect
of Deposited Securities under applicable tax treaties or laws for the Holders and Beneficial Owners. Holders and Beneficial Owners
of American Depositary Shares may be required from time to time, and in a timely manner, to file such proof of taxpayer status,
residence and beneficial ownership (as applicable), to execute such certificates and to make such representations and warranties,
or to provide any other information or documents, as the Depositary or the Custodian may deem necessary or proper to fulfill the
Depositary’s or the Custodian’s obligations under applicable law. The Holders and Beneficial Owners shall indemnify
the Depositary, the Company, the Custodian and any of their respective directors, employees, agents and Affiliates against, and
hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or
interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained by the Beneficial
Owner or Holder.


 



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The Company shall remit to the appropriate
governmental authority or agency any amounts required to be withheld by the Company and owing to such governmental authority or
agency. Upon any such withholding, the Company shall remit to the Depositary information, in a form reasonably satisfactory to
the Depositary, about such taxes and/or governmental charges withheld or paid, and, if so requested, the tax receipt (or other
proof of payment to the applicable governmental authority) therefor. The Depositary shall, to the extent required by U.S. law,
report to Holders (i) any taxes withheld by it; (ii) any taxes withheld by the Custodian, subject to information being
provided to the Depositary by the Custodian and (iii) any taxes withheld by the Company, subject to information being provided
to the Depositary by the Company. The Depositary and the Custodian shall not be required to provide the Holders with any evidence
of the remittance by the Company (or its agents) of any taxes withheld, or of the payment of taxes by the Company, except to the
extent the evidence is provided by the Company to the Depositary. None of the Depositary, the Custodian or the Company shall be
liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits on the basis of non-U.S. tax paid against
such Holder’s or Beneficial Owner’s income tax liability.


 


In the event that the Depositary determines
that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental
charge which the Depositary is obligated to withhold, the Depositary shall withhold the amount required to be withheld and may
by public or private sale dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such
amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes and/or charges and the Depositary
shall distribute the net proceeds of any such sale after deduction of such taxes and/or charges to the Holders entitled thereto
in proportion to the number of American Depositary Shares held by them respectively.


 


The Depositary is under no obligation to
provide the Holders and Beneficial Owners with any information about the tax status of the Company. The Depositary shall not incur
any liability for any tax consequences that may be incurred by Holders and Beneficial Owners on account of their ownership of the
American Depositary Shares.


 


ARTICLE V.



THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY


 


SECTION 5.1  Maintenance
of Office and Transfer Books by the Registrar.  Until termination of this Deposit Agreement in accordance with its
terms, the Depositary or if a Registrar for the Receipts shall have been appointed, the Registrar shall maintain in the Borough
of Manhattan, the City of New York, an office and facilities for the execution and delivery, registration, registration of transfers,
combination and split-up of Receipts, the surrender of Receipts and the delivery and withdrawal of Deposited Securities in accordance
with the provisions of this Deposit Agreement.


 


The Depositary or the Registrar as applicable,
shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection
by the Company and by the Holders of such Receipts, provided that such inspection shall not be, to the Depositary’s or the
Registrar’s knowledge, for the purpose of communicating with Holders of such Receipts in the interest of a business or object
other than the business of the Company or other than a matter related to this Deposit Agreement or the Receipts.


 


The Depositary or the Registrar, as applicable,
may close the transfer books with respect to the Receipts, at any time and from time to time, when deemed necessary or advisable
by it in connection with the performance of its duties hereunder, or at the reasonable written request of the Company.


 



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If any Receipts or the American Depositary
Shares evidenced thereby are listed on one or more stock exchanges or automated quotation systems in the United States, the Depositary
shall act as Registrar or appoint a Registrar or one or more co-registrars for registration of Receipts and transfers, combinations
and split-ups, and to countersign such Receipts in accordance with any requirements of such exchanges or systems. Such Registrar
or co-registrars may be removed and a substitute or substitutes appointed by the Depositary.


 


If any Receipts or the American Depositary
Shares evidenced thereby are listed on one or more securities exchanges, markets or automated quotation systems, (i) the Depositary
shall be entitled to, and shall, take or refrain from taking such action(s) as it may deem necessary or appropriate to comply with
the requirements of such securities exchange(s), market(s) or automated quotation system(s) applicable to it, notwithstanding any
other provision of this Deposit Agreement; and (ii) upon the reasonable request of the Depositary, the Company shall provide
the Depositary such information and assistance as may be reasonably necessary for the Depositary to comply with such requirements,
to the extent that the Company may lawfully do so.


 


Each Registrar and co-registrar appointed
under this Section 5.1 shall give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the
applicable terms of the Deposit Agreement.


 


SECTION
5.2  Exoneration.  None of the Depositary, the Custodian or the Company shall be obligated to do or
perform any act which is inconsistent with the provisions of this Deposit Agreement or shall incur any liability to Holders,
Beneficial Owners or any third parties (i) if the Depositary, the Custodian or the Company or their respective
controlling persons or agents shall be prevented or forbidden from, or delayed in, doing or performing any act or thing
required by the terms of this Deposit Agreement, by reason of any provision of any present or future law or regulation of the
United States or any state thereof, India or any other country, or of any other governmental authority or regulatory
authority or stock exchange, or on account of the possible criminal or civil penalties or restraint, or by reason of any
provision, present or future, of the Memorandum and Articles of Association or any provision of or governing any Deposited
Securities, or by reason of any act of God or war or other circumstances beyond its control (including, without limitation,
nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions,
explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for
in this Deposit Agreement or in the Memorandum and Articles of Association or provisions of or governing Deposited
Securities, (iii) for any action or inaction of the Depositary, the Custodian or the Company or their respective
controlling persons or agents in reliance upon the advice of or information from legal counsel, accountants, any person
presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person
believed by it in good faith to be competent to give such advice or information, (iv) for the inability by a Holder or
Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of
Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Holders of American Depositary
Shares or (v) for any special, consequential, indirect or punitive damages for any breach of the terms of this Deposit
Agreement or otherwise.


 



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The Depositary, its controlling persons,
its agents, the Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon
any written notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the
proper party or parties.


 


No disclaimer of liability under the Securities
Act is intended by any provision of this Deposit Agreement.


 


SECTION 5.3  Standard
of Care.  The Company and the Depositary and their respective directors, officers, affiliates, employees and agents
assume no obligation and shall not be subject to any liability under this Deposit Agreement or any Receipts to any Holder(s) or
Beneficial Owner(s) or other persons, except in accordance with Section 5.8 hereof, provided, that the Company and the Depositary
and their respective directors, officers, affiliates, employees and agents agree to perform their respective obligations specifically
set forth in this Deposit Agreement or the applicable ADRs without gross negligence or willful misconduct.


 


Without limitation of the foregoing, neither
the Depositary, nor the Company, nor any of their respective controlling persons, directors, officers, affiliates, employees or
agents, shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any
Deposited Securities or in respect of the Receipts, which in its opinion may involve it in expense or liability, unless indemnity
satisfactory to it against all expenses (including fees and disbursements of counsel) and liabilities be furnished as often as
may be required (and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the responsibility
of the Custodian being solely to the Depositary).


 


The Depositary and its directors, officers,
affiliates, employees and agents shall not be liable for any failure to carry out any instructions to vote any of the Deposited
Securities, or for the manner in which any vote is cast or the effects of any vote. The Depositary shall not incur any liability
for any failure to determine that any distribution or action may be lawful or reasonably practicable, for the content of any information
submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment
risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited Securities or
for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness
of any third party, for allowing any rights to lapse upon the terms of this Deposit Agreement or for the failure or timeliness
of any notice from the Company, or for any action or non action by it in reliance upon the opinion, advice of or information from
legal counsel, accountants, any person representing Shares for deposit, any Holder or any other person believed by it in good faith
to be competent to give such advice or information. The Depositary and its agents shall not be liable for any acts or omissions
made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any
matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which
such potential liability arises the Depositary performed its obligations without gross negligence or willful misconduct while it
acted as Depositary.


 



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SECTION 5.4  Resignation
and Removal of the Depositary; Appointment of Successor Depositary.  The Depositary may at any time resign as Depositary
hereunder by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the
90th day after delivery thereof to the Company (whereupon the Depositary shall, in the event no successor depositary has been appointed
by the Company, be entitled to take the actions contemplated in Section 6.2 hereof) and (ii) the appointment by the Company
of a successor depositary and its acceptance of such appointment as hereinafter provided, save that, any amounts, fees, costs or
expenses owed to the Depositary hereunder or in accordance with any other agreements otherwise agreed in writing between the Company
and the Depositary from time to time shall be paid to the Depositary prior to such resignation.


 


The Company shall use reasonable efforts
to appoint such successor depositary, and give notice to the Depositary of such appointment, not more than 90 days after delivery
by the Depositary of written notice of resignation as provided in this Section 5.4. In the event that notice of the appointment
of a successor depositary is not provided by the Company in accordance with the preceding sentence, the Depositary shall be entitled
to take the actions contemplated in Section 6.2 hereof.


 


The Depositary may at any time be removed
by the Company by written notice of such removal, which removal shall be effective on the later of (i) the 90th day after
delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2
hereof if a successor depositary has not been appointed), and (ii)  the appointment by the Company of a successor depositary
and its acceptance of such appointment as hereinafter provided, save that, any amounts, fees, costs or expenses owed to the Depositary
hereunder or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time
to time shall be paid to the Depositary prior to such removal.


 


In case at any time the Depositary acting
hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary, which shall be
a bank or trust company having an office in the Borough of Manhattan, the City of New York. Every successor depositary shall be
required by the Company to execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment
hereunder, and thereupon such successor depositary, without any further act or deed (except as required by applicable law), shall
become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary, upon payment
of all sums due to it and on the written request of the Company, shall (i) execute and deliver an instrument transferring
to such successor all rights and powers of such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9 hereof),
(ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver
to such successor a list of the Holders of all outstanding Receipts and such other information relating to Receipts and Holders
thereof as the successor may reasonably request. Any such successor depositary shall promptly mail notice of its appointment to
such Holders.


 


Any corporation into or with which the
Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document
or any further act.


 


SECTION 5.5  The
Custodian.  The Custodian or its successors in acting hereunder shall be subject at all times and in all respects
to the direction of the Depositary for the Deposited Securities for which the Custodian acts as custodian and shall be responsible
solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and
no other Custodian has previously been appointed hereunder, the Depositary shall promptly appoint a substitute custodian. The Depositary
shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records
maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated
by the Depositary. Whenever the Depositary determines, in its discretion, that it is appropriate to do so, it may appoint an additional
entity to act as Custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities
and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. After
any such change, the Depositary shall give notice thereof in writing to all Holders.


 



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Upon the appointment of any successor depositary,
any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited
Securities without any further act or writing and shall be subject to the direction of the successor depositary. The successor
depositary so appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all
such instruments as may be proper to give to such Custodian full and complete power and authority to act on the direction of such
successor depositary.


 


SECTION 5.6  Notices
and Reports.  On or before the first date on which the Company gives notice, by publication or otherwise, of any
meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any
action by such holders other than at a meeting, or of the taking of any action in respect of any cash or other distributions or
the offering of any rights in respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian a
copy of the notice thereof in English but otherwise in the form given or to be given to holders of Shares or other Deposited Securities.
The Company shall also furnish to the Custodian and the Depositary a summary, in English, of any applicable provisions or proposed
provisions of the Memorandum and Articles of Association that may be relevant or pertain to such notice of meeting or be the subject
of a vote thereat.


 


The Company will also transmit to the Depositary
(a) English language versions of the other notices, reports and communications which are made generally available by the Company
to holders of its Shares or other Deposited Securities and (b) English language versions of the Company’s annual and
other reports prepared in accordance with the applicable requirements of the Commission. The Depositary shall arrange, at the request
of the Company and at the Company’s expense, for the mailing of copies thereof to all Holders, or by any other means as agreed
between the Company and the Depositary (at the Company’s expense) or make such notices, reports and other communications
available for inspection by all Holders, provided, that, the Depositary shall have received evidence sufficiently satisfactory
to it, including in the form of an Opinion of Counsel regarding U.S. law or of any other applicable jurisdiction, furnished at
the expense of the Company, as the Depositary reasonably requests, that the distribution of such notices, reports and any such
other communications to Holders from time to time is valid and does not or will not infringe any local, U.S. or other applicable
jurisdiction regulatory restrictions or requirements if so distributed and made available to Holders. The Company will timely provide
the Depositary with the quantity of such notices, reports, and communications, as requested by the Depositary from time to time,
in order for the Depositary to effect such mailings. The Company has delivered to the Depositary and the Custodian a copy of the
Memorandum and Articles of Association along with the provisions of or governing the Shares and any other Deposited Securities
issued by the Company or any Affiliate of the Company, in connection with the Shares, in each case, to the extent not in English,
along with a certified English translation thereof, and promptly upon any amendment thereto or change therein, the Company shall
deliver to the Depositary and the Custodian a copy of such amendment thereto or change therein, to the extent not in English, along
with a certified English translation thereof. The Depositary may rely upon such copy for all purposes of this Deposit Agreement.


 






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The Depositary will make available a copy
of any such notices, reports or communications issued by the Company and delivered to the Depositary for inspection by the Holders
of the Receipts evidencing the American Depositary Shares representing such Shares governed by such provisions at the Depositary’s
Corporate Trust Office, at the office of the Custodian and at any other designated transfer office.


 


SECTION 5.7  Issuance
of Additional Shares, ADSs etc.  The Company agrees that in the event it or any of its Affiliates proposes (i) an
issuance, sale or distribution of additional Shares, (ii) an offering of rights to subscribe for Shares or other Deposited
Securities, (iii) an issuance of securities convertible into or exchangeable for Shares, (iv) an issuance of rights to
subscribe for securities convertible into or exchangeable for Shares, (v) an elective dividend of cash or Shares, (vi) a
redemption of Deposited Securities, (vii) a meeting of holders of Deposited Securities, or solicitation of consents or proxies,
relating to any reclassification of securities, merger, subdivision, amalgamation or consolidation or transfer of assets or (viii) any
reclassification, recapitalization, reorganization, merger, amalgamation, consolidation or sale of assets which affects the Deposited
Securities, it will obtain U.S. legal advice and take all steps necessary to ensure that the application of the proposed transaction
to Holders and Beneficial Owners does not violate the registration provisions of the Securities Act, or any other applicable laws
(including, without limitation, the Investment Company Act of 1940, as amended, the Exchange Act or the securities laws of the
states of the United States). In support of the foregoing, the Company will furnish to the Depositary at its request, at the Company’s
expense, (a) a written opinion of U.S. counsel (satisfactory to the Depositary) stating whether or not application of such
transaction to Holders and Beneficial Owners (1) requires a registration statement under the Securities Act to be in effect
or (2) is exempt from the registration requirements of the Securities Act and/or (3) dealing with such other issues requested
by the Depositary; (b) a written opinion of Indian counsel (satisfactory to the Depositary) stating that (1) making the
transaction available to Holders and Beneficial Owners does not violate the laws or regulations of India and (2) all requisite
regulatory consents and approvals have been obtained in India; and (c) as the Depositary may request, a written Opinion of Counsel
in any other jurisdiction in which Holders or Beneficial Owners reside to the effect that making the transaction available to such
Holders or Beneficial Owners does not violate the laws or regulations of such jurisdiction. If the filing of a registration statement
is required, the Depositary shall not have any obligation to proceed with the transaction unless it shall have received evidence
reasonably satisfactory to it that such registration statement has been declared effective and that such distribution is in accordance
with all applicable laws or regulations. If, being advised by counsel, the Company determines that a transaction is required to
be registered under the Securities Act, the Company will either (i) register such transaction to the extent necessary, (ii) alter
the terms of the transaction to avoid the registration requirements of the Securities Act or (iii) direct the Depositary to
take specific measures, in each case as contemplated in this Deposit Agreement, to prevent such transaction from violating the
registration requirements of the Securities Act.


 


The Company agrees with the Depositary
that neither the Company nor any of its Affiliates will at any time (i) deposit any Shares or other Deposited Securities,
either upon original issuance or upon a sale of Shares or other Deposited Securities previously issued and reacquired by the Company
or by any such Affiliate, or (ii) issue additional Shares, rights to subscribe for such Shares, securities convertible into
or exchangeable for Shares or rights to subscribe for such securities, unless such transaction and the securities issuable in such
transaction are exempt from registration under the Securities Act or have been registered under the Securities Act (and such registration
statement has been declared effective).


 



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Notwithstanding anything else contained
in this Deposit Agreement, nothing in this Deposit Agreement shall be deemed to obligate the Company to file any registration statement
in respect of any proposed transaction.


 


SECTION 5.8  Indemnification.  The
Company agrees to indemnify the Depositary, any Custodian and each of their respective directors, officers, employees, agents and
Affiliates against, and hold each of them harmless from, any direct losses, liabilities, taxes, costs, claims, judgments, proceedings,
actions, demands and any charges or expenses of any kind whatsoever (including, but not limited to, reasonable fees and expenses
of counsel, in each case, irrevocable value added tax and any similar tax charged or otherwise imposed in respect thereof) (collectively
referred to as “Losses”) which the Depositary or any agent thereof may incur or which may be made against it
as a result of or in connection with its appointment or the exercise of its powers and duties under this Agreement or that may
arise (a) out of or in connection with any offer, issuance, sale, resale, transfer, deposit or withdrawal of Receipts, American
Depositary Shares, the Shares, or other Deposited Securities, as the case may be, (b) out of or in connection with any offering
documents in respect thereof or (c) out of or in connection with acts performed or omitted, including, but not limited to,
any delivery by the Depositary on behalf of the Company of information regarding the Company in connection with this Deposit Agreement,
the Receipts, the American Depositary Shares, the Shares, or any Deposited Securities, in any such case (i) by the Depositary,
the Custodian or any of their respective directors, officers, employees, agents and Affiliates, except to the extent any such Losses
arise out of the gross negligence or wilful misconduct of any of them, or (ii) by the Company or any of its directors, officers,
employees, agents and Affiliates. Notwithstanding the above, in no event shall the Company or any of its directors, officers, employees,
agents and/or Affiliates be liable for (a) any indirect, special, punitive or consequential damages to the Depositary, any Custodian
and each of their respective directors, officers, employees, agents and Affiliates or any other person, or (b) any Losses arising
out of information relating to the Depositary or any Custodian, as the case may be, furnished in writing by the Depositary to the
Company expressly for use in any registration statement, proxy statement, prospectus or preliminary prospectus or any other offering
documents relating to the Receipts, the American Depositary Share, the Shares or any Deposited Securities.


 


The Depositary agrees to indemnify the
Company and hold it harmless from any direct Losses which may arise out of acts performed or omitted to be performed by the Depositary
arising out of the gross negligence or wilful misconduct of the Depositary or any of its directors, officers or employees, agents
and/or Affiliates. Notwithstanding the above, in no event shall the Depositary or any of its directors, officers, employees, agents
and/or Affiliates be liable for any indirect, special punitive or consequential damages to the Company, Holders, Beneficial Owners
or any other person.


 



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Any person seeking indemnification hereunder
(an “Indemnified Person”) shall notify the person from whom it is seeking indemnification (the “Indemnifying
Person”) of the commencement of any indemnifiable action or claim promptly after such Indemnified Person becomes aware
of such commencement (provided that the failure to make such notification shall not affect such Indemnified Person’s rights
to indemnification except to the extent the Indemnifying Person is materially prejudiced by such failure) and shall consult in
good faith with the Indemnifying Person as to the conduct of the defense of such action or claim that may give rise to an indemnity
hereunder, which defense shall be reasonable under the circumstances. No Indemnified Person shall compromise or settle any action
or claim that may give rise to an indemnity hereunder without the consent of the Indemnifying Person, which consent shall not be
unreasonably withheld.


 


The obligations set forth in this Section
shall survive the termination of this Deposit Agreement and the succession or substitution of any party hereto.


 


SECTION 5.9  Fees
and Charges of Depositary.  The Company, the Holders, the Beneficial Owners, and persons depositing Shares or surrendering
ADSs for cancellation and withdrawal of Deposited Securities shall be required to pay to the Depositary the Depositary’s
fees and related charges identified as payable by them respectively as provided for under Article (9) of Exhibit A hereto.
All fees and charges so payable may, at any time and from time to time, be changed by agreement between the Depositary and the
Company, but, in the case of fees and charges payable by Holders and Beneficial Owners, only in the manner contemplated in Section 6.1
hereof. The Depositary shall provide, without charge, a copy of its latest fee schedule to anyone upon request.


 


The Depositary and the Company may reach
separate agreement in relation to the payment of any additional remuneration to the Depositary in respect of any exceptional duties
which the Depositary finds necessary or desirable and agreed by both parties in the performance of its obligations hereunder and
in respect of the actual costs and expenses of the Depositary in respect of any notices required to be given to the Holders in
accordance with Article (20) of Exhibit B hereto.


 


In connection with any payment by the Company
to the Depositary:


 


		(i)	all fees, taxes, duties, charges, costs and expenses which are payable by the Company shall be
paid or be procured to be paid by the Company (and any such amounts which are paid by the Depositary shall be reimbursed to the
Depositary by the Company upon demand therefor);



 


		(ii)	such payment shall be subject to all necessary applicable exchange control and other consents and
approvals having been obtained. The Company undertakes to use its reasonable endeavours to obtain all necessary approvals that
are required to be obtained by it in this connection; and



 


		(iii)	the Depositary may request, in its sole but reasonable discretion after reasonable consultation
with the Company, an Opinion of Counsel regarding U.S. law, the laws of India or of any other relevant jurisdiction,
to be furnished at the expense of the Company, if at any time it deems it necessary to seek such an Opinion of Counsel regarding
the validity of any action to be taken or instructed to be taken under this Agreement.



 



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The Company agrees to promptly pay to the
Depositary such other fees, charges and expenses and to reimburse the Depositary for such out-of-pocket expenses as the Depositary
and the Company may agree to in writing from time to time. Responsibility for payment of such charges may at any time and from
time to time be changed by agreement between the Company and the Depositary.


 


All payments by the Company to the Depositary
under this Clause 5.9 shall be paid without set-off or counterclaim, and free and clear of and without deduction or withholding
for or on account of, any present or future taxes, levies, imports, duties, fees, assessments or other charges of whatever nature,
imposed by India or by any department, agency or other political subdivision or taxing authority thereof or therein, and all interest,
penalties or similar liabilities with respect thereto.


 


The right of the Depositary to receive
payment of fees, charges and expenses as provided above shall survive the termination of this Deposit Agreement. As to any Depositary,
upon the resignation or removal of such Depositary as described in Section 5.4 hereof, such right shall extend for those fees,
charges and expenses incurred prior to the effectiveness of such resignation or removal.


 


SECTION 5.10  Restricted
Securities Owners/Ownership Restrictions.  From time to time or upon request of the Depositary, the Company shall
provide to the Depositary a list setting forth, to the actual knowledge of the Company, those persons or entities who beneficially
own Restricted Securities and the Company shall update such list on a regular basis. The Depositary may rely on such list or update
but shall not be liable for any action or omission made in reliance thereon. The Company agrees to advise in writing each of the
persons or entities who, to the knowledge of the Company, holds Restricted Securities that such Restricted Securities are ineligible
for deposit hereunder (except under the circumstances contemplated in Section 2.11) and, to the extent practicable, shall require
each of such persons to represent in writing that such person will not deposit Restricted Securities hereunder (except under the
circumstances contemplated in Section 2.11). The Company shall, in accordance with Article (24) of Exhibit B hereto, inform
Holders and Beneficial Owners and the Depositary of any other limitations on ownership of Shares that the Holders and Beneficial
Owners may be subject to by reason of the number of ADSs held under the Articles of Association or applicable Indian law, as such
restrictions may be in force from time to time.


 


The Company may, in its sole discretion,
but subject to applicable law, instruct the Depositary to take action with respect to the ownership interest of any Holder or Beneficial
Owner pursuant to the Memorandum and Articles of Association, including but not limited to, the removal or limitation of voting
rights or the mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADRs held
by such Holder or Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable
law and the Memorandum and Articles of Association; provided that any such measures are practicable and legal and can be undertaken
without undue burden or expense, and provided further the Depositary’s agreement to the foregoing is conditional upon it
being advised of any applicable changes in the Memorandum and Articles of Association. The Depositary shall have no liability for
any actions taken in accordance with such instructions.


 



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ARTICLE VI.



AMENDMENT AND TERMINATION


 


SECTION
6.1  Amendment/Supplement.  Subject to the terms and conditions of this Section 6.1 and
applicable law, the Receipts outstanding at any time, the provisions of this Deposit Agreement and the form of Receipt
attached hereto and to be issued under the terms hereof may at any time and from time to time be amended or supplemented by
written agreement between the Company and the Depositary in any respect which they may deem necessary or desirable and not
materially prejudicial to the Holders without the consent of the Holders or Beneficial Owners. Any amendment or supplement
which shall impose or increase any fees or charges (other than charges in connection with foreign exchange control
regulations, and taxes and/or other governmental charges, delivery and other such expenses payable by Holders or
Beneficial Owners), or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial
Owners, shall not, however, become effective as to outstanding Receipts until 30  days after notice of such amendment or
supplement shall have been given to the Holders of outstanding Receipts. Notice of any amendment to the Deposit Agreement or
form of Receipts shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe
the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case,
the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such
amendment (i.e., upon retrieval from the Commission's, the Depositary's or the Company's website or upon request from the
Depositary).The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by
the Company and the Depositary) in order for (a) the American Depositary Shares to be registered on Form F-6 under the
Securities Act or (b) the American Depositary Shares or the Shares to be traded solely in electronic book-entry form and
(ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to
materially prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time
any amendment or supplement so becomes effective shall be deemed, by continuing to hold such American Depositary Share or
Shares, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement as amended and
supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such Receipt
and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of
applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which
would require amendment or supplement of the Deposit Agreement to ensure compliance therewith, the Company and the Depositary
may amend or supplement the Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or
regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice
of such amendment or supplement is given to Holders or within any other period of time as required for compliance with such
laws, rules or regulations.


 



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SECTION 6.2  Termination.  The
Depositary shall, at any time at the written direction of the Company, terminate this Deposit Agreement by mailing notice of such
termination to the Holders of all Receipts then outstanding at least 60 days prior to the date fixed in such notice for such
termination, provided that, the Depositary shall be reimbursed for any amounts, fees, costs or expenses owed to it in accordance
with the terms of this Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing between the
Company and the Depositary from time to time, prior to such termination shall take effect. If 90 days shall have expired after
(i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company
shall have delivered to the Depositary a written notice of the removal of the Depositary, and in either case a successor depositary
shall not have been appointed and accepted its appointment as provided in Section 5.4 hereof, the Depositary may terminate
this Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 30 days
prior to the date fixed for such termination. On and after the date of termination of this Deposit Agreement, the Holder will,
upon surrender of such Receipt at the Corporate Trust Office of the Depositary, upon the payment of the charges of the Depositary
for the surrender of Receipts referred to in Section 2.6 hereof and subject to the conditions and restrictions therein set
forth, and upon payment of any applicable taxes and/or governmental charges, be entitled to Delivery, to him or upon his order,
of the amount of Deposited Securities represented by such Receipt. If any Receipts shall remain outstanding after the date of termination
of this Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of Receipts, and the Depositary
shall suspend the distribution of dividends to the Holders thereof, and shall not give any further notices or perform any further
acts under this Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining
to Deposited Securities, shall sell rights or other property as provided in this Deposit Agreement, and shall continue to Deliver
Deposited Securities, subject to the conditions and restrictions set forth in Section 2.6 hereof, together with any dividends
or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange
for Receipts surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the charges of the
Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions
of this Deposit Agreement and any applicable taxes and/or governmental charges or assessments). At any time after the expiration
of six months from the date of termination of this Deposit Agreement, the Depositary may sell the Deposited Securities then held
hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder,
in an unsegregated account, without liability for interest for the pro rata benefit of the Holders of Receipts whose Receipts have
not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under this Deposit
Agreement with respect to the Receipts and the Shares, Deposited Securities and American Depositary Shares, except to account for
such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the charges of the Depositary
for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of this
Deposit Agreement and any applicable taxes and/or governmental charges or assessments). Upon the termination of this Deposit Agreement,
the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary
hereunder.


 


ARTICLE VII.



MISCELLANEOUS


 


SECTION 7.1  Counterparts.  This
Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of such counterparts
together shall constitute one and the same agreement. Copies of this Deposit Agreement shall be maintained with the Depositary
and shall be open to inspection by any Holder during business hours.


 



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SECTION 7.2  No
Third-Party Beneficiaries.  This Deposit Agreement is for the exclusive benefit of the parties hereto (and their
successors) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person, except
to the extent specifically set forth in this Deposit Agreement. Nothing in this Deposit Agreement shall be deemed to give rise
to a partnership or joint venture among the parties hereto nor establish a fiduciary or similar relationship among the parties.
The parties hereto acknowledge and agree that (i) the Depositary and its Affiliates may at any time have multiple banking
relationships with the Company and its Affiliates, (ii) the Depositary and its Affiliates may be engaged at any time in transactions
in which parties adverse to the Company or the Holders or Beneficial Owners may have interests and (iii) nothing contained
in this Agreement shall (a) preclude the Depositary or any of its Affiliates from engaging in such transactions or establishing
or maintaining such relationships, or (b) obligate the Depositary or any of its Affiliates to disclose such transactions or
relationships or to account for any profit made or payment received in such transactions or relationships.


 


SECTION 7.3  Severability.  In
case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein
shall in no way be affected, prejudiced or disturbed thereby.


 


SECTION 7.4  Holders
and Beneficial Owners as Parties; Binding Effect.  The Holders and Beneficial Owners from time to time of American
Depositary Shares shall be parties to the Deposit Agreement and shall be bound by all of the terms and conditions hereof and of
any Receipt by acceptance hereof or any beneficial interest therein.


 


SECTION
7.5  Notices.  Any and all notices to be given to the Company shall be deemed to have been duly given
if personally delivered or sent by first-class mail, air courier or cable, telex, facsimile transmission or electronic
transmission, confirmed by letter, addressed to [Videocon d2h Limited], [1st Floor, Techweb Centre, NewLink Road, Oshiwara
Jogeshwari (West), Mumbai 400 102 Maharashtra, India], Attention:  [Saurabh Pradipkumar Dhoot] or to any other address which
the Company may specify in writing to the Depositary.


 


Any and all notices to be given to the
Depositary shall be deemed to have been duly given if personally delivered or sent by first-class mail, air courier or cable, telex,
facsimile transmission or by electronic transmission (if agreed by the Company and the Depositary), at the Company’s expense,
unless otherwise agreed in writing between the Company and the Depositary, confirmed by letter, addressed to Deutsche Bank Trust
Company Americas, 60 Wall Street, New York, New York 10005, USA, Attention: ADR Department, telephone: +1 212 250-9100, facsimile:
+ 1 212 797 0327 or to any other address which the Depositary may specify in writing to the Company.


 


Any and all notices to be given to any
Holder shall be deemed to have been duly given if personally delivered or sent by first-class mail or cable, telex, facsimile transmission
or by electronic transmission (if agreed by the Company and the Depositary), at the Company’s expense, unless otherwise agreed
in writing between the Company and the Depositary, addressed to such Holder at the address of such Holder as it appears on the
transfer books for Receipts of the Depositary, or, if such Holder shall have filed with the Depositary a written request that notices
intended for such Holder be mailed to some other address, at the address specified in such request. Notice to Holders shall be
deemed to be notice to Beneficial Owners for all purposes of this Deposit Agreement.


 



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Delivery of a notice sent by mail, air
courier or cable, telex, facsimile or electronic transmission shall be deemed to be effective at the time when a duly addressed
letter containing the same (or a confirmation thereof in the case of a cable, telex, facsimile or electronic transmission) is deposited,
postage prepaid, in a post-office letter box or delivered to an air courier service. The Depositary or the Company may, however,
act upon any cable, telex, facsimile or electronic transmission received by it from the other or from any Holder, notwithstanding
that such cable, telex, facsimile or electronic transmission shall not subsequently be confirmed by letter as aforesaid, as the
case may be.


 


SECTION 7.6  Governing
Law and Jurisdiction.  This Deposit Agreement and the Receipts shall be interpreted in accordance with, and all rights
hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York without reference
to the principles of choice of law thereof. Except as set forth in the following paragraph of this Section 7.6, the Company
and the Depositary agree that the federal or state courts in the City of New York shall have non-exclusive jurisdiction to hear
and determine any suit, action or proceeding and to settle any dispute between them that may arise out of or in connection with
this Deposit Agreement and, for such purposes, each irrevocably submits to the non-exclusive jurisdiction of such courts. The Company
hereby irrevocably designates, appoints and empowers [Law Debenture Corporate Services Inc.], (the “Process Agent”),
now at [400 Madison Avenue, Suite 4D, New York, NY 10017, United States] as its authorized agent to receive and accept for and
on its behalf, and on behalf of its properties, assets and revenues, service by mail of any and all legal process, summons, notices
and documents that may be served in any suit, action or proceeding brought against the Company in any federal or state court as
described in the preceding sentence or in the next paragraph of this Section 7.6. If for any reason the Process Agent shall
cease to be available to act as such, the Company agrees to designate a new agent in The City of New York on the terms and for
the purposes of this Section 7.6 reasonably satisfactory to the Depositary. The Company further hereby irrevocably consents
and agrees to the service of any and all legal process, summons, notices and documents in any suit, action or proceeding against
the Company, by service by mail of a copy thereof upon the Process Agent (whether or not the appointment of such Process Agent
shall for any reason prove to be ineffective or such Process Agent shall fail to accept or acknowledge such service), with a copy
mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 7.5 hereof.
The Company agrees that the failure of the Process Agent to give any notice of such service to it shall not impair or affect in
any way the validity of such service or any judgment rendered in any action or proceeding based thereon.


 


Notwithstanding the foregoing, the Depositary
and the Company unconditionally agree that in the event that a Holder or Beneficial Owner brings a suit, action or proceeding against
(a) the Company, (b) the Depositary in its capacity as Depositary under this Deposit Agreement or (c) against both
the Company and the Depositary, in any state or federal court of the United States, and the Depositary or the Company have any
claim, for indemnification or otherwise, against each other arising out of the subject matter of such suit, action or proceeding,
then the Company and the Depositary may pursue such claim against each other in the state or federal court in the United States
in which such suit, action, or proceeding is pending, and for such purposes, the Company and the Depositary irrevocably submit
to the non-exclusive jurisdiction of such courts. The Company agrees that service of process upon the Process Agent in the manner
set forth in the preceding paragraph shall be effective service upon it for any suit, action or proceeding brought against it as
described in this paragraph.


 



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The Company irrevocably and unconditionally
waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue of any actions,
suits or proceedings brought in any court as provided in this Section 7.6, and hereby further irrevocably and unconditionally
waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has
been brought in an inconvenient forum.


 


The Company and the Depositary agree that,
notwithstanding the foregoing, with regard to any claim or dispute or difference of whatever nature between the parties hereto
arising directly or indirectly from the relationship created by this Deposit Agreement, the Depositary, in its sole discretion,
shall be entitled to refer such dispute or difference for final settlement by arbitration (“Arbitration”) in
accordance with the applicable rules of the American Arbitration Association (the “Rules”) then in force, by
a sole arbitrator appointed in accordance with the Rules. The seat and place of any reference to Arbitration shall be New York,
New York State. The procedural law of any Arbitration shall be New York law and the language to be used in the Arbitration shall
be English. The fees of the arbitrator and other costs incurred by the parties in connection with such Arbitration shall be paid
by the party that is unsuccessful in such Arbitration.


 


EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING,
FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN THE ADRs) HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST
THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES,
THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF
(WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).


 


The provisions of this Section 7.6
shall survive any termination of this Deposit Agreement, in whole or in part.


 


SECTION 7.7  Assignment.  Subject
to the provisions of Section 5.4 hereof, this Deposit Agreement may not be assigned by either the Company or the Depositary.


 


SECTION 7.8  Agents.  The
Depositary shall be entitled, in its sole but reasonable discretion, to appoint one or more agents (the “Agents”)
of which it shall have control for the purpose, inter alia, of making distributions to the Holders or otherwise carrying
out its obligations under this Agreement.


 


SECTION 7.9  Exclusivity.  The
Company agrees not to appoint any other depositary for the issuance or administration of depositary receipts evidencing any class
of stock of the Company so long as Deutsche Bank Trust Company Americas is acting as Depositary hereunder.


 



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SECTION 7.10  Compliance
with U.S. Securities Laws.  Notwithstanding anything in this Deposit Agreement to the contrary, the withdrawal or
Delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Instruction
I.A.(1) of the General Instructions to Form F-6 Registration Statement, as amended from time to time, under the Securities
Act.


 


SECTION 7.11  Titles.  All
references in this Deposit Agreement to exhibits, Articles, sections, subsections, and other subdivisions refer to the exhibits,
Articles, sections, subsections and other subdivisions of this Deposit Agreement unless expressly provided otherwise. The words
“this Deposit Agreement”, “herein”, “hereof”, “hereby”,
“hereunder”, and words of similar import refer to the Deposit Agreement as a whole as in effect between the
Company, the Depositary and the Holders and Beneficial Owners of ADSs and not to any particular subdivision unless expressly so
limited. Pronouns in masculine, feminine and neuter gender shall be construed to include any other gender, and words in the singular
form shall be construed to include the plural and vice versa unless the context otherwise requires. Titles to sections of this
Deposit Agreement are included for convenience only and shall be disregarded in construing the language contained in this Deposit
Agreement.


 




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IN WITNESS WHEREOF, VIDEOCON D2H LIMITED and DEUTSCHE BANK TRUST
COMPANY AMERICAS have duly executed this Deposit Agreement as of the day and year first above set forth and all Holders and Beneficial
Owners shall become parties hereto upon acceptance by them of American Depositary Shares evidenced by Receipts issued in accordance
with the terms hereof.


 


	 	VIDEOCON D2H LIMITED
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY 

AMERICAS
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:




 




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EXHIBIT A


 


CUSIP________


 


ISIN________


 


American Depositary 

Shares (Each

American Depositary 

Share

representing four

Fully Paid Equity Shares)


 


[FORM OF FACE OF RECEIPT]


 


AMERICAN DEPOSITARY RECEIPT


 


for


 


AMERICAN DEPOSITARY SHARES


 


representing


 


DEPOSITED EQUITY SHARES


 


of


 


VIDEOCON D2H LIMITED


 


(Incorporated under
the laws of India)


 


DEUTSCHE BANK TRUST COMPANY AMERICAS,
as depositary (herein called the “Depositary”), hereby certifies that ________________ is the owner of ______________
American Depositary Shares (hereinafter “ADS”), representing deposited equity shares, each of Face Value of
10 Indian Rupee, including evidence of rights to receive such equity shares (the “Shares”) of
Videocon d2h Limited, a company incorporated under the laws of India (the “Company”). As of the
date of the Deposit Agreement (hereinafter referred to), each ADS represents four Shares deposited under the Deposit Agreement
with the Custodian which at the date of execution of the Deposit Agreement is Deutsche Bank AG, Hong Kong Branch (the “Custodian”).
The ratio of Depositary Shares to shares of stock is subject to subsequent amendment as provided in Article IV of the Deposit
Agreement. The Depositary’s Corporate Trust Office is located at 60 Wall Street, New York, New York 10005, U.S.A.


 


(1)          The Deposit Agreement. This
American Depositary Receipt is one of an issue of American Depositary Receipts (“Receipts”), all issued or to
be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of [●], 2015 (as amended from time to
time, the “Deposit Agreement”), by and among the Company, the Depositary, and all Holders and Beneficial Owners
from time to time of Receipts issued thereunder, each of whom by accepting a Receipt agrees to become a party thereto and becomes
bound by all the terms and conditions thereof. The Deposit Agreement sets forth the rights and obligations of Holders and Beneficial
Owners of Receipts and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other
securities, property and cash from time to time, received in respect of such Shares and held thereunder (such Shares, other securities,
property and cash are herein called “Deposited Securities”). Copies of the Deposit Agreement are on file at
the Corporate Trust Office of the Depositary and the Custodian.


 



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Each owner and each Beneficial Owner, upon
acceptance of any ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement, shall
be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and applicable ADR(s), and
(b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all
actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with
applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out
the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such actions to be the conclusive determinant of
the necessity and appropriateness thereof.


 


The statements made on the face and reverse
of this Receipt are summaries of certain provisions of the Deposit Agreement and the Memorandum and Articles of Association (as
in effect on the date of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the Deposit Agreement,
to which reference is hereby made. All capitalized terms used herein which are not otherwise defined herein shall have the meanings
ascribed thereto in the Deposit Agreement. The Depositary makes no representation or warranty as to the validity or worth of the
Deposited Securities. The Depositary has made arrangements for the acceptance of the American Depositary Shares into DTC. Each
Beneficial Owner of American Depositary Shares held through DTC must rely on the procedures of DTC and the DTC Participants to
exercise and be entitled to any rights attributable to such American Depositary Shares. The Receipt evidencing the American Depositary
Shares held through DTC will be registered in the name of a nominee of DTC. So long as the American Depositary Shares are held
through DTC or unless otherwise required by law, ownership of beneficial interests in the Receipt registered in the name of DTC
(or its nominee) will be shown on, and transfers of such ownership will be effected only through, records maintained by (i) DTC
(or its nominee), or (ii) DTC Participants (or their nominees).


 


(2)          Surrender of Receipts and Withdrawal
of Deposited Securities. Upon surrender, at the Corporate Trust Office of the Depositary, of ADSs evidenced by this Receipt
for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of (i) the charges of the
Depositary for the making of withdrawals and cancellation of Receipts (as set forth in Section 5.9 of the Deposit Agreement
and Article (9) hereof) and (ii) all fees, taxes and/or governmental charges payable in connection with such surrender
and withdrawal, and, subject to the terms and conditions of the Deposit Agreement, the Memorandum and Articles of Association,
Section 7.10 of the Deposit Agreement, Article (22) hereof and the provisions of or governing the Deposited Securities
and other applicable laws, the Holder of the American Depositary Shares evidenced hereby is entitled to Delivery, to him or upon
his order, of the Deposited Securities represented by the ADS so surrendered. Subject to the last sentence of this paragraph, such
Deposited Securities may be Delivered in certificated form or by electronic Delivery. ADS may be surrendered for the purpose of
withdrawing Deposited Securities by Delivery of a Receipt evidencing such ADS (if held in registered form) or by book-entry delivery
of such ADS to the Depositary.


 



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A Receipt surrendered for such purposes
shall, if so required by the Depositary, be properly endorsed in blank or accompanied by proper instruments of transfer in blank,
and if the Depositary so requires, the Holder thereof shall execute and deliver to the Depositary a written order directing the
Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon the written order of a person or persons
designated in such order. Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated
office of the Custodian (subject to the terms and conditions of the Deposit Agreement, to the Memorandum and Articles of Association,
and to the provisions of or governing the Deposited Securities and applicable laws, now or hereafter in effect), to or upon the
written order of the person or persons designated in the order delivered to the Depositary as provided above, the Deposited Securities
represented by such ADSs, together with any certificate or other proper documents of or relating to title for the Deposited Securities
or evidence of the electronic transfer thereof (if available) as the case may be to or for the account of such person. The Depositary
may make delivery to such person or persons at the Corporate Trust Office of the Depositary of any dividends or distributions with
respect to the Deposited Securities represented by such Receipt, or of any proceeds of sale of any dividends, distributions or
rights, which may at the time be held by the Depositary.


 


Subject to Article (4) hereof, in the case
of surrender of a Receipt evidencing a number of ADSs representing other than a whole number of Shares, the Depositary shall cause
ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms hereof, and shall, at the discretion
of the Depositary, either (i) issue and Deliver to the person surrendering such Receipt a new Receipt evidencing American
Depositary Shares representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Shares represented
by the Receipt so surrendered and remit the proceeds thereof (net of (a) applicable fees and charges of, and expenses incurred
by, the Depositary and (b) taxes and/or governmental charges) to the person surrendering the Receipt. At the request, risk
and expense of any Holder so surrendering a Receipt, and for the account of such Holder, the Depositary shall direct the Custodian
to forward (to the extent permitted by law) any cash or other property (other than securities) held in respect of, and any certificate
or certificates and other proper documents of or relating to title to, the Deposited Securities represented by such Receipt to
the Depositary for Delivery at the Corporate Trust Office of the Depositary, and for further Delivery to such Holder. Such direction
shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission.


 


(3)          Transfers, Split-Ups and Combinations
of Receipts. Subject to the terms and conditions of the Deposit Agreement, the Registrar shall register transfers of Receipts
on its books, upon surrender at the Corporate Trust Office of the Depositary of a Receipt by the Holder thereof in person or by
duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer (including signature guarantees in
accordance with standard industry practice) and duly stamped as may be required by the laws of the State of New York and of the
United States of America, of India and of any other applicable jurisdiction. Subject to the terms and conditions of the Deposit
Agreement, including payment of the applicable fees and expenses incurred by, and charges of, the Depositary, the Depositary shall
execute and Deliver a new Receipt(s) (and if necessary, cause the Registrar to countersign such Receipt(s)) and deliver same to
or upon the order of the person entitled to such Receipts evidencing the same aggregate number of ADSs as those evidenced by the
Receipts surrendered. Upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt
or Receipts upon payment of the applicable fees and charges of the Depositary, and subject to the terms and conditions of the Deposit
Agreement, the Depositary shall execute and deliver a new Receipt or Receipts for any authorized number of ADSs requested, evidencing
the same aggregate number of ADSs as the Receipt or Receipts surrendered.


 



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(4)          Pre-Conditions to Registration,
Transfer, Etc. As a condition precedent to the execution and delivery, registration of transfer, split-up, combination or surrender
of any Receipt or withdrawal of any Deposited Securities, the Depositary or the Custodian may require (i) payment from the
depositor of Shares or presenter of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and
any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being
deposited or withdrawn) and payment of any applicable fees and charges of the Depositary as provided in the Deposit Agreement and
in this Receipt, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature or any
other matters and (iii) compliance with (A) any laws or governmental regulations relating to the execution and delivery
of Receipts and ADSs or to the withdrawal of Deposited Securities and (B) such reasonable regulations of the Depositary or
the Company consistent with the Deposit Agreement and applicable law.


 


The issuance of ADSs against deposits of
Shares generally or against deposits of particular Shares may be suspended, or the issuance of ADSs against the deposit of particular
Shares may be withheld, or the registration of transfer of Receipts in particular instances may be refused, or the registration
of transfer of Receipts generally may be suspended, during any period when the transfer books of the Depositary are closed or if
any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time
because of any requirement of law, any government or governmental body or commission or any securities exchange upon which the
Receipts or Share are listed, or under any provision of the Deposit Agreement or provisions of, or governing, the Deposited Securities
or any meeting of shareholders of the Company or for any other reason, subject in all cases to Article (22) hereof. Notwithstanding
any provision of the Deposit Agreement or this Receipt to the contrary, the Holders of Receipts are entitled to surrender outstanding
ADSs to withdraw the Deposited Securities at any time subject only to (i) temporary delays caused by closing the transfer
books of the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders’ meeting or the
payment of dividends, (ii) the payment of fees, taxes and/or similar charges, (iii) compliance with any U.S. or foreign
laws or governmental regulations relating to the Receipts or to the withdrawal of the Deposited Securities, and (iv) other
circumstances specifically contemplated by Section I.A.(l) of the General Instructions to Form F-6 (as such General Instructions
may be amended from time to time). Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under
the Deposit Agreement any Shares or other Deposited Securities required to be registered under the provisions of the Securities
Act, unless a registration statement is in effect as to such Shares.


 


(5)          Compliance With Information Requests.
Notwithstanding any other provision of the Deposit Agreement or this Receipt, each Holder and Beneficial Owner of the ADSs represented
hereby agrees to comply with requests from the Company pursuant to the laws of India, the rules and requirements of the NASDAQ and any other stock exchange on which the Shares are, or will be registered, traded or listed, the Memorandum and
Articles of Association, which are made to provide information as to the capacity in which such Holder or Beneficial Owner owns
ADSs and regarding the identity of any other person interested in such ADSs and the nature of such interest and various other matters
whether or not they are Holders and/or Beneficial Owner at the time of such request. The Depositary agrees to use reasonable efforts
to forward any such requests to the Holders and to forward to the Company any such responses to such requests received by the Depositary.


 



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(6)          Liability of Holder for Taxes,
Duties and Other Charges. If any tax or other governmental charge shall become payable by the Depositary or the Custodian with
respect to any Receipt or any Deposited Securities or ADSs, such tax, or other governmental charge shall be payable by the Holders
and Beneficial Owners to the Depositary. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions
made in respect of Deposited Securities and may sell for the account of the Holder and/or Beneficial Owner any or all of the Deposited
Securities and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties)
or charges, with the Holder and the Beneficial Owner hereof remaining fully liable for any deficiency. The Custodian may refuse
the deposit of Shares, and the Depositary may refuse to issue ADSs, to deliver Receipts, register the transfer, split-up or combination
of ADRs and (subject to Article (22) hereof) the withdrawal of Deposited Securities, until payment in full of such tax, charge,
penalty or interest is received. Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian
and each of their respective agents, directors, employees and Affiliates for, and hold each of them harmless from, any claims with
respect to taxes (including applicable interest and penalties thereon) arising from any tax benefit obtained for such Holder and/or
Beneficial Owner.


 


Holders understand that in converting Foreign
Currency, amounts received on conversion are calculated at a rate which may exceed the number of decimal places used by the Depositary
to report distribution rates (which in any case will not be less than two decimal places). Any excess amount may be retained by
the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and
shall not be subject to escheatment.


 


(7)          Representations and Warranties
of Depositors. Each person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that
(i) such Shares (and the certificates therefor) are duly authorized, validly issued, fully paid, non-assessable and were legally
obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares, have been validly
waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for
deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, and are not, and the
ADSs issuable upon such deposit will not be, Restricted Securities (except as contemplated by Section 2.11 of the Deposit Agreement),
(v) the Shares presented for deposit have not been stripped of any rights or entitlements and (vi) the Shares are not
subject to any lock-up agreement with the Company or other party, or the Shares are subject to a lock-up agreement but such lock-up
agreement has terminated or the lock-up restrictions imposed thereunder have expired or been validly waived. Such representations
and warranties shall survive the deposit and withdrawal of Shares and the issuance, cancellation and transfer of ADSs. If any such
representations or warranties are false in any way, the Company and Depositary shall be authorized, at the cost and expense of
the person depositing Shares, to take any and all actions necessary to correct the consequences thereof.


 



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(8)          Filing Proofs, Certificates and
Other Information. Any person presenting Shares for deposit, any Holder and any Beneficial Owner may be required, and every
Holder and Beneficial Owner agrees, from time to time to provide to the Depositary such proof of citizenship or residence, taxpayer
status, payment of all applicable taxes and/or other governmental charges, exchange control approval, legal or beneficial ownership
of ADSs and Deposited Securities, compliance with applicable laws and the terms of the Deposit Agreement and the provisions of,
or governing, the Deposited Securities or other information as the Depositary deems necessary or proper or as the Company may reasonably
require by written request to the Depositary consistent with its obligations under the Deposit Agreement. Subject to Article (22)
hereof and the terms of the Deposit Agreement, the Depositary and the Registrar, as applicable, may withhold the delivery or registration
of transfer of any Receipt or the distribution or sale of any dividend or other distribution of rights or of the proceeds thereof
or the delivery of any Deposited Securities until such proof or other information is filed, or such certifications are executed,
or such representations and warranties made, or such information and documentation are provided.


 


(9)          Charges of Depositary. The
Depositary reserves the right to charge the following fees for the services performed under the terms of the Deposit Agreement,
provided, however, that no fees shall be payable upon distribution of cash dividends so long as the charging of such fee is prohibited
by the exchange, if any, upon which the ADSs are listed:


 


(i)          to any person to whom
ADSs are issued or to any person to whom a distribution is made in respect of ADS distributions pursuant to stock dividends or
other free distributions of stock, bonus distributions, stock splits or other distributions (except where converted to cash), a
fee of up to U.S. $0.05 per ADS so issued under the terms of the Deposit Agreement to be determined by the Depositary;


 


(ii)          to any person surrendering
ADSs for cancellation and withdrawal of Deposited Securities including, inter alia, cash distributions made pursuant to
a cancellation or withdrawal, a fee of up to U.S. $0.05 per ADS so surrendered;


 


(iii)          to any holder of ADSs
(including, without limitation, Holders), a fee not in excess of U.S. $ 5.00 per 100 ADSs held for the distribution of cash dividends;


 


(iv)          to any holder of ADSs (including,
without limitation, Holders), a fee not in excess of U.S. $ 5.00 per 100 ADSs held for the distribution of cash entitlements (other
than cash dividends) and/or cash proceeds, including proceeds from the sale of rights, securities and other entitlements;


 


(v)          to any holder of ADSs,
a fee of up to U.S. $0.05 per ADS issued upon the exercise of rights; and


 


(vi)          for the operation and
maintenance costs in administering the ADSs an annual fee of up to U.S. $0.05 per ADS, such fee to be assessed against Holders
of record as of the date or dates set by the Depositary as it sees fit and collected at the sole discretion of the Depositary by
billing such Holders for such fee or by deducting such fee from one or more cash dividends or other cash distributions.


 


In addition, Holders, Beneficial Owners,
any depositor depositing Shares for deposit and any person surrendering ADSs for cancellation and withdrawal of Deposited Securities
will be required to pay the following charges:


 


(i)          taxes (including applicable
interest and penalties) and other governmental charges;


 


(ii)          such registration fees
as may from time to time be in effect for the registration of Shares or other Deposited Securities with the Foreign Registrar and
applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the Depositary or any nominees
upon the making of deposits and withdrawals, respectively;


 



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(iii)          such cable, telex, facsimile
and electronic transmission and delivery expenses as are expressly provided in the Deposit Agreement to be at the expense of the
depositor depositing or person withdrawing Shares or Holders and Beneficial Owners of ADSs;


 


(iv)          the expenses and charges
incurred by the Depositary in the conversion of Foreign Currency;


 


(v)          such fees and expenses
as are incurred by the Depositary in connection with compliance with exchange control regulations and other regulatory requirements
applicable to Shares, Deposited Securities, ADSs and ADRs;


 


(vi)          the fees and expenses
incurred by the Depositary in connection with the delivery of Deposited Securities, including any fees of a central depository
for securities in the local market, where applicable;


 


(vii)          any additional fees,
charges, costs or expenses that may be incurred by the Depositary from time to time.


 


Any other fees and charges of, and expenses
incurred by, the Depositary or the Custodian under the Deposit Agreement shall be for the account of the Company unless otherwise
agreed in writing between the Company and the Depositary from time to time. All fees and charges may, at any time and from time
to time, be changed by agreement between the Depositary and Company but, in the case of fees and charges payable by Holders or
Beneficial Owners, only in the manner contemplated by Article (20) hereof.


 


(10)          Title to Receipts. It is
a condition of this Receipt, and every successive Holder of this Receipt by accepting or holding the same consents and agrees,
that title to this Receipt (and to each ADS evidenced hereby) is transferable by delivery of the Receipt, provided it has been
properly endorsed or accompanied by proper instruments of transfer, such Receipt being a certificated security under the laws of
the State of New York. Notwithstanding any notice to the contrary, the Depositary may deem and treat the Holder of this Receipt
(that is, the person in whose name this Receipt is registered on the books of the Depositary) as the absolute owner hereof for
all purposes. The Depositary shall have no obligation or be subject to any liability under the Deposit Agreement or this Receipt
to any holder of this Receipt or any Beneficial Owner unless such holder is the Holder of this Receipt registered on the books
of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner or the Beneficial Owner’s representative is
the Holder registered on the books of the Depositary.


 


(11)          Validity of Receipt. This
Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable for any purpose, unless this
Receipt has been (i) dated, (ii) signed by the manual or facsimile signature of a duly authorized signatory of the Depositary,
(iii) if a Registrar for the Receipts shall have been appointed, countersigned by the manual or facsimile signature of a duly
authorized signatory of the Registrar and (iv) registered in the books maintained by the Depositary or the Registrar, as applicable,
for the issuance and transfer of Receipts. Receipts bearing the facsimile signature of a duly-authorized signatory of the Depositary
or the Registrar, who at the time of signature was a duly-authorized signatory of the Depositary or the Registrar, as the case
may be, shall bind the Depositary, notwithstanding the fact that such signatory has ceased to be so authorized prior to the execution
and delivery of such Receipt by the Depositary or did not hold such office on the date of issuance of such Receipts.


 



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(12)          Available Information; Reports;
Inspection of Transfer Books. The Company is subject to the periodic reporting requirements of the Exchange Act applicable
to foreign private issuers (as defined in Rule 405 of the Securities Act) and accordingly files certain information with the Commission.
These reports and documents can be inspected and copied at the public reference facilities maintained by the Commission located
at 100 F Street, N.E., Washington D.C. 20549, U.S.A. The Depositary shall make available during normal business
hours on any Business Day for inspection by Holders at its Corporate Trust Office any reports and communications, including any
proxy soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian, or the
nominee of either of them as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited
Securities by the Company.


 


The Depositary or the Registrar, as applicable,
shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection
by the Company and by the Holders of such Receipts, provided that such inspection shall not be, to the Depositary’s or the
Registrar’s knowledge, for the purpose of communicating with Holders of such Receipts in the interest of a business or object
other than the business of the Company or other than a matter related to the Deposit Agreement or the Receipts.


 


The Depositary or the Registrar, as applicable,
may close the transfer books with respect to the Receipts, at any time or from time to time, when deemed necessary or advisable
by it in good faith in connection with the performance of its duties hereunder, or at the reasonable written request of the Company
subject, in all cases, to Article (22) hereof.


 


	Dated:	DEUTSCHE BANK TRUST
	 	COMPANY AMERICAS, as Depositary
	 	 	 
	 	By:	           
	 	 	 
	 	By:	 


 


The address of the Corporate Trust Office
of the Depositary is 60 Wall Street, New York, New York 10005, U.S.A.


 




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EXHIBIT B


 


[FORM OF REVERSE OF RECEIPT]

SUMMARY OF CERTAIN ADDITIONAL PROVISIONS

OF THE DEPOSIT AGREEMENT


 


(13)           Dividends and Distributions
in Cash, Shares, etc. Whenever the Depositary receives confirmation from the Custodian of receipt of any cash dividend or other
cash distribution on any Deposited Securities, or receives proceeds from the sale of any Shares, rights securities or other entitlements
under the Deposit Agreement, the Depositary will, if at the time of receipt thereof any amounts received in a Foreign Currency
can, in the judgment of the Depositary (upon the terms of the Deposit Agreement), be converted on a practicable basis, into Dollars
transferable to the United States, promptly convert or cause to be converted such dividend, distribution or proceeds into Dollars
and will distribute promptly the amount thus received (net of applicable fees and charges of, and expenses incurred by, the Depositary
and taxes and/or governmental charges) to the Holders of record as of the ADS Record Date in proportion to the number of ADS representing
such Deposited Securities held by such Holders respectively as of the ADS Record Date. The Depositary shall distribute only such
amount, however, as can be distributed without attributing to any Holder a fraction of one cent. Any such fractional amounts shall
be rounded to the nearest whole cent and so distributed to Holders entitled thereto. If the Company, the Custodian or the Depositary
is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities
an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs representing
such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian
or the Depositary to the relevant governmental authority. Any Foreign Currency received by the Depositary shall be converted upon
the terms and conditions set forth in the Deposit Agreement.


 


If any distribution upon any Deposited
Securities consists of a dividend in, or free distribution of, Shares, the Company shall cause such Shares to be deposited with
the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or their nominees. Upon receipt
of confirmation of such deposit, the Depositary shall, subject to and in accordance with the Deposit Agreement, establish the ADS
Record Date and either (i) distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held as
of the ADS Record Date, additional ADSs, which represent in aggregate the number of Shares received as such dividend, or free distribution,
subject to the terms of the Deposit Agreement (including, without limitation, the applicable fees and charges of, and expenses
incurred by, the Depositary, and taxes and/or governmental charges), or (ii) if additional ADSs are not so distributed, each
ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights
and interests in the additional Shares distributed upon the Deposited Securities represented thereby (net of the applicable fees
and charges of, and the expenses incurred by, the Depositary, and taxes and/or governmental charges). In lieu of delivering fractional
ADSs, the Depositary shall sell the number of Shares represented by the aggregate of such fractions and distribute the proceeds
upon the terms set forth in the Deposit Agreement.


 



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In the event that (x) the Depositary
determines that any distribution in property (including Shares) is subject to any tax or other governmental charges which the Depositary
is obligated to withhold, or, (y) if the Company, in the fulfillment of its obligations under the Deposit Agreement, has either
(a) furnished an opinion of U.S. counsel determining that Shares must be registered under the Securities Act or other
laws in order to be distributed to Holders (and no such registration statement has been declared effective), or (b) fails
to timely deliver the documentation contemplated in the Deposit Agreement, the Depositary may dispose of all or a portion of such
property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private
sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale
(after deduction of taxes and/or governmental charges, and fees and charges of, and expenses incurred by, the Depositary) to Holders
entitled thereto upon the terms of the Deposit Agreement. The Depositary shall hold and/or distribute any unsold balance of such
property in accordance with the provisions of the Deposit Agreement.


 


Upon timely receipt of a notice indicating
that the Company wishes an elective distribution to be made available to Holders upon the terms described in the Deposit Agreement,
the Depositary shall, upon provision of all documentation required under the Deposit Agreement, (including, without limitation,
any legal opinions the Depositary may request under the Deposit Agreement) determine whether such distribution is lawful and reasonably
practicable. If so, the Depositary shall, subject to the terms and conditions of the Deposit Agreement, establish an ADS Record
Date according to Article (14) hereof and establish procedures to enable the Holder hereof to elect to receive the proposed
distribution in cash or in additional ADSs. If a Holder elects to receive the distribution in cash, the dividend shall be distributed
as in the case of a distribution in cash. If the Holder hereof elects to receive the distribution in additional ADSs, the distribution
shall be distributed as in the case of a distribution in Shares upon the terms described in the Deposit Agreement. If such elective
distribution is not lawful or reasonably practicable or if the Depositary did not receive satisfactory documentation set forth
in the Deposit Agreement, the Depositary shall, to the extent permitted by law, distribute to Holders, on the basis of the same
determination as is made in India, in respect of the Shares for which no election is made, either (x) cash or (y) additional
ADSs representing such additional Shares, in each case, upon the terms described in the Deposit Agreement. Nothing herein shall
obligate the Depositary to make available to the Holder hereof a method to receive the elective distribution in Shares (rather
than ADSs). There can be no assurance that the Holder hereof will be given the opportunity to receive elective distributions on
the same terms and conditions as the holders of Shares.


 


Upon receipt by the Depositary of a notice
indicating that the Company wishes rights to subscribe for additional Shares to be made available to Holders of ADSs, the Company
shall determine whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall
make such rights available to any Holders only if the Company shall have timely requested that such rights be made available to
Holders, the Depositary shall have received the documentation required by the Deposit Agreement, and the Depositary shall have
determined that such distribution of rights is lawful and reasonably practicable. If such conditions are not satisfied, the Depositary
shall sell the rights as described below. In the event all conditions set forth above are satisfied, the Depositary shall establish
an ADS Record Date and establish procedures (x) to distribute such rights (by means of warrants or otherwise) and (y) to
enable the Holders to exercise the rights (upon payment of the applicable fees and charges of, and expenses incurred by, the Depositary
and taxes and/or governmental charges). Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available
to the Holders a method to exercise such rights to subscribe for Shares (rather than ADSs). If (i) the Company does not timely
request the Depositary to make the rights available to Holders or if the Company requests that the rights not be made available
to Holders, (ii) the Depositary fails to receive the documentation required by the Deposit Agreement or determines it is not
lawful or reasonably practicable to make the rights available to Holders, or (iii) any rights made available are not exercised
and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell such rights,
in a riskless principal capacity or otherwise, at such place and upon such terms (including public and/or private sale) as it may
deem proper. The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable fees and charges
of, and expenses incurred by, the Depositary and taxes and/or governmental charges) upon the terms hereof and in the Deposit Agreement.
If the Depositary is unable to make any rights available to Holders or to arrange for the sale of the rights upon the terms described
above, the Depositary shall allow such rights to lapse. The Depositary shall not be responsible for (i) any failure to determine
that it may be lawful or practicable to make such rights available to Holders in general or any Holders in particular, (ii) any
foreign exchange exposure or loss incurred in connection with such sale, or exercise, or (iii) the content of any materials
forwarded to the Holders on behalf of the Company in connection with the rights distribution.


 



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Notwithstanding anything herein to the
contrary, if registration (under the Securities Act and/or any other applicable law) of the rights or the securities to which any
rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities
represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until a registration
statement under the Securities Act covering such offering is in effect or (ii) unless the Company furnishes to the Depositary
opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable country in which
rights would be distributed, in each case satisfactorily to the Depositary, to the effect that the offering and sale of such securities
to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or
any other applicable laws. In the event that the Company, the Depositary or the Custodian shall be required to withhold and does
withhold from any distribution of property (including rights) an amount on account of taxes and/or other governmental charges,
the amount distributed to the Holders shall be reduced accordingly. In the event that the Depositary determines that any distribution
in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary
is obligated to withhold, the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe
therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable
to pay any such taxes and/or charges.


 


There can be no assurance that Holders
generally, or any Holder in particular, will be given the opportunity to exercise rights on the same terms and conditions as the
holders of Shares or to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect
of any rights or Shares or other securities to be acquired upon the exercise of such rights or otherwise to register or qualify
the offer or sale of such rights or securities under the applicable law of any other jurisdiction for any purpose.


 



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Upon receipt of a notice regarding property
other than cash, Shares or rights to purchase additional Shares, to be made to Holders of ADSs, the Depositary shall determine,
after consultation with the Company, whether such distribution to Holders is lawful and reasonably practicable. The Depositary
shall not make such distribution unless (i) the Company shall have timely requested the Depositary to make such distribution
to Holders, (ii) the Depositary shall have received the documentation required by the Deposit Agreement, and (iii) the
Depositary shall have determined that such distribution is lawful and reasonably practicable. Upon satisfaction of such conditions,
the Depositary shall distribute the property so received to the Holders of record as of the ADS Record Date, in proportion to the
number of ADSs held by such Holders respectively and in such manner as the Depositary may deem practicable for accomplishing such
distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary,
and (ii) net of any taxes and/or governmental charges. The Depositary may dispose of all or a portion of the property so distributed
and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem practicable or
necessary to satisfy any taxes (including applicable interest and penalties) or other governmental charges applicable to the distribution.


 


If the conditions above are not satisfied,
the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and upon such
terms as it may deem proper and shall distribute the proceeds of such sale received by the Depositary (net of (a) applicable
fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges) to the Holders upon
the terms hereof and of the Deposit Agreement. If the Depositary is unable to sell such property, the Depositary may dispose of
such property in any way it deems reasonably practicable under the circumstances.


 


(14)          Fixing of Record Date. Whenever
necessary in connection with any distribution (whether in cash, shares, rights or other distribution), or whenever for any reason
the Depositary causes a change in the number of Shares that are represented by each ADS, or whenever the Depositary shall receive
notice of any meeting of or solicitation of holders of Shares or other Deposited Securities, or whenever the Depositary shall find
it necessary or convenient in connection with the giving of any notice, or any other matter, the Depositary shall fix a record
date (“ADS Record Date”), as close as practicable to the record date fixed by the Company with respect to the Shares
(if applicable), for the determination of the Holders who shall be entitled to receive such distribution, to give instructions
for the exercise of voting rights at any such meeting, or to give or withhold such consent, or to receive such notice or solicitation
or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented by
each ADS or for any other reason. Subject to applicable law and the terms and conditions of this Receipt and the Deposit Agreement,
only the Holders of record at the close of business in New York on such ADS Record Date shall be entitled to receive such distributions,
to give such voting instructions, to receive such notice or solicitation, or otherwise take action.


 



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(15)          Voting
of Deposited Securities. Subject to the next sentence, as soon as practicable after receipt of notice of any meeting at
which the holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of
Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or solicitation of consent or
proxy. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation
to take any further action if the request shall not have been received by the Depositary at least 21 Business Days prior to
the date of such vote or meeting) and at the Company’s expense, and provided no U.S. legal prohibitions exist, mail by
regular, ordinary mail delivery (or by electronic mail or as otherwise may be agreed between the Company and the Depositary
in writing from time to time) or otherwise distribute as soon as practicable after receipt thereof to Holders as of the ADS
Record Date: (a) such notice of meeting or solicitation of consent or proxy; (b) a statement that the Holders at the close of
business on the ADS Record Date will be entitled, subject to any applicable law, the provisions of this Deposit Agreement,
the Company’s Memorandum and Articles of Association and the provisions of or governing the Deposited Securities (which
provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of
the voting rights, if any, pertaining to the Deposited Securities represented by such Holder’s American
Depositary Shares; and (c) a brief statement as to the manner in which such voting instructions may be given to the
Depositary, or in which instructions may be deemed to have been given in accordance with this Article (15), including an
express indication that instructions may be given (or be deemed to have been given in accordance with the immediately
following paragraph of this section if no instruction is received) to the Depositary to give a discretionary proxy to a
person or persons designated by the Company. Voting instructions may be given only in respect of a number of American
Depositary Shares representing an integral number of Deposited Securities. Upon the timely receipt of voting instructions of
a Holder on the ADS Record Date in the manner specified by the Depositary, the Depositary shall endeavor, insofar as
practicable and permitted under applicable law, the provisions of this Deposit Agreement, the Company’s Memorandum and
Articles of Association and the provisions of or governing the Deposited Securities, to vote or cause the Custodian to vote
the Deposited Securities (in person or by proxy) represented by American Depositary Shares evidenced by such Receipt in
accordance with such voting instructions.


 


In the event that (i) the Depositary timely
receives voting instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities
represented by such Holder’s ADSs or (ii) no timely instructions are received by the Depositary from a Holder with respect
to any of the Deposited Securities represented by the ADSs held by such Holder on the ADS Record Date, the Depositary shall (unless
otherwise specified in the notice distributed to Holders) deem such Holder to have instructed the Depositary to give a discretionary
proxy to a person designated by the Company with respect to such Deposited Securities and the Depositary shall give a discretionary
proxy to a person designated by the Company to vote such Deposited Securities, provided, however, that no such instruction shall
be deemed to have been given and no such discretionary proxy shall be given with respect to any matter as to which the Company
informs the Depositary (and the Company agrees to provide such information as promptly as practicable in writing, if applicable)
that (x) the Company does not wish to give such proxy, (y) the Company is aware or should reasonably be aware that substantial
opposition exists from Holders against the outcome for which the person designated by the Company would otherwise vote or (z) the
outcome for which the person designated by the Company would otherwise vote would materially and adversely affect the rights of
holders of Deposited Securities, provided, further, that the Company will have no liability to any Holder or Beneficial Owner resulting
from such notification.


 


In the event that voting on any resolution
or matter is conducted on a show of hands basis in accordance with the Memorandum and Articles of Association, the Depositary will
refrain from voting and the voting instructions (or the deemed voting instructions, as set out above) received by the Depositary
from Holders shall lapse. The Depositary will have no obligation to demand voting on a poll basis with respect to any resolution
and shall have no liability to any Holder or Beneficial Owner for not having demanded voting on a poll basis.


 



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Neither the Depositary nor the Custodian
shall, under any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian shall vote, attempt
to exercise the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, Deposited Securities
represented by ADSs except pursuant to and in accordance with such written instructions from Holders, including the deemed instruction
to the Depositary to give a discretionary proxy to a person designated by the Company. Deposited Securities represented by ADSs
for which (i) no timely voting instructions are received by the Depositary from the Holder, or (ii) timely voting instructions
are received by the Depositary from the Holder but such voting instructions fail to specify the manner in which the Depositary
is to vote the Deposited Securities represented by such Holder’s ADSs, shall be voted in the manner provided in this Article
(15). Notwithstanding anything else contained herein, and subject to applicable law, regulation and the Memorandum and Articles
of Association, the Depositary shall, if so requested in writing by the Company, represent all Deposited Securities (whether or
not voting instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for
the purpose of establishing quorum at a meeting of shareholders.


 


There can be no assurance that Holders
or Beneficial Owners generally or any Holder or Beneficial Owner in particular will receive the notice described above with sufficient
time to enable the Holder to return voting instructions to the Depositary in a timely manner.


 


Notwithstanding the above, save for applicable
provisions of the law of India, and in accordance with the terms of Section 5.3 of the Deposit Agreement, the Depositary shall
not be liable for any failure to carry out any instructions to vote any of the Deposited Securities or the manner in which such
vote is cast or the effect of such vote.


 


(16)          Changes Affecting Deposited
Securities. Upon any change in face value, split-up, subdivision, cancellation, consolidation or any other reclassification
of Deposited Securities, or upon any recapitalization, reorganization, merger, amalgamation or consolidation or sale of assets
affecting the Company or to which it otherwise is a party, any securities which shall be received by the Depositary or a Custodian
in exchange for, or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall, to the extent
permitted by law, be treated as new Deposited Securities under the Deposit Agreement, and the Receipts shall, subject to the provisions
of the Deposit Agreement and applicable law, evidence ADSs representing the right to receive such additional securities. Alternatively,
the Depositary may, with the Company’s approval, and shall, if the Company shall so requests, subject to the terms of the
Deposit Agreement and receipt of satisfactory documentation contemplated by the Deposit Agreement, execute and deliver additional
Receipts as in the case of a stock dividend on the Shares, or call for the surrender of outstanding Receipts to be exchanged for
new Receipts, in either case, as well as in the event of newly deposited Shares, with necessary modifications to this form of Receipt
specifically describing such new Deposited Securities and/or corporate change. Notwithstanding the foregoing, in the event that
any security so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company’s approval,
and shall if the Company requests, subject to receipt of satisfactory legal documentation contemplated in the Deposit Agreement,
sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate
the net proceeds of such sales (net of fees and charges of, and expenses incurred by, the Depositary and taxes and/or governmental
charges) for the account of the Holders otherwise entitled to such securities and distribute the net proceeds so allocated to the
extent practicable as in the case of a distribution received in cash pursuant to the Deposit Agreement. The Depositary shall not
be responsible for (i) any failure to determine that it may be lawful or feasible to make such securities available to Holders
in general or any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale,
or (iii) any liability to the purchaser of such securities.


 



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(17)          Exoneration.
None of the Depositary, the Custodian or the Company shall be obligated to do or perform any act which is inconsistent with
the provisions of the Deposit Agreement or shall incur any liability to Holders, Beneficial Owners or any third
parties (i) if the Depositary, the Custodian or the Company or their respective controlling persons or agents shall be
prevented or forbidden from, or subjected to any civil or criminal penalty or restraint on account of, or delayed in, doing
or performing any act or thing required by the terms of the Deposit Agreement and this Receipt, by reason of any provision
of any present or future law or regulation of the United States, India or any other country, or of any other
governmental authority or regulatory authority or stock exchange, or by reason of any provision, present or future of the
Memorandum and Articles of Association or any provision of or governing any Deposited Securities, or by reason of any act of
God or war or other circumstances beyond its control, (including, without limitation, nationalization,
expropriation, currency restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions, explosions and computer
failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit
Agreement or in the Memorandum and Articles of Association or provisions of or governing Deposited Securities, (iii) for
any action or inaction of the Depositary, the Custodian or the Company or their respective controlling persons or agents in
reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any
Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be
competent to give such advice or information, (iv) for any inability by a Holder or Beneficial Owner to benefit from
any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not,
under the terms of the Deposit Agreement, made available to Holders of ADS or (v) for any consequential or punitive
damages for any breach of the terms of the Deposit Agreement or otherwise. The Depositary, its controlling persons, its agents, any
Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any written
notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the proper
party or parties. No disclaimer of liability under the Securities Act is intended by any provision of the Deposit
Agreement.


 


(18)          Standard of Care. The Company
and the Depositary and their respective directors, officers, affiliates, employees and agents assume no obligation and shall not
be subject to any liability under the Deposit Agreement or the Receipts to Holders or Beneficial Owners or other persons, except
in accordance with Section 5.8 of the Deposit Agreement, provided, that the Company and the Depositary and their respective
directors, officers, affiliates, employees and agents agree to perform their respective obligations specifically set forth in the
Deposit Agreement without gross negligence or wilful misconduct. The Depositary and its directors, officers, affiliates, employees
and agents shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the
manner in which any vote is cast or the effect of any vote, provided that any such action or omission is in good faith and in accordance
with the terms of the Deposit Agreement. The Depositary shall not incur any liability for any failure to determine that any distribution
or action may be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution
to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest
in the Deposited Securities, for the validity or worth of the Deposited Securities or for any tax consequences that may result
from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness of any third party, for allowing any rights
to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice from the Company. In no event shall
the Depositary or any of its Agents be liable for any indirect, special, punitive or consequential damages.


 



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(19)          Resignation and Removal of the
Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as Depositary under the Deposit Agreement
by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th
day after delivery thereof to the Company, or (ii) the appointment of a successor depositary and its acceptance of such appointment
as provided in the Deposit Agreement, save that, any amounts, fees, costs or expenses owed to the Depositary under the Deposit
Agreement or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time
to time shall be paid to the Depositary prior to such resignation. The Company shall use reasonable efforts to appoint such successor
depositary, and give notice to the Depositary of such appointment, not more than 90 days after delivery by the Depositary of written
notice of resignation as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company by written
notice of such removal which notice shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary,
or (ii) the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement save
that, any amounts, fees, costs or expenses owed to the Depositary under the Deposit Agreement or in accordance with any other agreements
otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such
removal. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts
to appoint a successor depositary which shall be a bank or trust company having an office in the Borough of Manhattan, the City
of New York and if it shall have not appointed a successor depositary the provisions referred to in Article (21) hereof and correspondingly
in the Deposit Agreement shall apply. Every successor depositary shall execute and deliver to its predecessor and to the Company
an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act
or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary,
upon payment of all sums due it and on the written request of the Company, shall (i) execute and deliver an instrument transferring
to such successor all rights and powers of such predecessor hereunder (other than as contemplated in the Deposit Agreement), (ii) duly
assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver
to such successor a list of the Holders of all outstanding Receipts and such other information relating to Receipts and Holders
thereof as the successor may reasonably request. Any such successor depositary shall promptly mail notice of its appointment to
such Holders. Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary
without the execution or filing of any document or any further act.


 



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(20)          Amendment/Supplement. Subject
to the terms and conditions of this Article (20), and applicable law, this Receipt and any provisions of the Deposit Agreement
may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary in
any respect which they may deem necessary or desirable without the consent of the Holders or Beneficial Owners. Any amendment or
supplement which shall impose or increase any fees or charges (other than the charges of the Depositary in connection with foreign
exchange control regulations, and taxes and/or other governmental charges, delivery and other such expenses), or which shall otherwise
materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to
outstanding Receipts until 30 days after notice of such amendment or supplement shall have been given to the Holders of outstanding
Receipts. Notice of any amendment to the Deposit Agreement or form of Receipts shall not need to describe in detail the specific
amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice
invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial
Owners to retrieve or receive the text of such amendment (i.e., upon retrieval from the Commission's, the Depositary's or the Company's
website or upon request from the Depositary). The parties hereto agree that any amendments or supplements which (i) are reasonably
necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under
the Securities Act or (b) the ADSs or Shares to be traded solely in electronic book-entry form and (ii) do not in either
such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial
rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective
shall be deemed, by continuing to hold such ADS, to consent and agree to such amendment or supplement and to be bound by the Deposit
Agreement as amended or supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender
such Receipt and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions
of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would
require amendment or supplement of the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend
or supplement the Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or regulations. Such
amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or
supplement is given to Holders or within any other period of time as required for compliance with such laws, or rules or regulations.


 


(21)          Termination. The Depositary
shall, at any time at the written direction of the Company, terminate the Deposit Agreement by mailing notice of such termination
to the Holders of all Receipts then outstanding at least 60 days prior to the date fixed in such notice for such termination
provided that, the Depositary shall be reimbursed for any amounts, fees, costs or expenses owed to it in accordance with the terms
of the Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing between the Company and the
Depositary from time to time, prior to such termination shall take effect. If 90 days shall have expired after (i) the
Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company shall have
delivered to the Depositary a written notice of the removal of the Depositary, and in either case a successor depositary shall
not have been appointed and accepted its appointment as provided herein and in the Deposit Agreement, the Depositary may terminate
the Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 30 days
prior to the date fixed for such termination. On and after the date of termination of the Deposit Agreement, the Holder will, upon
surrender of such Holder’s Receipt at the Corporate Trust Office of the Depositary, upon the payment of the charges of the
Depositary for the surrender of Receipts referred to in Article (2) hereof and in the Deposit Agreement and subject to the
conditions and restrictions therein set forth, and upon payment of any applicable taxes and/or governmental charges, be entitled
to delivery, to him or upon his order, of the amount of Deposited Securities represented by such Receipt. If any Receipts shall
remain outstanding after the date of termination of the Deposit Agreement, the Registrar thereafter shall discontinue the registration
of transfers of Receipts, and the Depositary shall suspend the distribution of dividends to the Holders thereof, and shall not
give any further notices or perform any further acts under the Deposit Agreement, except that the Depositary shall continue to
collect dividends and other distributions pertaining to Deposited Securities, shall sell rights as provided in the Deposit Agreement,
and shall continue to deliver Deposited Securities, subject to the conditions and restrictions set forth in the Deposit Agreement,
together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights
or other property, in exchange for Receipts surrendered to the Depositary (after deducting, or charging, as the case may be, in
each case the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance
with the terms and conditions of the Deposit Agreement and any applicable taxes and/or governmental charges or assessments). At
any time after the expiration of six months from the date of termination of the Deposit Agreement, the Depositary may sell the
Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any
other cash then held by it hereunder, in an unsegregated account, without liability for interest for the pro rata benefit of the
Holders of Receipts whose Receipts have not theretofore been surrendered. After making such sale, the Depositary shall be discharged
from all obligations under the Deposit Agreement with respect to the Receipts and the Shares, Deposited Securities and ADSs, except
to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case the charges of
the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions
of the Deposit Agreement and any applicable taxes and/or governmental charges or assessments) and except as set forth in the Deposit
Agreement. Upon the termination of the Deposit Agreement, the Company shall be discharged from all obligations under the Deposit
Agreement except as set forth in the Deposit Agreement.


 



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(22)          Compliance with U.S. Securities
Laws; Regulatory Compliance. Notwithstanding any provisions in this Receipt or the Deposit Agreement to the contrary, the withdrawal
or delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Section I.A.(1)
of the General Instructions to the Form F-6 Registration Statement, as amended from time to time, under the Securities Act.


 


(23)          Certain Rights of the Depositary;
Limitations. Subject to the further terms and provisions of this Article (23), the Depositary, its Affiliates and their
agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs. The Depositary
may issue ADSs against evidence of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar,
transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares. Such evidence
of rights shall consist of written blanket or specific guarantees of ownership of Shares furnished on behalf of the holder thereof.
In its capacity as Depositary, the Depositary shall not lend Shares or ADSs; provided, however, that the Depositary may, unless
otherwise agreed with or instructed by the Company, (i) issue ADSs prior to the receipt of Shares pursuant to Section 2.3
of the Deposit Agreement and (ii) deliver Shares prior to the receipt and cancellation of ADSs which were issued under (i) above
but for which Shares may not yet have been received (each such transaction a “Pre-Release Transaction”). The Depositary
may receive ADSs in lieu of Shares under (i) above and receive shares in lieu of ADSs under (ii) above. Each such Pre-Release
Transaction will be (a) accompanied by or subject to a written agreement whereby the person or entity (the “Applicant”)
to whom ADSs or Shares are to be delivered (1) represents that at the time of the Pre-Release Transaction the Applicant or
its customer owns the Shares or ADSs that are to be delivered by the Applicant under such Pre-Release Transaction, (2) agrees
to indicate the Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary
until such Shares or ADSs are delivered to the Depositary or the Custodian, (3) unconditionally guarantees to deliver to the
Depositary or the Custodian, as applicable, such Shares or ADSs and (4) agrees to any additional restrictions or requirements
that the Depositary deems appropriate, (b) at all times fully collateralized with cash, United States government securities
or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five business
days’ notice (save for a prescribed termination event in which case any such Pre-Release Transaction may be immediately terminable
by the Depositary) and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate.
The Depositary will normally limit the number of ADSs and Shares involved in such Pre-Release Transactions at any one time to 30%
of the ADSs outstanding (without giving effect to ADSs outstanding pursuant to any Pre-Release Transaction under (i) above),
provided, however, that the Depositary reserves the right to change or disregard such limit from time to time as
it deems appropriate. The Depositary may also set limits with respect to the number of ADSs and Shares involved in Pre-Release
Transactions with any one person on a case by case basis as it deems appropriate.


 



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The Depositary may retain for its own account
any compensation received by it in conjunction with the foregoing. Collateral provided pursuant to (b) above, but not the
earnings thereon, shall be held for the benefit of the Holders (other than the Applicant).


 


(24)          Ownership Restrictions.
Owners and Beneficial Owners shall comply with any limitations on ownership of Shares under the Memorandum and Articles of Association
or applicable Indian law as if they held the number of Shares their American Depositary Shares represent. The Company shall inform
the Owners, Beneficial Owners and the Depositary of any such ownership restrictions in place from time to time.


 


(25)          Waiver. EACH PARTY TO THE
DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN THE ADRs)
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT,
ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES
OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR
THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).


 




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(ASSIGNMENT AND TRANSFER SIGNATURE LINES)


 


FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s)
and transfer(s) unto ______________________________ whose taxpayer identification number is _______________________ and whose address
including postal zip code is ____________________________, the within Receipt and all rights thereunder, hereby irrevocably constituting
and appointing ________________________ attorney-in-fact to transfer said Receipt on the books of the Depositary with full power
of substitution in the premises.


 


	Dated: 	 	Name:	 


 


	 	By:	 
	 	Title:	 
	 	 	 
	 	 	NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatsoever.
	 	 	 
	 	 	If the endorsement be executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his/her full title in such capacity and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this Receipt.


 


	SIGNATURE GUARANTEED	 
	 	 
	 	 


 




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	ARTICLE I.	DEFINITIONS	1
	 	 	 	 
	 	SECTION 1.1	“Affiliate”	1
	 	SECTION 1.2	“Agent”	1
	 	SECTION 1.3	“American Depositary Share(s)” and “ADS(s)”	2
	 	SECTION 1.4	“Article”	2
	 	SECTION 1.5	“Articles of Association”	2
	 	SECTION 1.6	“ADS Record Date”	2
	 	SECTION 1.7	“Beneficial Owner”	2
	 	SECTION 1.8	“Business Day”	2
	 	SECTION 1.9	“Commission”	2
	 	SECTION 1.10	“Company”	2
	 	SECTION 1.11	“Corporate Trust Office”	2
	 	SECTION 1.12	“Custodian”	2
	 	SECTION 1.13	“Deliver” and “Delivery”	3
	 	SECTION 1.14	“Deposit Agreement”	3
	 	SECTION 1.15	“Depositary”	3
	 	SECTION 1.16	“Deposited Securities”	3
	 	SECTION 1.17	“Dollars” and “$”	3
	 	SECTION 1.18	“DRS/Profile”	3
	 	SECTION 1.19	“DTC”	3
	 	SECTION 1.20	“Exchange Act”	3
	 	SECTION 1.21	“Foreign Currency”	3
	 	SECTION 1.22	“Foreign Registrar”	3
	 	SECTION 1.23	“Holder”	3
	 	SECTION 1.24	“Indemnified Person” and “Indemnifying Person”	4
	 	SECTION 1.25	“Memorandum”	4
	 	SECTION 1.26	“Opinion of Counsel”	4
	 	SECTION 1.27	“Pre-Release Transaction”	4
	 	SECTION 1.28	“Receipt(s); “American Depositary Receipt(s)”; and “ADR(s)”	4
	 	SECTION 1.29	“Registrar”	4
	 	SECTION 1.30	“Restricted ADRs”	4
	 	SECTION 1.31	“Restricted ADSs”	4
	 	SECTION 1.32	“Restricted Securities”	4
	 	SECTION 1.33	“Restricted Shares”	4
	 	SECTION 1.34	“Securities Act”	4
	 	SECTION 1.35	“Shares”	5
	 	SECTION 1.36	“United States” or “U.S.”	5
	ARTICLE II.	APPOINTMENT OF DEPOSITARY; FORM OF RECEIPT; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS	5
	 	 	 	 
	 	SECTION 2.1	Appointment of Depositary	5
	 	SECTION 2.2	Form and Transferability of Receipts	5
	 	SECTION 2.3	Deposits	7
	 	SECTION 2.4	Execution and Delivery of Receipts	8
	 	SECTION 2.5	Transfer of Receipts; Combination and Split-up of Receipts	8
	 	SECTION 2.6	Surrender of Receipts and Withdrawal of Deposited Securities	9



 



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	 	SECTION 2.7	Limitations on Execution and Delivery, Transfer, etc. of Receipts; Suspension of Delivery, Transfer, etc.	10
	 	SECTION 2.8	Lost Receipts, etc.	11
	 	SECTION 2.9	Cancellation and Destruction of Surrendered Receipts; Maintenance of Records	11
	 	SECTION 2.10	Pre-Release	12
	 	SECTION 2.11	Restricted ADSs	12
	 	SECTION 2.12	Maintenance of Records	13
	ARTICLE III.	CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF RECEIPTS	14
	 	 	 	 
	 	SECTION 3.1	Proofs, Certificates and Other Information	14
	 	SECTION 3.2	Liability for Taxes and Other Charges	14
	 	SECTION 3.3	Representations and Warranties on Deposit of Shares	15
	 	SECTION 3.4	Compliance with Information Requests	15
	ARTICLE IV	THE DEPOSITED SECURITIES.	16
	 	 	 	 
	 	SECTION 4.1	Cash Distributions	16
	 	SECTION 4.2	Distribution in Shares	16
	 	SECTION 4.3	Elective Distributions in Cash or Shares	17
	 	SECTION 4.4	Distribution of Rights to Purchase Shares	18
	 	SECTION 4.5	Distributions Other Than Cash, Shares or Rights to Purchase Shares	19
	 	SECTION 4.6	Conversion of Foreign Currency	20
	 	SECTION 4.7	Fixing of Record Date	21
	 	SECTION 4.8	Voting of Deposited Securities	21
	 	SECTION 4.9	Changes Affecting Deposited Securities	23
	 	SECTION 4.10	Available Information	24
	 	SECTION 4.11	Reports	24
	 	SECTION 4.12	List of Holders	24
	 	SECTION 4.13	Taxation; Withholding	24
	ARTICLE V.	THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY	25
	 	 	 	 
	 	SECTION 5.1	Maintenance of Office and Transfer Books by the Registrar	25
	 	SECTION 5.2	Exoneration	26
	 	SECTION 5.3	Standard of Care	27
	 	SECTION 5.4	Resignation and Removal of the Depositary; Appointment of Successor Depositary	28
	 	SECTION 5.5	The Custodian	28
	 	SECTION 5.6	Notices and Reports	29
	 	SECTION 5.7	Issuance of Additional Shares, ADSs etc.	30
	 	SECTION 5.8	Indemnification	31
	 	SECTION 5.9	Fees and Charges of Depositary	32
	 	SECTION 5.10	Restricted Securities Owners/Ownership Restrictions	33
	ARTICLE VI.	AMENDMENT AND TERMINATION	34
	 	 	 	 
	 	SECTION 6.1	Amendment/Supplement	34
	 	SECTION 6.2	Termination	35
	ARTICLE VII.	MISCELLANEOUS	35
	 	 	 	 
	 	SECTION 7.1	Counterparts	35
	 	SECTION 7.2	No Third-Party Beneficiaries	36



 



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	 	SECTION 7.3	Severability	36
	 	SECTION 7.4	Holders and Beneficial Owners as Parties; Binding Effect	36
	 	SECTION 7.5	Notices	36
	 	SECTION 7.6	Governing Law and Jurisdiction	37
	 	SECTION 7.7	Assignment	38
	 	SECTION 7.8	Agents	38
	 	SECTION 7.9	Exclusivity	38
	 	SECTION 7.10	Compliance with U.S. Securities Laws	39
	 	SECTION 7.11	Titles	39
	EXHIBIT A	 	 	41
	EXHIBIT B	 	 	49


 



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