Exhibit 1.1





MEMORANDUM
OF ASSOCIATION



AND



ARTICLES
OF ASSOCIATION



OF



ICICI BANK LIMITED





(Approved by the Shareholders at the
Annual General Meeting held on August 9, 2019,
effective pursuant to Reserve Bank of India acknowledgementvideits letter No. DBR.PSBD No. 1498/16.01.128/2019-20 dated August 23, 2019 received on August 28, 2019)



































ICICI
BANK LIMITED





________________________









MEMORANDUM
OF ASSOCIATION



AND



ARTICLES
OF ASSOCIATION

































































|INDEX                                       
|--------------------------------------------
|                                            
|                                            
|MEMORANDUM OF ASSOCIATION                   
|ARTICLES OF ASSOCIATION                     
|                                            
|Table F not to apply                        
|The Company to be governed by these Articles
|INTERPRETATION                              
|“Definition and Interpretation” Clause      
|“Act”                                       
|“Alternate Director”                        
|“Annual General Meeting”                    
|“Articles of Association” or “Articles”     
|“Banking Act”                               
|“Beneficial Owner”                          
|“Board” or “Board of Directors”             
|“Central Government”                        
|“Company”                                   
|“Depositories Act”                          
|“Depository”                                
|“Director” or “Directors”                   
|“Extraordinary General Meeting”             
|“Financial Year”                            
|“General Meeting”                           
|“Listing Regulations”                       
|“Key managerial personnel”                  
|“Members”                                   
|“Memorandum” or “Memorandum of Association” 
|“Month”                                     
|“NCLT”                                      
|“Office”                                    
|“Register” or “Register of Members”         
|“Registrar”                                 
|“Regulatory Agencies”                       
|“Reserve Bank”                              
|“Seal”                                      
|“SEBI”                                      
|“Shares”                                    
|“Securities”                                
|“Writing” or “Written”                      
|Singular number                             
|Gender                                      
|Persons                                     















|                                                                                                | Article | Page
|----------------------------------------------------------------------------------------------- | ------- | ----
|Expressions in the Act to bear the same meaning in Articles                                     | 3       | 12  
|Marginal notes                                                                                  | 3       | 12  
|PRELIMINARY                                                                                    
|Copies of Memorandum of Association and Articles of Association, etc., to be furnished          | 4       | 12  
|CAPITAL                                                                                        
|Capital                                                                                         | 5       | 13  
|Register of Members, debenture-holders, etc.                                                    | 6       | 13  
|Closure of Register of Members, etc.                                                            | 7       | 13  
|Foreign Register                                                                                | 8       | 13  
|Inspection of Register of Members, debenture-holders, etc.                                      | 9       | 13  
|Nature and numbering of shares                                                                  | 10      | 14  
|Restriction on allotment                                                                        | 11      | 14  
|Shares at the disposal of the Board                                                             | 12      | 14  
|Board may allot shares as fully paid-up or partly paid-up                                       | 13      | 15  
|Unclassified shares                                                                             | 14      | 15  
|Power to make provisions for the issue, allotments or disposal of any shares                    | 15      | 15  
|Acceptance of shares                                                                            | 16      | 15  
|Issue of sweat equity                                                                           | 17      | 16  
|Calls on shares of the same class to be on uniform basis                                        | 18      | 16  
|Company not bound to recognise any interest in shares other than that of the registered holders | 19      | 16  
|Company’s funds may not be employed / lent for acquiring shares of the Company                  | 20      | 16  
|UNDERWRITING COMMISSION                                                                        
|Commission for subscribing to shares                                                            | 21      | 16  
|CERTIFICATES                                                                                   
|Issue of certificates                                                                           | 22      | 17  
|Issue of new certificate in place of one defaced, lost or destroyed                             | 23      | 17  
|CALLS                                                                                          
|Calls                                                                                           | 24      | 18  
|Call to date from resolution                                                                    | 25      | 18  
|Notice of call                                                                                  | 26      | 18  
|Board may extend time                                                                           | 27      | 18  
|Amount payable at fixed time or by instalments as calls                                         | 28      | 18  
|When interest on call or instalment payable                                                     | 29      | 18  
|Partial payment not to preclude forfeiture                                                      | 30      | 18  
|Payment in advance of calls may carry interest                                                  | 31      | 19  
|Members not entitled to privileges of membership until all calls are paid                       | 32      | 19  
|Evidence in actions by Company against shareholders                                             | 33      | 19  
|FORFEITURE, SURRENDER AND LIEN                                                                 
|If call or instalment not paid, notice must be given                                            | 34      | 19  
|Form of notice                                                                                  | 35      | 20  
|In default of payment, shares may be forfeited                                                  | 36      | 20  
|Entry of forfeiture on Register of Members                                                      | 37      | 20  
|Forfeited shares to be property of the Company and may be sold, etc.                            | 38      | 20  
|Power to annul forfeiture                                                                       | 39      | 20  
|Effect of forfeiture                                                                            | 40      | 20  















|                                                                                                      | Article | Page
|----------------------------------------------------------------------------------------------------- | ------- | ----
|Shareholders liable to pay money and interest owing at the time of forfeiture                         | 41      | 20  
|Certificate of forfeiture                                                                             | 42      | 20  
|Title of purchaser and allottee of forfeited shares                                                   | 43      | 21  
|Cancellation of share certificates in respect of forfeited shares                                     | 44      | 21  
|Application of forfeiture provisions                                                                  | 45      | 21  
|Company’s lien on securities                                                                          | 46      | 21  
|As to enforcing lien by sale                                                                          | 47      | 21  
|Application of proceeds of sale                                                                       | 48      | 22  
|Surrender of shares                                                                                   | 49      | 22  
|TRANSFER AND TRANSMISSION OF SECURITIES                                                              
|Register of transfers                                                                                 | 50      | 22  
|Transfer not to be registered except on production of instrument of transfer                          | 51      | 22  
|Transfer by legal representative                                                                      | 52      | 22  
|Application for transfer                                                                              | 53      | 22  
|Company’s power to refuse transfer                                                                    | 54      | 23  
|Transferor liable until the transferee entered on register                                            | 55      | 24  
|Board may refuse to register transfer                                                                 | 56      | 24  
|Transfer to minor, etc.                                                                               | 57      | 25  
|Custody of transfer deeds                                                                             | 58      | 25  
|Title to shares of deceased holder                                                                    | 59      | 25  
|Registration of persons entitled to securities otherwise than by transfer (Transmission Clause)       | 60      | 25  
|Refusal to register nominee                                                                           | 61      | 26  
|Board may require evidence of transmission                                                            | 62      | 26  
|Fee on transfer or transmission                                                                       | 63      | 26  
|The Company not liable for disregard of a notice prohibiting registration of transfer                 | 64      | 26  
|CONVERSION OF SHARES INTO STOCK                                                                      
|Conversion of shares into stock and reconversion                                                      | 65      | 26  
|Transfer of stock                                                                                     | 66      | 27  
|Rights of stockholders                                                                                | 67      | 27  
|Share regulations to apply                                                                            | 68      | 27  
|INCREASE, REDUCTION AND ALTERATION OF CAPITAL                                                        
|Increase of capital                                                                                   | 69      | 27  
|On what conditions new shares may be issued                                                           | 70      | 27  
|Further issue of capital                                                                              | 71      | 27  
|Same as original capital                                                                              | 72      | 28  
|Reduction of capital                                                                                  | 73      | 28  
|Alteration of share capital                                                                           | 74      | 29  
|Board’s discretion regarding subdivision                                                              | 75      | 29  
|Company may purchase its own shares                                                                   | 76      | 29  
|MODIFICATION OF CLASS RIGHTS                                                                         
|Power to modify right of different classes of shareholders and the rights of dissentient shareholders | 77      | 29  
|JOINT-HOLDERS                                                                                        
|Joint-holders                                                                                         | 78      | 30  
|BORROWING POWERS                                                                                     
|Power to borrow                                                                                       | 79      | 30  
|Bonds, debentures, etc., to be subject to the control of Board                                        | 80      | 31  















|                                                                                | Article | Page
|------------------------------------------------------------------------------- | ------- | ----
|Securities may be assignable free from equities                                 | 81      | 31  
|Issue of bonds, debentures, etc., at discount, etc., or with special privilege  | 82      | 31  
|Mortgage of uncalled capital                                                    | 83      | 31  
|Register of charges                                                             | 84      | 31  
|MEETINGS                                                                       
|Annual General Meeting                                                          | 85      | 32  
|Extraordinary General Meetings                                                  | 86      | 32  
|Calling of Extraordinary General Meetings                                       | 87      | 32  
|Notice of General Meeting                                                       | 88      | 33  
|Contents and manner of service of notice and persons on whom it is to be served | 89      | 33  
|Business at the Annual General Meeting                                          | 90      | 34  
|Ordinary and Special Resolutions                                                | 91      | 34  
|Resolutions requiring Special Notice                                            | 92      | 35  
|PROCEEDINGS AT GENERAL MEETING                                                 
|Quorum at General Meeting                                                       | 93      | 35  
|Business confined to election of Chairman whilst chair vacant                   | 94      | 35  
|Chairman of General Meeting                                                     | 95      | 36  
|Proceedings when quorum not present                                             | 96      | 36  
|Adjournment of General Meeting                                                  | 97      | 36  
|What is to be evidence of the passing of resolution where poll not demanded     | 98      | 36  
|Demand for poll                                                                 | 99      | 37  
|Time of taking poll                                                             | 100     | 37  
|Right of Member to use his votes differently                                    | 101     | 37  
|Scrutineers at poll                                                             | 102     | 37  
|Manner of taking poll and result thereof                                        | 103     | 37  
|Motion how decided in case of equality of votes                                 | 104     | 38  
|Demand for poll not to prevent transaction of other business                    | 105     | 38  
|Minutes of General Meeting                                                      | 106     | 38  
|Inspection of Minutes Books                                                     | 107     | 38  
|Copies of Minutes                                                               | 108     | 38  
|VOTES OF MEMBERS                                                               
|Votes                                                                           | 109     | 38  
|Voting by Members of unsound mind                                               | 110     | 38  
|Voting by Body Corporates                                                       | 111     | 39  
|Votes in respect of shares of deceased Members                                  | 112     | 39  
|Qualification of proxy                                                          | 113     | 39  
|Votes may be given by proxy or attorney                                         | 114     | 39  
|Execution of instrument of proxy                                                | 115     | 39  
|Deposit of instruments of appointment and inspection                            | 116     | 40  
|Custody of the instrument                                                       | 117     | 40  
|Validity of votes given by proxy notwithstanding death of Member, etc.          | 118     | 40  
|Time for objections to votes                                                    | 119     | 40  
|Chairman of any General Meeting to be the judge of validity of any vote         | 120     | 40  
|Equal rights of Members                                                         | 121     | 41  
|BOARD OF DIRECTORS                                                             
|Number of Directors                                                             | 122     | 41  
|First Directors                                                                 | 123     | 41  
|Non-rotational Directors                                                        | 124     | 41  
|Government Di rector                                                            | 125     | 41  
|Debenture Director                                                              | 126     | 42  













|                                                                                                          | Article | Page
|--------------------------------------------------------------------------------------------------------- | ------- | ----
|Alternate Director                                                                                        | 127     | 42  
|Share qualification                                                                                       | 128     | 42  
|Remuneration of Directors                                                                                 | 129     | 42  
|Directors, not bona fide residents of the place where a meeting is held, may receive extra compensation   | 130     | 43  
|Extra remuneration to Directors for special work                                                          | 131     | 43  
|Additional Director                                                                                       | 132     | 43  
|Casual Vacancy                                                                                            | 133     | 43  
|Directors may act notwithstanding vacancy                                                                 | 134     | 43  
|Disclosure of interest by Director; Interested Directors not to participate in Board Meetings             | 135     | 43  
|Director may be directors of Companies promoted by the Company                                            | 136     | 44  
|APPOINTMENT, ROTATION AND REMOVAL OF DIRECTORS                                                           
|Directors to retire annually how determined                                                               | 137     | 45  
|Which Directors to retire                                                                                 | 138     | 45  
|Re-election                                                                                               | 139     | 45  
|Company to fill up vacancy                                                                                | 140     | 45  
|Retiring Directors to remain in office till successors appointed                                          | 141     | 45  
|Appointment of Directors to be voted on individually                                                      | 142     | 45  
|Company may increase number of Directors                                                                  | 143     | 46  
|Right of persons other than retiring Directors to stand for Directorship                                  | 144     | 46  
|Removal of Directors                                                                                      | 145     | 47  
|CHAIRMAN - EXECUTIVE CHAIRMAN - CHAIRMAN AND 
MANAGING DIRECTOR - MANAGING DIRECTOR - WHOLE-TIME DIRECTOR
|Board may appoint Chairman, Managing Director(s) or Whole-time Director(s)                                | 146     | 48  
|PROCEEDINGS OF BOARD MEETINGS                                                                            
|Meeting of the Board                                                                                      | 147     | 49  
|When meeting to be convened                                                                               | 148     | 49  
|Notice of meetings                                                                                        | 149     | 49  
|Quorum of Board meeting                                                                                   | 150     | 49  
|Procedure where meeting adjourned for want of quorum                                                      | 151     | 49  
|Board may appoint Committees                                                                              | 152     | 49  
|Meetings of Committees how to be governed                                                                 | 153     | 50  
|Chairman to preside over meetings of Board                                                                | 154     | 50  
|Powers to be exercised at meeting                                                                         | 155     | 50  
|Certain powers to be exercised by Board at meeting only                                                   | 156     | 50  
|Consent of the Company necessary for exercise of certain powers                                           | 157     | 50  
|Acts of Board or Committees valid notwithstanding defect of appointment                                   | 158     | 51  
|Resolution by Circulation                                                                                 | 159     | 51  
|Reconstitution of the Board                                                                               | 160     | 51  
|POWERS OF THE BOARD                                                                                      
|General powers of Company vested in Directors                                                             | 161     | 52  
|Specific powers given to the Board                                                                        | 162     | 52  
|Provisions of the Act to be complied with by the Board                                                    | 163     | 56  
|MINUTES OF MEETINGS OF THE BOARD                                                                         
|Minutes of proceedings of the Board of Directors and the Committees                                       | 164     | 56  













|                                                                                                                                                                    | Article    | Page
|------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------- | ----
|By whom Minutes to be signed and effect thereof                                                                                                                     | 165        | 56  
|THE SEAL                                                                                                                                                           
|The Seal, its custody and use                                                                                                                                       | 166        | 56  
|ESTABLISHMENT OF RESERVE FUND                                                                                                                                      
|Reserve funds                                                                                                                                                       | 167        | 57  
|DIVIDENDS                                                                                                                                                          
|Division of profit                                                                                                                                                  | 168        | 57  
|Capital paid up in advance at interest not to earn dividend                                                                                                         | 169        | 57  
|Dividends in proportion to amount paid up                                                                                                                           | 170        | 57  
|Declaration of dividend and writing off capitalised expenses                                                                                                        | 171        | 57  
|The Company in General Meeting may declare a dividend                                                                                                               | 172        | 58  
|No larger dividend than recommended by Board, etc.                                                                                                                  | 173        | 58  
|Interim dividend                                                                                                                                                    | 174        | 58  
|Retention of dividends                                                                                                                                              | 175        | 58  
|Transfer of shares must be registered                                                                                                                               | 176        | 58  
|Dividends how remitted                                                                                                                                              | 177        | 59  
|Unclaimed dividends                                                                                                                                                 | 178        | 59  
|Dividend and call together                                                                                                                                          | 179        | 59  
|Dividend to be payable in cash                                                                                                                                      | 180        | 59  
|CAPITALISATION                                                                                                                                                     
|Capitalisation                                                                                                                                                      | 181        | 59  
|ACCOUNTS                                                                                                                                                           
|Accounts                                                                                                                                                            | 182        | 60  
|AUDIT                                                                                                                                                              
|Accounts to be audited                                                                                                                                              | 183        | 61  
|NOTICES                                                                                                                                                            
|Notice                                                                                                                                                              | 184        | 61  
|Notice on persons acquiring shares on death or insolvency of Members                                                                                                | 185        | 61  
|Notice by Company and signature thereto                                                                                                                             | 186        | 61  
|WINDING UP                                                                                                                                                         
|Winding up                                                                                                                                                          | 187        | 62  
|SECRECY CLAUSE                                                                                                                                                     
|Secrecy Clause                                                                                                                                                      | 188        | 62  
|INDEMNITY AND RESPONSIBILITY                                                                                                                                       
|Board’s and others’ right to indemnity                                                                                                                              | 189        | 62  
|General powers                                                                                                                                                      | 190        | 62  
|ANNEXURES
    - Resolutions for amendments to the Memorandum & Articles of Association, copies of Schemes of amalgamations,
    Order of High Court, Letters of RBI | 64 onwards

















COMPANY LIMITED BY SHARES9(Incorporated under the Companies Act, 1956)



MEMORANDUM OF ASSOCIATION OF
ICICI BANK LIMITED



| | I. | The name of the Company is ICICI BANK LIMITED.1
| | -- | -----------------------------------------------



| | II. | The Registered Office of the Company will be situated in the State of Gujarat.
| | --- | ------------------------------------------------------------------------------



| | Ill. | The objects for which the Company is established are:
| | ---- | -----------------------------------------------------



A.       THE MAIN OBJECTS
TO BE PURSUED BY THE COMPANY ON ITS INCORPORATION ARE :



| | 1. | To establish and carry on business of banking in any part of India or outside India.
| | -- | ------------------------------------------------------------------------------------



| | 2. | To carry on the business of accepting, for the purpose of lending or investment, of deposits of
money repayable on demand or otherwise and withdrawable by cheque, draft, order or otherwise.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | To borrow, raise or take up money, lend or advance money with or without interest either upon or
without security.
| | -- | ------------------------------------------------------------------------------------------------------------------



| | 4. | To draw, make, execute, issue, endorse, negotiate, accept, discount, buy, sell, collect and deal
in bills of exchange, hundies, promissory notes, coupons, drafts, bills of lading, railway receipts, warrants, debentures, bonds,
mortgage-backed securities, letters of credit or obligations, certificates, scrips and other instruments and securities whether
transferable or negotiable or mercantile or not.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5. | To grant and issue letters of credit, traveller’s cheques and circular notes, buy, sell and
deal in bullion and specie.
| | -- | -----------------------------------------------------------------------------------------------------------------------



| | 6. | To receive all kinds of bonds, scrips or valuables on deposit or for safe custody or otherwise,
provide safe deposit vaults, collect and transmit money, negotiable instruments and all securities.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7. | To buy, acquire, issue on commission, deal, sell, dispose of, exchange, convert, underwrite, subscribe,
participate, invest in and hold whether on its own account or on behalf of any person, body corporate, company, society, firm or
association of persons whether incorporated or not, shares, stocks, funds, debentures, debenture stocks, units, promissory notes,
bills of exchange, bonds, warrants, participation certificates or participation units, other money market or capital market instruments,
obligations and securities and investments of all kinds issued or guaranteed by any government, state, dominion, sovereign body,
commission, public body or authority, supreme, local or municipal or company or body, whether incorporated or not or by any person
or association.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7A2 | To securitise, purchase, acquire, invest in, transfer,
sell, dispose of or trade in any financial asset whatsoever, receivables, debts, whether unsecured or secured by mortgage of immoveables
or charge on movables or otherwise, securitised debts, asset or mortgaged-backed securities or mortgage-backed securitised debts
and to manage, service or collect the same and to appoint managing, servicing or collection agent therefor and to issue certificates
or other instruments in respect thereof to public or private investors
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------










| | 1 | The name of the Company has been changed from ICICI Banking Corporation Limited to ICICI Bank Limited
pursuant to the Special Resolution passed by the Members at their Fifth Annual General Meeting held on June 14, 1999 and approval
of the Registrar of Companies vide fresh certificate of incorporation dated September 10, 1999.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2 | Clause 7A has been inserted
                                         pursuant to the Special Resolution passed by the Members by means of postal ballot, the
                                         result of which was declared at the Eighth Annual General Meeting held on September 16,
                                         2002 as also approved by Reserve Bank of India vide its letter dated May 12, 2004.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 9 | Pursuant to the Special Resolution passed at the Twenty-Fifth Annual General Meeting of the Company
held on August 9,2019, the words “Companies Act, 1956” has been replaced with “Incorporated under the Companies
Act, 1956”. The Reserve Bank of India vide letter dated August 23, 2019 has taken a note of the alteration.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





1







and to guarantee and insure the
due payment, fulfillment and performance of obligations in respect thereof or in connection therewith and to promote, establish,
undertake, organise, manage, hold or dispose of any special purpose entity, body corporate or vehicle for carrying on all or any
such activities.



| | 8. | To act as foreign exchange dealer and to buy, sell or otherwise deal in all kinds of foreign currencies
including foreign bank notes, foreign currency options, forward covers, swaps of all kinds and to transact for itself or on behalf
of any person, body corporate, company, society, firm or association of persons whether incorporated or not, all transactions in
foreign currencies.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 9. | To carry on the activities of bill discounting, rediscounting bills, marketing, factoring, dealing
in commercial paper, treasury bills, certificate of deposits and other financial instruments.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10. | To act as agents for any government or local authority or any other person or persons, carry on
agency business of any description including clearing and forwarding of goods, give receipts and discharges and otherwise act as
an attorney on behalf of customers, but excluding the business of a managing agent or secretary and treasurer of a company.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11. | To contract for public and private loans and advances and negotiate and issue the same.
| | --- | ---------------------------------------------------------------------------------------



| | 12. | To form, constitute, promote, act as managing and issuing agents, brokers, sub-brokers, prepare
projects and feasibility reports for and on behalf of any company, association, society, firm, individual and body corporate.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13. | To carry on and transact every kind of guarantee and indemnity business.
| | --- | ------------------------------------------------------------------------



| | 14. | To undertake and execute trusts and the administration of estates as executor or trustee.
| | --- | -----------------------------------------------------------------------------------------



| | 15. | To act as Registrar and Transfer Agents and Registrar to the Issue, Issue Agents and Paying Agents.
| | --- | ---------------------------------------------------------------------------------------------------



| | 16. | To provide custodial and depository services and to do all such things as may be advised, permitted
or required for this purpose.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------



| | 17. | To effect, insure, guarantee, underwrite, participate in managing and carrying out of any issue,
public or private, of state, municipal or other loans or of shares, stock, debentures or debenture stock of any company, corporation
or association and the lending of money for the purpose of any such issue.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 183. | To provide credit, charge, debit, saving, investment or
other facilities to any person or persons (whether individuals, firms, companies, bodies, corporate or other entities), whether
in the private or public sector by issuance of credit, charge, debit, stored value, prepaid, smart or other cards whether private
label, co-branded, affinity or otherwise and to establish and maintain card acceptance network (including physical, electronic,
computer or automated machines network) and make payments or provide settlement service to the merchants or issuing banks on account
of usage by the cardholders of the credit, charge, debit, stored value, prepaid, smart or other cards whether private label, co-
branded, affinity or otherwise.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 19. | To provide or assist in obtaining, directly or indirectly, advice or services in various fields
such as management, finance, investment, technology, administration, commerce, law, economics, labour, human resources development,
industry, public relations, statistics, science, computers, accountancy, taxation, fund management, foreign exchange dealings,
quality control, processing, strategic planning and valuation.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20. | To do any other form of business which the Government of India may specify as a form of business
in which it is lawful for a banking company to engage.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------












| | 3 | The following clause 18 has been replaced by the above new clause 18 pursuant to the Special Resolution
passed by the Members by means of postal ballot, the result of which was declared at the Eighth Annual General Meeting held on
September 16, 2002 as also approved by Reserve Bank of India vide its letter dated May 12, 2004.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

18. To issue debit or credit cards to customers or any other person.









2





| | 20A4. | To carry on the business of assisting industrial, infrastructure and commercial enterprises :
                                                                                                
                                                                                in general by
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | i) | assisting in the creation, expansion and modernisation of such enterprises;
| | -- | ---------------------------------------------------------------------------



| | ii) | encouraging and promoting the participation of capital, both internal and external in such enterprises;
                                                                                and in particular by
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | i) | providing finance in the form of long, medium or short term loans or equity participations;
| | -- | -------------------------------------------------------------------------------------------



| | ii) | sponsoring and underwriting new issues of shares and securities;
| | --- | ----------------------------------------------------------------



| | iii) | guaranteeing loans from other investment sources;
| | ---- | -------------------------------------------------



| | iv) | making funds available for re-investment by revolving investments as rapidly as prudent;
| | --- | ----------------------------------------------------------------------------------------



| | v) | performing and undertaking activities pertaining to leasing, giving on hire or hire-purchase, bill
marketing, factoring and related fields.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------



| | 20B4. | To lend money, with or without interest, (with or without
security) for any maturity, in any form whatsoever including by way of loans, advances, instalment credit, trade finance, hire
or otherwise to any person or persons (whether individuals, firms, companies, bodies corporate, Government, State, Sovereign,
public body or authority, supreme, local or otherwise or other entities), whether in the private or public sector, for any purpose
whatsoever, including agriculture, industry, infrastructure, export-import, housing, consumer or others.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20C4. | To lend money, with or without interest, (with or without
security) for any maturity, in any form whatsoever, to any person or persons (whether individuals, firms, companies, bodies corporate,
Government, State, Sovereign, public body or authority, supreme, local or otherwise or other entities), whether in the private
or public sector, for:
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | Purchasing or acquiring any freehold or leasehold lands, estate or interest in any land or property,
| | --- | ----------------------------------------------------------------------------------------------------



| | (ii) | Taking demise for any term or terms of years of any land or property or
| | ---- | -----------------------------------------------------------------------



| | (iii) | Constructions, erection, purchase, extension, alteration, renovation, development or repair any
house or building or any form of real estate or any part or portion thereof.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20D4. | To provide financial assistance to any person or persons
(whether individuals, firms, companies, bodies corporate, Government, State, Sovereign, public body or authority, supreme, local
or otherwise or other entities), whether in the private or public sector for any purpose whatsoever by means of leasing, giving
on hire or hire-purchase, lending, selling, reselling, or otherwise disposing of all forms of immoveable and moveable properties
and assets of any kind, nature or use, whatsoever and for the purpose, purchasing or otherwise acquiring dominion over the same,
whether new or used.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20E4. | To purchase, acquire, sell, dispose of, deal or trade
in bullion and specie and/or to issue, subscribe to, acquire, purchase, sell, dispose of, deal or trade in derivative financial
instruments including futures, forwards options, swaps, caps, collars, floors, swap options, bond options or other derivative
instruments whether traded on any market or exchange or otherwise, for proprietary trading activities or for any person or persons
(whether individuals, firms, companies, bodies corporate, Government, State, Sovereign, public body or authority, supreme, local
or otherwise or other entities), whether in the private or public sector.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20F4. | To promote, organise, manage or undertake the activities
of insurance intermediaries including insurance or reinsurance brokers, consultants, surveyors, loss assessors, loss control engineers,
risk managers, actuarial analyst and to promote, organise, manage or undertake, marketing, trading, distribution or servicing
of insurance and assurance products of all kinds, whether life or general; financial, investment or other products including (without
limitation) securities, stocks, shares, debentures, bonds, units, certificates or services offered by the Company and/or by any
person, firm, company, body corporate, mutual fund, Government, State, public body or authority, supreme, municipal, local or
otherwise, through the Company’s branches, or offices.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------










| | 4 | Clauses 20A - 20I inserted
                                         under Clause 20 pursuant to the Special Resolution passed by the Members by means of
                                         postal ballot, the result of which was declared at the Eighth Annual General Meeting
                                         held on September 16, 2002 as also approved by Reserve Bank of India vide its
                                         letter dated May 12, 2004.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







3





| | 20G4. | To promote, organise or manage funds or investments on
a discretionary or non-discretionary basis on behalf of any person or persons (whether individual, firms, companies, bodies corporate,
public body or authority, supreme, local or otherwise, trusts, pension funds, offshore funds, charities, other associations or
other entities), whether in the private or public sector.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20H4. | To act as Trustee of any deeds, constituting or securing
any debentures, debenture stock, or other securities or obligations and to undertake and execute any other trusts, and also to
undertake the office of or exercise the powers of executor, administrator, receiver, treasurer, custodian and trust corporation.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20I4. | To provide financial services, advisory and counselling
services and facilities of every description capable of being provided by share and stock brokers, share and stock jobbers, share
dealers, investment fund managers and to arrange and sponsor public and private issues or placement of shares and loan capital
and to negotiate and underwrite such issues.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



B10.OBJECTS
CONSIDERED NECESSARY IN FURTHERANCE OF THE MAIN OBJECTS :



| | 21. | To establish, maintain and operate electronic teller machines for carrying on any of the banking
businesses.
| | --- | ------------------------------------------------------------------------------------------------------------



| | 22. | To acquire and undertake the whole or any part of the business, property and liabilities of any
person carrying on any business which the Company is authorised to carry on or possession of property suitable for the purposes
of the objects of the Company.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 23. | To manage, sell and realise any property which may come into the possession of the Company in satisfaction
or part satisfaction of any of its claims.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------



| | 24. | To acquire and hold and generally deal with any property or any right, title or interest in any
such property which may form the security or part of the security for any loan or advance or which may be connected with any such
security.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 25. | To establish and support or aid in the establishment and support of associations, institutions,
funds, trusts, schools, hospitals, guest-houses, clubs and conveniences which may be considered to benefit employees or ex-employees
of the Company or the dependents or connections of such persons or any other persons, natural or judicial, granting pensions and
allowances and making payments towards insurance, subscribing to or guaranteeing moneys for charitable or benevolent objects or
for any exhibition or for any public, general or useful object.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 26. | To aid and support any person, association, body or movement whose object is solution, settlement
or surmounting of industrial or labour problems or the promotion of industry, trade or business of the Company or for the promotion
of science and technology, cultural activities, sports, environment, rural development and other social and welfare activities.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 27. | To acquire, construct, maintain and alter any building or work necessary or convenient for the
purpose of the Company.
| | --- | ----------------------------------------------------------------------------------------------------------------------



| | 28. | To sell, improve, manage, develop, exchange, lease, mortgage, dispose of or turn into account or
otherwise deal with all or any part of the property and rights of the Company.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 29. | To acquire by purchase, lease or otherwise any premises for the construction and/or establishment
of a safe-deposit vault or vaults and to maintain therein fire-proof and burglar-proof strong rooms, safes and other receptacles
for deeds, securities, documents, money, jewellery and valuables of all kinds.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 30. | To procure the registration, incorporation or recognition of the Company under the laws or regulations
of any other place outside India and to pay all costs, charges and expenses incurred or sustained in or about
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------










| | 4 | Clauses 20A - 20I inserted under Clause 20 pursuant to the Special Resolution passed by the Members
by means of postal ballot, the result of which was declared at the Eighth Annual General Meeting held on September 16, 2002 as
also approved by Reserve Bank of India vide its letter dated May 12, 2004.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10 | The following Clause III (B) has been renamed by the above new Clause III (B) pursuant to the Special
Resolution passed at the Twenty-Fifth Annual General Meeting of the Company held on August 9, 2019, as also noted by the Reserve
Bank of India vide letter dated August 23, 2019.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



B. OBJECTS
INCIDENTAL OR ANCILLARY TO THE ATTAINTMENT OF THE MAIN OBJECTS:





4





the promotion,
incorporation and establishment of the Company or which the Company shall consider to be preliminary, out of the funds of the Company.



| | 31. | To promote or procure incorporation, formation or setting up of concerns and undertakings whether
as company, body corporate, partnership or any other association of persons for engaging in any business and to pay out of the
funds of the Company all or any expenses which the Company may lawfully pay for services rendered for formation and registration
of any other company by it, subject to the provisions of the Act.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 32. | To develop and promote new financing instruments of all kinds whether for the capital or money
markets.
| | --- | -------------------------------------------------------------------------------------------------------



| | 33. | To acquire and undertake the whole or any part of the business of any person or company, when such
business is of a nature enumerated or described hereunder.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 34. | To commence and carry on activities with a view to encourage savings and investments and participations
in income, profits and gains accruing to the Company from the acquisition, holding, management and disposal of securities.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 35. | To place deposits, keep money with security or otherwise either for or without interest with any
person, company, bank, financial and other institution, trust, corporation, local authority, government, co-operative society,
HUF or other body (whether incorporated or not).
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 36. | To acquire, hold, manage, buy, sell, exchange, mortgage, charge, lease, license or grant any right
or interest in, over or upon any movable or immovable property of any kind, including contingent and reversionary interest in any
property.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 37. | To carry on activities of holding any charter or sponsoring any Act of Legislation and/or to acquire
any privilege, monopoly, licence, patent or other right, power from any government or parliament or from any local or any other
authority in India or elsewhere and to exercise any powers, rights, or privileges so obtained and in the matters and for the purposes
aforesaid to act solely or jointly with any other person, corporation or body and to apply for registration and act as accredited
investment advisers to any mutual fund, unit trust with any regulatory authority in India or elsewhere.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 38. | To apply for and become member of any trade association, commodity exchange, clearing-house, society,
company, management association or any other association, professional body, stock exchange, depository trust company whether it
be in India or elsewhere and to communicate with various chambers of commerce and other mercantile and public bodies in India or
elsewhere, concert and promote measures for the protection and/or promotion of the Company’s trade, industry and persons
engaged therein.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 39. | To apply for, purchase or otherwise acquire, protect and renew in India or elsewhere, patents,
licences, concessions, patent rights, trade marks, designs, conferring any exclusive or non-exclusive or limited rights to their
use of any secret or other information regarding any invention, research which may seem capable of being used for any purpose of
the Company and to use, develop or grant licence in respect thereof or otherwise turn to account the rights or information so acquired
and expend money in improving any such patents, rights or inventions.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 40. | To enter into agreements, contracts for, undertake or otherwise arrange for receiving, mailing
or forwarding any circular, notice, report, brochure, material, article and thing belonging to any company, corporation, firm,
institution or person or persons by means of delivery by hand or otherwise.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 41. | To purchase, take on lease or licence or in exchange, hire or otherwise acquire any immovable or
movable property, rights or privileges which the Company may think necessary or convenient for any business of the Company and
to develop and turn to account and deal with the same and, in particular, any land, tenements, buildings and easements in such
manner as may be thought expedient and to construct, reconstruct, maintain and alter any immovable or movable property or works
necessary or convenient for
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



5





the purpose
of the Company and to pay for the same either in cash or in shares or securities or otherwise and to sell, let, lease or under
lease or otherwise dispose of or grant right over any movable or immovable property belonging to the Company.



| | 42. | To manage land, buildings and other property both movable and immovable and to collect rents and
income and to supply to tenants, users and occupiers, attendants, servants, waiting-rooms, reading rooms and other conveniences
and services as may be necessary.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 43. | To apply for, promote and obtain any order, directive, instruction, regulation, ordinance and other
authorisation or enactment of the Central or any state government or any other authority for enabling the Company to put any of
its objects to effect or for effecting any modification or change in any of the Company’s business or constitutions and to
oppose any bill, statute, rule, regulation, guideline, proceeding or application which may seem to prejudice the Company’s
business or interests.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 44. | To open, maintain, operate and close account or accounts with any firm or company or with any bank
or banks or financial institutions or other financiers and to pay or earn interest and to withdraw money from such account or accounts.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 45. | To train or pay for the training in India or abroad of any of the Company’s employee or any
person in the interest of or in furtherance of the Company’s objects.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 46. | To enter into any arrangement with any government or government departments or authorities or any
authority that may seem conducive to the attainment of the Company’s objects and to obtain from any such government or government
departments or authorities any right, privilege, licence and concession necessary or desirable to obtain and to carry out, exercise,
use or comply with any such arrangement, right or privilege or concession.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4711. | Subject to the provisions of the Companies Act, 2013,
to distribute any of the Company’s property amongst the Members of the Company.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------



| | 48. | To provide for and furnish or secure to any Member or customer of the Company or to any subscriber
to or purchasee or possessor of any publication of the Company or of any coupon or ticket, issued with any publication of the Company,
any convenience, advantage, benefit or special privilege, which may seem expedient or necessary, either gratuitously or otherwise.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 49. | To sell, improve, manage, develop, exchange, lease, give on licence, mortgage, dispose of, or transfer
business, property and undertakings of the Company or any part thereof with or without any consideration which the Company may
deem fit to accept for attaining the main objects of the Company.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 50. | To provide for the welfare of employees or ex-employees of the Company or its predecessors in business
and the spouse, widow or widower, father (including stepfather), mother (including stepmother), brother (including stepbrother),
sister (including stepsister), son (including stepson), daughter (including stepdaughter), son’s widow, daughter’s
widower, deceased son’s children, deceased daughter’s children or the dependents of such employees or ex-employees
by building or contributing to the building of houses or dwellings or by grant of money, pensions, allowances, bonus or other payments
or by building or contributing to the building of houses or dwelling or by creating and from time to time subscribing or contributing
to provident funds and other associations, institutions, funds or trusts and by providing or subscribing or contributing towards
places of instruction and recreation, hospitals and dispensaries, medical and other attendances and to subscribe to, contribute
to or otherwise assist charitable, benevolent, national and/or other institutions or objects.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 51. | To establish, hold or conduct competitions in respect of contribution or information suitable for
insertion in any publications of the Company or otherwise for any of the purposes of the Company and to offer and grant prizes,
rewards and premiums of such character and on such terms as may be expedient.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------










| | 11 | The following Clause III (B) 47 has been substituted by the above new Clause III (B) 47 pursuant
to the Special Resolution passed at the Twenty-Fifth Annual General Meeting of the Company held on August 9, 2019, as also noted
by the Reserve Bank of India vide letter dated August 23, 2019.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



47. Subject
to the provisions of the Companies Act, 1956, to distribute any of the Company’s property amongst the Members of the Company.









6





| | 52. | To refer to or agree to refer any claim, demand, dispute or any other question by or against the
Company or in which the Company is interested or concerned and whether between the Company and third parties, to arbitration and
to observe and perform and do all acts, matters and things necessary to carry out or enforce the awards.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 53. | To enter into partnership or into any arrangement for joint ventures in business for sharing profits,
union of interest, lease, licence or otherwise, reciprocal concession or co-operate with any person, firm or company or to amalgamate
with any person, firm or company carrying on or proposing to carry on any business.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 54. | To form, promote, subsidise, organise, assist, maintain and conduct or aid in forming, promoting,
subsidising, organising, assisting, maintaining research laboratories, experimental workshops or conducting studies, research,
aiding tests and experiments on scientific, technical, economic, commercial or any other subject and undertake all types of technical,
economic and financial investigations and aid or assist or enter into partnership with any institution, university, company, partnership
firm or person or persons undertaking or conducting such research, study and provide, subsidise, endow, assist in laboratories,
workshops, libraries, meetings, lectures and conferences and by providing for the remuneration of professors or teachers on any
subject and by providing for the awards, exhibitions, scholarships, prizes and grants to students or otherwise and generally to
encourage, promote and reward studies, researches, investigations, experiments, tests and inventions of any kind.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 55. | To establish and maintain branches and agencies at any place or places in India or other parts
of the world for the conduct of the business of the Company or for the purposes of enabling the Company to carry on its business
more efficiently and to exercise all or any of its corporate powers, rights and privileges and to conduct its business in all or
any of its branch in the Union of India and in any or all states, territories, possessions, colonies and dependencies and to discontinue
and reconstitute any such offices, branches or agencies.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 56. | To enter into any contract or arrangement for more efficient conduct of the business of the Company
or any part thereof and to subcontract any such contract or arrangement.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 57. | To adopt such means of making known and advertising the business and products of the Company as
may be expedient.
| | --- | -----------------------------------------------------------------------------------------------------------------



| | 58. | To issue or allot fully or partly-paid shares in the capital of the Company in payment or part
payment of any movable or immovable property purchased or otherwise acquired by the Company or any services rendered to the Company.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 59. | To insure any of the property, undertaking, contract, risk or obligation of the Company in any
manner whatsoever.
| | --- | -----------------------------------------------------------------------------------------------------------------



| | 60. | To make donations either in cash or in kind for such objects or causes as may be directly or indirectly
conducive to any of the Company’s objects or otherwise expedient.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 60A5. | To develop, improve, design, software and programme products
of any and all descriptions in connection with or incidental or conducive to or in furtherance of the attainment of any of the
objects of the Company.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 60B5. | To appoint trustees (whether individuals or corporations)
to hold securities on behalf of and to protect the interests of the Company.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------



| | 60C5. | To promote, sponsor, organise, manage or undertake events,
exhibitions, conferences, lectures, seminars, printing, publication or distribution of any books, report, literature, newspapers,
publicity or other materials in connections with or incidental or conducive to or in furtherance of the attainment of any of the
objects of the Company.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------










| | 5 | Clauses 60A - 60C inserted under Clause 60 pursuant to the Special Resolution passed by the Members
by means of postal ballot. the result of which was declared at the Eighth Annual General Meeting held on September 16, 2002 as
also approved by Reserve Bank of India vide its letter dated May 12, 2004.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





7





| | 616. | To do all or any of the above things and all such other
things as are incidental or as may be thought conducive to the attainment of the above objects or any of them in India or any
other part of the world either as principals, agents, trustees, contractors or otherwise and either alone or in conjunction with
others and either by or through agents, contractors, trustees or otherwise and to do all such things as are incidental or conducive
to the attainment of the above objects.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 627. | To open, establish, maintain and operate currency chests
and small coin depots on such terms and conditions as may be required by the Reserve Bank of India established under the Reserve
Bank of India Act, 1934 and enter into all administrative or other arrangements for undertaking such functions with the Reserve
Bank of India.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 63. | To do all such other things as are incidental or conducive
to the promotion or advancements of the business of the Company.
| | --- | ---------------------------------------------------------------------------------------------------------------------------



And it
is hereby declared that :



| | (i) | the word “company”, save when used in reference to this Company in these presents,
shall be deemed to include any partnership or other body of persons, whether or not incorporated and whether domiciled in India
or elsewhere;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the several sub-clauses of this clause and all the powers thereof are to be cumulative and in no
case is the generality of any one sub-clause to be narrowed or restricted by any particularity of any other sub-clause nor is any
general expression in any sub-clause to be narrowed or restricted by any particularity of expression in the same sub-clause or
by the application of any rule of construction ejusdem generies or otherwise;
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | the term “India”, when used in this clause unless repugnant to the context, shall include
all territories, from time to time, comprised in the Union of India;
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | the Company shall have full power to exercise all or any of the powers conferred by these presents
in India and/or any part of the world.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------



| | IV12. | The liability of the Members is limited to the amount
unpaid, if any, on the shares of the Company held by them.
| | ----- | ----------------------------------------------------------------------------------------------------------------



| | V8,13. | The authorised capital of the Company
shall be ₹ 2500,00,00,000 divided into 1250,00,00,000 equity shares of ₹ 2 each with power to increase or reclassify
or alter the capital of the Company and to divide/ consolidate the shares in the capital for the time being into several classes
and face values and to attach thereto respectively such preferential, cumulative, convertible, guarantee, qualified or other special
rights, privileges, conditions or restrictions, as may be determined by or in accordance with the Articles of Association of the
Company for the time being and to vary, modify or abrogate any such right, privilege or condition or restriction in such manner
as may for the time being be permitted by the Articles of Association of the Company and the legislative provisions for the time
being in force.
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

















| | 6 | The following clause 61 has been replaced by the above, new clause
61 pursuant to the Special Resolution passed by the Members by means of postal ballot, the result of which was declared at the
Eighth Annual General Meeting held on September 16, 2002 as also approved by Reserve Bank of India vide its letter dated
May 12, 2004.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 61. | To do all or any of the object set out herein as are incidental or as may be thought conducive
to the promotion or advancement of the business of the Company or attainment of the objects of the Company or any of them in India
or elsewhere either as principal, agent, trustee, contractor, and either along or in conjunction with others and either by or through
agents, contractors, trustees or otherwise and to carry on business which may seem to the Company capable of being conveniently
carried on or which is calculated directly or indirectly to enhance the value of or render profitable any of the Company’s
property or right.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7 | New Clause 62 inserted and the existing Clause 62 renumbered as 63 vide Resolution passed
by the Members at their Seventh Annual General Meeting held on June 11, 2001.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8 | At the time of incorporation, the Authorised Capital of the Company was ₹ 300,00,00,000 divided
into ₹ 30,00,00,000 equity shares of ₹ 10 each. Pursuant to the Order dated March 7, 2002 of the High Court of Gujarat
at Ahmedabad in connection with the amalgamation of ICICI Limited, ICICI Capital Services Limited and ICICI Personal Financial
Services Limited with ICICI Bank Limited, the Authorised Capital was increased to ₹ 22,50,00,00,000, divided into 1,90,00,00,000
shares of ₹ 10 each and 350 shares of ₹ 1 crore each. Thereafter, pursuant to the Special Resolution passed at the
Eighth Annual General Meeting of the Company held on September 16, 2002 and the approval of Reserve Bank of India vide letter
dated January 16, 2003, the Authorised Share Capital was reduced to ₹ 1900,00,00,000 divided into 155,00,00,000 shares of
₹ 10 each and 350 shares of ₹ 1 crore each. Pursuant to the Ordinary Resolution passed by the Members on June 8, 2007
by way of postal ballot, the authorised share capital was altered to ₹ 1775,00,00,000 divided into 127,50,00,000 shares of
₹ 10 each, 150,00,000 shares of ₹ 100 each and 350 shares of ₹ 1 crore each. The Reserve Bank of India vide
its letter dated June 5, 2007 accorded its approval to the alteration. Pursuant to the Ordinary Resolution passed by the Members
on November 20, 2014 by way of postal ballot, the authorised share capital of ₹ 1775,00,00,000 was divided into 637,50,00,000
equity shares of ₹ 2 each, 150,00,000 shares of ₹ 100 each and 350 shares of ₹ 1 crore each. The Reserve Bank
of India vide its letter dated October 29, 2014 accorded its approval to the alteration. Pursuant to the Ordinary Resolution passed
by the Members on June 12, 2017 by way of postal ballot, the authorised share capital was altered to ₹ 2500,00,00,000 divided
into 1000,00,00,000 equity shares of ₹ 2 each, 150,00,000 shares of ₹ 100 each and 350 shares of ₹100,00.000
each. The Reserve Bank of India vide its letter dated June 12, 2017 has taken note of the alteration. Pursuant to Special
Resolution passed at the Twenty-Fourth Annual General Meeting of the Company held on September 12, 2018, the Authorised Share Capital
was reclassified as ₹ 2500,00,00,000 comprising 1250,00,00,000 equity shares of ₹ 2 each. The Reserve Bank of India
vide letter dated June 25, 2018 has taken a note of the alteration.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12 | The following Clause IV has been substituted by the above new Clause IV pursuant to the
                                                                      Special Resolution passed at the Twenty-Fifth Annual General Meeting of the Company held on August 9, 2019, as also noted by
                                                                      the Reserve Bank of India vide letter dated August 23, 2019.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | IV. | The liability of the Members is limited.
| | --- | ----------------------------------------



| | 13 | The following Clause V has been substituted by the above new Clause V pursuant to the Special Resolution
passed at the Twenty-Fifth Annual General Meeting of the Company held on August 9, 2019, as also noted by the Reserve Bank of India
vide letter dated August 23, 2019.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | V. | The authorised capital of the Company shall be ₹ 2500,00,00,000 comprising 1250,00,00,000
equity shares of ₹ 2 each with power to increase or reclassify or alter the capital of the Company and to divide/consolidate
the shares in the capital for the time being into several classes and face values and to attach thereto respectively such preferential,
cumulative, convertible, guarantee, qualified or other special rights, privileges, conditions or restrictions, as may be determined
by or in accordance with the Articles of Association of the Company for the time being and to vary, modify or abrogate any such
right, privilege or condition or restriction in such manner as may for the time being be permitted by the Articles of Association
of the Company and the legislative provisions for the time being in force.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





8











We, the several persons whose names and
addresses are subscribed are desirous of being formed into a Company in pursuance of this Memorandum of Association and we respectively
agree to take the number of shares in the capital of the Company set opposite our respective names :



|Sr. No. | Name of the Subscriber
and Signature | Address & Occupation
of each Subscriber | No. of Shares taken by each Subscriber | Witness
|------- | ------------------------------------ | --------------------------------------- | -------------------------------------- | -------
|1.      | Narayanan Vaghul                     | 1301, Radhika                           | 100                                    |        
|        | S/o. V. Narayanan                    | Off Sayani Road                         | (One Hundred)                         
|        | Sd/-                                 | Prabhadevi                              |                                       
|        | Chairman                             | Mumbai 400 025                          |                                       
|        | ICICI                                | Banker                                  |                                       
|2.      | Parampally Vasudeva Maiya            | Flat No. 172-B                          | 100                                   
|        | S/o. P Ganapayya Maiya               | Jolly Maker Apartments I                | (One Hundred)                         
|        | Sd/-                                 | Cuffe Parade                            |                                       
|        | Executive Director                   | Mumbai 400 005                          |                                       
|        | SCICI                                | Bank Executive                          |                                       
|3.      | Lalita Dileep Gupte                  | 153-C, Mhaskar Building                 | 100                                   
|        | W/o. Dileep Gupte                    | Opp. Ruia Building                      | (One Hundred)                         
|        | Sd/-                                 | Sir Balachander Road                    |                                       
|        | Chief General Manager                | Matunga                                 |                                       
|        | ICICI                                | Mumbai 400 019                          |                                       
|        |                                      | Company Executive                       |                                       
|4.      | Girish Sumanlal Mehta                | A-6, ICICI Apartments                   | 100                                   
|        | S/o. Sumanlal Mehta                  | P. Balu Marg                            | (One Hundred)                         
|        | Sd/-                                 | Prabhadevi                              |                                       
|        | Company Secretary                    | Mumbai 400 025                          |                                       
|        | ICICI                                | Company Executive                       |                                       
|5.      | Shashikant Harilal Bhojani           | A-73, Ocean Gold                        | 100                                   
|        | S/o. Harilal Bhojani                 | Twin Tower Lane                         | (One Hundred)                         
|        | Sd/-                                 | Prabhadevi                              |                                       
|        | Corporate Legal Advisor              | Mumbai 400 025                          |                                       
|        | ICICI                                | Company Executive                       |                                       
|6.      | Sethumadhava Rao Ragothaman          | C-22, ICICI Apartments                  | 100                                   
|        | S/o. K. Sethumadhava Rao             | P. Balu Marg                            | (One Hundred)                         
|        | Sd/-                                 | Prabhadevi                              |                                       
|        | Deputy General Manager               | Mumbai 400 025                          |                                       
|        | ICICI                                | Company Executive                       |                                       
|7.      | Kalpana Morparia                     | A-13, Ocean Gold                        | 100                                   
|        | W/o. Jaisingh Morparia               | Twin Tower Lane                         | (One Hundred)                         
|        | Sd/-                                 | Prabhadevi                              |                                       
|        | Assistant General Manager            | Mumbai 400 025                          |                                       
|        | ICICI                                | Company Officer                         |                                       
|        |                                      | Total number of shares taken:           | 700                                   
|        |                                      |                                         | (Seven Hundred                        
|        |                                      |                                         | Equity Shares)                        



Dated this 22nd day of December, 1993.





9























Revised Articles of Association adopted
by the Shareholders at the Twenty-Fifth

Annual General Meeting held on August 9,
2019, effective pursuant to Reserve Bank

of India acknowledgement vide its
letter dated August 23, 2019 received on August 28, 2019.



COMPANY LIMITED BY SHARES
(Incorporated under the Companies Act, 1956)





ARTICLES OF ASSOCIATION

OF

ICICI BANK LIMITED



| | 1. | Table F
                                         not to apply
| | -- | -------------------------------------------------------------



The
regulations contained in Table F in Schedule I of the Act (as defined below) shall not apply to the Company (as defined below)
except so far as the same are repeated, contained or expressly made applicable in these Articles or by the Act.



| | 2. | The Company
                                         to be governed by these Articles
| | -- | -------------------------------------------------------------------------------------



| | (a) | The
                                         regulations for the management of the Company and for the observance by the Members (as
                                         defined below) and their representatives shall, subject as aforesaid and to any exercise
                                         of the statutory powers of the Company in reference to the repeal or alteration of or
                                         addition to its regulations by special resolution, as prescribed or permitted by the
                                         Act, be such as are contained in these Articles.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
                                         provisions of the Banking Act (as defined below) shall have effect notwithstanding anything
                                         to the contrary contained in the Memorandum of Association (as defined below) and these
                                         Articles, and, if so stated in the Banking Act, notwithstanding anything to the contrary
                                         contained in the Act.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



INTERPRETATION



| | 3. | Definition
                                         and Interpretation
| | -- | ----------------------------------------------------------------------



| | (a) | In
                                         these Articles, the following expressions shall have the following meanings, unless repugnant
                                         to the subject or context:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | “Act”
                                         means the Companies Act, 2013 and all rules, regulations, circulars, orders, notifications,
                                         secretarial standards issued thereunder and includes any statutory modification or re-enactment
                                         thereof for the time being in force and any previous company law (to the extent in force
                                         and applicable).
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | “Alternate
                                         Director”means a Director appointed pursuant to Article 127.
| | ---- | ----------------------------------------------------------------------------------------------------------------



| | (iii) | “Annual
                                         General Meeting”means a General Meeting of the Members in terms of Section
                                         96 of the Act.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | “Articles
                                         of Association”or “Articles”means these articles of association
                                         of the Company, as altered from time to time.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | “Banking
                                         Act”means the Banking Regulation Act, 1949, and all rules and regulations
                                         issued thereunder and includes any statutory modification or re-enactment thereof for
                                         the time being in force.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





10







| | (vi) | “Beneficial
                                         Owner”means a beneficial owner as defined under Section 2(1)(a) of the Depositories
                                         Act.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vii) | “Board”or “Board of Directors”means the Board of Directors of the Company.
| | ----- | --------------------------------------------------------------------------



| | (viii) | “Central
                                         Government”means the central government of India acting through the Ministry
                                         of Corporate Affairs or such other ministry or department as the context may require.
| | ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ix) | “Company”means ICICI Bank Limited.
| | ---- | ----------------------------------



| | (x) | “Depositories
                                         Act”means the Depositories Act, 1996, and includes any statutory modification
                                         or re-enactment thereof for the time being in force.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xi) | “Depository”means a depository as defined under Section 2(1)(e) of the Depositories Act.
| | ---- | ----------------------------------------------------------------------------------------



| | (xii) | “Director”
                                         or “Directors”means the Director or Directors of the Company, including
                                         an additional Director or Alternate Director.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xiii) | “Extraordinary
                                         General Meeting”means a General Meeting of the Members, in terms of
                                         Section 100 of the Act.
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xiv) | “Financial
                                         Year”means the period of Twelve months ending on the 31st day of
                                         March every year for which financial statements have to be prepared by the Company in
                                         accordance with applicable laws.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xv) | “General
                                         Meeting”means a general meeting of the Members, whether an Annual General
                                         Meeting or an Extraordinary General Meeting, in terms of the Act.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xvi) | “Listing
                                         Regulations”means the Securities and Exchange Board of India (Listing Obligations
                                         and Disclosure Requirements) Regulations, 2015, as amended.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xvii) | “Key
                                         managerial personnel”in relation to the Company means the Chief Executive
                                         Officer or Managing Director or the Manager, the Company Secretary, the whole-time Director,
                                         the Chief Financial Officer, such other officer, not more than one level below the directors
                                         who is in whole-time employment, designated as key managerial personnel by the Board,
                                         and such other officer as may be prescribed under the Act.
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xviii) | “Members”
                                         means the duly registered holder, from time to time, of the shares of the Company whose
                                         name is entered in the Register of Members of the Company and includes the subscribers
                                         to the Memorandum of Association (if applicable) and every person holding shares of the
                                         company and whose name is entered as a beneficial owner in the records of the Depository.
| | ------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xix) | “Memorandum”or “Memorandum of Association”means the memorandum of association
                                         of the Company, as altered from time to time.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xx) | “Month”means a calendar month.
| | ---- | ------------------------------



| | (xxi) | “NCLT”means the National Company Law Tribunal.
| | ----- | ----------------------------------------------



| | (xxii) | “Office”means the Registered Office for the time being of the Company.
| | ------ | ----------------------------------------------------------------------





11







| | (xxiii) | “Register”or “Register of Members”means the register of Members maintained
                                         by the Company pursuant to the Act with details of the Members holding shares, and shall
                                         include the register of Beneficial Owners maintained by a Depository under the Depositories
                                         Act.
| | ------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xxiv) | “Registrar”means the ‘Registrar’ (in terms of Section 2(75) of the Act) of the state
                                         in which the Office of the Company is for the time being situated.
| | ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xxv) | “Regulatory
                                         Agencies”means any authority appointed under the Act or the Banking Act and
                                         includes the Central Government, the NCLT, the Registrar or any other authority appointed
                                         under the Act, and the Reserve Bank acting through any of its duly authorised officers
                                         under the Banking Act or any other authority authorised to exercise any power under any
                                         other applicable laws for the time being in force.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xxvi) | “Reserve
                                         Bank”means the Reserve Bank of India established under the Reserve Bank of
                                         India Act, 1934 (2 of 1934), as amended.
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xxvii) | “Seal”means the common seal for the time being of the Company.
| | ------- | --------------------------------------------------------------



| | (xxviii) | “SEBI”means the Securities and Exchange Board of India.
| | -------- | -------------------------------------------------------



| | (xxix) | “Shares”means share in the share capital of the Company includes stock.
| | ------ | -----------------------------------------------------------------------



| | (xxx) | “Securities”means the securities as defined in clause (h) of section 2 of the Securities Contracts
                                         (Regulation) Act, 1956 (42 of 1956);
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | “Writing”or “Written”shall include printing and lithography and any other
                                         mode or modes of representing or reproducing words in a visible form including electronic
                                         mail and all other forms of electronic transmission.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Words
                                         importing the singular number include, where the context admits or requires, the plural
                                         number and vice versa.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Words
                                         importing the masculine gender only shall include the feminine gender. Words importing
                                         persons shall include the Central or State governments, corporations, firms, individuals,
                                         trusts, societies, associations and other bodies, whether incorporated or not.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Words
                                         and expressions used and not defined in these Articles shall bear the same meanings as
                                         in the Act, the Banking Act, the Securities Contracts (Regulation) Act, 1956 (42 of 1956),
                                         the Securities and Exchange Board of India Act, 1992 or the Depositories Act, and the
                                         respective rules and regulations framed thereunder, each as amended.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | Headings
                                         or marginal notes to Articles and paragraphs are for information only and shall not form
                                         part of the operative provisions of these Articles and shall be ignored in construing
                                         such provisions.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



PRELIMINARY



| | 4. | Copies
                                         of Memorandum of Association and Articles of Association, etc. to be furnished
| | -- | ------------------------------------------------------------------------------------------------------------------------------



Copies
of the Memorandum of Association and Articles of Association of the Company and every agreement and every resolution (referred
to in Section 117(1) of the Act) shall be



12





furnished
to every Member at his request within the period and on payment of such sum as may be prescribed by the Act and other applicable
laws.



CAPITAL



| | 5. | Capital
| | -- | -------



| | (a) | The
                                         authorised share capital of the Company shall be as specified in Clause V of the Memorandum
                                         and comprise such classes of equity and/or preference shares as may be determined by
                                         the Board from time to time.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Subject
                                         to the provisions of Act, the Banking Act and other applicable laws, the Company shall
                                         have the power to issue preference shares, and the holder of such preference shares shall
                                         not be entitled to voting rights in terms of the Act.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Subject
                                         to the provisions of the Act, the Banking Act and other applicable laws, the Company
                                         may, by way of ordinary resolution, issue bonus shares to its Members out of (i) its
                                         free reserves; (ii) the securities premium account, if any; or (iii) the capital redemption
                                         reserve account, if any.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Subject
                                         to the provisions of the Act, the Banking Act and other applicable laws, the Company
                                         may issue equity shares with differential rights as to dividend, voting or otherwise.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6. | Register
                                         of Members, debenture-holders, etc.
| | -- | -------------------------------------------------------------------------------------



The
Company shall maintain or cause to be maintained the Register of Members with the details of Members holding shares, a register
of debenture-holders and register of any other security holders in accordance with Section 88 of the Act and other applicable
law. The Company shall further maintain a register of significant beneficial owners as required under the Companies (Significant
Beneficial Owners) Rules, 2018, as amended.



| | 7. | Closure
                                         of Register of Members, etc.
| | -- | -----------------------------------------------------------------------------



The
Company shall, subject to Section 91 of the Act and other applicable laws, have the power to close the Register of Members or
the register of debenture-holders or the register of other security holders of the Company.



| | 8. | Foreign
                                         Register
| | -- | ---------------------------------------------------------



The
Company may exercise the powers conferred on it by Section 88(4) of the Act with regard to the keeping of a foreign register and
the Board may, subject to the provisions of Section 88 of the Act, make and vary such regulations as it may think fit in respect
of the keeping of any such foreign register.



| | 9. | Inspection
                                         of Register of Members, debenture-holders, etc.
| | -- | ---------------------------------------------------------------------------------------------------



| | (a) | The
                                         registers (and their indices) required to be kept and maintained by the Company under
                                         Section 88 of the Act and copies of all annual returns prepared under Section 92 of the
                                         Act together with the copies of certificates and documents required to be annexed thereto
                                         shall, except when such registers are closed under the provisions of the Act or these
                                         Articles, be kept open for inspection at the Office on any working day other than Saturday
                                         between 11.00 a.m. and 1.00 p.m. or such other time as the Board may determine, from
                                         time to time, by any Member, debenture-holder, other security-holder or Beneficial Owner
                                         of the Company gratis, and for inspection by any
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



13





other
person on payment of ₹50 for each inspection or such other sum as prescribed under law.



| | (b) | Any
                                         such Member, debenture-holder, other security holder, Beneficial Owner or other person
                                         may take extracts from any register or index or return without payment of any fee or
                                         require a copy of any such register or entries therein or return on payment of ₹10
                                         for each page or such other sum as prescribed under law, provided that such particulars
                                         of the register or index or return as prescribed under the Act shall not be available
                                         for inspection under sub-Article (a) above or for taking extracts or copies under this
                                         Article.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The
                                         Company shall send to any Member, debenture-holder, other security holder, Beneficial
                                         Owner or other persons, on request, a copy of any register (including the relevant index)
                                         or return required under the Act, or any part thereof, on payment of ₹ 10
                                         for each page or such other sum as prescribed under law and within such period as may
                                         be prescribed by the Act, the Banking Act or other applicable laws.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10. | Nature
                                         and numbering of shares
| | --- | -----------------------------------------------------------------------



In
accordance with the provisions of the Act:



| | (a) | The
                                         shares, debentures or other interest of any Member in the Company shall be movable property,
                                         transferable in the manner provided in these Articles.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Notwithstanding
                                         anything contained in these Articles, the Company shall be entitled to, and to the extent
                                         required under applicable law, shall dematerialise, pursuant to the provisions of the
                                         Depositories Act, its shares, debentures and other securities, and offer securities for
                                         subscription in dematerialised form and in the case of transfer of securities in dematerialised
                                         form, the provisions of the Depositories Act shall apply.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Each
                                         share in the Company shall be distinguished by its appropriate number, provided that
                                         nothing in this sub-Article shall apply to a share held by a person whose name is entered
                                         as a Beneficial Owner of such share in the records of a Depository.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | A
                                         certificate issued and/or signed in the manner prescribed under the Act specifying shares
                                         held by any Member or the entry of the name of the Member as Beneficial Owner in the
                                         records of the Depository shall, subject to and for the purposes of these Articles, be
                                         prima facie evidence of the interest of the Member to such shares.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | The
                                         shares in the capital of the Company shall be numbered progressively according to their
                                         several denominations.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11. | Restriction
                                         on allotment
| | --- | -----------------------------------------------------------------



The
Board shall observe the applicable restrictions as to allotment contained in the Act, the Banking Act and other applicable law,
including Section 39 of the Act.



| | 12. | Shares
                                         at the disposal of the Board
| | --- | ----------------------------------------------------------------------------



Subject
to the provisions of the Act, the Banking Act and these Articles, the shares in the capital of the Company for the time being
shall be under the control of the Board, who may issue, allot or otherwise dispose of the shares or any of them to such persons,
in such proportion and on such terms and conditions and either at a premium or at par or at a discount (subject to compliance
with the provisions of Sections 53 and 54 of the Act and subject to the provisions of the Banking Act) and at such time as they
may from time to time think fit, and



14





with
the sanction of the Company in a General Meeting, to give to any person or persons the option or right to call for any shares,
either at par or premium, during such time and for such consideration as the Board deems fit, and may issue and allot shares on
payment in full or part of any property sold and transferred or for any services rendered to the Company in the conduct of its
business. Any shares so allotted may be issued as fully paid-up shares and if so issued, shall be deemed to be fully paid-up shares.
Notwithstanding the foregoing, the option or right to call for shares shall not be given to any person or persons without the
sanction of the Company in a General Meeting.



| | 13. | Board
                                         may allot shares as fully paid-up or partly paid-up
| | --- | --------------------------------------------------------------------------------------------------



Subject
to the provisions of the Act, the Banking Act and these Articles, the Board may allot and issue shares in the capital of the Company
as payment or part payment for any property or assets of any kind whatsoever sold or goods transferred or machinery supplied or
for services rendered to the Company and any shares which may be so allotted may be issued as fully paid-up or partly paid-up
shares and if so issued shall be deemed to be fully paid-up shares or partly paid-up shares.



| | 14. | Unclassified
                                         shares
| | --- | ------------------------------------------------------------



Any
unclassified shares (whether forming part of the original authorised share capital or of any increased authorised share capital
of the Company) may, subject to the provisions of the Act, the Banking Act and these Articles, be issued and in particular such
shares may be issued with a preferential or qualified right as to dividends and in the distribution of the assets of the Company.



| | 15. | Power
                                         to make provisions for the issue, allotment or disposal of any shares
| | --- | --------------------------------------------------------------------------------------------------------------------



In
addition to and without derogating from the powers for this purpose conferred on the Board under Article 12, the Company in General
Meeting may, subject to the provisions of Section 62 of the Act, determine that any shares (whether forming part of the original
capital or of any increased capital of the Company) shall be offered to such persons (whether Members or holders of debentures
of the Company or not) in such proportion and on such terms and conditions and either at a premium or at par or at a discount
(subject to compliance with the provisions of Section 53 and 54 of the Act and subject to the provisions of the Banking Act),
as such General Meeting may determine and with full power to give to any person (whether a Member or holder of debentures of the
Company or not) the option to call for or be allotted shares of any class of the Company either at par or at a premium or subject
as aforesaid at discount (subject to compliance with the provisions of Section 53 and 54 of the Act and subject to the provisions
of the Banking Act), such option being exercisable at such time and for such consideration as may be directed by such General
Meeting or the Company in General Meeting may, subject to the provisions of Section 62 of the Act, make any other provisions whatsoever
for the issue, allotment or disposal of any shares.



| | 16. | Acceptance
                                         of shares
| | --- | -------------------------------------------------------------



Subject
to the provisions of the Act, the Banking Act and these Articles, any application signed by or on behalf of an applicant for subscription
to shares in the Company, followed by an allotment of any shares therein, shall be an acceptance of shares within the meaning
of these Articles and every person who thus or otherwise accepts any shares and whose name is entered in the Register of Members
shall, for the purpose these Articles, be a Member.



15





| | 17. | Issue
                                         of sweat equity
| | --- | --------------------------------------------------------------



The
Company may make an issue of sweat equity shares subject to the provisions laid down in Section 54 of the Act.



| | 18. | Call on
                                         shares of the same class to be on uniform basis.
| | --- | -------------------------------------------------------------------------------------------------



Where
any calls are made on shares, such calls shall be made on a uniform basis on all shares falling under the same class. For the
purpose of this Article, shares of the same nominal value on which different amounts have been paid up shall not be deemed to
fall under the same class.



| | 19. | Company
                                         not bound to recognise any interest in shares other than that of the registered holders
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------



Save
as herein otherwise provided, the Company shall be entitled to treat the person whose name appears on the Register of Members
as the holder of any share or whose name appears as the Beneficial Owner of shares in the records of a Depository as the absolute
owner thereof. Except as required by law, no person shall be recognised by the Company as holding any shares upon any trust and
the Company shall not (except as ordered by a court of competent jurisdiction or as may be required by applicable law) be bound
by or compelled to recognise (even when having notice thereof) any equitable, contingent, future or partial interest in any share,
or any interest in any fractional part of a share or (except only as by these Articles or by law otherwise provided) any other
right in respect of any share, whether or not it shall have express or implied notice thereof, except an absolute right to the
entirety thereof in the registered holder.



| | 20. | Company’s
                                         funds may not be employed/lent for acquiring shares of the Company.
| | --- | ----------------------------------------------------------------------------------------------------------------------



Except
to the extent allowed by Section 67 of the Act, no part of the funds of the Company shall be employed/lent for acquiring the shares
of the Company.



UNDERWRITING
COMMISSION



| | 21. | Commission
                                         for subscribing to shares
| | --- | -----------------------------------------------------------------------------



Subject
to any restrictions under the Banking Act and other applicable laws, the Company may at any time pay a commission to any person
for subscribing or agreeing to subscribe (whether absolutely or conditionally) for any shares, debentures or other securities
of the Company or procuring or agreeing to procure subscriptions (whether absolute or conditional) for any shares, debentures
or other securities of the Company provided that the commission in respect of the shares, debentures or other securities shall
be paid or payable out of the proceeds of the issue or the profits of the Company or both, the statutory conditions and requirements
shall be observed and complied with and the amount or rate of commission shall not exceed the rates prescribed by the Act, the
Banking Act and other applicable law. The commission may be paid or satisfied in cash or in shares, debentures or other securities
of the Company or partly in one and partly in the other. The Company shall not pay any commission to any underwriter on securities
which are not offered to public for subscription,



16





CERTIFICATES



| | 22. | Issue
                                         of certificates
| | --- | --------------------------------------------------------------



| | (a) | The
                                         certificates of shares shall be issued in accordance with the provisions of the Act read
                                         with the Companies (Share Capital and Debentures) Rules, 2014, as amended.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Each
                                         Member shall be entitled, without payment, to one or more certificates, for all the shares
                                         of each class or denomination registered in the name of such Member, or if the Board
                                         so approves (upon paying such fee as the Board may from time to time determine), to several
                                         certificates, each for one or more of such shares and the Company shall after the allotment
                                         of any of its share or from receipt of an application for registration of transfer, transmission,
                                         sub-division, consolidation or renewal of any of its share, as the case may be, deliver
                                         the certificate of shares within the respective timeline, as prescribed under the Act,
                                         rules or other law or authority. Every certificate of shares shall be under the Seal,
                                         if any, and shall specify the number, distinctive numbers of shares in respect of which
                                         it is issued and amount paid-up thereon and shall be in such form as the Board may prescribe
                                         or approve, provided that in respect of shares held jointly by several persons, the Company
                                         shall not be required to issue more than one certificate and delivery of a certificate
                                         of shares to one of several joint-holders shall be sufficient delivery to all such holders.
                                         Subject to the provisions of the Act, the Banking Act and other applicable laws, the
                                         Company shall deliver certificates of debentures within six months of their allotment,
                                         or such shorter time period as may be prescribed under applicable law.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The
provisions of this Article shall mutatis mutandis apply to debentures of the Company



| | 23. | Issue
                                         of new certificate in place of one defaced, lost or destroyed
| | --- | ------------------------------------------------------------------------------------------------------------



| | (a) | If
                                         any certificate be worn out, defaced, mutilated or torn or if there be no further space
                                         on the back thereof for endorsement of transfer or in case of sub-division or consolidation
                                         of shares, then upon production and surrender of the relevant certificates to the Company,
                                         a new certificate may be issued in lieu thereof, and if any certificate is lost or destroyed
                                         then upon proof thereof to the satisfaction of the Company and on execution of such indemnity
                                         as the Company deems adequate being given, a new certificate in lieu thereof shall be
                                         given to the person entitled to such lost or destroyed certificate. Every certificate
                                         under this Article shall be issued without payment of fees if the Board so decides, or
                                         on payment of such fees as the Board shall prescribe subject to any restrictions under
                                         applicable law, provided that no fee shall be charged for issue of new certificates in
                                         replacement of those which are old, worn out or where there is no further space on the
                                         back thereof for endorsement of transfer or in case of sub-division or consolidation
                                         of shares.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Notwithstanding
                                         sub-Article (a) above, the Board shall comply with applicable law including the rules
                                         or regulations or requirements of any stock exchange, the rules made under the Act and
                                         the rules made under the Securities Contracts (Regulation) Act, 1956, as amended. The
                                         provisions of this Article shall mutatis mutandis apply to any securities of the Company.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



17





CALLS



| | 24. | Calls
| | --- | -----



The
Board may, subject to the conditions and in the manner prescribed under the Act, from time to time make such calls as it deems
fit upon the Members in respect of any monies unpaid on the shares held by them (whether on account of the nominal value of the
shares or by way of premium), and not by the conditions of allotment thereof made payable at fixed times and each Member shall,
pay the amount of every call so made on him to the Company and at the times and places specified by the Board. A call may be made
payable by instalments. The joint-holders of a share shall be jointly and severally liable to pay all calls in respect thereof.



| | 25. | Call to
                                         date from resolution
| | --- | ---------------------------------------------------------------------



A
call shall be deemed to have been made at the time when the resolution of the Board authorising such call was passed and may be
made payable by Members on such date or at the discretion of the Board on such subsequent date as shall be fixed by the Board.



| | 26. | Notice
                                         of call
| | --- | -------------------------------------------------------



Not
less than 14 days’ notice of every call shall be given, specifying the time and place of payment, provided that before the
time for payment of such call, the Board may by notice in writing to the relevant Members revoke or postpone the same.



| | 27. | Board
                                         may extend time
| | --- | --------------------------------------------------------------



The
Board may from time to time, at their discretion, extend the time fixed for the payment of any call by any Member for such cause
as the Board may deem fit, but no Member shall be entitled to such extension save as a matter of grace and favour.



| | 28. | Amount
                                         payable at fixed time or by instalments as calls
| | --- | ------------------------------------------------------------------------------------------------



If
by the terms of issue of any share or otherwise any amount is made payable at any fixed time or by instalments at fixed times,
whether on account of the nominal amount of the share or by way of premium, every such amount or instalment shall be payable as
if it were a call duly made by the Board and of which due notice has been given and all the provisions herein contained in respect
of calls shall relate to such amount or instalment accordingly.



| | 29. | When interest
                                         on call or instalment payable
| | --- | ------------------------------------------------------------------------------------



If
the sum payable in respect of any call or instalment be not paid on or before the day appointed for payment thereof, the holder
for the time being or the allottee of the share in respect of which a calf shall have been made or the instalment shall be due,
shall pay interest on the same at such rate as the Board shall, subject to the Act and other applicable laws, fix from time to
time from the day appointed for the payment thereof to the date of actual payment, but the Board may, in its absolute discretion,
waive payment of such interest wholly or in part.



| | 30. | Partial
                                         payment not to preclude forfeiture
| | --- | -----------------------------------------------------------------------------------



Neither
a judgement nor a decree in favour of the Company for calls or other monies due in respect of any shares nor any part payment
or satisfaction thereunder nor the receipt by the Company of a portion of any money which shall from time to time be due from
any Member in respect of any shares either by way of principal or interest nor any indulgence granted by the
Company in respect of payment of any money shall preclude the forfeiture of such shares as herein provided.



18









| | 31. | Payment
                                         in advance of calls may carry interest
| | --- | ---------------------------------------------------------------------------------------



The
Board may, if it thinks fit, subject to the provisions of the Act agree to and receive from any Member willing to advance the
same, all or any part of the monies due upon the shares held by him beyond the sums actually called for. Upon the amount so paid
or satisfied in advance, or so much thereof as from time to time exceeds the amount of the calls then made upon the shares in
respect of which such advance has been made, the Company may pay interest at such rate as may be agreed upon between the Member
paying such sum in advance and the Board, provided that money paid in advance of calls shall not confer a right to participate
in profits or dividend. The Board may at any time repay the amount so advanced. The concerned Member shall not be entitled to
any voting rights in respect of the monies so paid by such Member until the same would but for such payment, become presently
payable. The provisions of this Article shall mutatis mutandis apply to the calls on any securities of the Company.



| | 32. | Members
                                         not entitled to privileges of membership until all calls are paid
| | --- | ------------------------------------------------------------------------------------------------------------------



No
Member shall be entitled to vote at any General Meeting or exercise any other privilege as a Member until he shall have paid all
calls for the time being due and payable on every share held by him whether alone or jointly with any person, together with interest
and expenses, if any.



| | 33. | Evidence
                                         in action by Company against shareholders
| | --- | -------------------------------------------------------------------------------------------



On
the trial or hearing of any action or suit brought by the Company against any Member or his legal representatives for the recovery
of any monies claimed to be due to the Company in respect of his shares, it shall be sufficient to prove that the name of the
Member, in respect of whose shares the monies are sought to be recovered, is entered in the Register as a Member/one of the Members
at or any subsequent date on which the monies sought to be recovered are alleged to have become due on the shares and that the
resolution making the call is duly recorded in the minute book and the notice of such call was duly given to the Member, holder
or joint-holder or his legal representatives sued in pursuance of these Articles. Itshall not be necessary to prove the
appointment of Directors who made such call, nor that the quorum of Directors was present at the meeting of the Board at which
any such call was made nor that the General Meeting at which any such call was made had been duly convened or constituted nor
any other matter whatsoever but the proof of the matters aforesaid shall be conclusive evidence of the debt.



FORFEITURE,
SURRENDER AND LIEN



| | 34. | If call
                                         or instalment not paid, notice must be given
| | --- | ---------------------------------------------------------------------------------------------



If
any Member fails to pay the whole or any part of any call or instalment or any money due in respect of any share(s) either by
way of principal or interest on or before the day appointed for the payment of the same, the Board may at any time thereafter
during such time as the call or instalment or any part thereof or other monies remain unpaid or a judgement or decree in respect
thereof remains unsatisfied in whole or in part serve a notice on such Member or on the person (if any) entitled to the share(s)
by transmission requiring him to pay such call or instalment or such part thereof or other monies as remain unpaid together with
any interest that may have accrued and all expenses (legal or otherwise) that may have been incurred by the Company by reason
of such non-payment.



19





| | 35. | Form of
                                         notice
| | --- | -------------------------------------------------------



The
notice shall name a further day not being less than 14 days from the date of service of the notice and the place or places on
and at which such call or instalment or such part or other monies as aforesaid and such interest and expenses as aforesaid are
to be paid. The notice shall also state that in the event of non-payment at or before the time and at the place appointed the
share(s) in respect of which the call was made or instalments is payable will be liable to be forfeited.



| | 36. | In default
                                         of payment, shares may be forfeited
| | --- | ---------------------------------------------------------------------------------------



If
the requisition of any such notice as aforesaid is not complied with, any of the share(s) in respect of which such notice has
been given may, at any time thereafter before payment of all calls or instalments, interest and expenses or the money due in respect
thereof, be forfeited by a resolution of the Board to that effect. Such forfeiture shall include all dividends declared in respect
of the forfeited share(s) and not actually paid before the forfeiture, once all claims to such dividend become barred by law.



| | 37. | Entry
                                         of forfeiture on Register of Members
| | --- | -----------------------------------------------------------------------------------



When
any share(s) shall have been so forfeited an entry of the forfeiture with the date thereof shall be made in the Register of Members.



| | 38. | Forfeited
                                         shares to be property of the Company and may be sold, etc.
| | --- | -------------------------------------------------------------------------------------------------------------



Any
share(s) so forfeited shall be deemed to be the property of the Company and may be sold, re-allotted or otherwise disposed of
either to the original holder thereof or to any other person upon such terms and in such manner as the Board shall think fit.



| | 39. | Power
                                         to annul forfeiture
| | --- | ------------------------------------------------------------------



The
Board may at any time before any share(s) so forfeited shall have been sold, re-allotted or otherwise disposed of, annul the forfeiture
thereof upon such conditions as it deems fit.



| | 40. | Effect
                                         of forfeiture
| | --- | -------------------------------------------------------------



The
forfeiture of share(s) shall involve the extinction at the time of the forfeiture, of all interest in and all claims and demand
against the Company in respect of the share(s) and all other rights incidental to the share(s), except only such of those rights
as by these Articles are expressly saved.



| | 41. | Shareholders
                                         liable to pay money and interest owing at the time of forfeiture
| | --- | ----------------------------------------------------------------------------------------------------------------------



Any
Member whose share(s) has/have been forfeited shall, notwithstanding the forfeiture, be liable to pay and shall forthwith pay
to the Company all calls, instalments, interest, expenses and other monies owing upon or in respect of such shares at the time
of the forfeiture together with further interest thereon from the time of the forfeiture until payment at such rate as the Board
may determine and the Board may enforce the payment of the whole or a portion thereof if it thinks fit but shall not be under
any obligation to do so.



| | 42. | Certificate
                                         of forfeiture
| | --- | ------------------------------------------------------------------



A
certificate in writing under the hand of any Director or the secretary of the Company or such other person as may be authorised
from time to time that the call in respect of share(s) was made and that the forfeiture of share(s) was made on the date stated,
by a resolution of the
Board to that effect, shall be conclusive evidence of the fact stated therein as against all persons entitled to such share.



20









| | 43. | Title
                                         of purchaser and allottee of forfeited shares
| | --- | --------------------------------------------------------------------------------------------



The
Company may receive consideration, if any, given for the share(s) on any sale, re-allotment or other disposition thereof and the
person to whom such share(s) is sold, re-allotted or disposed of may be registered as the holder of the share(s) and shall not
be bound to see to the application of the consideration, if any, nor shall his title to the share(s) be affected by any irregularity
or invalidity in the proceedings in reference to the forfeiture, sale, re-allotment or other disposal of the share(s).



| | 44. | Cancellation
                                         of shares certificates in respect of forfeited shares
| | --- | -----------------------------------------------------------------------------------------------------------



Upon
sale, re-allotment or other disposal under the provisions of these Articles, the certificate or certificates originally issued
in respect of the relative share(s) shall (unless the same shall on demand by the Company have been previously surrendered to
it by the defaulting Member) stand cancelled automatically and become null and void and of no effect and the Board shall be entitled
to issue a new certificate or certificates in respect of such share(s) to the person(s) entitled thereto.



| | 45. | Application
                                         of forfeiture provisions
| | --- | -----------------------------------------------------------------------------



The
provisions of these Articles as to the forfeiture shall apply in the case of non-payment of any sum which by terms of issue of
share(s) become payable at a fixed time, whether on account of nominal value of the share(s) or by way of premium, as if the same
had been payable by virtue of a call duly made or notified.



| | 46. | Company’s
                                         lien on securities
| | --- | ---------------------------------------------------------------------



The
Company shall have a first and paramount lien upon all its shares/debentures (other than fully paid-up shares/debentures) registered
in the name of each holder of such securities (whether solely or jointly with others) and upon the proceeds of sale thereof for
all monies (whether presently payable or not) called or payable at a fixed time in respect of such securities and no equitable
interest in any securities shall be created except upon the basis and condition that this Article will have full effect. Such
lien shall extend to all dividends and bonuses from time to time declared in respect of any such shares. Unless otherwise agreed,
the registration of a transfer of securities shall operate as a waiver of the Company’s lien, if any, on such securities.
The Board may at any time declare any securities of the Company wholly or in part to be exempt from the provisions of this Article.



| | 47. | As to
                                         enforcing lien by sale
| | --- | ---------------------------------------------------------------------



For
the purpose of enforcing such lien, the Board may sell the shares subject thereto in such manner as it thinks fit, but no sale
shall be made unless some sum in respect of which the lien exists is presently payable nor until notice in writing of the intention
to sell shall have been served on such Member or the person (if any) entitled by transmission to the shares and default shall
have been made by him in payment of the sum presently payable for 14 days after such notice. Upon any such sale after forfeiture
or for enforcing a lien in purported exercise of powers, the Board shall cause the purchaser’s name to be entered in the
Register of Members in respect of the shares sold and shall issue to the purchaser a certificate in respect of the shares sold
and the purchaser shall not be bound to see to the regularity of the proceedings or to the application of the purchase money.



21





| | 48. | Application
                                         of proceeds of sale
| | --- | ------------------------------------------------------------------------



The
net proceeds of any such sale after payment of the costs of such sale shall be applied in or towards the satisfaction of the debt
or liability in respect whereof the lien exists so far as the same is presently payable and the residue (if any) shall, subject
to any like lien for sums not presently payable as existed upon the shares before such sale, be paid to the Member or the person
(if any) entitled to the shares at the date of the sale.



| | 49. | Surrender
                                         of shares
| | --- | ------------------------------------------------------------



The
Board may, subject to the provisions of the Act, accept a surrender of any share(s) from or any Member desirous of surrendering
on such terms as it deems fit.



TRANSFER
AND TRANSMISSION OF SECURITIES



| | 50. | Register
                                         of transfers
| | --- | --------------------------------------------------------------



The
Company shall keep a book to be called the ‘Register of Transfers’ and therein shall fairly and distinctly enter the
particulars of every transfer or transmission of any securities.



| | 51. | Transfer
                                         not to be registered except on production of instrument of transfer
| | --- | ---------------------------------------------------------------------------------------------------------------------



Transfer
of securities shall be allowed as per applicable law. The Company shall not register a transfer of securities in, or debentures
(other than transfer between persons both of whose names are entered as holders of beneficial interest in the records of a Depository)
of, the Company, unless in accordance with the provisions of Section 56 of the Act a proper instrument of transfer duly stamped
and executed by or on behalf of the transferor and by or on behalf of the transferee and specifying the name, address and occupation,
if any, of the transferee has been delivered to the Company, within 60 days from the date of execution along with the certificate
relating to the securities, or if no such certificate is in existence, along with the letter of allotment of the securities.



Provided
that where on an application in writing made to the Company by the transferee and bearing the stamp required for an instrument
of transfer, it is proved to the satisfaction of the Board that the instrument of transfer signed by or on behalf of the transferor
and by or on behalf of the transferee has been lost or not been delivered within the prescribed period, the Company may register
the transfer on such terms as to indemnity as the Board may think fit.



Provided
further that nothing in this Article shall prejudice any power of the Company to register as shareholder or debenture-holder any
person to whom the right to any shares in, or debentures of, the Company has been transmitted by operation of taw.



| | 52. | Transfer
                                         by legal representative
| | --- | -------------------------------------------------------------------------



A
transfer of any securities or other interest in the Company of a deceased person made by his legal representative shall, although
the legal representative is not himself a holder thereof, be as valid as if he had been the holder at the time of the execution
of the instrument of transfer.



| | 53. | Application
                                         for transfer
| | --- | -----------------------------------------------------------------



| | (a) | There
                                         shall be a common form of transfer of securities in use. The instrument of transfer shall
                                         be in writing and the provisions of Section 56 of the Act in respect of transfer of securities
                                         and registration thereof shall be duly complied with. The instrument of transfer of any
                                         security in the Company shall be executed by or on behalf of both the transferor and
                                         transferee. In the case of transfer of securities, where the
Company has not issued any certificates and where securities are being held in an electronic form, the provisions of the Depositories
Act shall apply.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



22









| | (b) | Where
                                         the application is made by the transferor alone and relates to partly paid securities
                                         , the transfer shall not be registered, unless the Company gives notice of the application
                                         to the transferee and the transferee makes no objection to the transfer within two weeks
                                         from the receipt of the notice.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | For
                                         the purpose of sub-Article (b) above, notice to the transferee shall be deemed to have
                                         been duly given if it is dispatched through any of the permitted modes as specified in
                                         the Act or other applicable laws.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | In
                                         accordance with the Banking Act and other applicable laws, acquisition of shares or voting
                                         rights therein, by a person directly or indirectly, by himself or acting in concert with
                                         any other person which taken together with shares and voting rights, if any, held by
                                         him or his relative or associate enterprise or person acting in concert with him, makes
                                         the applicant to hold 5% or more of the paid-up share capital of the Company or entitles
                                         him to exercise 5% or more of the voting rights in the Company, should be effected by
                                         such person(s) after obtaining prior approval of the Reserve Bank.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



For
the purpose of this sub-Article;



(1)       “associate
enterprise” means a company, whether incorporated or not which



| | (i) | is
                                         a holding company or a subsidiary company of the applicant; or
| | --- | ----------------------------------------------------------------------------------------------------------



| | (ii) | is
                                         a joint venture of the applicant; or
| | ---- | --------------------------------------------------------------------------------



| | (iii) | controls
                                         the composition of the Board of Directors or other body governing the applicant; or
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | exercises
                                         in the opinion of the Reserve Bank significant influence on the applicant in taking financial
                                         or policy decisions; or
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | is
                                         able to obtain economic benefits from the activities of the applicant;
| | --- | ------------------------------------------------------------------------------------------------------------------



| | (2) | “Relative”
                                         shall have the meaning ascribed thereto in the Act.
| | --- | -------------------------------------------------------------------------------------------------------



| | (3) | Persons
                                         shall be deemed to be acting in concert if they, for a common objective or purpose of
                                         acquisition of shares or voting rights in excess of the percentage mentioned in Section
                                         12B of the Banking Act, pursuant to an agreement or understanding (formal or informal),
                                         directly or indirectly co-operate by acquiring or agreeing to acquire shares or voting
                                         rights in the Company.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (4) | “Joint
                                         venture” means a legal entity in the nature of a partnership engaged in the joint
                                         undertaking of a particular transaction for mutual profit or an association of persons
                                         or companies jointly undertaking some commercial enterprise wherein all contribute assets
                                         and share risks.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 54. | Company’s
                                         power to refuse transfer
| | --- | ---------------------------------------------------------------------------



Nothing
in these Articles shall prejudice the powers of the Company to refuse to register the transfer of any securities, subject to the
provisions of the Act and other applicable laws.



23





| | 55. | Transferor
                                         liable until the transferee entered on register
| | --- | ---------------------------------------------------------------------------------------------------



The
transferor shall be deemed to remain the holder of such securities until the name of the transferee is entered in the Register
in respect thereof.



| | 56. | Board
                                         may refuse to register transfer
| | --- | ------------------------------------------------------------------------------



| | (a) | Notwithstanding
                                         anything contained in the foregoing Articles, and subject to the provisions of the Act,
                                         the Banking Act and other applicable laws, the Board may refuse, whether in pursuance
                                         of any power of the Company under these Articles or otherwise, to register the transfer
                                         of, or the transmission by operation of law of the right to or interest in any securities
                                         or any other securities of the Company. The Company shall, within 30 days from the date
                                         on which the instrument of transfer, or the intimation of such transmission, as the case
                                         may be, was delivered to the Company, send a notice of refusal to the transferee and
                                         transferor or to the person giving notice of such transmission, as the case may be, giving
                                         reasons for such refusal. Provided that registration of a transfer shall not be refused
                                         on the ground of the transferor being either alone or jointly with any other person or
                                         persons indebted to the Company on any account whatsoever, except where the Company has
                                         a lien on the securities of the Company.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Without
                                         prejudice to the foregoing provisions and without limiting in any manner the generality
                                         of the above provisions, the Board may, at their absolute and uncontrolled discretion,
                                         refuse to register the transfer of any securities of the Company being securities issued
                                         by the Company in favour of any transferee whether individual, firm, group, constituent
                                         of a group, body corporate or bodies corporate under the same management or otherwise
                                         and whether in his or its own name or in the name of any other person if the total nominal
                                         value of the securities intended to be so transferred exceeds, or together with the total
                                         nominal value of any securities already held in the Company by such individual, firm,
                                         group, constituent of a group, body corporate or bodies corporate under the same management
                                         or otherwise will exceed 1% of the paid-up equity share capital of the Company or, if
                                         the Board is satisfied that as a result of the proposed transfer of any securities or
                                         block of securities of the Company, a change in the composition of the Board of Directors
                                         or change in the controlling interest of the Company is likely to take place and that
                                         such change would be prejudicial to the interest of the Company or to the public interest.
                                         For the purpose of this Article, the Board of the Company shall be entitled, inter alia,
                                         to rely upon this Article to form its own opinion as to whether such registration of
                                         transfer of any of its securities exceeding 1% of the paid-up equity share capital of
                                         the Company should be refused or not.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Notwithstanding
                                         anything to the contrary, the restrictive provisions contained in sub-Article (b) above
                                         shall not apply to the transfer of any shares or other securities made to and representing
                                         the own investment of any of the following:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | public
                                         financial institutions within the meaning of Section 4A of the Act;
| | --- | -------------------------------------------------------------------------------------------------------------------



| | (ii) | public
                                         sector banks;
| | ---- | -------------------------------------------------------------



| | (iii) | multilateral
                                         agencies, foreign banks and institutions; and
| | ----- | ---------------------------------------------------------------------------------------------------



| | (iv) | public
                                         sector mutual funds being mutual funds sponsored, promoted or managed by a public financial
                                         institution or a public sector bank.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



24





| | 57. | Transfer
                                         to minor, etc.
| | --- | ----------------------------------------------------------------



Subject
to the provisions of the Act, no transfer shall be made to a person who is of unsound mind. The Board may at its absolute discretion,
approve a minor, becoming a Member of the Company on such terms as the Board may stipulate.



| | 58. | Custody
                                         of transfer deeds
| | --- | ------------------------------------------------------------------



The
instrument of transfer shall, after registration, be retained by the Company and shall remain in its custody. All the instruments
of transfer which the Board may decline to register shall on demand be returned to the persons depositing the same. The Board
may cause to be destroyed all transfer deeds lying with the Company after such period as may be prescribed.



| | 59. | Title
                                         to share of deceased holder
| | --- | --------------------------------------------------------------------------



On
the death of a Member, the survivor or survivors where the Member was a joint-holder, and his/her nominee or nominees or legal
representatives where he/she was a sole holder, shall be the only persons recognised by the Company as having any title to his
interest in the securities, provided that nothing in this Article shall release the estate of a deceased joint-holder from any
liability in respect of any security which had been jointly held by him/her with other persons.



| | 60. | Registration
                                         of person entitled to securities otherwise than by transfer (Transmission Clause)
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------



Any
person becoming entitled to a security in consequence of the death or insolvency of a Member may, upon such evidence being produced
as may from time to time properly be required by the Board and subject as hereinafter provided, elect, either to be registered
himself/herself as holder of the security or to make such transfer of the security as the deceased or insolvent member could have
made. The Board of Directors shall, in either case, have the same right to decline or suspend registration as it would have had,
if the deceased or insolvent member had transferred the share before his/her death or insolvency. If the person so becoming entitled
shall elect:



| | (a) | to
                                         be registered as holder of the share himself/herself, he/she shall deliver or send to
                                         the Company a signed notice in writing signed stating that he/she so elects; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | to
                                         transfer the security, he/she shall testify such election by executing a transfer of
                                         the security.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | All
                                         the limitations, restrictions and provisions of these Articles relating to the right
                                         to transfer and the registration of transfers of securities shall be applicable to any
                                         such notice or transfer as aforesaid as if the death or insolvency of the member had
                                         not occurred and the notice or transfer were a transfer signed by that member.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



A
person becoming entitled to a share by reason of the death or insolvency of the holder shall be entitled to the same dividends
and other advantages to which he would be entitled if he were the registered holder of the security, except that he shall not,
before being registered as a Member in respect of the security, be entitled in respect of it to exercise any right conferred by
membership in relation to meetings of the Company, provided that the Board may, at any time, give notice requiring any such person
to elect either to be registered himself/herself or to transfer the security, and if the notice is not complied with within 90
days, the Board may thereafter withhold payment of all dividends, bonuses or other monies payable in respect of the security,
until the requirements of the notice have been complied with.



25





In
these Articles, this Article is referred to as the “Transmission Clause”.



| | 61. | Refusal
                                         to register nominee
| | --- | --------------------------------------------------------------------



The
Board shall have the same right to refuse to register a person entitled by transmission to any securities or his nominee as if
he were the transferee named in an ordinary transfer presented for registration.



| | 62. | Board
                                         may require evidence of transmission
| | --- | -----------------------------------------------------------------------------------



Every
transmission of a security shall be verified in such manner as the Board may require and the Company may refuse to register any
transmission until the same be so verified or until or unless an indemnity be given to the Company with regard to such registration
which the Board, at their discretion, shall consider sufficient, provided nevertheless that there shall not be any obligation
on the Company or the Board to accept any indemnity.



| | 63. | Fee on
                                         transfer or transmission
| | --- | ------------------------------------------------------------------------



No
fee shall be charged for registration of transfer, transmission, probate, succession certificate and letters of administration,
certificate of death or marriage, power of attorney or other similar document.



| | 64. | The Company
                                         not liable for disregard of a notice prohibiting registration of transfer
| | --- | ------------------------------------------------------------------------------------------------------------------------------



The
Company shall incur no liability or responsibility whatever in consequence of their registering or giving effect to any transfer
of securities made or purporting to be made by the apparent legal owner thereof (as shown or appearing in the Register) to the
prejudice of persons having or claiming any equitable right, title or interest to or in the same shares notwithstanding that the
Company may have had notice of such equitable right, title or interest or notice prohibiting registration of such transfer, and
may have entered such notice or referred thereto in any book of the Company and the Company shall not be bound or required to
regard or attend or give effect to any notice which may be given to them of any equitable right, title or interest or be under
any liability whatsoever for refusing or neglecting to do so though it may have been entered or referred to in some book of the
Company but the Company shall nevertheless be at liberty to regard and attend to any such notice and give effect thereto, if the
Board shall so think fit.



CONVERSION
OF SHARES INTO STOCK



| | 65. | Conversion
                                         of shares into stock and reconversion
| | --- | -----------------------------------------------------------------------------------------



The
Company may, subject to the Act, the Banking Act and other applicable laws, by ordinary resolution:



| | (a) | convert
                                         any fully paid-up shares into stock; and
| | --- | -----------------------------------------------------------------------------------------



| | (b) | reconvert
                                         any stock into fully paid-up shares of any denomination.
| | --- | -----------------------------------------------------------------------------------------------------------



26





| | 66. | Transfer
                                         of stock
| | --- | ----------------------------------------------------------



The
holders of stock may transfer the same or any part thereof in the same manner as, and subject to the same regulations under which,
the shares from which the stock arose might, before the conversion, have been transferred, or as near thereto as circumstances
admit.



Provided
that the Board may from time to time fix the minimum amount of stock transferable, so, however, that such minimum shall not exceed
the nominal amount of the shares from which the stock arose.



| | 67. | Rights
                                         of stockholders
| | --- | ---------------------------------------------------------------



The
holders of stock shall, according to the amount of stock held by them, have the same rights, privileges and advantages as regards
dividends, voting at General Meeting of the Company and other matters, as if they held the shares from which the stock arose;
but no such privilege or advantage (except participation in the dividends and profits of the Company and in the assets on winding
up) shall be conferred by an amount of stock which would not, if existing in shares, have conferred that privilege or advantage.



| | 68. | Share
                                         regulations to apply
| | --- | -------------------------------------------------------------------



Such
of the regulations of the Company (other than those relating to share warrants) as are applicable to paid-up shares shall apply
to stock and the words, “share” and “shareholder” in those regulations shall include “stock”
and “stockholder” respectively.



INCREASE,
REDUCTION AND ALTERATION OF CAPITAL



| | 69. | Increase
                                         of capital
| | --- | ------------------------------------------------------------



Subject
to the provisions of the Act, the Banking Act and other applicable laws, the Company may, from time to time, increase its share
capital by issuing new shares.



| | 70. | On what
                                         conditions new shares may be issued
| | --- | ------------------------------------------------------------------------------------



The
new shares shall, subject to the provisions of the Act, the Banking Act and these Articles, be issued upon such terms and conditions
and with such rights and privileges annexed as the Company deems fit.



| | 71. | Further
                                         issue of capital
| | --- | -----------------------------------------------------------------



The
new shares (resulting from an increase of capital as aforesaid) may, subject to the provisions of the Act, the Banking Act and
other applicable laws and these Articles, be issued or disposed of in accordance with the following provisions:



| | (a) | Such
                                         new shares shall be offered to:
| | --- | -----------------------------------------------------------------------------



| | (i) | persons
                                         who, at the date of the offer, are holders of the equity shares of the Company, in proportion,
                                         as nearly as circumstances admit, to the paid-up share capital on those shares by sending
                                         a letter of offer subject to the following conditions:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (1) | such
                                         offer shall be made by a notice specifying the number of shares offered and limiting
                                         a time not less than 15 days and not exceeding 30 days from the date of the offer, within
                                         which the offer, if not accepted, will be deemed to have been declined;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





27







| | (2) | such
                                         offer shall be deemed to include a right exercisable by the person concerned to renounce
                                         the shares offered to him or any of them in favour of any other person and the notice
                                         referred to above shall contain a statement of this right: and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (3) | after
                                         expiry of the time specified in the aforesaid notice or on receipt of earlier intimation
                                         from the person to whom such notice was given that he declines to accept the shares offered,
                                         the Board may dispose them of in such manner, which is not disadvantageous to the Company
                                         and the Members;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | employees
                                         under a scheme of employees’ stock option, subject tospecial resolution
                                         passed by the Company and subject to such other conditions as may be prescribed under
                                         the Act, the Banking Act and other applicable laws; or
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | any
                                         persons, if such offer is authorised by a special resolution (whether or not those persons
                                         include the persons referred to in sub-Articles (i) or (ii) above) either for cash or
                                         for a consideration other than cash, if the price of such shares is determined by the
                                         valuation report of a registered valuer, subject to such other conditions as may be prescribed
                                         under the Act, the Banking Act and other applicable laws.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
                                         notice referred to above shall be dispatched through registered post or speed post or
                                         through electronic mode or courier or other mode permissible tinder the Act or other
                                         applicable laws, to all the existing holders of shares of the Company at least three
                                         days before the opening of the issue.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Nothing
                                         in this Article shall apply to the increase of the subscribed capital of the Company
                                         caused by the exercise of an option as a term attached to the debentures issued or loans
                                         raised by the Company to convert such debentures or loans into shares of the Company,
                                         provided that the terms of issue of such debentures or loans containing such an option
                                         have been approved prior to the issue of debentures or raising of loans by way of a special
                                         resolution passed by the Company in a General Meeting.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The
                                         provisions contained in this Article shall be subject to the provisions of Sections 42
                                         and 62 of the Act and other applicable laws.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 72. | Same as
                                         original capital
| | --- | -----------------------------------------------------------------



Except
so far as otherwise provided by the conditions of issue or by these Articles, any capital raised by the creation of new shares
shall be considered part of the existing capital and shall be subject to the provisions herein contained with reference to the
payment of calls and instalments, transfer and transmission, forfeiture, lien, surrender, voting and otherwise.



| | 73. | Reduction
                                         or capital
| | --- | -------------------------------------------------------------



Subject
to the provisions of the Act and the Banking Act and receipt of necessary approvals, if any, the Company may from time to time
by special resolution reduce its share capital, its capital redemption reserve account, if any, or its share premium account,
if any, in any way authorised by law and, in particular, may: (a) extinguish or reduce the liability on any of its shares in respect
of the share capital not paid-up; or (b) either with or without extinguishing or reducing liability on any of its shares, (i)
cancel any paid-up share capital which is lost or is unrepresented by available assets; or (ii) pay off any paid-up share capital
in excess of the wants of the Company, and may if and so far as necessary alter its Memorandum of Association by reducing the
amount of its share capital and of its shares accordingly.





28







| | 74. | Alteration
                                         of share capital
| | --- | --------------------------------------------------------------------



Subject
to the provisions of Act, the Banking Act, other applicable law and receipt of necessary approvals (if any), the Company may,
from time to time, at a General Meeting, by an ordinary resolution, alter the Memorandum of Association to:



| | (a) | increase
                                         its authorised share capital by such amount as it thinks fit;
| | --- | ---------------------------------------------------------------------------------------------------------------



| | (b) | consolidate
                                         and divide all or any of its share capital into shares of larger amount than its existing
                                         shares;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | convert
                                         all or any of its fully paid-up shares into stock and vice versa;
| | --- | ------------------------------------------------------------------------------------------------------------------



| | (d) | sub-divide
                                         its shares, or any of them, into shares of smaller amount, such that the proportion between
                                         the amount paid-up and the amount, if any, unpaid on each reduced share shall be the
                                         same as it was in case of the share from which the reduced share is derived; or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | cancel
                                         any shares which, at the date of the passing of the resolution in that behalf, have not
                                         been taken or agreed to be taken by any person, and diminish the amount of its share
                                         capital by the amount of shares so cancelled.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 75. | Board’s
                                         discretion regarding sub-division
| | --- | ----------------------------------------------------------------------------------



The
Board may, at its absolute discretion, refuse applications for the sub-division of share certificates, debenture or bond certificates
into denominations of less than the marketable lot except when such sub-division is required to be made to comply with a statutory
provision or an order of a competent court of law.



| | 76. | Company
                                         may purchase its own shares
| | --- | ----------------------------------------------------------------------------



Notwithstanding
anything contained in these Articles but subject to the provisions of the Act, the Banking Act and other applicable laws, the
Company may buy-back its own shares or other specified securities.



MODIFICATION
OF CLASS RIGHTS



| | 77. | Power
                                         to modify rights of different classes of shareholders and the rights of dissentient shareholders
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | If,
                                         at any time, the share capital of the Company is divided into different classes of shares,
                                         the rights and privileges attached to the shares of any class (unless otherwise provided
                                         by the terms of issue of the shares of that class) may, subject to the provisions of
                                         the Act and the Banking Act, and whether or not the Company is being wound up, be varied,
                                         modified, commuted, affected or abrogated with the consent in writing of the holders
                                         of not less than three-fourths of the issued shares of that class or with the sanction
                                         of a special resolution passed at a separate General Meeting of the holders of the issued
                                         shares of that class.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | This
                                         Article is not to derogate from any power the Company would have had if this Article
                                         were omitted and the right of the shareholders being holders of not less than 10% of
                                         the issued shares of that class, being persons who did not consent to or vote in favour
                                         of the special resolution for the variation, they may apply to the prescribed authority
                                         under the Act to have the variations or modifications cancelled as provided in Section
                                         48 of the Act.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





29







JOINT-HOLDERS



| | 78. | Joint-holders
| | --- | -------------



Where
two or more persons are registered as the holders of any share, they shall be deemed to hold the same as joint holders with benefits
of survivorship, subject to the following and other provisions contained in these Articles.



| | (a) | The
                                         Company shall be entitled to decline to register more than three persons as the joint-holders
                                         of any share.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
                                         joint-holders of any share shall be liable severally as well as jointly for and in respect
                                         of all calls and other payments which ought to be made in respect of such share.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Any
                                         dividend, interest or other monies payable in cash in respect of shares may be paid,
                                         in the case of joint-holders, to the registered address of that one of the joint-holders
                                         who is first named on the Register of Members, or to such person and to such address
                                         as the joint-holders may in writing direct. Any one of such joint-holders may give effectual
                                         receipts for any dividends or other monies payable in respect of such share.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Only
                                         the person whose name stands first in the Register of Members as one of the joint-holders
                                         of any share shall be entitled to delivery of the certificate relating to such share
                                         or to receive notice from the Company and any notice given to such person shall be deemed
                                         notice to all the joint-holders.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | In
                                         the case of joint-holders, the vote of the senior who tenders a vote, whether in person
                                         or by proxy, shall be accepted to the exclusion of the votes of the other joint-holders.
                                         For this purpose, seniority shall be determined by the order in which the names stand
                                         in the Register.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



BORROWING
POWERS



| | 79. | Power
                                         to borrow
| | --- | --------------------------------------------------------



Subject
to the relevant provisions of the Act, the Banking Act and other applicable laws, the Board of Directors may from time to time,
by a resolution passed at a meeting of the Board, borrow monies and may generally raise and secure the payment of such sum or
sums in such manner and upon such terms and conditions in all respects as it deems fit and in particular by the issue of bonds,
redeemable debentures or debenture stock or any mortgage or charge or other security on the undertaking or the whole or any part
of the property of the Company (both present and future) including its uncalled capital for the time being.



Provided
that the Board shall not borrow monies without the consent of the Company by a special resolution, where monies to be borrowed
together with the monies borrowed by the Company, apart from temporary loans obtained in its ordinary course of business and except
as otherwise provided in the Act, the Banking Act and other applicable laws, shall exceed the aggregate of the paid-up capital
of the Company and its free reserves and securities premium.



Provided,
further, that the Company shall not create:



| | (a) | charge
                                         upon any unpaid capital of the Company; and
| | --- | -------------------------------------------------------------------------------------------





30







| | (b) | a
                                         floating charge on the undertaking or any property of the Company or any part thereof
                                         unless the creation of such floating charge is certified in writing by the Reserve Bank
                                         as provided in the Banking Act.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 80. | Bonds,
                                         debentures, etc., to be subject to the control of Board
| | --- | -------------------------------------------------------------------------------------------------------



Subject
to the provisions of the Act, the Banking Act and these Articles, any bonds, debentures, debenture stock or other debt securities
issued or to be issued by the Company shall be under the control of the Board which may issue them upon such terms and conditions
and in such manner and for such consideration as it shall consider to be for the benefit of the Company.



| | 81. | Securities
                                         may be assignable free from equities
| | --- | ----------------------------------------------------------------------------------------



Subject
to the provisions of the Act, the Banking Act and these Articles, debentures, debenture stock, bonds or other debt securities
may be made assignable free from any equities between the Company and the person to whom the same may be issued.



| | 82. | Issue
                                         of bonds, debentures, etc., at discount, etc. or with special privilege
| | --- | ----------------------------------------------------------------------------------------------------------------------



Any
debentures, debenture-stock or other debt securities may be issued at a discount, premium or otherwise and may be issued on condition
that they shall be convertible into shares of any denomination and with any privileges and conditions as to redemption, surrender,
drawing, allotment of shares, attending (but not voting) at a General Meeting, appointment of Directors and otherwise debentures
with the right to conversion into or allotment of shares shall be issued only with the consent of the Company in the General Meeting
by a special resolution.



| | 83. | Mortgage
                                         of uncalled capital
| | --- | ---------------------------------------------------------------------



If
any uncalled capital of the Company is included in or charged by any mortgage or other security, the Board may authorise the person
in whose favour such mortgage or security is executed or any other person in trust for him to make calls on the Members in respect
of such uncalled capital and the provisions hereinbefore contained in regard to calls shall mutatis mutandis apply to calls made
under such authority and such authority may be made exercisable either conditionally or unconditionally and either presently or
contingently and either to the exclusion of the Board’s power or otherwise and shall be assignable if expressed so to be.



| | 84. | Register
                                         of charges
| | --- | ------------------------------------------------------------



The
Board shall cause a register to be kept in accordance with the provisions of Section 85 of the Act of all mortgages and charges
specifically affecting the property of the Company and shall duly comply with the requirements of the Act in regard to registration
of mortgages and charges. Register of charges be kept open for inspection at the Office on any working day other than Saturday
between 11.00 a.m. and 1.00 p.m. or such other time as the Board may determine, from time to time. Such sum as may be prescribed
by the Act shall be payable by any person other than a creditor or Member of the Company for each inspection of such register
of charges.



31





MEETINGS



| | 85. | Annual
                                         General Meeting
| | --- | ---------------------------------------------------------------



The
Company shall, in each year, hold, in addition to any other meetings, a General Meeting which shall be styled as its “Annual
General Meeting” in accordance with the provisions of Section 96 of the Act and Regulation 44 of the Listing Regulations.



| | 86. | Extraordinary
                                         General Meeting
| | --- | ----------------------------------------------------------------------



All
General Meetings other than the Annual General Meetings shall be called “Extraordinary General Meetings”.



| | 87. | Calling
                                         of Extraordinary General Meetings
| | --- | ----------------------------------------------------------------------------------



The
Board of Directors may, whenever it deems fit, and shall, on the requisition of such number of Members of the Company as is specified
herein below forthwith proceed and call an Extraordinary General Meeting of the Company and in case of such requisition the following
provisions shall apply:



| | (a) | The
                                         requisition shall set out the matters for the consideration of which the General Meeting
                                         is to be called, shall be signed by the requisitionists and shall be deposited at the
                                         Office of the Company.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
                                         requisition may consist of several documents in like form, each signed by the requisitionists
                                         and sent to the Office of the Company.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The
                                         number of Members entitled to requisition a General Meeting with regard to any matter
                                         shall be such number of them as hold at the date of the receipt of the requisition by
                                         the Company, not less than one-tenth of such of the paid-up capital of the Company as
                                         at that date carries the right of voting in regard to that matter.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Where
                                         two or more distinct matters arc specified in the requisition, the provisions of sub-Article
                                         (c) above shall apply separately in regard to each such matter and the requisition shall
                                         accordingly be valid only in respect of those matters in regard to which the condition
                                         specified in sub-Article (c) above is fulfilled.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | If
                                         the Board does not, within 21 days from the date of the receipt of a valid requisition
                                         in regard to any matters, proceeds to call a General Meeting for the consideration of
                                         those matters on a day not later than 45 days from the date of receipt of the requisition,
                                         the General Meeting may be called by the requisitionists themselves.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | A
                                         General Meeting called under sub-Article (e) above by the requisitionists or any of them:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------



| | (i) | shall
                                         be called and held in the same manner as that in which General Meetings are to be called
                                         and held by the Board, but
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | shall
                                         not be held after the expiration of three months from the date of the receipt of the
                                         requisition.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Provided
that nothing contained in sub-Article (f)(ii) above shall be deemed to prevent a General Meeting duly commenced before the expiry
of the period of three months aforesaid, from adjourning to some day after the expiry of that period.





32







| | (g) | Where
                                         two or more persons hold any share or interest in the Company jointly, a requisition
                                         or a notice calling a General Meeting, signed by all of them or the first named in the
                                         Register or in the records of a Depository of the Company as the case may be, shall,
                                         for the purposes of this Article have the same force and effect as if ithad been
                                         signed by all of them.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | Any
                                         reasonable expense incurred by the requisitionists by reason of the failure of the Board
                                         to call a General Meeting shall be reimbursed to the requisitionists by the Company and
                                         any sum so paid shall be deducted from any fees or other remuneration payable for their
                                         services to such of the Directors as were in default in calling the General Meeting.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 88. | Notice
                                         of General Meeting
| | --- | ------------------------------------------------------------------



| | (a) | A
                                         General Meeting of the Company may be called by giving not less than 21 clear days’
                                         notice either in writing or in electronic mode as permitted under the Act;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | A
                                         General Meeting may be called after giving shorter notice than that specified in sub-Article
                                         (a) above if consent is accorded thereto;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | in
                                         the case of an Annual General Meeting by not less than 95% of the Members entitled to
                                         vote thereat; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | in
                                         case of an Extraordinary General Meeting, by majority in number of Members entitled to
                                         vote and who represent not less than 95% of such part of the paid-up share capital of
                                         the Company as gives a right to vote at the General Meeting.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Provided
that where any Members of the Company are entitled to vote only on some resolution or resolutions to be moved at a General Meeting
and not on the others, those Members shall be taken into account for the purposes of this sub-Article in respect of the former
resolution or resolutions and not in respect of the latter.



| | 89. | Contents
                                         and manner of service of notice and persons on whom it is to be served
| | --- | ------------------------------------------------------------------------------------------------------------------------



| | (a) | Every
                                         notice of a General Meeting of the Company shall specify the place, date and the day
                                         and hour of the General Meeting and shall contain a statement of the business to be transacted
                                         thereat.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Notice
                                         of every General Meeting of the Company shall be given:
| | --- | -------------------------------------------------------------------------------------------------------



| | (i) | to
                                         every Member of the Company, legal representative of any deceased Member or the assignee
                                         of an insolvent Member;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | to
                                         the auditor or auditors of the Company;
| | ---- | -----------------------------------------------------------------------------------



| | (iii) | every
                                         Director of the Company;
| | ----- | -----------------------------------------------------------------------



| | (iv) | the
                                         secretarial auditor of the Company;
| | ---- | --------------------------------------------------------------------------------



| | (v) | debenture
                                         trustees of the Company, if any; and
| | --- | ---------------------------------------------------------------------------------------



| | (vi) | any
                                         other persons as may be specified under applicable laws.
| | ---- | -----------------------------------------------------------------------------------------------------





33







| | (c) | The
                                         accidental omission to give notice to or the non-receipt of notice by any Member or other
                                         person to whom it should be given shall not invalidate the proceedings at the General
                                         Meeting.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 90. | Business
                                         at the Annual General Meeting
| | --- | -------------------------------------------------------------------------------



| | (a) | In
                                         the case of an Annual General Meeting, all business to be transacted at the General Meeting
                                         shall be deemed special, with the exception of business relating to:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the
                                         consideration of financial statements and reports of the Board of Directors and auditors;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the
                                         declaration of a dividend;
| | ---- | -----------------------------------------------------------------------



| | (iii) | the
                                         appointment of Directors in the place of those retiring; and
| | ----- | ---------------------------------------------------------------------------------------------------------



| | (iv) | the
                                         appointment of and the fixing of remuneration of the auditors.
| | ---- | -----------------------------------------------------------------------------------------------------------



| | (b) | In
                                         the case of an Extraordinary General Meeting, all business shall be deemed special.
| | --- | -------------------------------------------------------------------------------------------------------------------------------



| | (c) | Where
                                         any items of business to be transacted at the General Meeting are deemed to be special
                                         as aforesaid, there shall be annexed to the notice of the General Meeting a statement
                                         setting out all material facts concerning each such item of business, including in particular:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the
                                         nature of the concern or interest, financial or otherwise, if any, therein of:
| | --- | ---------------------------------------------------------------------------------------------------------------------------



| | 1. | every
                                         Director and manager, if any;
| | -- | ----------------------------------------------------------------------------



| | 2. | every
                                         other key managerial personnel; and
| | -- | ----------------------------------------------------------------------------------



| | 3. | relatives
                                         of the persons mentioned in (1) and (2); and
| | -- | -----------------------------------------------------------------------------------------------



| | (ii) | any
                                         other information and facts that may enable Members to understand the meaning, scope
                                         and implications of the items of business and to take decisions thereon.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Provided
that where any item of special business as aforesaid to be transacted at a General Meeting of the Company relates to, or affects
any other company, the extent of shareholding interest in that other company of every Promoter, Director and the manager, if any,
of the Company and of every other key managerial personnel of the Company shall also be set out in the statement if the extent
of such shareholding interest is not less than 2% of the paid-up share capital of that other company.



| | (d) | Where
                                         any item of business consists of the according of approval to any document by the General
                                         Meeting, the time and place where the document can be inspected shall be specified in
                                         the statement aforesaid.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 91. | Ordinary
                                         and Special Resolutions
| | --- | -------------------------------------------------------------------------



| | (a) | A
                                         resolution shall be an ordinary resolution when at a General Meeting of which the notice
                                         required under the Act has been duly given, the votes cast (whether on a show of hands,
                                         or electronically, or on a poll, as the case may be), in favour of the resolution (including
                                         the casting vote, if any, of the Chairman) by Members who, being entitled so to do, vote
                                         in person or where proxies are allowed, by proxy or by postal ballot, exceed the votes,
                                         if any, cast against the resolution by Members so entitled and voting.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





34







| | (b) | A
                                         resolution shall be a special resolution when:
| | --- | -----------------------------------------------------------------------------------------



| | (i) | the
                                         intention to propose the resolution as aspecial resolution has been duly specified
                                         in the notice calling the General Meeting or other intimation given to the Members of
                                         the resolution;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the
                                         notice required under the Act has been duly given of the General Meeting; and
| | ---- | --------------------------------------------------------------------------------------------------------------------------



| | (iii) | the
                                         votes cast in favour of the resolution (whether on a show of hands, or electronically
                                         or on a poll, as the case may be), by Members who, being entitled so to do, vote in person,
                                         or where proxies are allowed, by proxy or by postal ballot, are not less than three times
                                         the number of the votes, if any, cast against the resolution by Members so entitled and
                                         voting.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 92. | Resolutions
                                         requiring Special Notice
| | --- | -----------------------------------------------------------------------------



| | (a) | Where,
                                         by any provisions contained in the Act or in these Articles, special notice is required
                                         of any resolution, notice of the intention to move the resolution shall be sent by such
                                         number of Members as specified in the Act, to the Company not earlier than three months
                                         but at least 14 days before the General Meeting at which it is to be moved, exclusive
                                         of the day on which the notice is given and the day of the General Meeting,
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
                                         Company shall, immediately after the notice of the intention to move any such resolution
                                         has been received by it, give its Members notice of the resolution at least seven days
                                         before the General Meeting, exclusive of the day of dispatch of notice and day of the
                                         General Meeting, in the same manner as it gives notice of any General Meetings, or if
                                         it is not practicable to give the notice in the same manner as it gives notice of any
                                         General Meetings, the notice shall be published in English language in English newspaper
                                         and in vernacular language in a vernacular newspaper, both having wide circulation in
                                         the state where the Office of the Company is situated and such notice shall also be posted
                                         on the website, if any, of the Company, not less than seven days before the General Meeting.
                                         The seven days will be exclusive of the date of publication of the Notice and day of
                                         the meeting.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



PROCEEDINGS
AT GENERAL MEETING



| | 93. | Quorum
                                         at General Meeting
| | --- | ------------------------------------------------------------------



The
quorum for a General Meeting will be as prescribed under Section 103 of the Act and other applicable law and no business shall
be transacted at any General Meeting unless the requisite quorum is present when the General Meeting proceeds to business.



| | 94. | Business
                                         confined to election of Chairman whilst chair vacant
| | --- | ------------------------------------------------------------------------------------------------------



No
business shall be discussed at any General Meeting except the election of a Chairman whilst the Chair is vacant.



35





| | 95. | Chairman
                                         of General Meeting
| | --- | --------------------------------------------------------------------



| | (a) | The
                                         Chairman, if any, of the Board shall preside as Chairman at every General Meeting of
                                         the Company.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | If
                                         there be no Chairman, or if at any General Meeting he shall not be present within 15
                                         minutes after the time appointed for holding such meeting, or is unwilling to act as
                                         such, the Managing Director shall be entitled to act as the Chairman of such meeting
                                         failing which the non-rotational Directors present may choose one of their number to
                                         act as Chairman of the meeting and in default of their doing so, the Members present
                                         shall choose one of the Directors to take the Chair and if no Directors present be willing
                                         to take the Chair, the Members present shall choose one of their number to be the Chairman
                                         of the meeting.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 96. | Proceedings
                                         when quorum not present
| | --- | ----------------------------------------------------------------------------



If
within half an hour from the time appointed for the General Meeting, a quorum be not present, the General Meeting, if convened
on the requisition of the Members, shall be dissolved and in any other case, shall stand adjourned to the same day in the next
week, at the same time and place or to such other day and at such other time and place as the Board may determine. If at such
adjourned General Meeting also, a quorum, be not present within half an hour from the time appointed for holding the General Meeting,
the Members present shall be a quorum and may transact the business for which the General Meeting was called.



| | 97. | Adjournment
                                         of General Meeting
| | --- | -----------------------------------------------------------------------



| | (a) | The
                                         Chairman may, with the consent of any General Meeting at which a quorum is present, and
                                         shall, if so directed by the General Meeting, adjourn the General Meeting from time to
                                         time, and from place to place.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | No
                                         business shall be transacted at any adjourned General Meeting other than the business
                                         left unfinished at the General Meeting from which the adjournment took place.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | In
                                         case of an adjourned meeting or of a change of day, time or place of an adjourned meeting
                                         (due to lack of quorum), the Company shall give not less than three days’ notice
                                         to the Members either individually or by publishing an advertisement in the manner as
                                         prescribed under the Act.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 98. | What is
                                         to be evidence of the passing of resolution where poll not demanded
| | --- | --------------------------------------------------------------------------------------------------------------------



At
any General Meeting a resolution put to the vote of the General Meeting shall be decided on a show of hands unless a poll is demanded
under Section 109 of the Act or the voting is carried out electronically. A declaration by the Chairman of the passing of a resolution
or otherwise by show of hands and an entry to that effect in the books containing the minutes of the General Meeting of the Company
shall be conclusive evidence of the fact of passing of such resolution or otherwise. Voting in a General Meeting shall include
voting by electronic means and voting on a postal ballot whether through physical ballot or electronic means shall also be equivalent
to voting at a General Meeting and any resolution assented to by requisite majority of Members as required under the Act through
voting by electronic means or physical ballot shall be deemed to have been duly passed at a General Meeting convened on that behalf.



36





| | 99. | Demand
                                         for poll
| | --- | --------------------------------------------------------



| | (a) | Before
                                         or on the declaration of the result of the voting on any resolution on a show of hands,
                                         a poll may be ordered to be taken by the Chairman of the General Meeting of his own motion
                                         and shall be ordered to be taken by him on a demand made in that behalf by any Member
                                         or Members present in person or by proxy and holding shares in the Company:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | which
                                         confer a power to vote on the resolution not being less than one-tenth of the total voting
                                         power in respect of the resolution; or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | on
                                         which an aggregate sum of not less than Rs. 5,00,000 or such higher amount as may be
                                         prescribed has been paid-up.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
                                         demand for a poll may be withdrawn at any time by the person who made the demand.
| | --- | ------------------------------------------------------------------------------------------------------------------------------



| | 100. | Time
                                         of taking poll
| | ---- | ------------------------------------------------------------



| | (a) | If
                                         a poll is demanded on the election of a Chairman or on a question of adjournment, it
                                         shall be taken forthwith and without adjournment.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | A
                                         poll demanded on any other question shall be taken at such time not being later than
                                         48 hours from the time when the demand was made, as the Chairman may direct.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 101. | Right
                                         of Member to use his votes differently
| | ---- | -------------------------------------------------------------------------------------



On
a poll taken at a General Meeting of the Company, a Member entitled to more than one vote or his proxy or other person entitled
to vote for him as the case may be, need not, if he votes, use all his votes or cast in the same way all the votes he uses.



| | 102. | Scrutineers
                                         at poll
| | ---- | ------------------------------------------------------------



| | (a) | Where
                                         a poll is to be taken, the Chairman of the General Meeting shall appoint such number
                                         of persons, as he deems necessary, to scrutinise the poll process and the votes given
                                         on the poll and to report thereon to him.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
                                         Chairman shall have power, at any time before the result of the poll is declared, to
                                         remove a scrutineer from office and to fill vacancies in the office of the scrutineer
                                         arising from such removal or from any other cause.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Of
                                         the scrutineers appointed under this Article, one shall always be a Member (not being
                                         an officer or employee of the Company) present at the General Meeting, provided that
                                         such a Member is available and willing to be appointed.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 103. | Manner
                                         of taking poll and result thereof
| | ---- | ---------------------------------------------------------------------------------



| | (a) | Subject
                                         to the provisions of the Act, the Chairman of the General Meeting shall have power to
                                         regulate the manner in which a poll shall be taken.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
                                         result of the poll shall be deemed to be the decision of the General Meeting on the resolution
                                         on which the poll was taken.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



37





| | 104. | Motion
                                         how decided in case of equality of votes
| | ---- | ----------------------------------------------------------------------------------------



In
the case of an equality of votes, the Chairman of the General Meeting shall be entitled to a casting vote in addition to his own
vote or votes to which he may be entitled as a Member.



| | 105. | Demand
                                         for poll not to prevent transaction of other business
| | ---- | -----------------------------------------------------------------------------------------------------



The
demand for a poll shall not prevent the continuance of a General Meeting for the transaction of any business other than the question
on which the poll has been demanded.



| | 106. | Minutes
                                         of General Meetings
| | ---- | --------------------------------------------------------------------



The
Company shall cause minutes of all proceedings of General Meetings of any class of shareholders or creditors, and every resolution
passed by postal ballot to be prepared and signed in the manner prescribed by the Act, within 30 days of the conclusion of such
General Meeting or passing of resolution by postal ballot in books kept for that purpose with their pages consecutively numbered.
The minutes of each General Meeting shall contain a fair and correct summary of the proceedings thereat. All appointments of officers
made at any of the General Meetings shall be included in the minutes of such meeting. Any such Minutes, if purporting to be signed
by the Chairman of the meeting at which the proceedings took place or in the event of death or inability of that Chairman, by
a Director duly authorised by the Board for the purpose. Such minutes kept in accordance with Section 118 of the Act shall be
evidence of the proceedings.



| | 107. | Inspection
                                         of Minutes Books
| | ---- | --------------------------------------------------------------------



The
books containing minutes of proceedings of General Meetings of the Company or of a resolution passed by postal ballot shall be
kept at the Office of the Company and shall be open to the inspection of any Member without charge, between 11 a.m. and 1 p.m.
on all working days.



| | 108. | Copies
                                         of Minutes
| | ---- | ----------------------------------------------------------



Any
Member shall be entitled to be furnished within seven working days after he has made a request in that behalf to the Company with
a copy of any minutes referred to above on payment of such sum as may be prescribed by the Act.



VOTES
OF MEMBERS



| | 109. | Votes
| | ---- | -----



| | (a) | On
                                         a show of hands, every Member present in person shall have one vote; and
| | --- | --------------------------------------------------------------------------------------------------------------------



| | (b) | On
                                         a poll, the voting rights of Members shall be as provided in Section 47 of the Act, but
                                         will be subject to the ceiling of 10% of the total voting rights or such other percentage
                                         as may be stipulated by Section 12(2) of the Banking Act or under any of the proviso
                                         or explanation to Section 12 of the Banking Act.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



A
Member may exercise his vote at a General Meeting by electronic means in accordance with Section 108 of the Act and shall vote
only once.



| | 110. | Voting
                                         by Members of unsound mind
| | ---- | --------------------------------------------------------------------------



AMember of unsound mind or in respect of whom an order has been made by any court having jurisdiction in lunacy may vote, whether
on a show of hands or on a poll, by his





38







committee
or other legal guardian and any such committee or guardian may, on a poll, vote by proxy.



| | 111. | Voting
                                         by Body Corporates
| | ---- | ------------------------------------------------------------------



A
body corporate (whether a company within the meaning of the Act or not) may, if it is a Member, by resolution of its Board of
Directors or other governing body authorise such person as it thinks fit to act as its representative at any General Meeting of
the Company in accordance with the provisions of Section 113 of the Act. The production at the General Meeting of a copy of such
resolution duly signed by one Director of such body corporate or by a member of its governing body and certified by him as being
a true copy of the resolution shall on production at the General Meeting be accepted by the Company as sufficient evidence of
the validity of his appointment.



| | 112. | Votes
                                         in respect of shares of deceased Members
| | ---- | ---------------------------------------------------------------------------------------



Any
person entitled under the Transmission Clause to transfer any shares may vote at the General Meetings in respect thereof as if
he was the registered holder of such shares provided that at least 48 hours before the time of holding the General Meeting or
adjourned General Meeting as the case may be at which he proposes to vote he shall satisfy the Board of his right to transfer
such shares unless the Board shall have previously admitted his right to vote at such General Meeting in respect thereof.



| | 113. | Qualification
                                         of proxy
| | ---- | ---------------------------------------------------------------



| | (a) | Any
                                         Member of the Company entitled to attend and vote at a General Meeting of the Company
                                         shall be entitled to appoint another person (whether a Member or not) as his proxy to
                                         attend and vote instead of himself (only on a poll) but a proxy so appointed shall not
                                         have any right to speak at the General Meeting.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | In
                                         every notice calling a General Meeting of the Company, there shall appear with reasonable
                                         prominence a statement that a Member entitled to attend and vote is entitled to appoint
                                         a proxy or, where that is allowed, one or more proxies to attend and vote instead of
                                         himself and that a proxy need not be a Member.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | A
                                         person appointed as a proxy shall act on behalf of such number of Members not exceeding
                                         50 and holding in the aggregate not more than 10% of the total share capital of the Company
                                         carrying voting rights.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 114. | Votes
                                         may be given by proxy or attorney
| | ---- | --------------------------------------------------------------------------------



Votes
may be given either personally or by attorney or by proxy (only on a poll) or, in the case of a body corporate, by a representative
duly authorised as aforesaid.



| | 115. | Execution
                                         of instrument or proxy
| | ---- | -------------------------------------------------------------------------



Every
instrument of proxy whether for a specified General Meeting or otherwise shall be in writing under the hand of the appointer or
his attorney authorised in writing or if such appointer is a body corporate, under its common seal or the hand of an officer or
an attorney duly authorised by it. An instrument appointing a proxy shall be in the form prescribed under the Act.



39





| | 116. | Deposit
                                         of instrument of appointment and inspection
| | ---- | --------------------------------------------------------------------------------------------



No
person shall act as proxy unless the instrument of his appointment and the power of attorney or other authority, if any, under
which it is signed or a notarised copy of that power or authority shall have been deposited at the Office not less than 48 hours
before the time for holding the General Meeting at which the person named in the instrument of proxy proposes to vote and in default
the instrument appointing the proxy shall not be treated as valid. No attorney shall be entitled to vote unless the power of attorney
or other instrument appointing him as attorney or a notarised copy thereof has either been registered in the records of the Company
at any time not less than 48 hours before the time of the General Meeting at which the attorney proposes to vote or is deposited
at the Office not less than 48 hours before the time of such General Meeting as aforesaid. Notwithstanding that a power of attorney
or other authority has been registered in the records of the Company, the Company may by notice in writing addressed to the Member
or the attorney at least seven days before the date of a General Meeting require him to produce the original power of attorney
or authority and unless the same is thereupon deposited with the Company not less than 48 hours before the time fixed for the
General Meeting the attorney shall not be entitled to vote at such General Meeting unless the Board, at its absolute discretion,
excuse such non-production and deposit. Every Member entitled to vote at a General Meeting of the Company or on any resolution
to be moved thereat shall be entitled during the period beginning 24 hours before the time fixed for the commencement of the General
Meeting and ending with the conclusion of the General Meeting to inspect the proxies lodged at any time during the business hours
of the Company provided that not less than three days’ notice in writing of the intention so to inspect is given to the Company.



| | 117. | Custody
                                         of the instrument
| | ---- | ------------------------------------------------------------------



If
any such instrument of appointment be confined to the object of appointing a proxy or substitute for voting at General Meetings
of the Company, it shall remain permanently or for such time as the Board may determine, in the custody of the Company and if
embracing other objects a copy thereof, examined with the original, shall be delivered to the Company to remain in the custody
of the Company.



| | 118. | Validity
                                         of votes given by proxy notwithstanding death of Member, etc.
| | ---- | ---------------------------------------------------------------------------------------------------------------



A
vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity
of the principal or revocation of the proxy or of any power of attorney under which such proxy was signed or the transfer of the
share in respect of which the vote is given, provided that no intimation in writing of the death, insanity, revocation or transfer
shall have been received at the Office of the Company before the General Meeting.



| | 119. | Time
                                         for objections to votes
| | ---- | ---------------------------------------------------------------------



No
objection shall be made to the validity of any vote except at the General Meeting or adjourned General Meeting or poll at which
such vote shall be tendered and every vote not disallowed at such General Meeting or poll, shall be valid for all purposes.



| | 120. | Chairman
                                         of any General Meeting to be the judge of validity of any vote
| | ---- | ----------------------------------------------------------------------------------------------------------------



The
Chairman of any General Meeting shall be the sole judge of the validity of every vote tendered at such General Meeting. The Chairman
present at the taking of a poll shall be the sole judge of the validity of every vote tendered at such poll.





40











| | 121. | Equal
                                         rights of Members
| | ---- | ----------------------------------------------------------------



Any
Member whose name is entered in the Register of member of the Company shall enjoy the same rights and be subject to the same liabilities
as all other Members of the same class.



BOARD
OF DIRECTORS



| | 122. | Number
                                         of Directors
| | ---- | ------------------------------------------------------------



Until
otherwise determined by a General Meeting, the number of Directors shall not be less than
three or more than 15 excluding the Government Director (referred to in Article 125) and the Debenture Director (referred to in
Article 126) (if any). The constitution of the Board shall be as prescribed under the Act, the Banking Act, the Listing Regulations
and other applicable law.



| | 123. | First
                                         Directors
| | ---- | --------------------------------------------------------



The
persons hereinafter named are the First Directors of the Company:



| | (a) | Shri
                                         Parampally Vasudeva Maiya
| | --- | -----------------------------------------------------------------------



| | (b) | Shri
                                         Girish Sumanlal Mehta
| | --- | -------------------------------------------------------------------



| | (c) | Shri
                                         Sethumadhava Rao Ragothaman
| | --- | -------------------------------------------------------------------------



The
First Directors shall retire at the first Annual General Meeting.



| | 124. | Non-rotational
                                         Directors
| | ---- | -----------------------------------------------------------------



Subject
to the Act, not more than one-third of the total number of Directors shall be non-rotational Directors and, except for the Debenture
Director and the Government Director, such non-rotational Directors (hereinafter referred to as the “Non-Rotational Directors”)
shall be appointed by the Board of the Company. The remaining Directors shall be persons whose period of office is liable to determination
by rotation and subject to the provisions of the Act shall be appointed by the Company in General Meeting.



| | 125. | Government
                                         Director
| | ---- | ------------------------------------------------------------



During
such time as the Guarantee Agreement dated March 14, 1955 or the Guarantee Agreement dated July 15, 1959 or the Guarantee Agreement
dated October 28, 1960 or the Guarantee Agreement dated February 28, 1962, between the President of India and The International
Bank for Reconstruction and Development shall remain in force the President of India shall have the right from time to time to
appoint one person as a Director of the Company and to remove such person from office and on a vacancy being caused in such office
from any cause whether by resignation, death, removal or otherwise to appoint a Director in the vacant place. The Company, subject
to applicable laws shall be entitled to agree with the President of India for the appointment of a Director of the Company by
the President of India as contemplated by this Article in respect of any future advance or advances by the Central Government
or in respect of any guarantee or guarantees that may be given by the Central Government in connection with the Company’s
future borrowings from The International Bank for Reconstruction and Development or any other financial institution. The Director
appointed under this Article is herein referred to as “the Government Director” and the term “Government Director”
means the Director for the time being in office under this Article. The Government Director shall not be liable to retire by rotation
or be removed





41







from
office except by the President of India as aforesaid. Subject as aforesaid the Government Director shall be entitled to the same
rights and privileges and be subject to the same obligations as any other Director of the Company.



| | 126. | Debenture
                                         Director
| | ---- | -----------------------------------------------------------



Any
trust documents covering the issue of debentures or bonds of the Company may provide for the appointment of a Director (in these
Articles referred to as the “Debenture Director”) for and on behalf of the holders of the debentures or bonds for
such period as is therein provided not exceeding the period for which the debentures/bonds or any of them shall remain outstanding
and for the removal from office of such Debenture Director and on a vacancy being caused whether by resignation, death, removal
or otherwise for appointment of a Debenture Director in the vacant place. The Debenture Director shall not be liable to retire
by rotation or be removed from office except provided as aforesaid.



| | 127. | Alternate
                                         Director
| | ---- | -----------------------------------------------------------



| | (a) | The
                                         Board of Directors may appoint an Alternate Director to act for a Director (hereinafter
                                         in this Article called the “Original Director”), at his suggestion or otherwise,
                                         during his absence for a period of not less than three months from India.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | An
                                         Alternate Director appointed under sub-Article (a) above, shall not hold office as such
                                         for period longer than permissible to the Original Director in whose place he has been
                                         appointed and shall vacate office if and when the Original Director returns to India.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | If
                                         the term of office of the Original Director is determined before he so returns to India,
                                         any provision for the automatic re-appointment of retiring Directors in default of another
                                         appointment shall apply to the Original Director and not to the Alternate Director.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | No
                                         person shall be appointed as an alternate director for an independent Director. The Alternate
                                         Director so appointed under sub-Article (a) above shall not hold any alternate directorship
                                         for any other Director and shall not be a Director himself/herself.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 128. | Share
                                         qualification
| | ---- | ------------------------------------------------------------



| | (a) | No
                                         Director shall be required to hold any qualification shares of the Company.
| | --- | -----------------------------------------------------------------------------------------------------------------------



| | (b) | No
                                         person shall be qualified to be a Director if his appointment is in contravention of
                                         any law or guideline in force or if by amendment of any law or guideline, his continuance
                                         in office is in contravention of such law or guideline, he shall immediately vacate his
                                         office; on such vacation he shall not be entitled to any compensation.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 129. | Remuneration
                                         of Directors
| | ---- | ------------------------------------------------------------------



Subject
to the Banking Act and other applicable law, the fees payable to a Director for attending a meeting of the Board or committee
thereof shall be decided by Board from time to time within the limits as may be prescribed by the Act or the Central Government.
No Director who is a government servant shall be entitled to receive any remuneration under this Article or other provisions of
these Articles except as authorised by the Central Government,



42





| | 130. | Subject
                                         to the provisions of Article 129, in the case of a government servant, the Board may,
                                         subject to the requirement of the Act and other applicable law, allow and pay to any
                                         Director who is not a bona fide resident of the place where a meeting is held and who
                                         shall come to such place for the purpose of attending a meeting such sum as the Board
                                         may consider fair compensation for travelling, hotel and other expenses in addition to
                                         his remuneration as above specified and the Board may from time to time fix the remuneration
                                         to be paid to any member or members of their body constituting a committee appointed
                                         by the Board in terms of these Articles and may pay the same.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 131. | Subject
                                         to the provisions of Article 129, in the case of a government servant, if any Director,
                                         being willing, shall be called upon to perform extra services or to make any special
                                         exertions in going out or residing at a particular place or otherwise for any of the
                                         purposes of the Company, the Company may, subject to the requirement of the Act and other
                                         applicable law, remunerate such Director either by fixed sum or otherwise as may be determined
                                         by the Board or the Members, as required under applicable law and such remuneration may
                                         be either in addition to or in substitution for his remuneration above provided.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 132. | Additional
                                         Director
| | ---- | ------------------------------------------------------------



The
Board shall have the power at any time and from time to time to appoint, subject to the provisions of these Articles, and the
Act and the Banking Act, any person (other than a person who fails to get appointed as a director in a General Meeting) as an
Additional Director to the Board but the total number shall not at any time exceed the maximum number fixed for the Board and
any Director so appointed shall hold office only up to the date of the next Annual General Meeting of the Company or the last
date on which the Annual General Meeting should have been held, whichever is earlier and shall be eligible for election by the
Company at that General Meeting.



| | 133. | Casual
                                         vacancy
| | ---- | -------------------------------------------------------



If
the office of any Director appointed by the Company in General Meeting is vacated before his term of office expires in the normal
course, the resulting casual vacancy may be filled by the Board of Directors at a meeting of the Board which shall be subsequently
approved by Members in the immediately subsequent General Meeting and the Director so appointed shall hold office only up to the
date up to which the Director in whose place he is appointed would have held office if it had not been vacated.



| | 134. | Directors
                                         may act notwithstanding vacancy
| | ---- | ----------------------------------------------------------------------------------



The
continuing Directors may act notwithstanding any vacancy in the Board; but, if and so long as their number is reduced below the
quorum fixed by the Act for a meeting of the Board, the continuing Directors or Director may act for the purpose of increasing
the number of Directors to that fixed for the quorum, or of summoning a General Meeting of the Company and for no other purpose.



| | 135. | Disclosure
                                         of interest by Director; Interested Directors not to participate in Board Meetings
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------



| | (a) | Every
                                         Director shall at the first meeting of the Board in which he participates as a Director
                                         and thereafter at the first meeting of the Board in every financial year or whenever
                                         there is any change in the disclosures already made, then at the first Board meeting
                                         held after such change, disclose his concern or interest in any company or companies
                                         or bodies corporate, firms or other association of individuals which shall include the
                                         shareholding, in such manner as may be prescribed under the Act.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





43







| | (b) | Every
                                         Director of the Company who is in any way, whether directly or indirectly, concerned
                                         or interested in a contract or arrangement or proposed contract or arrangement entered
                                         into or to be entered into-
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | with
                                         a body corporate in which such Director or such Director in association with any other
                                         Director, holds more than 2% shareholding of that body corporate, or is a promoter, manager
                                         or chief executive officer of that body corporate; or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | with
                                         a firm or other entity in which, such Director is a partner, owner or member, as the
                                         case may be,
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



shall
disclose the nature of his concern or interest at the meeting of the Board in which the contract or arrangement is discussed and
shall not participate in such meeting.



Provided
that where any Director who is not so concerned or interested at the time of entering into such contract or arrangement, he shall,
if he becomes concerned or interested after the contract or arrangement is entered into, disclose his concern or interest forthwith
when he becomes concerned or interested or at the first meeting of the Board held after he becomes so concerned or interested.



| | (c) | Nothing
                                         in this Article shall be taken to prejudice the operation of any rule of law restricting
                                         a Director of the Company from having any concern or interest in any contracts or arrangements
                                         with the Company.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Nothing
                                         in this Article shall apply to any contract or arrangement entered into or to be entered
                                         into between the Company and any other company or body corporate where any of the Directors
                                         of the Company hold not more than 2% of the paid-up share capital in the other company
                                         or body corporate.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Register
                                         maintained under section 189(1) of the Companies Act, 2013 be kept open for inspection
                                         at the Office during business hours. Any Member may take extracts therefrom, and copies
                                         thereof on payment of fee of ₹ 10 per page or such other sum as prescribed under
                                         law.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 136. | Director
                                         may be directors of Companies promoted by the Company
| | ---- | -------------------------------------------------------------------------------------------------------



| | (a) | Subject
                                         to the provisions of these Articles, the Act, the Banking Act and other applicable law
                                         for the time being in force, a Director of the Company may be or become a Director of
                                         any company promoted by the Company or in which he may be interested as vendor, member
                                         or otherwise and no such Director shall be accountable for any benefits received as Director
                                         or member of such other company,
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | A
                                         Director shall give notice in writing to the Company of his holding of shares and debentures
                                         of the Company or its subsidiary or associate company, together with such particulars
                                         as may be necessary to enable the Company to comply with the provision of Section 170
                                         of the Act. If such notice be not given at a meeting of the Board, the Director shall
                                         take all reasonable steps to secure that it is brought up and read at the next meeting
                                         of the Board after it is given. The Company shall enter particulars of a Directors holding
                                         of shares and debentures as aforesaid in a register kept for the purpose in conformity
                                         with Section 170 of the Act.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



44





APPOINTMENT,
ROTATION AND REMOVAL OF DIRECTORS



| | 137. | Directors
                                         to retire annually how determined
| | ---- | ------------------------------------------------------------------------------------



At
every Annual General Meeting of the Company, one third of such Directors for the time being as are liable to retire by rotation
or if their number is neither three nor a multiple of three, then the number nearest to one-third, shall retire from office. The
Debenture Directors, the Government Directors and the other non-rotational Directors shall not be subject to retirement under
this Article.



| | 138. | Which
                                         Directors to retire
| | ---- | ------------------------------------------------------------------



The
Directors to retire by rotation at every Annual General Meeting shall be those who have been longest in office since their last
appointment, but as between persons who became Directors on the same day, those who are to retire shall (unless they otherwise
agree among themselves) be determined by lot.



| | 139. | Re-election
| | ---- | -----------



A
retiring Director shall be eligible for re-election.



| | 140. | Company
                                         to fill up vacancy
| | ---- | -------------------------------------------------------------------



The
Company at the Annual General Meeting at which a Director retires in the manner aforesaid may fill up the vacated office by appointing
the retiring Director or some other person thereto.



| | 141. | Retiring
                                         Directors to remain in office till successors appointed
| | ---- | ---------------------------------------------------------------------------------------------------------



If
the vacancy of the retiring Director is not so filled up and the meeting has not expressly resolved not to fill the vacancy, the
meeting shall stand adjourned till the same day in the next week, at the same time and place, or if that day is a national holiday,
till the next succeeding day which is not a national holiday, at the same time and place, and if at the adjourned meeting also,
the vacancy of the retiring Director is not filled up and that meeting also has not expressly resolved not to fill the vacancy,
the retiring Director shall be deemed to have been re-appointed at the adjourned meeting, unless:



| | (i) | at
                                         that meeting or at the previous meeting, a resolution for the re-appointment of such
                                         Director has been put to the meeting and lost;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the
                                         retiring Director has, by a notice in writing addressed to the Company or the Board of
                                         Directors, expressed his unwillingness to be so re-appointed;
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | he
                                         is not qualified or is disqualified for appointment;
| | ----- | ------------------------------------------------------------------------------------------------



| | (iv) | a
                                         resolution, whether special or ordinary, is required for his appointment by virtue of
                                         any provisions of the Act;
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | the
                                         provisions of Section 162 of the Act is applicable to the case.
| | --- | ------------------------------------------------------------------------------------------------------------



| | 142. | Appointment
                                         of Directors to be voted on individually
| | ---- | ---------------------------------------------------------------------------------------------



| | (a) | At
                                         a General Meeting of the Company, a motion for the appointment of two or more persons
                                         as Directors of the Company by a single resolution shall not be moved, unless
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





45







a
motion has first been agreed to at the General Meeting without any vote being given against it.



| | (b) | A
                                         resolution moved in contravention of sub-Article (a) above shall be void whether or not
                                         objection was taken at the time to its being so moved.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | For
                                         the purposes of this Article, a motion for approving a person’s appointment or
                                         for nominating a person for appointment shall be treated as a motion for his appointment.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 143. | Company
                                         may increase number of Directors
| | ---- | ---------------------------------------------------------------------------------



Subject
to the provisions of Sections 149 and 152 of the Act and other applicable laws, the Company may, by special resolution from time
to time appoint more than 15 Directors on the Board.



Provided
that any increase in the number of Directors except an increase which is within the permissible maximum shall not have any effect
unless approved by the Regulatory Agencies whose approval is required under any law for the time being in force.



| | 144. | Right
                                         of persons other than retiring Directors to stand for Directorship
| | ---- | -----------------------------------------------------------------------------------------------------------------



| | (a) | Subject
                                         to the provisions of the Act, the Banking Act and these Articles, no person, not being
                                         a retiring Director, shall be eligible for appointment to the office of Directors at
                                         any General Meeting, unless he or some other Member intending to propose him has, not
                                         less than 14 days before the General Meeting, left at the Office of the Company a notice
                                         in writing under his hand signifying his candidature for the office of Director or the
                                         intention of such Member to propose him along with a deposit of such sum as may be prescribed
                                         under the Act which shall be refunded to such person or, as the case may be, to such
                                         Member, if the person succeeds in getting elected as a Director or gets more than 25%
                                         of total valid votes cast either on show of hands or on poll on such resolution, provided
                                         that requirements of deposit of amount shall not apply in case of appointment of an independent
                                         Director or a Director recommended by the nomination and remuneration committee of the
                                         Board.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
                                         Company shall inform its Members of the candidature of a person for the office of Director
                                         or the intention of a Member to propose such person as a candidate for that office by
                                         serving individual notices on the Members not less than seven days before the General
                                         Meeting and by placing such notice on the website of the Company.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Provided
that it shall not be necessary for the Company to serve individual notices upon the Members as aforesaid if the Company advertises
such candidature or intention not less than seven days before the General Meeting in at least two newspapers circulating in the
place where the Office of the Company is located, of which one is published in the English language in an English newspaper and
the other in the principal vernacular language in a vernacular newspaper, both circulated in the district where the Office is
situated.



| | (c) | Every
                                         person (other than a Director retiring by rotation or otherwise or a person who has left
                                         at the office of the Company a notice under Section 160 of the Act signifying his candidature
                                         for the office of a Director) proposed as a candidate for the office of a Director shall
                                         on or before the appointment sign and file with the Company his consent in writing to
                                         act as a Director.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





46







| | (d) | The
                                         Company shall ensure that the appointment of Directors of the Company in General Meeting
                                         and 12appointment of the non-rotational Directors and their retirement shall
                                         be in accordance with the provisions of the Act and the Banking Act and other applicable
                                         law.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 145. | Removal
                                         of Directors
| | ---- | -------------------------------------------------------------



| | (a) | The
                                         Company may subject to the provisions of Section 169 of the Act by ordinary resolution
                                         remove a Director (not being a Debenture Director or a Non-Rotational Director or Director
                                         appointed by the NCLT pursuant to Section 242 of the Act) before the expiry of his period
                                         of office after giving him a reasonable opportunity of being heard. Provided that an
                                         independent Director re-appointed for second term under Section 149(2) of the Act shall
                                         be removed by the Company only by passing a special resolution and after giving him a
                                         reasonable opportunity of being heard.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | A
                                         special notice shall be required of any resolution to remove a Director under this Article
                                         or to appoint somebody instead of a Director so removed at the General Meeting at which
                                         he is removed.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | On
                                         receipt of notice of a resolution to remove a Director under this Article, the Company
                                         shall forthwith send a copy thereof to the Director concerned and the Director (whether
                                         or not he is a Member of the Company) shall be entitled to be heard on the resolution
                                         at the General Meeting.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Where
                                         notice is given of a resolution to remove a Director under this Article and the Director
                                         concerned makes with respect thereto representations in writing to the Company and requests
                                         their notification to Members of the Company, the Company shall, unless the representations
                                         are received by it too late for it to do so:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | in
                                         any notice of the resolution given to Members of the Company, state the fact of the representations
                                         having been made; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | send
                                         a copy of the representations to every Member of the Company to whom notice of the General
                                         Meeting is sent (whether before or after receipt of the representations by the Company)
                                         and if a copy of the representation is not sent as aforesaid because they were received
                                         too late or because of the Company is in default, the Director may (without prejudice
                                         to his right to be heard orally) require that the representations shall be read out at
                                         the General Meeting.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Provided
that copies of the representations need not be sent out and the representations need not be read out at the General Meeting, if
on the application either of the Company or of any other person who claims to be aggrieved, the NCLT is satisfied that the rights
conferred by this sub-Article are being abused to secure needless publicity for defamatory matter; and the NCLT may order the
Company’s costs on the application to be paid in whole or in part by the Director notwithstanding that he is not a party
to it.



| | (e) | A
                                         vacancy created by the removal of a Director under this Article may, if he had been appointed
                                         by the Company in General Meeting or by the Board, be filled by the appointment of another
                                         Director in his place, at the General Meeting at which he is removed, provided special
                                         notice of the intended appointment has been given under sub-Article (b) above. A Director
                                         so appointed shall hold office until the date up to which his predecessor would have
                                         held office if he had not been removed as aforesaid.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





47







| | (f) | If
                                         the vacancy is not filled under sub-Article (e), it may be filled as a casual vacancy
                                         in accordance with the provisions of the Act. Provided that the Director who was removed
                                         from office, shall not be reappointed as a Director by the Board of Directors.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



CHAIRMAN
- EXECUTIVE CHAIRMAN - CHAIRMAN AND MANAGING DIRECTOR MANAGING DIRECTOR - WHOLE-TIME DIRECTOR



| | 146. | Board
                                         may appoint Chairman, Managing Director(s) or Whole-time Director(s)
| | ---- | -------------------------------------------------------------------------------------------------------------------



| | (a) | Subject
                                         to the provisions of the Act, the Banking Act, the Listing Regulations and these Articles,
                                         the Board of Directors of the Company shall be entitled to appoint from time to time,
                                         one or more of Directors to act as the whole-time or Executive Chairman and Managing
                                         Director or part-time Chairman or whole-time Chairman (referred to as the “Executive
                                         Chairman”) or a Managing Director or Managing Director(s) and/or whole-time Director
                                         or whole-time Director(s) of the Company (referred to as the “Managing Director”)
                                         for such term not exceeding five years at a time as the Board of Directors may think
                                         fit to manage the affairs and business of the Company and may from time to time (subject
                                         to provisions of any contract between him and the Company) remove or dismiss him or them
                                         from office and appoint another in his place.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Subject
                                         to the provisions of the Act, the Banking Act, the Listing Regulations and these Articles,
                                         the Executive Chairman or the Managing Director shall not, while he continues to hold
                                         that office, be subject to retirement by rotation tinder Article 137, but he shall be
                                         subject to the provisions of any contract between him and the Company and be subject
                                         to the same provisions as to the resignation and removal as the other Directors of the
                                         Company and he shall ipso facto and immediately cease to be an Executive Chairman or
                                         Managing Director if he ceases to hold the office of Director, provided that if at any
                                         time the number of Directors (including Executive Chairman or Managing Director) as are
                                         not subject to retirement by rotation shall exceed one-third of the total number of the
                                         Directors for the time being, then the Executive Chairman or Managing Director or any
                                         of them as the Board may from time to time determine shall be liable to retirement by
                                         rotation in accordance with Article 137 so that the number of Directors not liable to
                                         retirement by rotation shall not exceed one-third of the total number of Directors for
                                         the time being.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The
                                         remuneration of the Managing Director or whole-time Director shall (subject to Section
                                         197 of the Act and other applicable provisions of the Act, the Banking Act and these
                                         Articles and of any contract between him and the Company) be fixed by the Board, from
                                         time to time and may be by way of fixed salary and/or perquisites or commission on profits
                                         of the Company or by participation in such profits or by any or all these modes or any
                                         other mode not expressly prohibited by the Act.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Subject
                                         to the provisions of the Act and the Banking Act and also subject to the limitations,
                                         conditions and provisions of Schedule V of the Act, the appointment and payment of remuneration
                                         to the Executive Chairman, or Managing Director(s) shall be subject to approval of the
                                         Members in General Meeting, and the approval of the Reserve Bank, as applicable.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Subject
                                         to the superintendence, control and direction of the Board, the day-to-day management
                                         of the Company shall be in the hands of the Executive Chairman or Managing Director,
                                         with power to the Board to distribute such day-to-day management functions in any manner
                                         as deemed fit by the Board, subject to the provisions of the Act, the Banking Act and
                                         these Articles.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



48





PROCEEDINGS
OF BOARD MEETINGS



| | 147. | Meeting
                                         of the Board
| | ---- | -------------------------------------------------------------



The
Board may meet for the dispatch of business, adjourn and otherwise regulate its meetings and proceedings as it deems fit, in accordance
with the provisions of the Act.



Provided,
however, that at least four such meetings of the Board of Directors shall be held every year in such a manner that not more than
120 days shall intervene between two consecutive meetings of the Board.



| | 148. | When
                                         meeting to be convened
| | ---- | --------------------------------------------------------------------



Any
Director of the Company or any officer of the Company as may be authorised by the Board shall upon the requisition of a Director
convene a meeting of the Board.



| | 149. | Notice
                                         of meetings
| | ---- | -----------------------------------------------------------



Ameeting of the Board shall be called by giving not less than seven days’ notice in writing to every Director at his
address registered with the Company, by hand delivery or by speed post orregistered post or by electronic means as permitted
under applicable law. A Board meeting may be called at shorter notice to transact urgent business subject to the presence of at
least one independent Director.



| | 150. | Quorum
                                         of Board meeting
| | ---- | ----------------------------------------------------------------



The
quorum for meeting of the Board shall be as prescribed under the Act, the Banking Act, the Listing Regulations and other applicable
law.



The
participation of Directors in a meeting of the Board through video conferencing or other audio visual means (which are capable
of recording and recognising the participation of the Directors and of recording and storing the proceedings of such meetings
along with date and time) shall also be counted for the purposes of quorum.



| | 151. | Procedure
                                         where meeting adjourned for want of quorum
| | ---- | ---------------------------------------------------------------------------------------------



If
a meeting of the Board could not be held for want of quorum, then, unless the Directors present at such meeting otherwise decide,
the meeting shall automatically stand adjourned till the same day in the next week, at the same time and place, or if that day
is a national holiday, till the next succeeding day which is not a national holiday at the same time and place.



| | 152. | Board
                                         may appoint Committees
| | ---- | ---------------------------------------------------------------------



The
Board may subject to the provisions of the Act delegate any of its powers to committees consisting of Directors and/or such other
persons as it deems fit, and it may from time to time revoke and substitute such delegation subject to the provisions of the Act.
Any committee so formed shall in the exercise of the powers so delegated, conform to any regulations that may from time to time
be imposed on it by the Board. All acts done by any such committee in conformity with such regulations and in fulfilment of the
purposes of its appointment but not otherwise, shall have the force and the effect as if done by the Board.



49





| | 153. | Meetings
                                         of Committees how to be governed
| | ---- | ----------------------------------------------------------------------------------



The
meetings and proceedings of any such committee shall be governed by the provisions of these Articles for regulating the meetings
and proceedings of the Board, so far as the same are applicable thereto and are not superseded by any regulations made by the
Board.



| | 154. | Chairman
                                         to preside over meetings of Board
| | ---- | -----------------------------------------------------------------------------------



| | (a) | All
                                         meetings of the Board shall be presided over by the Chairman if present, but if at any
                                         meeting of Board, the Chairman is not present within five minutes after the time appointed
                                         for holding the meeting, the Directors present may choose one of their member to be Chairman
                                         of the meeting.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Subject
                                         to the provisions of the Act, any question arising at any meeting of the Board shall
                                         be decided by a majority of votes and in case of equality of votes, the Chairman shall
                                         have second or casting vote.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 155. | Powers
                                         to be exercised at meeting
| | ---- | --------------------------------------------------------------------------



The
meeting of the Board of Directors for the time being at which quorum is present, shall be able to exercise all or any of
the authorities, powers and discretion which by or under the Act or these Articles are vested in or exercisable by the Board of
Directors generally.



| | 156. | Certain
                                         powers to be exercised by Board at meeting only
| | ---- | ------------------------------------------------------------------------------------------------



The
Board shall exercise powers on behalf of the Company as specified in the Act.



Provided
that the Board may, by a resolution passed at a meeting, delegate to any committee of Directors, the Managing Director, the manager
or any other principal officer of the Company or in the case of a branch office of the Company, to a principal officer of the
branch office, the powers permitted in Section 179 of the Act.



| | 157. | Consent
                                         of the Company necessary for exercise of certain powers
| | ---- | --------------------------------------------------------------------------------------------------------



The
Board shall not, except with the consent of the Company, in General Meeting by a special resolution:



| | (a) | Sell,
                                         lease or otherwise dispose of the whole or substantially the whole, of the undertaking
                                         of the Company or where the Company owns more than one undertaking of the whole or substantially
                                         the whole, of an such undertaking.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Remit
                                         or give time for the repayment of, any debt due from a Director.
| | --- | ---------------------------------------------------------------------------------------------------------------



| | (c) | Invest,
                                         otherwise than in trust securities, the amounts of compensation received by the Company
                                         as a result of any merger or amalgamation.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Borrow
                                         monies where the monies to be borrowed together with the monies already borrowed by the
                                         Company will exceed the aggregate of the paid-up capital of the Company, its free reserves
                                         and securities premium, apart from temporary loans obtained from the Company’s
                                         bankers in the ordinary course of business.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



For
the purposes of this sub-Article:



| | (i) | the
                                         expression “temporary loans” means loans repayable on demand or within six
                                         months from the date of the loan, such as short-term, cash credit
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





50







arrangements
the discounting of bills and the issue of other short-term loans of a seasonal nature, but does not include loans raised for the
purpose of financing expenditure of capital nature; and



| | (ii) | acceptance
                                         of deposits by the Company in the ordinary course of its business, which are repayable
                                         on demand or otherwise, and withdrawable by cheque, draft, order or otherwise shall not
                                         be considered as the Company having borrowed monies.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 158. | Acts
                                         of Board or Committees valid notwithstanding defect of appointment
| | ---- | ----------------------------------------------------------------------------------------------------------------



All
acts done by any meeting of the Board or of a committee thereof or by any person acting as a Director, shall be valid notwithstanding
that it may be afterwards discovered that the appointment of any one or more of such Directors or of any person acting as aforesaid,
was invalid by reason of defect or disqualification or had terminated by virtue of any provision contained in the Act or these
Articles. Provided that nothing in this Article shall be deemed to give validity to acts done by a Director after his appointment
has been shown to the Company to be invalid or to have terminated.



| | 159. | Resolution
                                         by Circulation
| | ---- | ------------------------------------------------------------------



| | (a) | No
                                         resolution shall be deemed to have been duly passed by the Board or by a committee thereof
                                         by circulation, unless the resolution has been circulated in draft, together with the
                                         necessary papers, if any, to all the Directors, or to all the members of the relevant
                                         committee, as the case may be, at their addresses registered with the Company in India
                                         by hand delivery or by post or by courier, or through such electronic means as are permissible
                                         under the Act, and has been approved by a majority of the Directors or members of the
                                         relevant committee, who are entitled to vote on the resolution.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Provided
that, where not less than one-third of the total number of Directors of the Company for the time being require that any resolution
under circulation must be decided at a meeting, the Chairman shall put the resolution to be decided at a meeting of the Board.



| | (b) | A
                                         resolution as mentioned aforesaid shall be noted at a subsequent meeting of the Board
                                         or the committee thereof, as the case may be, and made part of the minutes of such meeting.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 160. | Reconstitution
                                         of the Board
| | ---- | --------------------------------------------------------------------



| | (a) | If
                                         the requirements as to the constitution of the Board as laid down in any of the Act,
                                         the Banking Act or other applicable laws are not fulfilled at any time, the Board shall
                                         reconstitute such Board so as to ensure that such requirements are fulfilled.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | If,
                                         for the purpose of reconstituting the Board under sub-Article (a) above, it is necessary
                                         to retire any Director or Directors, the Board shall, by lots drawn at a Board meeting,
                                         decide which Director or Directors shall cease to hold office and such decision shall
                                         be binding on every Director.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Every
                                         Director, if he is appointed under any casual or other vacancy, shall hold office until
                                         the date up to which his predecessor would have held office, if the election had not
                                         been held or, as the case may be, the appointment had not been made.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | No
                                         act or proceeding of the Board of Directors of the Company shall be invalid by reason
                                         only of any defect in the composition thereof or on the ground that it is
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





51







subsequently
discovered that any of its members did not fulfill the requirements of this Article.



POWERS
OF THE BOARD



| | 161. | General
                                         powers of Company vested in Directors
| | ---- | --------------------------------------------------------------------------------------



| | (a) | Subject
                                         to the provisions of the Act, the Banking Act and other applicable laws, the Board of
                                         Directors shall be entitled to exercise all such powers and to do all such acts and things,
                                         as the Company is authorised to exercise and do.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Provided
that the Board shall not exercise any power to do any act or thing which is directed or required, by any applicable law
or by the Memorandum of Association or these Articles of the Company or otherwise, to be exercised or done by the Company in General
Meeting.



Provided
further that in exercising any such power or doing any such act or thing, the Board shall be subject to the provisions contained
in that behalf in the Act, the Banking Act, the Memorandum of Association and these Articles of the Company and in any regulations
not inconsistent therewith and duly made thereunder including regulations made by the Company in General Meeting.



| | (b) | No
                                         regulation made by the Company in General Meeting shall invalidate any prior act of the
                                         Board which would have been valid if that regulation had not been made.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 162. | Specific
                                         powers given to the Board
| | ---- | ---------------------------------------------------------------------------



Without
prejudice to the general powers conferred by Article 161 and the other powers conferred by these Articles, but subject, however,
to the provisions of the Act, the Banking Act and other applicable laws, the Memorandum of Association and these Articles, it
is hereby expressly declared that the Board shall have the following powers:



| | (a) | To
                                         pay the costs, charges and expenses preliminary and incidental to the promotion, formation,
                                         establishment and registration of the Company.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | To
                                         have an official Seal for use abroad.
| | --- | ---------------------------------------------------------------------------------



| | (c) | To
                                         purchase or otherwise acquire for the Company any property rights or privileges which
                                         the Company is authorised to acquire at such price and generally on such terms and conditions
                                         as it deems fit.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | At
                                         its discretion to pay for any property or rights or privileges acquired by or services
                                         rendered to the Company, either wholly or partially in cash or in shares, bonds, debentures,
                                         debenture stock or other securities of the Company and any such shares may be issued
                                         either as fully paid-up or with such amount credited as paid-up thereon as may be agreed
                                         upon and any such bonds, debentures, debenture stock or other securities may be either
                                         specifically charged upon all or any part of the property of the Company and its uncalled
                                         capital or not so charged.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | To
                                         insure and keep insured against loss or damage by fire or otherwise for such period and
                                         to such extent as it may think proper all or any part of the buildings, machinery, goods,
                                         stores, produce and other movable property of the Company either separately or jointly;
                                         also to insure all or any portion of the goods, produce, machinery and other articles
                                         imported or exported by the Company and to sell,
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





52







assign,
surrender or discontinue any policies of assurance effected in pursuance of this power.



| | (f) | To
                                         open accounts with any bank or bankers or with any company, firm or individual and to
                                         pay money into and draw money from any such account from time to time as it may deem
                                         fit.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | To
                                         the extent permissible under the Act and the Banking Act, to secure the fulfilment of
                                         any contracts or engagements entered into by the Company by mortgage or charge of all
                                         or any of the property of the Company and its uncalled capital for the time being or
                                         in such other manner as it deems fit.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | To
                                         attach to any shares issued as the consideration or part of the consideration for any
                                         contract with or property acquired by the Company or in payment for services rendered
                                         to the Company, such conditions as to the transfer thereof as it deems fit.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | To
                                         accept from any Member, on such terms and conditions as shall be agreed, a surrender
                                         of his shares or stock or any part thereof.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (j) | To
                                         appoint any person or persons (whether incorporated or not) to accept and hold in trust
                                         for the Company any property belonging to the Company or in which it is interested or
                                         for any other purposes and to execute and do all such acts and things as may be requisite
                                         in relation to any such trust and to provide for the remuneration of such trustee or
                                         trustees.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (k) | To
                                         institute, conduct, defend, compound or abandon any legal proceedings by or against the
                                         Company or its officers or otherwise concerning the affairs of the Company and also to
                                         compound and allow time for payment or satisfaction of any debt due or of any claims
                                         or demands by or against the Company.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (l) | To
                                         refer any claim or demand by or against the Company to arbitration and observe and perform
                                         the awards.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (m) | To
                                         act on behalf of the Company in all matters relating to bankruptcy and insolvency.
| | --- | ------------------------------------------------------------------------------------------------------------------------------



| | (n) | To
                                         make and give receipts, releases and other discharges for monies payable to the Company
                                         and for the claims and demands of the Company.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (o) | To
                                         determine from time to time who shall be entitled to sign on the Company’s behalf
                                         bills, notes, receipts, acceptances, endorsements, cheques, dividend warrants, releases,
                                         contracts and documents.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (p) | To
                                         invest and deal with any of the monies of the Company whether or not immediately required
                                         for the purposes thereof, upon such securities and in such manner as it may deem fit
                                         and from time to time to vary or realise such investments.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (q) | To
                                         execute in the name and on behalf of the Company in favour of any Director or other person
                                         who may incur or be about to incur any personal liability for the benefit of the Company
                                         such mortgages of the Company’s property (present and future) as it deems fit and
                                         any such mortgage may contain a power of sale and such other powers, covenants and provisions
                                         as shall be agreed on.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (r) | Subject
                                         to the Banking Act, to give to any Director, officer or other person employed by the
                                         Company an interest in any particular business or transaction or otherwise or a
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





53







share
in the general profits of the Company and such interest, commission or share of profits shall be treated as a part of the working
expenses of the Company.



Provided
that the share of general profits of the Company payable to the Board or to the officers of the Company or such other person shall
not exceed in the aggregate the limits prescribed under Section 197 of the Act.



Provided,
further, that this limitation or restriction on the percentage of net profits shall not be applicable to any distribution of a
general bonus to employees of the Company.



| | (s) | To
                                         provide for the welfare of employees or ex-employees of the Company or its predecessors
                                         in business and the spouse, widow or widower, father (including step-father), mother (including
                                         step-mother), brother (including step-brother), sister (including step-sister), son (including
                                         step-son), daughter (including step-daughter), son’s widow, daughter’s widower,
                                         deceased son’s children, deceased daughter’s children or the dependents of
                                         such employees or ex-employees by building or contributing to the building of houses
                                         or dwellings or by grant of money, pensions, allowances, bonus or other payments or by
                                         building or contributing to the building of houses or dwelling or by creating and from
                                         time to time subscribing or contributing to provident funds and other associations, institutions,
                                         funds or trusts and by providing or subscribing or contributing towards places of instruction
                                         and recreation, hospitals and dispensaries, medical and other attendances and to subscribe
                                         or contribute to or otherwise assist charitable, benevolent, national and/or other institutions
                                         or objects.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (t) | Subject
                                         to the provisions of the Act, the Banking Act and these Articles to subscribe or guarantee
                                         money for any national, charitable, benevolent, public, general or useful object or for
                                         any exhibition or to any institution, club, society or fund.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (u) | The
                                         Board may, before recommending any dividend, set aside out of the profits of the Company
                                         such sums as it may think proper for depreciation or to a Depreciation Fund or as reserve
                                         or to a Reserve Fund or Sinking Fund or any Special Fund to meet contingencies or to
                                         repay preference shares or debentures or for payment of dividends or for equalising dividends
                                         or for repairing, improving, extending and maintaining any part of the property of the
                                         Company or for such other purposes as the Board may, in their absolute discretion, think
                                         conducive to the interests of the Company; and the Board may invest the several sums
                                         so set aside or so much thereof as required to be invested upon such investments (subject
                                         to the restrictions imposed by the Act and the Banking Act) as the Board may think fit
                                         and from time to time deal with and vary such investments and dispose of and apply and
                                         expend all or any part thereof for the benefit of the Company, in such manner and for
                                         such purposes as the Board (subject to such restrictions as aforesaid), in its absolute
                                         discretion, think conducive to the interests of the Company notwithstanding that the
                                         matters to which the Board apply or upon which it expends the same, or any part thereof
                                         may be matters to or upon which the capital monies of the Company might rightly be applied
                                         or expended; and the Board may divide the reserve or any fund into such special funds
                                         and transfer any sum from one fund to another as the Board may think fit and may employ
                                         the assets constituting all or any of the above funds, including the Depreciation Fund,
                                         in the business of the Company or in the purchase or repayment of preference shares or
                                         debentures and that without being bound to keep the same separate from the other assets
                                         and without being bound to pay interest on the same, with power, however, to the Board,
                                         at its discretion, to pay or allow to the credit of such fund interest at such rate as
                                         the Board may think proper, not exceeding 5% per annum.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



54





| | (v) | To
                                         appoint and, at their discretion, remove or suspend such committee or committees of experts,
                                         technicians or advisers or such manager(s), officer(s), clerk(s), employee(s) and agent(s)
                                         for permanent, temporary or special services as it may from time to time think fit and
                                         to determine their powers and duties and fix their salaries and emoluments and require
                                         security in such instances and to such amounts as it may think fit and also without prejudice
                                         as aforesaid from time to time to provide for the management and transaction of the affairs
                                         of the Company in any specified locality in India and the provisions contained in sub-Articles
                                         (y) and (z) below shall be without prejudice to the general powers conferred by this
                                         sub-Article.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (w) | To
                                         comply with the requirements of any local law which, in its opinion, it shall, in the
                                         interest of the Company, be necessary or expedient to comply with.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (x) | From
                                         time to time and at any time, subject to applicable laws, to establish any “Local
                                         Board” for managing any of the affairs of the Company in any specified locality
                                         in India or elsewhere and to appoint any persons to be members of any Local Boards and
                                         to fix their remuneration. And from time to time and at any time, but subject to the
                                         provisions of the Act, the Banking Act and these Articles to delegate to any person so
                                         appointed any of the powers, authorities and discretions for the time being vested in
                                         the Board and to authorise the members for the time being of any such Local Board or
                                         any of them to fill up any vacancies therein and to act notwithstanding vacancies and
                                         any such appointment or delegation may be made on such terms and subject to such conditions
                                         as the Board may think fit and the Board may at any time remove any person so appointed
                                         and may annul or vary any such delegation. Any such delegate may be authorised by the
                                         Board to sub-delegate all or any of the powers, authorities and discretions, for the
                                         time being, vested in them.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (y) | At
                                         any time and from time to time but subject to the provisions of Section 179 of the Act
                                         and these Articles by power of attorney to appoint any person or persons to be the attorney
                                         or attorneys of the Company for such purposes and with such powers, authorities and discretions
                                         (not exceeding those vested in or exercisable by the Board under these Articles) and
                                         for such period and subject to such conditions as the Board may from time to time think
                                         fit and any such appointment (if the Board think fit) may be made in favour of the members
                                         or any of the members of any Local Board established as aforesaid or in favour of any
                                         company or the members, board, nominees or managers of any company or firm or otherwise
                                         in favour of any fluctuating body or any persons whatsoever whether nominated directly
                                         or indirectly by the Board and any such power of attorney may contain such powers for
                                         the protection or convenience of persons dealing with such attorneys as the Board may
                                         think fit.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (z) | Subject
                                         to the provisions of the Act and these Articles, to delegate the powers, authorities
                                         and discretions vested in the Board to any person, firm, company or fluctuating body
                                         of persons as aforesaid.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (aa) | Any
                                         such delegate or attorney as aforesaid may be authorised by the Board to sub-delegate
                                         all or any of the powers, authorities and discretions for the time being vested in him.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (bb) | Subject
                                         to the provisions of the Act, to enter into all such negotiations and contracts and rescind
                                         and vary all such contracts and execute and do all such acts, deeds and things in the
                                         name and on behalf of the Company as it may consider expedient for or in relation to
                                         any of the matters aforesaid or otherwise for the purposes of the Company.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





55







| | (cc) | Subject
                                         to the provisions of the Act, to give in the name and on behalf of the Company such indemnities
                                         and guarantees as may be necessary.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (dd) | From
                                         time to time to make, vary and repeal any by-law, regulations and other rules, guidelines
                                         or instructions for regulating the business of the Company, its officials, the
                                         employees and other persons having dealings with the Company.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 163. | Provisions
                                         of the Act to be complied with by the Board
| | ---- | -----------------------------------------------------------------------------------------------



The
Directors shall comply with all applicable provisions of the Act, the Banking Act and other applicable laws.



MINUTES
OF MEETINGS OF THE BOARD



| | 164. | Minutes
                                         of proceedings of the Board of Directors and the Committees
| | ---- | ------------------------------------------------------------------------------------------------------------



The
Company shall cause minutes of all proceedings of every meeting of the Board of Directors and all committees of the Board every
General Meeting to be duly entered in a book or books for that purpose maintained in such form and manner as prescribed under
the Act, and kept within 30 days of the conclusion of every such meeting concerned in books kept for that purpose with their pages
consecutively numbered. Minutes may be maintained in physical or electronic form. The minutes shall contain:



| | (a) | a
                                         fair and correct summary of the proceedings at the meeting;
| | --- | ------------------------------------------------------------------------------------------------------



| | (b) | all
                                         appointments made at any of the meetings aforesaid shall be included in the minutes of
                                         the meeting;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | the
                                         names of the Directors present at the meeting of the Board of Directors or of any committee
                                         of the Board;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | in
                                         the case of each resolution passed at a meeting of the Board or committee of the Board,
                                         the names of the Directors, if any, dissenting from or not concurring in the resolution;
                                         and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | any
                                         other matter prescribed under the Act and the Banking Act.
| | --- | -------------------------------------------------------------------------------------------------------



| | 165. | Any
                                         minutes of any meeting of the Board or of any committee of the Board, shall be signed
                                         by the Chairman of such meeting or by the Chairman of the next succeeding meeting and
                                         such minutes shall for all purposes whatsoever be prima facie evidence of the actual
                                         passing of the resolutions recorded and the actual and regular transaction or occurrence
                                         of the proceedings so recorded and of the regularity of the meeting at which the same
                                         shall appear to have taken place. The Company shall observe the applicable secretarial
                                         standards with respect to meetings of the Board and General Meetings specified by the
                                         Institute of Company Secretaries of India and/or such other applicable standards as may
                                         be issued thereby from time to time.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



THE
SEAL



| | 166. | The Seal,
                                         its custody and use
| | ---- | ----------------------------------------------------------------------



| | (a) | The
                                         Board shall provide the Seal for the purpose of the Company and shall have power from
                                         time to time to destroy the same and substitute a new common seal in lieu thereof and
                                         the Board shall provide for the safe custody of the Seal.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





56







| | (b) | The
                                         Seal of the Company shall not be affixed to any instrument except by the authority of
                                         a resolution of the Board or of a committee of the Board authorised by it in that behalf
                                         and except in the presence of such person(s) as prescribed under the Act and such person(s)
                                         shall sign every instrument to which the Seal of the Company is so affixed in their presence.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



ESTABLISHMENT
OF RESERVE FUND



| | 167. | Reserve
                                         Funds
| | ---- | ------------------------------------------------------



The
Company shall create a Reserve Fund and shall, out of the balance of profit of each year as disclosed in the Profit and Loss Account
and before any dividend is declared, transfer to the Reserve Fund equivalent to not less than 20% of such profit or such other
percentage as may be notified by any Regulatory Agency.



DIVIDENDS



| | 168. | Division
                                         of profit
| | ---- | -----------------------------------------------------------



The
profits of the Company, subject to the provisions of the Act, the Banking Act, and these Articles, shall be divisible among the
Members in proportion to the amount of capital paid up on the shares held by them, respectively.



| | 169. | Capital
                                         paid up in advance at interest not to earn dividend
| | ---- | ----------------------------------------------------------------------------------------------------



Where
capital is paid up in advance of calls upon the footing that the same shall carry interest such capital shall not, whilst carrying
interest, confer a right to dividend or to participate in profits.



| | 170. | Dividends
                                         in proportion to amount paid up
| | ---- | ----------------------------------------------------------------------------------



The
Company may pay dividends in proportion to the amount paid-up or credited as paid up on each share where a larger amount is paid
up or credited as paid up on some shares than on others.



| | 171. | Declaration
                                         of dividend and writing off capitalised expenses
| | ---- | -----------------------------------------------------------------------------------------------------



| | (a) | The
                                         Company, before declaring any dividend on its shares for each year, shall transfer to
                                         Reserve Fund an amount specified in these Articles and required by or under any directions
                                         issued under the Act or the Banking Act and shall also completely write off all its capitalised
                                         expenses (including preliminary expenses, share selling commission, brokerage, amount
                                         of losses incurred and any other item of expenditure not represented by tangible assets).
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Provided,
                                         however, that the Company may pay dividends on its shares without writing off:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------



| | (i) | the
                                         depreciation, if any, in the values of its investments in approved securities in any
                                         case where such depreciation has not actually been capitalised or otherwise accounted
                                         for as a loss;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the
                                         depreciation, if any, in the value of its investments in shares, debentures or bonds
                                         (other than approved securities) in any case where adequate provision for such depreciation
                                         has been made to the satisfaction of the Company; and
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | the
                                         bad debts, if any, in any case where adequate provision for such debts has been made
                                         to the satisfaction of the auditors of the Company.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





57







| | 172. | The Company
                                         in General Meeting may declare a dividend
| | ---- | ----------------------------------------------------------------------------------------------



The
Company in General Meeting may, subject to the provisions of the Act and the Banking Act, declare a dividend to be paid to the
Members according to their respective rights and interests in the profits and may fix the time for payment. No dividend shall
bear interest against the Company.



| | 173. | No larger
                                         dividend than recommended by Board, etc.
| | ---- | -------------------------------------------------------------------------------------------



No
larger dividend shall be declared than is recommended by the Board but the Company in General Meeting may declare a smaller dividend.
Subject to the provisions of Section 123 of the Act and other applicable provisions of the Act and the Banking Act, no dividend
shall be payable except out of the profits of the year arrived at after providing for depreciation in accordance with the Act
or out of the profits of the company for any previous financial year or years arrived at after providing for depreciation in accordance
with the Act and remaining undistributed or both. Provided that in computing profits any amount representing unrealised gains,
notional gains or revaluation of assets and any change in carrying amount of an asset or of a liability on measurement of the
asset or the liability at fair value shall be excluded.



| | 174. | Interim
                                         dividend
| | ---- | ---------------------------------------------------------



Subject
to the provisions of the Act, the Banking Act and these Articles, the Board may from time to time declare such interim dividends
as in its judgement the position of the Company justifies during any financial year or at any time during the period from closure
of Financial Year till holding of the Annual General Meeting out of the surplus in the profit and loss account or out of profits
of the financial year for which such interim dividend is sought to be declared or out of profits generated in the Financial Year
till the quarter preceding the date of declaration of the interim dividend. Provided that in case the Company has incurred loss
during the current Financial Year up to the end of the quarter immediately preceding the date of declaration of interim dividend,
such interim dividend shall not be declared at a rate higher than the average dividends declared by the Company during the immediately
preceding three Financial Years.



| | 175. | Retention
                                         of dividends
| | ---- | ---------------------------------------------------------------



Subject
to the provisions of the Act and the Banking Act, the Board may retain the dividends payable in respect of which any person is,
under the Transmission Clause, entitled to become a Member or which any person under the Transmission Clause is entitled to transfer
until such person shall become a Member in respect of such shares or shall duly transfer the same.



| | 176. | Transfer
                                         of shares must be registered
| | ---- | ------------------------------------------------------------------------------



Where
any instrument of transfer of shares has been delivered to the Company for registration and the transfer of such shares has not
been registered by the Company, it shall, notwithstanding anything contained in any other provision of the Act:



| | (a) | transfer
                                         the dividend in relation to such shares to the special account referred to in Section
                                         124 of the Act unless the Company is authorised by the registered holder of such shares
                                         in writing to pay such dividend to the transferee specified in such instrument of transfer;
                                         and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



58





| | (b) | keep
                                         in abeyance in relation to such shares any offer of rights shares under Section 62(1)(a)
                                         of the Act and any issue of fully paid-up bonus shares in pursuance of Section 123(5)
                                         of the Act.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 177. | Dividends
                                         how remitted
| | ---- | ---------------------------------------------------------------



Unless
otherwise directed, any dividend, interest or other monies payable in cash may be paid by electronic mode or through cheque or
warrant sent through the post to the registered address of the Member or person entitled thereto or, in case of joint-holders,
to that one of them first named in the Register in respect of the joint-holding or to such person and to such address as the holder
or joint-holders may in writing direct. Every such cheque or warrant shall be made payable to the order of the person to whom
it is sent. The Company shall not be liable or responsible for any cheque or warrant lost in transmission or for any dividend
lost by the Member or person entitled thereto by the forged endorsement of any cheque or warrant or the fraudulent or improper
recovery thereof by any other means.



| | 178. | Unclaimed
                                         dividends
| | ---- | ------------------------------------------------------------



| | (a) | If
                                         the Company has declared a dividend but which has not been paid or claimed within 30
                                         days from the date of declaration to any shareholder entitled to the payment of the dividend,
                                         the Company shall, within seven days from the date of expiry of the said period of 30
                                         days, transfer the total amount of dividend which remains unpaid or unclaimed within
                                         the said period of 30 days to a special account in that behalf in any scheduled bank
                                         called the “Unpaid Dividend Account of ICICI Bank Limited”.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Any
                                         money transferred to the Unpaid Dividend Account of the Company which remains unpaid
                                         or unclaimed for a period of seven years from the date of such transfer, shall be transferred
                                         by the Company, along with interest accrued, if any, to a fund known as the “Investor
                                         Education and Protection Fund” established under Section 125 of the Act.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 179. | Dividend
                                         and call together
| | ---- | -------------------------------------------------------------------



Subject
to the provisions of the Act, the Banking Act and other applicable law, no Member shall be entitled to receive payment of any
interest or dividend in respect of his share or shares whilst any money may be due or owing from him to the Company in respect
of such share or shares or otherwise howsoever either alone or jointly with any other person or persons. The Board may deduct
from any dividend payable to any Member all sums of money, if any, presently payable by him to the company on account of calls
or otherwise in relation to the shares of the Company.



| | 180. | Dividend
                                         to be payable in cash
| | ---- | -----------------------------------------------------------------------



No
dividend shall be payable except in cash. Provided that nothing in this Article shall be deemed to prohibit the capitalisation
of profits or reserves of the Company for the purpose of issuing fully paid-up bonus shares or paying up any amount for the time
being unpaid on any shares held by the Members of the Company.



CAPITALISATION



| | 181. | Capitalisation
| | ---- | --------------



| | (a) | The
                                         Company in any General Meeting may upon recommendation by the Board, resolve —
| | --- | ---------------------------------------------------------------------------------------------------------------------------





59







| | (i) | that
                                         it is desirable to capitalise any part of the amount for the time being standing to the
                                         credit of any of the Company’s reserve accounts, or to the credit of the profit
                                         and loss account, or otherwise available for distribution; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | that
                                         such sum be accordingly set free for distribution in the manner specified in clause (b)
                                         amongst the Members who would have been entitled thereto, if distributed by way of dividend
                                         and in the same proportions.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
                                         sum aforesaid shall not be paid in cash but shall be applied, subject to the provisions
                                         contained below, either in or towards-
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | paying
                                         up any amounts for the time being unpaid on any shares held by such Members respectively;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | paying
                                         up in full, unissued shares of the Company to be allotted and distributed, credited as
                                         fully paid-up, to and amongst such Members in the proportions aforesaid;
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | partly
                                         in the way specified in (i) and partly in that specified in (ii);
| | ----- | -----------------------------------------------------------------------------------------------------------------



| | (iv) | a
                                         securities premium account and a capital redemption reserve account may, for the purposes
                                         of this regulation, be applied in the paying up of unissued shares to be issued to Members
                                         of the Company as fully paid bonus shares; and
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | the
                                         Board shall give effect to the resolution passed by the Company in pursuance of this
                                         Article.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The
                                         Board shall have the power:
| | --- | ------------------------------------------------------------------------



| | (i) | to
                                         make such provisions, by the issue of fractional certificates or by payment in cash or
                                         otherwise as it thinks fit, for the case of shares becoming distributable in fractions;
                                         and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | to
                                         authorise any person to enter, on behalf of all the Members entitled thereto, into an
                                         agreement with the Company providing for the allotment to them respectively, credited
                                         as fully paid-up, of any further shares to which they may be entitled upon such capitalisation,
                                         or as the case may require, for the payment by the Company on their behalf, by the application
                                         thereto of their respective proportions of profits resolved to be capitalised, of the
                                         amount or any part of the amounts remaining unpaid on their existing shares. Any agreement
                                         made under such authority shall be effective and binding on such Members.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



ACCOUNTS



| | 182. | Accounts
| | ---- | --------



| | (a) | The
                                         Board shall cause proper books of account to be maintained under the Act.
| | --- | ----------------------------------------------------------------------------------------------------------------------



| | (b) | Subject
                                         to the provisions of the Act, the Board shall, from time to time, determine whether and
                                         to what extent and at what times and places and under what conditions or regulations
                                         the account books of the Company (or any of them) shall be open to the inspection of
                                         the Members (not being Directors).
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





60







| | (c) | No
                                         Member (not being a Director) or other person shall have any right of inspecting any
                                         account book or document of the Company except as conferred by applicable law or authorised
                                         by the Board or by the Company in a General Meeting.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



AUDIT



| | 183. | Accounts
                                         to be audited
| | ---- | ---------------------------------------------------------------



The
financial statements and accounts of the Company shall be audited by one or more auditors to be appointed in accordance with the
provisions of the Act, the Listing Regulations and the Banking Act.



NOTICES



| | 184. | Notice
| | ---- | ------



| | (a) | A
                                         document may be served on the Company or an officer thereof by sending it to the Company
                                         or an officer at the Office of the Company by registered post or by speed post or by
                                         courier or by delivering at its Office or by such electronic or other mode as may be
                                         prescribed:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Provided
that where securities of the Company are held with a depository, the records of the beneficial ownership may be served by such
depository on the Company by electronic means or other mode.



| | (b) | Save
                                         as provided in the Act and other applicable law, a document may be served on the Registrar
                                         or any Member by sending it to him by post or by registered post or by speed post or
                                         by courier or by delivering at his office or address, or by such electronic or other
                                         mode as may be prescribed:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Provided
that a Member may request for delivery of any document through a particular mode, for which he shall pay such fees as may be determined
by the Company in its Annual General Meeting.



| | (c) | Where
                                         a notice is sent by post, such service shall be deemed to have been effected- (i) in
                                         the case of a notice of a General Meeting, at the expiration of 48 hours after the letter
                                         containing the same is posted; and (ii) in any other case, at the time at which the letter
                                         would be delivered in the ordinary course of post.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 185. | Notice
                                         on persons acquiring shares on death or insolvency of Members
| | ---- | -------------------------------------------------------------------------------------------------------------



A
notice may be given by the Company to the persons entitled to a share in consequence of the death or insolvency of a Member by
sending it through any of the permissible modes under, and in accordance with the requirements of, the Act.



| | 186. | Notice
                                         by Company and signature thereto
| | ---- | --------------------------------------------------------------------------------



Any
notice to be given by the Company shall be signed by the secretary or by such Director or officer as the Board may appoint in
the manner permissible under the Act and other applicable laws.



61





WINDING
UP



| | 187. | Winding
                                         up
| | ---- | ---------------------------------------------------



For
winding up of the Company, the provisions contained in the Banking Act will apply and the provisions of the Act will also apply
to the extent to which they are not varied or inconsistent with the Banking Act.



SECRECY
CLAUSE



| | 188. | Secrecy
                                         Clause
| | ---- | -------------------------------------------------------



No
Member shall be entitled to require discovery of or any information respecting any detail of the Company’s trading or any
matter which may be in the nature of a trade secret, mystery of trade or secret process which may relate to the conduct of the
business of the Company and which, in the opinion of the Board, will be inexpedient in the interest of the Company to communicate
the same.



INDEMNITY
AND RESPONSIBILITY



| | 189. | Board’s
                                         and others’ right to indemnity
| | ---- | -------------------------------------------------------------------------------



| | (a) | Subject
                                         to the provisions of Section 197 of the Act, every Director of the Company, officer (whether
                                         Managing Director, manager, secretary or other officer) or employee or any person employed
                                         by the Company as auditor shall be indemnified by the Company against and it shall be
                                         the duty of the Board out of the funds of the Company to pay all costs, losses and expenses
                                         (including travelling expenses) which any such Director, officer, other employee or auditor
                                         may incur or become liable to by reason of any contract entered into or act or deed done
                                         by him as such Director, officer, other employee or auditor or in any way in the discharge
                                         of his duties.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Subject
                                         as aforesaid every Director, officer, other employee or auditor of the Company shall
                                         be indemnified against any liability incurred by him in defending any proceedings whether
                                         civil or criminal, in which judgement is given in his favour or in which he is acquitted
                                         or discharged in connection with any application under Section 463 of the Act or in which
                                         relief is granted to him by the court.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 190. | General
                                         powers
| | ---- | -------------------------------------------------------



Where
any provisions of the Act, the Banking Act or other applicable law require or provide for the Company to do any act, deed, or
thing, or have any right, privilege or authority, or undertake, regulate or restrict any act only if it is so authorised in these
Articles, in respect of all such acts, deeds, things, rights, privileges, authority or acts, this Article hereby authorises the
Company to carry out the same, without the need for the inclusion or modification or deletion of any specific or explicit Article
in such respect.







62







We,
the several persons whose names and addresses are subscribed are desirous of being formed into a Company in pursuance of these
Articles and we respectively agree to take the number of shares in the capital of the Company set opposite our respective names
:



|Sr.
    No. | Name
    of the Subscriber
    and Signature | Address
    & Occupation
    of each Subscriber | No.
    of Shares taken by each Subscriber | Witness
|----------- | -------------------------------------------- | ----------------------------------------------- | ------------------------------------------ | -------
|1.          | Narayanan
    Vaghul                         | 1301,
    Radhika                               | 100                                        |        
|            | S/o.
    V Narayanan                         | Off
    Sayani Road                             | (One
    Hundred)                         
|            | Sd/-                                         | Prabhadevi                                      |                                           
|            | Chairman                                     | Mumbai
    400 025                              |                                           
|            | ICICI                                        | Banker                                          |                                           
|            |                                              |                                                 |                                           
|2.          | Parampally
    Vasudeva Maiya                | Flat
    No. 172-B                              | 100                                       
|            | S/o.
    P Ganapayya Maiya                   | Jolly
    Maker Apartments I                    | (One
    Hundred)                         
|            | Sd/-                                         | Cuffe
    Parade                                |                                           
|            | Executive
    Director                       | Mumbai
    400 005                              |                                           
|            | SCICI                                        | Bank
    Executive                              |                                           
|            |                                              |                                                 |                                           
|3.          | Lalita
    Dileep Gupta                      | 153-C,
    Mhaskar Building                     | 100                                       
|            | W/o.
    Dileep Gupta                        | Opp.
    Ruia Building                          | (One
    Hundred)                         
|            | Sd/-                                         | Sir
    Balachander Road                        |                                           
|            | Chief
    General Manager                    | Matunga                                         |                                           
|            | ICICI                                        | Mumbai
    400 019                              |                                           
|            |                                              | Company
    Executive                           |                                           
|            |                                              |                                                 |                                           
|4.          | Girish
    Sumanlal Mehta                    | A-6,
    ICICI Apartments                       | 100                                       
|            | S/o.
    Sumanlal Mehta                      | P
    Balu Marg                                 | (One
    Hundred)                         
|            | Sd/-                                         | Prabhadevi                                      |                                           
|            | Company
    Secretary                        | Mumbai
    400 025                              |                                           
|            | ICICI                                        | Company
    Executive                           |                                           
|            |                                              |                                                 |                                           
|5.          | Shashikant
    Harilal Bhojani               | A-73,
    Ocean Gold                            | 100                                       
|            | S/o.
    Harilal Bhojani                     | Twin
    Tower Lane                             | (One
    Hundred)                         
|            | Sd/-                                         | Prabhadevi                                      |                                           
|            | Corporate
    Legal Advisor                  | Mumbai
    400 025                              |                                           
|            | ICICI                                        | Company
    Executive                           |                                           
|            |                                              |                                                 |                                           
|6.          | Sethumadhava
    Rao Ragothaman              | C-22,
    ICICI Apartments                      | 100                                       
|            | S/o
    K. Sethumadhava Rao                  | R
    Balu Marg                                 | (One
    Hundred)                         
|            | Sd/-                                         | Prabhadevi                                      |                                           
|            | Deputy
    General Manager                   | Mumbai
    400 025                              |                                           
|            | ICICI                                        | Company
    Executive                           |                                           
|            |                                              |                                                 |                                           
|7.          | Kalpana
    Morparia                         | A-13,
    Ocean Gold                            | 100                                       
|            | W/o.
    Jaisingh Morparia                   | Twin
    Tower Lane                             | (One
    Hundred)                         
|            | Sd/-                                         | Prabhadevi                                      |                                           
|            | Assistant
    General Manager                | Mumbai
    400 025                              |                                           
|            | ICICI                                        | Company
    Officer                             |                                           
|            |                                              | Total
    number of shares taken:               | 700                                       
|            |                                              |                                                 | (Seven
    Hundred                        
|            |                                              |                                                 | Equity
    Shares)                        



Dated
this 22nd day of December, 1993.





63









At
the Fifth Annual General Meeting of ICICI Bank Limited, convened and held at Professor Chandravadan Mehta (Professor C.C. Mehta)
Auditorium, General Education Centre, Opposite D. N. Hall Ground, The Maharaja Sayajirao University, Pratapgunj, Vadodara 390
002 on Monday, June 14, 1999, the following Special Resolution was passed:



Resolution
at Item no.6



RESOLVED
THAT subject to the approval of the Central Government under Section 21 and other applicable provisions, if any, of the Companies
Act, 1956, Sections 49-B and 49-C of the Banking Regulation Act 1949 (including any statutory modification(s) or re-enactment(s)
thereof for the time being in force), the name of the Company be changed from “ICICI Banking Corporation Limited”
to “ICICI Bank Limited”or such other name with minor modification(s) as may be suggested by the Registrar
of Companies, Gujarat and/or the Reserve Bank of India which may be agreed to and accepted by the Board of Directors (the Board)
of the Company and accordingly the name “ICICI Banking Corporation Limited” wherever it appears in the Memorandum
and Articles of Association of the Company and in all other records of the Company be substituted by the name “ICICI
Bank Limited”or such other name with minor modification(s) as may be suggested by the Registrar of Companies, Gujarat
and/or the Reserve Bank of India which may be agreed to or accepted by the Board.



Explanatory
Statement to the Notice of Fifth Annual General Meeting dated June 14, 1999 under Section 173(2) of the Companies Act, 1956.



Item
No.6



The
Company was incorporated with the Registrar of Companies, Gujarat, on January 5, 1994 under the name of “ICICI Banking Corporation
Limited”. The need for a change in the name of the Company has arisen consequent to closer working of the Companies of the
ICICI Group, of which the Bank is one of the companies, to benefit from the synergy of the group. Further, the name of the Company
is quite long. The Company is well known and is frequently referred to by the public at large as “ICICI Bank”. In
view of this, the formalisation of the Company’s name as “ICICI Bank Limited” instead of “ICICI Banking
Corporation Limited” is considered necessary and hence being recommended.



The
Registrar of Companies, Gujarat, has confirmed that the new name “ICICI Bank Limited” is available for registration
under Section 20 of the Companies Act, 1956. Applications were made to the Central Government and the Reserve Bank of India (RBI)
for a change of name of the Company. Approval of the RBI is awaited.








At
the Seventh Annual General Meeting of ICICI Bank Limited, convened and held at Central Gujarat Chamber of Commerce Auditorium,
Second Floor, Vanijya Bhavan, Race Course Circle, Vadodara 390 007 on Monday, June 11, 2001, the following Special Resolutions
were passed:



Resolution
at Item no.11



THAT
pursuant to the provisions of Section 17 and other applicable provisions, if any, of the Companies Act, 1956 (including any statutory
modification or re-enactment thereof for the time being in force), the Object Clause of Memorandum of Association of the Company
be amended, subject to approval of the Reserve Bank of India, by the insertion of the following new sub-clauses 62 under Clause
III B -



| | 62. | To
                                         open, establish, maintain and operate currency chests and small coin depots on such terms
                                         and conditions as may be required by the Reserve Bank of India established under the
                                         Reserve Bank of India Act, 1934 and enter into all administrative or other arrangements
                                         for undertaking such functions with the Reserve Bank of India.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



THAT
the present sub-clause 62 be re-numbered as sub-clause 63 under Clause Ill B.



64





Resolution
at Item no.12



THAT
upon the Special Resolution at Item No.11 of the Notice for alteration of the Object Clause of the Memorandum of Association being
duly passed and becoming effective, the approval of the Members of the Company be and is hereby accorded pursuant to the provisions
of Section 149 (2-A) and other applicable provisions, if any, of the Companies Act, 1956, for commencing and carrying on business
and activities as stated therein at such time as may be deemed fit by the Board of Directors (which term to include any committee
of the Board) of the Company.



Explanatory
Statement to the Notice of Seventh Annual General Meeting dated June 11, 2001 under Section 173(2) of the Companies Act, 1956.



Item
Nos. 11 and 12



The
Bank has been undertaking commercial banking activities since its inception. Pursuant to the approval of the Scheme of Amalgamation
of Bank of Madura Limited (BoM) with the Bank, the BoM has been amalgamated into the Bank with effect from March 10, 2001. The
BoM was operating a Currency Chest and Small Coins Depot at its main branch in Madurai. With effect from March 10, 2001, the Effective
Date of the amalgamation, all assets, liabilities, rights, obligations, etc., of BoM have been transferred to the Bank. As a consequence,
the Bank had to take charge of the Currency Chest and Small Coins Depot of BoM at Madurai. The Reserve Bank of India while approving
the Bank’s application for taking charge and operating the Currency Chest and Small Coins Depot of BoM suggested that the
Objects Clause of Memorandum of Association be amended to specifically provide for opening, establishing, maintaining and operation
of currency chests and small coins depots on such terms and conditions as may be required by the Reserve Bank of India.



Pursuant
to the provisions of Section 17 of the Companies Act, 1956, the approval of the Members in a general meeting is required to be
obtained through a Special Resolution with three-fourths majority in favour for alteration of the Objects Clause of Memorandum
of Association of a Company.



The
Directors recommend alteration of the Objects Clause of Memorandum of Association of the Company and the commencement and carrying
out of the new business and activities as detailed in Resolutions at Item Nos. 11 and 12.








At
the Seventh Annual General Meeting of ICICI Bank Limited, convened and held at Central Gujarat Chamber of Commerce Auditorium,
Second Floor, Vanijya Bhavan, Race Course Circle, Vadodara 390 007 on Monday, June 11, 2001, the following Resolution was passed
as Special Resolution.



Resolution
at item no. 13



THAT
pursuant to the provisions of Section 31 and other applicable provisions, if any, of the Companies Act, 1956, the consent of the
Company be and is hereby accorded to the alteration of the Articles of Association of the Company by inserting a new sub-Article
No. 56d under Article 56 as follows:



New
sub-Article 56(d)



Acquisition
of shares by a person/group which would take, in the aggregate his/her/its holding to a level of 5 percent or more of the total
issued capital of the Bank (or such other percentage as may be prescribed by the Reserve Bank of India from time to time) should
be effected by such buyer(s) after obtaining prior approval of the Reserve Bank of India. The term group will have the same meaning
as contained in Section 2(e) of the Monopolies and Restrictive Trade Practices Act, 1969.



65





Explanatory
Statement to the Notice of Seventh Annual General Meeting dated June 11, 2001 under Section 173(2) of the Companies Act, 1956



The
Reserve Bank of India had, vide their letter no. DBOD. No. PSBS.BC.182/16.13.100/99-2000 dated May 31, 2000 addressed to all private
sector banks, suggested an amendment to their Articles of Association to the effect that no person/group shall acquire shares
in a banking company which would take his/her/its holding to a level of 5 per cent or more of the total issued capital of the
bank (or such other percentage as may be prescribed by the Reserve Bank of India from time to time) without the prior approval
of the Reserve Bank of India. For holding of shares in excess of 5 per cent of the paid up capital of a banking company, a prior
approval in the form of an acknowledgement of the Reserve Bank of India is required to be taken before the transfer of shares
in the name of the transferee is given effect. While the approval of the Reserve Bank of India could be applied for and obtained
by banks before effecting transfer in case of physical holdings, the same is not feasible in case of acquisition by investors
through electronic mode. Hence, the Resolution at Item No. 13 is proposed which lays the responsibility on the buyer of the equity
shares to seek prior approval of the Reserve Bank of India in case his/her/its holdings in equity shares in a bank crosses 5 per
cent of the paid up capital.








At
the Eighth Annual General Meeting of ICICI Bank Limited, convened and held at Professor Chandravadan Mehta Auditorium, General
Education Centre, Opposite D.N. Hall Ground, The Maharaja Sayajirao University, Pratapgunj, Vadodara 390 002 on Monday, September
16, 2002, the following Resolutions were passed.



Ordinary
Resolution



Resolution
at Item no. 22



RESOLVED
that the authorised capital of the Company be reduced from Rs. 2250,00,00,000 (Rupees Two Thousand Two Hundred and Fifty Crore)
to Rs. 1900,00,00,000 (Rupees One Thousand Nine Hundred Crore) RESOLVED FURTHER that subject to the approval of the Reserve Bank
of India and any other requisite approvals, if and to the extent necessary, the Memorandum of Association of the Company be amended
by substituting Clause V as follows:



V.
The authorised capital of the Company shall be Rs. 1900,00,00,000 divided into 155,00,00,000 equity shares of Rs. 10/- each and
350 preference shares of Rs, 1 crore each with rights, privileges and conditions attached thereto as are provided by the Articles
of Association of the Company for the time being with power to increase or reduce the Capital of the Company and to divide the
shares in the capital for the time being into several classes and to attach thereto respectively such preferential, cumulative,
convertible, guarantee, qualified or other special rights, privileges, conditions or restrictions, as may be determined by or
in accordance with the Articles of Association of the Company for the time being and to vary, modify, or abrogate any such right,
privilege or condition or restriction in such manner as may for the time being be permitted by the Articles of Association of
the Company or the legislative provisions for the time being in force.



Special
Resolution



Resolution
at Item no. 23



RESOLVED
that subject to the requisite approvals, if and to the extent necessary, Article 5(a) of the Articles of Association of the Company
be substituted by the following:



| | 5(a). | The
                                         authorised capital of the Company is Rs. 1900,00,00,000 divided into 155,00,00,000 equity
                                         shares of Rs. 10/- each and 350 preference shares of Rs. 1 crore each.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Explanatory
Statement to the Notice of Eighth Annual General Meeting dated September 16, 2002 under Section 173(2) of the Companies Act, 1956.



66





Item
Nos. 22 and 23



At
present, the authorised capital of the Company is Rs. 2250 crore as set out in Clause V of the Memorandum of Association of the
Company consisting of equity share capital of Rs. 1900 crore and preference share capital of Rs. 350 crore as mentioned in Schedule
I of the Scheme of Amalgamation of ICICI Limited, ICICI Capital Services Limited and ICICI Personal Financial Services Limited
with ICE! Bank Limited.



In
terms of the provisions of Section 12(1)(i) of the Banking Regulation Act, 1949, the subscribed capital of the Company must not
be less than one-half of the authorised capital. Currently, the subscribed capital of the Company is Rs.963 crore consisting of
equity capital of Rs.613 crore and preference share capital of Rs.350 crore. The Company is not planning to increase its subscribed
capital in the near future. Thus, it is necessary to reduce the authorised capital of the Company in order to comply with the
requirement of the Banking Regulation Act.



Your
approval is, therefore, sought to reduce the authorised capital and the amendment of the said Clause V of the Memorandum of Association
of the Company vide Resolution at Item No.22 of the Notice. The relevant extract from Clause V vis-a-vis the proposed amendment
are given below for ready reference of the Members:



|Extract
    from Clause V at present                                                                                                                             | With
    the proposed amendment                                                                                                                               
|---------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------
|The
    authorized capital of the Company shall be Rs.2,250,00,00,000 divided into 1,90,00,00,000 shares of Rs.10/- each and 350 shares
    of Rs.1 crore each...... | The
    authorized capital of the Company shall be Rs.1900,00,00,000 divided into 155,00,00,000 shares of Rs.10/- each and 350 shares
    of Rs.1 crore each......



Your
approval is also sought vide Resolution at Item No.23 of the Notice to amend the relevant Article of the Articles of Association
of the Company to reflect the reduction and classification of the share capital.



The
relevant Article 5(a) as at present and with the proposed amendment is given below for ready reference of the Members



|Present
    Article                                                                                                                                                                      | Proposed
    Article                                                                                                                                                                    
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|“5(a)
    The Authorized Share Capital of the Company is Rs.2,250,00,00,000 divided into 1,90,00,00,000 equity shares of Rs.10/- each
    and 350 preference shares of Rs.1 crore each”. | “5(a)
    The Authorized Share Capital of the Company is Rs.1,900,00,00,000 divided into 1,55,00,00,000 -equity shares of Rs.10/ each
    and 350 preference shares of Rs.1 crore each”.









At
the Eighth Annual General Meeting of ICICI Bank Limited, convened and held at Professor Chandravadan Mehta Auditorium, General
Education Centre, Opposite D. N. Hall Ground, The Maharaja Sayajirao University, Pratapgunj, Vadodara 390 002 on Monday, September
16, 2002, the following Resolution was confirmed by the Members as a Special Resolution which was approved by them by means of
postal ballot voting process.



Resolution
at Item No. 24



RESOLVED
THAT subject to the provisions of Sections 17, 18 and other applicable provisions, if any, of the Companies Act, 1956 and Section
49-C of the Banking Regulation Act, 1949, the Memorandum of Association of the Company be and is hereby amended by addition or
substitution as the case may be, of the following:



| | I. | Clause
                                         Ill (A) be modified and amended as follows:
| | -- | -------------------------------------------------------------------------------------------



| | (a) | By
                                         inserting the following Clause as Clause 7A after Clause 7:
| | --- | -------------------------------------------------------------------------------------------------------



67





| | 7A | To
                                         securitise, purchase, acquire, invest in, transfer, sell, dispose of or trade in any
                                         financial asset whatsoever, receivables, debts, whether unsecured or secured by mortgage
                                         of immoveables or charge on movables or otherwise, securitised debts, asset or mortgaged
                                         backed securities or mortgage backed securitised debts and to manage, service or collect
                                         the same and to appoint managing, servicing or collection agent therefor and to issue
                                         certificates or other instruments in respect thereof to public or private investors and
                                         to guarantee and insure the due payment, fulfillment and performance of obligations in
                                         respect thereof or in connection therewith and to promote, establish, undertake, organise,
                                         manage, hold or dispose of any special purpose entity, body corporate or vehicle for
                                         carrying on all or any such activities.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | By
                                         deleting Clause 111(A)(18) and replacing it with the following:
| | --- | -----------------------------------------------------------------------------------------------------------



18.
i)	To provide credit, charge, debit, saving, investment or other facilities to any person or persons (whether individuals,
firms, companies, bodies, corporate or other entities), whether in the private or public sector by issuance of credit, charge,
debit, stored value, prepaid, smart or other cards whether private label, co-branded, affinity or otherwise and to provide fee
based services to merchant and card members or cardholders.



| | ii) | To
                                         establish and maintain card acceptance network (including physical, electronic, computer
                                         or automated machines network) and to engage in merchant acquisition or location management.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | By
                                         inserting the following Clauses after Clause 111(A)(20) as Object Clause Nos. 20A, 20B,
                                         20C, 20D, 20E, 20F, 20G, 20H, 20I, 20J, 20K:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20A. | To
                                         carry on the business of assisting industrial, infrastructure and commercial enterprises
                                         :
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



in
general by



| | i) | assisting
                                         in the creation, expansion and modernisation of such enterprises;
| | -- | --------------------------------------------------------------------------------------------------------------------



| | ii) | encouraging
                                         and promoting the participation of capital, both internal and external in such enterprises;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------



and
in particular by



| | i) | providing
                                         finance in the form of long, medium or short term loans or equity participations ;
| | -- | -------------------------------------------------------------------------------------------------------------------------------------



| | ii) | sponsoring
                                         and underwriting new issues of shares and securities;
| | --- | ---------------------------------------------------------------------------------------------------------



| | iii) | guaranteeing
                                         loans from other investment sources;
| | ---- | ------------------------------------------------------------------------------------------



| | iv) | making
                                         funds available for re-investment by revolving investments as rapidly as prudent;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------



| | v) | performing
                                         and undertaking activities pertaining to leasing, giving on hire or hire-purchase, warehousing,
                                         bill marketing, factoring and related fields;
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20B. | To
                                         lend money, with or without interest, (with or without security) for any maturity, in
                                         any form whatsoever including by way of loans, advances, instalment credit, trade finance,
                                         hire or otherwise to any person or persons (whether individuals, firms, companies, bodies
                                         corporate, Government, State, Sovereign, public body or authority, supreme, local or
                                         otherwise or other entities), whether in the private or public sector, for any purpose
                                         whatsoever, including agriculture, industry, infrastructure, export-import, housing,
                                         consumer or others.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



68





| | 20C. | To
                                         lend money, with or without interest, (with or without security) for any maturity, in
                                         any form whatsoever, to any person or persons (whether individuals, firms, companies,
                                         bodies corporate, Government, State, Sovereign, public body or authority, supreme, local
                                         or otherwise or other entities), whether in the private or public sector, to purchase
                                         or acquire any freehold or leasehold lands, estate or interest in or to take demise for
                                         any term or terms of years of any land or property or to construct, erect, purchase,
                                         extend, alter, renovate, develop or repair any house or building or any form of real
                                         estate or any part or portion thereof.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20D. | To
                                         provide financial assistance to any person or persons (whether individuals, firms, companies,
                                         bodies corporate, Government, State, Sovereign, public body or authority, supreme, local
                                         or otherwise or other entities), whether in the private or public sector for any purpose
                                         whatsoever by means of leasing, giving on hire or hire purchase, lending, selling, reselling,
                                         or otherwise disposing of all forms of immoveable and moveable properties and assets
                                         of any kind, nature or use, whatsoever and for the purpose, purchasing or otherwise acquiring
                                         dominion over the same, whether new or used.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20E. | To
                                         issue, subscribe to, acquire, purchase, sell, dispose of, deal or trade in derivative
                                         financial instruments including futures, forwards, options, swaps, caps, collars, floors,
                                         swap options, bond options or other derivative instruments whether traded on any market
                                         or exchange or otherwise for proprietary trading activities or for any person or persons
                                         (whether individuals, firms, companies, bodies corporate, Government, State, Sovereign,
                                         public body or authority, supreme, local or otherwise or other entities), whether in
                                         the private or public sector.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20F. | To
                                         purchase, acquire, sell, dispose of, deal or trade in commodities (including but not
                                         limited to bullion, metals, non-metals, energy and energy products, electricity or agricultural
                                         products), as permitted for banking companies to undertake from time to time, and to
                                         issue, acquire, dispose of, deal or trade in derivative instruments in respect thereof
                                         including futures, forwards, options, swaps, caps, collars, floors, swap options or other
                                         derivative instruments whether traded on any market or exchange or otherwise for proprietary
                                         trading activities or for any person or persons (whether individuals, firms, companies,
                                         bodies corporate, Government, State, Sovereign, public body or authority, supreme, local
                                         or otherwise or other entities), whether in the private or public sector.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20G. | To
                                         promote, organize, manage or undertake the activities of insurance intermediaries including
                                         insurance or reinsurance brokers, consultants, surveyors, loss assessors, loss control
                                         engineers, risk managers, actuarial analyst and to buy, sell, market, distribute, deal
                                         in or dispose of insurance products and related investments.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20H. | To
                                         promote, organise or manage funds or investments on a discretionary or non-discretionary
                                         basis on behalf of any person or persons (whether individual, firms, companies, bodies,
                                         corporate, public body or authority, supreme, local or otherwise, trusts, pension funds,
                                         offshore funds, charities, other associations or other entities), whether in the private
                                         or public sector.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20I. | To
                                         act as Trustee of any deeds, constituting or securing any debentures, debenture stock
                                         or other securities or obligations and to undertake and execute any other trusts, and
                                         also to undertake the office of or exercise the powers of executor, administrator, receiver,
                                         treasurer, custodian and trust corporation.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20J. | To
                                         promote, organise, manage or undertake, marketing, trading, distribution or servicing
                                         of insurance and assurance products of all kinds, whether life or general; financial,
                                         investment or other products including (without limitation) securities, stocks, shares,
                                         debentures, bonds, units, certificates or services offered by the Company and/or by any
                                         person, firm, company, body corporate, mutual fund, Government, State, public body or
                                         authority, supreme, municipal, local or otherwise, through the Company’s branches,
                                         offices, call or contact centres or other outlets, franchisees or agents or through print,
                                         voice, video, electronic or other media or through remote facilities including (without
                                         limitation) electronic, computer or automated machines network or other modes of communication
                                         and for that purpose to appoint or avail the services of agents, brokers, franchisees
                                         or distributors by whatever name called.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



69





| | 20K. | To
                                         provide financial services, advisory and counselling services and facilities of every
                                         description capable of being provided by share and stock brokers, share and stock jobbers,
                                         share dealers, investment fund managers and to arrange and sponsor public and private
                                         issues or placement of shares and loan capital and to negotiate and underwrite such issues.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | II. | Clause
                                         III (B) be modified and amended by:
| | --- | -----------------------------------------------------------------------------------



| | (a) | By
                                         deleting Clause III (B)(61) and replacing it with the following:
| | --- | ------------------------------------------------------------------------------------------------------------



| | 61. | To
                                         do all or any of the above things and all such other things as are incidental or as may
                                         be thought conducive to the attainment of the above objects or any of them in India or
                                         any other part of the world either as principals, agents, trustees, contractors or otherwise
                                         and either alone or in conjunction with others and either by or through agents, contractors,
                                         trustees or otherwise and to do all such things as are incidental or conducive to the
                                         attainment of the above objects.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | By
                                         inserting the following Clauses after Clause 111(B)(62) as Object Clause Nos. 62A, 62B,
                                         62C, 62D, and 62E:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 62A. | To
                                         develop, improve, design, market, distribute, sell or license software and programme
                                         products of any and all descriptions in connection with or incidental or conducive to
                                         or in furtherance of the attainment of any of the objects of the Company.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 62B. | To
                                         operate delivery services in connection with or incidental or conducive to or in furtherance
                                         of the attainment of any of the objects of the Company, and to own, operate and maintain
                                         all modes of transportation, warehouses, depots or godowns in connection with or incidental
                                         or conducive to or in furtherance of the attainment of any of the objects of the Company.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 62C. | To
                                         appoint trustees (whether individuals or corporations) to hold securities on behalf of
                                         and to protect the interests of the Company.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 62D. | To
                                         promote, sponsor, organise, manage or undertake events, exhibitions, conferences, lectures,
                                         seminars, printing, publication or distribution of any books, report, literature, newspapers,
                                         publicity or other materials in connections with or incidental or conducive to or in
                                         furtherance of the attainment of any of the objects of the Company.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 62E. | To
                                         promote, own, establish, operate or maintain branches and other outlets or media, data,
                                         call or contact centres or other remote facilities for trading, marketing, distribution
                                         or conducting transactions including (without limitation) electronic data interchange,
                                         transaction initiation, processing, clearing or settlement services by means of electronic,
                                         computer or automated machines network or by any other modes of communication in financial
                                         and other products or services.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



RESOLVED
FURTHER THAT the aforesaid Special Resolution for alteration of the Object Clause of the Memorandum of Association being duly
passed and becoming effective, the approval of the Members of the Company be and is hereby accorded pursuant to the provisions
of Section 149(20 A) and other applicable provisions, if any, of the Companies Act, 1956, for commencing and carrying on all or
any of the new business and activities at such time as may be deemed fit by the Board of Directors.



Explanatory
Statement in respect of Special Resolution which was approved by the Members of ICICI Bank by means of postal ballot voting process,
the result of which was declared at its Eighth Annual General Meeting held on September 16, 2002 to amend the Object Clause of
the Memorandum of Association of ICICI Bank Limited.



70





Item
No. 24



The
merger of ICICI Limited (ICICI), ICICI Capital Services Limited and ICICI Personal Financial Services Limited with ICICI Bank
Limited (the Company) has expanded the existing and future scope of the Company’s operations, as various activities that
ICICI was empowered to undertake would now be undertaken by the Company, subject to applicable laws and regulations governing
banking companies. While all activities commenced by the Company are covered in the Object Clause of the Memorandum of Association,
for the sake of abundant clarity, it is proposed to provide a more detailed description of these activities in the Object Clause
of the Memorandum of Association of the Company. Further, it is proposed to add new activities such as acting as insurance intermediaries,
engaging in commodity trading, in the Object Clause. It is, therefore, necessary to suitably amend the Object Clause of the Memorandum
of Association of the Company. The Clauses proposed to be amended/added are detailed in the Resolution at Item No. 24 of the Notice.



Pursuant
to the provisions of Section 149(20 A) of the Companies Act, 1956, the approval of the Members in General Meeting is required
before commencement of any new activity set out in the Object Clause of the Memorandum of Association of a company. Approval of
the Members is sought for amendment to the Object Clause and for the commencement and carrying out of new business and activities
videResolution at Item No. 24 of the Notice. The said new business and activities would commenced at such time or times
as the Board may deem fit in the interest of the Company subject to the applicable laws and regulations governing banking companies
including the Banking Regulation Act, 1949.



Pursuant
to the provisions of Section 192A of the Companies Act, 1956, read with the Companies (Passing of Resolution through Postal Ballot)
Rules, 2001, the shareholders’ consent for amendment to the Object Clause of the Memorandum of Association of the Company
is required to be obtained by means of postal ballot. This is being obtained separately and the result of the same will be announced
by the Chairman of the Meeting.








At
the Eleventh Annual General Meeting of ICICI Bank Limited, convened and held at Professor Chandravadan Mehta Auditorium, General
Education Centre, Opposite D. N. Hall Ground. The Maharaja Sayajirao University, Pratapgunj, Vadodara 390 002 on Saturday, August
20, 2005, the following Special Resolution was passed.



Item
No. 17



RESOLVED
that, subject to the applicable provisions of the Companies Act, 1956 and subject to the requisite approvals, if and to the extent
necessary, Article 5(a) of the Articles of Association of the Company be substituted by the following Clause :



“The
Authorised Capital of the Company is Rs. 1900,00,00,000 divided into 100,00,00,000 equity shares of Rs. 10 each, 5,50,00,000 preference
shares of Rs.100 each and 350 preference shares of Rs. 1 crore each.”



Explanatory
Statement to the Notice of Eleventh Annual General Meeting dated July 15, 2005 under Section 173(2) of the Companies Act, 1956



Item
Nos. 17 and 18



The
Company may need to raise long-term resources from time to time to carry on its banking activities and expansion of business.
The Banking Regulation Act, 1949 currently does not permit issuance of preference shares by a banking company. However, the Government
of India, in the Banking Regulation (Amendment) Bill, 2005, has proposed to allow banks to issue preference shares and preference
share capital may be treated as regulatory capital under specified circumstances as per Basel norms. In view of the above, your
Directors felt it would be in the overall interest of the Company to explore the option of mobilisation of long-term resources
by issue of preference shares



71





at
an opportune time by way of private placement or public issue or rights issue to the shareholders or to any domestic/foreign investors,
or in such other manner, in such trenches, as the Board may, in its absolute discretion deem fit, from time to time, subject to
applicable provisions of the Companies Act, 1956 and the Banking Regulation Act, 1949 (including with the aforesaid amendment
being given effect to, as also any other statutory modification or re-enactment thereof from time to time) and the provisions
of the Memorandum and Articles of Association of the Company. To give effect to the above, it is proposed that the Board of Directors/any
Committee thereof be authorised to do all such acts, matters, deeds and things necessary or desirable in connection with or incidental
thereto, including listing of the preference shares.



It
may be noted with respect to the preference share capital of the Company representing 350 preference shares of Rs. 1 crore each
issued to preference shareholders of erstwhile ICICI Limited on merger with ICICI Bank Limited that the Ministry of Finance has,
by way of a Notification in terms of provisions of the Banking Regulation Act, 1949 exempted the Company from the restriction
under Section 12(1) of the Banking Regulation Act, 1949. which otherwise prohibits issue of preference shares by banks.



In
view of the proposed issue of preference shares, it is deemed necessary by the Board to sub-divide the authorised share capital
of the company, which entails requisite amendment to the Articles of Association of the Company.



The
relevant Article 5(a) as at present and with the proposed amendment is given below for ready reference of the Members’ :



|Present
    Article                                                                                                                                                          | Proposed
    Article                                                                                                                                                                                                   
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|“The
    Authorized Capital of the Company is Rs.1900,00,00,000 divided into 1,55,00,00,000 equity shares of Rs.10/- each and 350 preference
    shares of Rs.1 crore each”. | “The
    Authorized Capital of the Company is Rs.1900,00,00,000 divided into 100,00,00,000 equity shares of Rs.10 each, 5,50,00,000
    preference shares of Rs.100 each and 350 preference shares of Rs.1 crore each”.



The
Directors recommend the adoption of the Resolution at Item Nos. 17 and 18 of the Notice. No Director is in any way concerned or
interested in the Resolutions at Item Nos. 17 and 18 of the Notice, except to the extent of his/her participating in the proposed
issue of preference shares as also to the extent of participation in the proposed issue of preference shares by a financial institution/company/body
corporate/firm/bank/undertaking in which the Director or his/her relative may be directly or indirectly concerned/interested.








At
the Extra-ordinary General Meeting of ICICI Bank Limited, convened and held at Professor Chandravadan Mehta Auditorium, General
Education Centre, Opp. D.N. Hall Ground, The Maharaja Sayajirao University, Pratapgunj, Vadodara 390 002, on Saturday, January
20, 2007 at 2.00 p.m., the following Resolution was passed by the requisite majority as provided under Section 44A of the Banking
Regulation Act, 1949:



RESOLVED
that pursuant to the provisions of Section 44A of the Banking Regulation Act, 1949 and Reserve Bank of India’s
guidelines for merger and amalgamation of private sector banks dated May 11, 2005 (hereinafter referred to as “RBI
Guidelines”), and in accordance with any applicable provisions of the Companies Act, 1956, and the Memorandum and
Articles of Association of ICICI Bank Limited (hereinafter referred to as “the Bank”) and any other applicable
provisions of any other law for the time being in force, and any directions, guidelines or regulations, if any, of Reserve
Bank of India (hereinafter referred to as “RBI”) and of all other relevant authorities from time to time, to the
extent applicable and subject to such approvals, consents, permissions and sanctions of all appropriate authorities,
institutions or bodies, if required and to the extent applicable, and subject to such terms and conditions and modifications
as may be prescribed by any of them while granting such approvals, consents, permissions and sanctions, which the Board of
Directors of the Bank (hereinafter referred to as “the Board”, which expression shall be deemed to include any
Committee(s) constituted/to be constituted or any other person authorised/to be authorised by the Board/Committee to exercise
its powers including the powers conferred by this Resolution) is hereby authorised to accept, the consent and approval of the
Members of the Bank be and is hereby accorded to the



72





amalgamation
of The Sangli Bank Limited (hereinafter referred to as the “Transferor Bank”) with the Bank with effect from the date
on which the Scheme of Amalgamation (hereinafter referred to as “the Scheme”) is sanctioned by RBI or such other date
as may be specified by RBI by an order in writing passed in this behalf under the provisions of Section 44A of the Banking Regulation
Act, 1949.



RESOLVED
FURTHER that pursuant to the provisions of Section 44A of the Banking Regulation Act, 1949 and the RBI Guidelines, and in accordance
with the applicable provisions of the Companies Act, 1956, and the Memorandum and Articles of Association of the Bank and any
other applicable provisions of any other law for the time being in force:



| | I. | The
                                         draft of the Scheme circulated to the Members with the Notice for this Meeting, be and
                                         is hereby approved.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | II. | Any
                                         Member of the Bank, who has voted against the Scheme at the Meeting of the Bank, or has
                                         given notice in writing at or prior to the Meeting of the Bank, or to the presiding officer
                                         of the Meeting of the Bank, that he dissents from the Scheme, shall be entitled, in the
                                         event of the Scheme being sanctioned by RBI, to claim from the Bank, in respect of the
                                         equity shares held by him in the Bank, their value as determined by RBI while sanctioning
                                         the Scheme and such Member shall, in consideration thereof, compulsorily tender the equity
                                         shares held by him in the Bank, to the Bank for cancellation thereof and to that extent
                                         the equity share capital of the Bank shall stand reduced or be deemed to have been reduced,
                                         by such number of equity shares held and tendered by such Member, on the date immediately
                                         preceding the Effective Date (as defined in the Scheme), the determination by RBI as
                                         to the value of the equity shares to be paid to the dissenting Member being final for
                                         all purposes.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | III. | The
                                         Board be and is hereby authorised, on behalf of the Bank, for the purpose of giving effect
                                         to the provisions of the Scheme to effect the consequential reduction of the paid-up
                                         equity share capital of the Bank, if any, or of the Share Premium Account of the Bank,
                                         as may be required in terms of the Scheme as sanctioned by RBI.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | IV. | The
                                         Board be and is hereby authorised, on behalf of the Bank, to create, issue and allot,
                                         such number of equity shares of the Bank to the Members of the Transferor Bank in accordance
                                         with the Scheme as sanctioned by RBI.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | V. | The
                                         Board be and is hereby empowered and authorised to make such modifications and alterations
                                         to the Scheme including those as may be required or suggested by the relevant authority/authorities.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | VI. | The
                                         Board be and is hereby authorised to do all acts, matters, deeds and things and to take
                                         all steps and give such directions as may be necessary, expedient, incidental, ancillary
                                         or desirable as the Board in its absolute discretion may deem fit for giving effect to
                                         the Scheme or for its implementation and also to settle any questions or difficulties
                                         that may arise in such manner as the Board in its absolute discretion may deem fit and
                                         to take all steps which are incidental and ancillary thereto in this connection.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Explanatory
statement to the Notice of the Extra-ordinary General Meeting dated December 9, 2006 under Section 173(2) of the Companies Act,
1956.



EXPLANATORY
STATEMENT UNDER SECTION 173(2) OF THE COMPANIES ACT, 1956



| | 1. | An
                                         Extraordinary General Meeting of the Members of !CICI Bank Limited is being convened
                                         for the purpose of considering and, if thought fit, approving, with or without modifications,
                                         arrangement in the proposed Scheme of Amalgamation, as annexed hereto (hereinafter referred
                                         to as “the Scheme”) of The Sangli Bank Limited with ICICl Bank Limited.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | In
                                         this Statement, The Sangli Bank Limited is referred to as the Transferor Bank, and ICICI
                                         Bank Limited is referred to as the Transferee Bank.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



73





| | 3. | The
                                         Scheme has been approved by the Board of Directors of the Transferor Bank and the Transferee
                                         Bank at their respective Meetings held on December 9, 2006.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | Background
                                         of the Transferor Bank and the Transferee Bank:
| | -- | ---------------------------------------------------------------------------------------------------



| | a) | The
                                         Transferor Bank was incorporated on October 5, 1916 under the Indian Companies Act, 1913
                                         and has its Registered Office at Rajwada Chowk, Sangli 416 416, Maharashtra. The Transferor
                                         Bank has a network of 190 branches and extension counters.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | b) | The
                                         primary object of the Transferor Bank is banking business as set out in its Memorandum
                                         of Association.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | c) | The
                                         Transferee Bank was incorporated on January 5, 1994 under the Companies Act, 1956 and
                                         has its Registered Office at Landmark, Race Course Circle, Vadodara 390 007, Gujarat.
                                         The Transferee Bank has a network of 640 branches and extension counters and has over
                                         2,300 automated teller machines (ATMs).
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | d) | The
                                         primary object of the Transferee Bank is banking business as set out in its Memorandum
                                         of Association.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | e) | The
                                         authorised, issued, subscribed and paid-up share capital of the Transferor Bank and the
                                         Transferee Bank as at September 30, 2006 are as set out in Clause 3 of the Scheme.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5. | The
                                         amalgamation of the Transferor Bank with the Transferee Bank will be effected subject
                                         to the provisions of the Scheme formulated pursuant to Section 44A of the Banking Regulation
                                         Act, 1949 (hereinafter referred to as the ‘said Act’) and Reserve Bank of
                                         India’s guidelines for merger and amalgamation of private sector banks dated May
                                         11, 2005, (hereinafter referred to as ‘RBI Guidelines’) and in accordance
                                         with the applicable provisions of the Companies Act, 1956, and the Memorandum and Articles
                                         of Association of the Transferor Bank and the Transferee Bank and other applicable provisions
                                         of laws for the time being in force. In terms of Section 44A of the said Act and the
                                         RBI Guidelines, a Resolution is required to be passed by a majority in number representing
                                         two-thirds in value of the Members of the Transferor Bank and the Transferee Bank, present
                                         either in person or by proxy at the respective general meetings of the Members of the
                                         Transferee Bank and the Transferor Bank. As both the Transferor Bank and Transferee Bank
                                         are banking companies duly licensed under the provisions of the said Act, the amalgamation
                                         of the Transferor Bank with the Transferee Bank is exclusively governed by the provisions
                                         of Section 44A of the said Act and the RBI Guidelines which constitute a composite and
                                         complete code governing amalgamation of banking companies and the provisions of the scheme
                                         of amalgamation and the matters incidental and ancillary thereto, and as such the said
                                         amalgamation would require only the sanction of the Scheme by Reserve Bank of India (hereinafter
                                         referred to as ‘RBI’) for the Scheme coming into effect, and accordingly
                                         the provisions of the Companies Act, 1956 relating to amalgamation, the provisions of
                                         the Scheme, and matters incidental or ancillary thereto are not applicable. The Scheme
                                         does not require the approval of any High Court(s) / Company Courts / the National Company
                                         Law Tribunal under the provisions of the Companies Act, 1956.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6. | In
                                         the opinion of the Board of Directors of the Transferee Bank, the following are the main
                                         benefits that are expected to accrue to the Transferee Bank from the proposed Scheme:
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | a) | Increase
                                         in branch network: As a result of the amalgamation, the branch network of the Transferee
                                         Bank would increase by over 190 branches, providing increased geographic coverage and
                                         supporting increase in the Transferee Bank’s retail deposit base.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | b) | Support
                                         to rural banking strategy: The Transferee Bank has identified rural banking as a key
                                         focus area. The rural branches of the Transferor Bank would support rollout of the Transferee
                                         Bank’s rural banking strategy, including meeting the priority sector lending requirement.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | c) | Support
                                         to strategy for small and medium enterprise customers: The semi-urban and rural branches
                                         of the Transferor Bank would support extension of the Transferee Bank’s strategy
                                         to increase its coverage of small and medium enterprise customers.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | d) | Strengthening
                                         urban and metropolitan franchise: The amalgamation would enable the Transferee Bank to
                                         increase its customer base in urban and metropolitan centres, and increase its market
                                         share in retail deposits.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





74







Further,
there is no likelihood that any creditor of the Transferor Bank or of the Transferee Bank would lose or be prejudiced as a result
of the Scheme being passed since no sacrifice or waiver is at all called for from them nor are their rights sought to be modified
in any manner. The Transferee Bank has a strong capital and liquidity position and the Scheme would support further growth in
its deposit base. It would be able to meet all the liabilities as they arise in the course of the business. Hence the Scheme is
in no way expected to adversely affect the interests of any class of creditors but is in fact expected to substantially enhance
the comfort available to the creditors of the Transferor Bank, and have a positive impact on the funding profile of the Transferee
Bank.



| | 7. | Salient
                                         features of the Scheme and valuation:
| | -- | --------------------------------------------------------------------------------------



| | a) | The
                                         Scheme envisages that upon coming into effect of the Scheme, all the properties, assets,
                                         estates, rights, title, interests, licenses and authorities acquired by the Transferor
                                         Bank shall, subject to such modalities for vesting as stated in the Scheme, without any
                                         further act, deed or instrument, stand transferred to or be deemed to be transferred
                                         to the Transferee Bank in the manner set out in the Scheme and furthermore, that all
                                         the liabilities, borrowings, debts and/or obligations of the Transferor Bank shall, without
                                         any further act, deed or instrument, vest or be deemed to vest or be taken over by the
                                         Transferee Bank without the necessity of obtaining the consent of any third party or
                                         the person who is a party to or concerned with any contract or arrangement by virtue
                                         of which such liabilities, borrowings, debts and obligations have arisen in order to
                                         give effect to the provisions of the Scheme.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | b) | On
                                         and from the Effective Date and subject to the provisions of the Scheme, all contracts,
                                         deeds, tenancies, leases, licenses or other assurances, agreements, arrangements and
                                         other instruments of whatsoever nature to which the Transferor Bank is a party to or
                                         benefit of which the Transferor Bank may be eligible and which are subsisting or having
                                         effect immediately before the Effective Date, shall be in full force and effect against
                                         or in favour of the Transferee Bank as the case may be and all or any of the rights,
                                         privileges, obligations and liabilities of the Transferor Bank shall be transferred to
                                         and vest in the Transferee Bank and may be enforced as fully and effectually as if, instead
                                         of the Transferor Bank, the Transferee Bank had been a party, beneficiary or obligee
                                         thereto.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | c) | Upon
                                         coming into effect of the Scheme all suits, actions and proceedings of whatsoever nature
                                         by or against the Transferor Bank pending and/or arising on or before the Effective Date
                                         shall be continued and be enforced by or against the Transferee Bank as fully and effectually
                                         as if the same had been filed by, pending and/or arising against the Transferee Bank.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | d) | Upon
                                         coming into effect of the Scheme and in consideration of the transfer of and vesting
                                         of all the assets and the liabilities (as defined in the Scheme) of the Transferor Bank
                                         to the Transferee Bank in terms of the Scheme, the Transferee Bank shall subject to the
                                         provisions of the Scheme and without any further application, act or deed, issue and
                                         allot One Hundred (100) equity shares of the Transferee Bank of the face value of Rs.
                                         10/- each credited as fully paid-up in the capital of the Transferee Bank to those Members
                                         of the Transferor Bank whose names are recorded in the Register of the Members (hereinafter
                                         referred to as the “the said Members”) on a date (hereinafter referred to
                                         as the “Record Date”) to be fixed by the Board of the Transferee Bank for
                                         every Nine Hundred and Twenty Five (925) equity shares of Rs. 10/- each held by the said
                                         Member in the Transferor Bank.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The
aforesaid share exchange ratio has been approved separately and independently by the Board of Directors of both the Transferor
Bank and Transferee Bank. The same has been approved as being a fair exchange ratio after considering the independent valuation
made by M/s Deloitte Haskins & Sells, a well reputed firm of Chartered Accountants, who were appointed as the independent
valuer for this purpose.



The
equity share exchange ratio has been arrived at by the independent valuer on the basis of a relative valuation of the equity shares
of both the Transferor Bank and the Transferee Bank by applying commonly used and accepted valuation methodologies, namely, net
asset value methodology, market price methodology and profit earning capacity value methodology, as applicable, and after taking
into account various qualitative factors relevant to both the Transferor Bank and the Transferee Bank including their business
dynamics and growth potential.



75





| | e) | The
                                         share certificates in relation to the equity shares held by the said Members in the Transferor
                                         Bank shall be deemed to have been automatically cancelled and be of no effect on and
                                         from the Record Date, without any further act, deed or instrument. In so far as the issue
                                         of equity shares pursuant to Clause 9 of the Scheme is concerned, each of the said Members
                                         of the Transferor Bank, holding the share certificates of the Transferor Bank, shall
                                         have the option, exercisable by notice in writing by the said Members to the Transferee
                                         Bank on or before such date as may be determined by the Board of Directors of the Transferee
                                         Bank or a committee of such Board of Directors, to receive either in certificate form
                                         or in dematerialised form, the equity shares of the Transferee Bank in lieu thereof and
                                         in terms of the scheme. In the event that such notice from the said Members has not been
                                         received by the Transferee Bank in respect of any of the said Members the equity shares
                                         of the Transferee Bank shall be issued to such Members in certificate form. In respect
                                         of those of the said Members exercising the option to receive the equity shares in dematerialised
                                         form, such of the said Members shall have opened and maintained an account with a depository
                                         participant and shall provide such other confirmations and details as may be required,
                                         and thereupon the Transferee Bank shall directly issue and credit the demat/ dematerialised
                                         securities account of such Member with the equity shares of the Transferee Bank.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | f) | The
                                         Transferee Bank shall be entitled to declare and pay dividend, whether interim and/or
                                         final, to its Members in respect of the financial year/accounting period prior to the
                                         Effective Date. The Transferor Bank shall not declare any dividend in accordance with
                                         Clause 15 of the Scheme.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | g) | Upon
                                         the coming into effect of the Scheme, the equity shares of the Transferee Bank to be
                                         issued and allotted to the said Members as provided in the Scheme shall rank pari passu
                                         in all respect with the equity shares of the Transferee Bank including entitlement of
                                         dividend, if any, that may be declared by the Transferee Bank.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | h) | This
                                         Scheme shall become operative from the Effective Date, i.e. the date on which the Scheme
                                         is sanctioned by RBI or such other date as may be specified by RBI by an order in writing
                                         passed in this behalf under the provisions of Section 44A of the said Act.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | i) | All
                                         the employees of the Transferor Bank in service on the Effective Date shall become the
                                         employees of the Transferee Bank on the Effective Date without any break or interruption
                                         in service and on terms and conditions as to remuneration, emoluments or perquisites,
                                         which are not less favourable than those subsisting with reference to the Transferor
                                         Bank as on the Effective Date.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | j) | The
                                         Scheme is specifically conditional upon and subject to several matters set forth in Clause
                                         21 of the Scheme.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | k) | Upon
                                         the Scheme coming into effect, and subject to further directions as RBI may pass, the
                                         Transferor Bank shall be dissolved without being wound up.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | l) | All
                                         costs, charges and expenses, including any taxes and duties, of the Transferor Bank and
                                         the Transferee Bank incurred by each of them in relation to or in connection with the
                                         Scheme and incidental to the completion of the amalgamation of the Transferor Bank with
                                         the Transferee Bank in pursuance of the Scheme (other than due diligence expenses of
                                         the Transferee Bank), shall be borne and paid by the Transferor Bank.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8. | Any
                                         Member of the Transferor Bank or the Transferee Bank, as the case may be, who has voted
                                         against the Scheme at the Meeting of the Transferor Bank or the Transferee Bank, as the
                                         case may be, or has given notice in writing at or prior to the Meeting of the Transferor
                                         Bank or the Transferee Bank, as the case may be, or to the presiding officer of the Meeting
                                         of the Transferor Bank or the Transferee Bank, as the case may be, that he dissents from
                                         the Scheme, shall be entitled, in the event of the Scheme being sanctioned by RBI, to
                                         claim from the Transferor Bank or the Transferee Bank, as the case may be, their value
                                         as determined by RBI when sanctioning the Scheme and such Member shall, in consideration
                                         thereof, compulsorily tender the shares held by him, in the Transferor Bank or the Transferee
                                         Bank, as the case may be, to the Transferor Bank or the Transferee Bank, for cancellation
                                         thereof and to that extent the share capital of the Transferor Bank or the Transferee
                                         Bank, as the case may be shall stand reduced or be deemed to have been reduced, by such
                                         number of shares held and tendered by such Member, on the date immediately preceding
                                         the Effective Date. The determination by RBI as to value of the shares to be paid to
                                         the dissenting Member shall be final for all purposes.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



76





| | 9. | The
                                         Scheme is conditional upon and subject to necessary sanctions and approvals as set out
                                         in Clause 21 of the Scheme. The Scheme provides that in the event of any approval(s)
                                         not being obtained, the same shall stand revoked and will have no effect and in that
                                         event the Transferor Bank and the Transferee Bank shall bear their own costs or as may
                                         be mutually agreed amongst them.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The
aforesaid being only the salient features of the Scheme, the Members are requested to read the entire text of the Scheme to get
better acquainted with the provisions thereof, as stated above.



Miscellaneous



| | 10. | In
                                         order to give effect to the Scheme under the provisions of law, both the Transferor Bank
                                         and the Transferee Bank are required to obtain the consent and approval of their Members
                                         to the proposed Scheme, with or without modifications, under the provisions of Section
                                         44A of the said Act. The consent of the Members of the Transferor Bank and the Transferee
                                         Bank is sought to be obtained for this purpose through separate general meetings to be
                                         conducted in January 2007.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11. | The
                                         Directors of the Transferor Bank and the Transferee Bank may be deemed to be concerned
                                         and/or interested in the Scheme to the extent of their shareholdings or that of the companies,
                                         firms, and/or institutions of which they are Directors, partners or members and which
                                         may hold equity shares in either the Transferor Bank or the Transferee Bank or both,
                                         and to that extent of any employee stock options granted, if any, by the Transferor Bank
                                         and the Transferee Bank. The equity shares held by the Directors of the Transferor Bank
                                         and the Transferee Bank, either singly or jointly, are as follows:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Directors
    of
    ICICI Bank Limited | Shareholding
    as on December 9, 2006 in | Directors
    of
    The Sangli Bank Limited | Shareholding
    as on December 9, 2006 in
|--------------------------------------- | ------------------------------------------ | -------------------------------------------- | ------------------------------------------
|Names                                   | ICICI
    Bank                             | Sangli
    Bank                              | Names                                     
|N.
    Vaghul                           | 27,543                                     | Nil                                          | P.N.
    Desai                            
|R.K.
    Joshi                          | Nil                                        | Nil                                          | S.B.
    Kaltari                          
|L.N.
    Mittal                         | 3,110,700                                  | Nil                                          | L.S.
    Gidwani                          
|Sridar
    lyengar                      | Nil                                        | Nil                                          | R.H.
    Bhate                            
|Narendra
    Murkumbi                   | Nil                                        | Nil                                          | A.S.
    Hirani                           
|Anupam
    Puri                         | Nil                                        | Nil                                          | M.D.
    Patil                            
|Vinod
    Rai                           | Nil                                        | Nil                                          | P.P.
    Patil                            
|M.K.
    Sharma                         | 5,050                                      | Nil                                          | S.R.
    Thakkar                          
|P.M.
    Sinha                          | Nil                                        | Nil                                          |                                           
|Marti
    G. Subrahmanyam               | 1,613                                      | Nil                                          |                                           
|T.S.
    Vijayan                        | Nil                                        | Nil                                          |                                           
|V.
    Prem Watsa                       | Nil                                        | Nil                                          |                                           
|K.V.
    Kamath                         | 164,500                                    | Nil                                          |                                           
|Kalpana
    Morparia                    | 21,190                                     | Nil                                          |                                           
|Chanda
    D. Kochhar                   | 176,425                                    | Nil                                          |                                           
|Nachiket
    Mor                        | Nil                                        | Nil                                          |                                           
|V.
    Vaidyanathan                     | 46,960                                     | Nil                                          |                                           



| | 12. | The
                                         following documents will be open for inspection between 11.00 a.m. and 1.00 p.m at the
                                         Registered Office of the Transferee Bank on all working days, except on Sunday and other
                                         holidays, and at the Corporate Office of the Transferee Bank on all working days, except
                                         on Saturday and Sunday and other holidays, till the date of the Meeting:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | a) | Memorandum
                                         and Articles of Association of the Transferor Bank;
| | -- | -------------------------------------------------------------------------------------------------------



| | b) | Memorandum
                                         and Articles of Association of the Transferee Bank;
| | -- | -------------------------------------------------------------------------------------------------------



| | c) | Audited
                                         accounts of the Transferor Bank for the year ended March 31, 2006;
| | -- | -------------------------------------------------------------------------------------------------------------------



| | d) | Audited
                                         accounts of the Transferee Bank for the year ended March 31, 2006;
| | -- | -------------------------------------------------------------------------------------------------------------------



| | e) | Scheme
                                         of Amalgamation;
| | -- | ----------------------------------------------------------------



| | f) | Valuation
                                         Report from Deloitte Haskins & Sells dated December 9, 2006;
| | -- | ---------------------------------------------------------------------------------------------------------------



| | g) | Certified
                                         Copy of extracts of the Register of Interest of Directors of the Transferor Bank; and
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------



| | h) | Register
                                         of Interest of Directors of the Transferee Bank.
| | -- | --------------------------------------------------------------------------------------------------



77





| | 13. | As
                                         the implementation of the Scheme could involve reduction of the paid-up share capital
                                         of the Transferee Bank, or of the Share Premium Account of the Transferee Bank, for the
                                         purpose of abundant caution, it is also proposed to pass the Resolution for the purpose
                                         of giving effect to the provisions of the Scheme to effect the consequential reduction
                                         of the paid-up equity share capital of the Transferee Bank, if any, or of the Share Premium
                                         Account of the Transferee Bank, as may be required in terms of the Scheme, as sanctioned
                                         by RBI.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 14. | The
                                         paid-up equity share capital of the Transferee Bank as on September 30, 2006 is 892,895,861
                                         equity shares of Rs. 10/- (Rupees ten only) each amounting to Rs. 8,929.2 million, including
                                         shares forfeited and call in arrears and which is, after the amalgamation, on account
                                         of the amalgamation and as per the Scheme, expected to increase by 3,455,138 equity shares
                                         of Rs. 10/- (Rupees ten only) each, subject to the terms of the Scheme in this behalf.
                                         The shareholding pattern of the Transferee Bank, pre-amalgamation and post amalgamation,
                                         will not undergo any material, significant or substantial change as the expected increase
                                         in equity share capital is equivalent to about 0.4% of the Transferee Bank’s existing
                                         issued equity share capital, and will augment the public shareholding category of the
                                         Transferee Bank. As the implementation of the Scheme would involve the issue of new equity
                                         shares of the Transferee Bank, for the purpose of abundant caution, it is also proposed
                                         to pass the Resolution for creation, issue and allotment of equity shares in order to
                                         give effect to the Scheme.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------








The
following Resolutions were passed by the Members of the ICICI Bank on June 8, 2007 videPostal Ballot voting process, as
approved by Reserve Bank of India videletter dated June 5, 2007.



Resolution
at Item No. 1



RESOLVED
thatpursuant to the provisions of Section 94 of the Companies Act, 1956, and other applicable provisions, if any, of the
Companies Act, 1956, the authorised capital of the Company be altered from Rs.1900,00,00,000 (Rupees One Thousand Nine Hundred
crore) to Rs.1775,00,00,000 (Rupees One Thousand Seven Hundred Seventy Five crore).



RESOLVED
FURTHER thatsubject to the approval of Reserve Bank of India and any other requisite approvals, if and to the extent necessary,
the Memorandum of Association of the Company be amended by substituting Clause V as follows :



“The
authorised capital of the Company shall be Rs.1775,00,00,000 divided into 127,50,00,000 shares of Rs.10 each, 150,00,000 shares
of Rs. 100 each and 350 shares of Rs.1 crore each with rights, privileges and conditions attached thereto as are provided by the
Articles of Association of the Company for the time being with power to increase or reclassify or alter the capital of the Company
and to divide/consolidate the shares in the capital for the time being into several classes and face values and to attach thereto
respectively such preferential, cumulative, convertible, guarantee, qualified or other special rights, privileges, conditions
or restrictions, as may be determined by or in accordance with the Articles of Association of the Company for the time being and
to vary, modify or abrogate any such right, privilege or condition or restriction in such manner as may for the time being be
permitted by the Articles of Association of the Company and the legislative provisions for the time being in force.”



Resolution
at Item No. 2



RESOLVED
thatsubject to the applicable provisions of the Companies Act, 1956 and subject to the requisite approvals, if and to the
extent necessary, Article 5 (a) of the Articles of Association of the Company be substituted by the following Clause:



| | 5(a) | The
                                         Authorised Capital of the Company is Rs.1775,00,00,000 divided into :
| | ---- | ------------------------------------------------------------------------------------------------------------------



| | (i) | 127,50,00,000
                                         equity shares of Rs.10 each.
| | --- | -----------------------------------------------------------------------------------



| | (ii) | 150,00,000
                                         shares of Rs. 100 each which shall be of such class and with rights, privileges, conditions
                                         or restrictions as may be determined by the company in accordance with these presents
                                         and subject to the legislative provisions for the time being in that behalf, and
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | 350
                                         preference shares of Rs.1 crore each.
| | ----- | ----------------------------------------------------------------------------------



Explanatory
Statement and reasons for proposing the Resolutions at Item Nos. 1 and 2 of the Postal Ballot Notice dated April 28, 2007 for
alteration of the authorised share capital and alteration in the Memorandum and Articles of Association of the Company.





78







At
present, the authorised capital of the Company is Rs.1900 crore as set out in Clause V of the Memorandum of Association of the
Company consisting of equity share capital of Rs.1000 crore and preference share capital of Rs.900 crore.



The
paid-up equity share capital as on March 31, 2007 is Rs.899 crore. Subsequent to the allotment of equity shares to the shareholders
of The Sangli Bank Limited, the paid-up equity share capital will increase to approximately Rs.903 crore.



In
line with the growth momentum of the Indian economy, the Bank has grown at a rapid pace. Over the last three years, ICICE Bank’s
asset base has grown at a compounded annual rate of over 40%.



ICICI
Bank will require additional capital due to the requirement of capital for operational risk under Basel II, the recent guidelines
substantially increasing the risk weights for various categories of assets and to support business growth in India and overseas.
Given the future capital requirements, the Bank proposes a fresh issue of equity shares. Subject to necessary changes in applicable
statutes and regulations, the Bank would also consider issuing preference shares eligible for inclusion in regulatory capital.
Further, the Bank proposes to explore the possibility of early redemption of the existing preference share capital, though not
provided for in the terms of the preference shares.



Pursuant
to Section 12 of the Banking Regulation Act, 1949, the issued share capital of a bank cannot be less than 50% of its authorised
capital. In order to enhance the equity capital, enable issuance of new preference shares, when permitted, and facilitate the
possible reduction in existing preference share capital, while ensuring compliance with the above restriction, it is proposed
to amend the authorised share capital of the Bank by reducing the overall Authorised Capital of the Bank from Rs. 1900,00,00,000
(Rupees One Thousand Nine Hundred crore) to Rs.1775,00,00,000 (Rupees One Thousand Seven Hundred Seventy Five crore).



Your
approval is, therefore, sought to the amendment of the said Clause V of the Memorandum of Association of the Bank videResolution
at Item No. 1 of the Notice.



The
relevant extract from Clause V at present vis-a-visthe proposed amendment are given below for ready reference of the Members:



|Extract
    from Clause V at present                                                                                                                                 | With
    the proposed amendment                                                                                                                                                                                            
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|The
    authorised capital of the Company
    shall be Rs.1900,00,00,000 divided into
    155,00,00,000 shares of Rs.10 each and
    350 shares of Rs.1 crore each...... | The
    authorised capital of the Company shall be Rs.1775,00,00,000 divided into 127,50,00,000 equity
    shares of Rs.10 each, 150,00,000 preference shares of Rs.100 each and 350 preference shares of Rs.1 crore each......



Your
approval is also sought videResolution at Item No. 2 of the Notice to amend the relevant Article of the Articles of Association
of the Company to reflect the alteration in the authorised share capital and classification of the share capital.



The
relevant Article 5(a) as at present and with the proposed amendment is given below for ready reference of the Members:



|Present
    Article                                                                                                                                                                                                               | Proposed
    Article                                                                                                                                                                                                            
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|“5
    (a) The Authorised Capital of the Company is Rs.1900,00,00,000 divided into 100,00,00,000 equity shares of Rs.10 each, 5,50,00,000
    preference shares of Rs.100 each and 350 preference shares
    of Rs.1 crore each.” | “5
    (a) The Authorised Capital of the Company is Rs.1775,00,00,000 divided into 127,50,00,000 equity shares
    of Rs.10 each, 150,00,000 preference shares of Rs.100 each
    and 350 preference shares of Rs.1 crore each.”



The
Directors recommend the adoption of the Resolutions at Item Nos. 1 and 2 of the Notice.



No
Director of the Company is in any way concerned or interested in the Resolutions at Item Nos.1 & 2 of the Notice.



79





At
the Thirteenth Annual General Meeting of ICICI Bank Limited, convened and held at Professor Chandravadan Mehta Auditorium, General
Education Centre, Opposite D. N. Hall Ground, The Maharaja Sayajirao University, Pratapgunj, Vadodara 390 002 on Saturday, July
21, 2007, the following Resolution was passed as Special Resolution.



Resolution
at Item No. 19



RESOLVED
that subject to the applicable provisions of the Companies Act, 1956 and subject to the requisite approvals, if and to the extent
necessary, Article 56(d) of the Articles of Association of the Company be substituted by the following Clause:



“56(d)
Acquisition of shares by a person/group which could take in the aggregate his/her/its holding to a level of 5 per cent or more
of the total paid-up capital of the Bank (or such other percentage as may be prescribed by Reserve Bank of India from time to
time) should be effected by such buyer(s) after obtaining prior approval of Reserve Bank of India.”



Explanatory
Statement to the Notice of Thirteenth Annual General Meeting dated July 21, 2007 under Section 173(2) of the Companies Act 1956.



Article
56(d) of the Articles of Association of the Bank provides that “Acquisition of shares by a person/group which could take
in the aggregate his/her/its holding to a level of 5 per cent or more of the total issued capital of the Bank (or such other percentage
as may be prescribed by the Reserve Bank of India from time to time) should be effected by such buyer(s) after obtaining prior
approval of the Reserve Bank of India. The term ‘group’ will have the same meaning as contained in Section 2(e) of
the Monopolies and Restrictive Trade Practices Act, 1969”.



It
is proposed to delete the reference to the definition of ‘group’. Further the words “5 per cent or more of the
total issued capital of the Bank” are proposed to be substituted by the words “5 per cent or more of the total paid-up
capital of the Bank”.



The
Directors recommend the adoption of the Resolution atItem No.19 of the Notice.



No
Director is in any way concerned or interested in the Resolution at Item No.19 of the Notice.



Amendments
to the Object Clause approved by the Members by means of postal ballot, the result of which was declared at the Eighth Annual
General Meeting held on September 16, 2002, which was approved by Reserve Bank of India with some modifications as detailed below:



| | I. | Clause
                                         III (A) be modified and amended as follows:
| | -- | -------------------------------------------------------------------------------------------



| | (a) | By
                                         inserting the following Clause as Clause 7A after Clause 7:
| | --- | -------------------------------------------------------------------------------------------------------



| | 7A. | To
                                         securitise, purchase, acquire, invest in, transfer, sell, dispose of or trade in any
                                         financial asset whatsoever, receivables, debts, whether unsecured or secured by mortgage
                                         of immoveables or charge on movables or otherwise, securitised debts, asset or mortgaged
                                         backed securities or mortgage backed securitised debts and to manage, service or collect
                                         the same and to appoint managing, servicing or collection agent therefor and to issue
                                         certificates or other instruments in respect thereof to public or private investors and
                                         to guarantee and insure the due payment, fulfillment and performance of obligations in
                                         respect thereof or in connection therewith and to promote, establish, undertake, organise,
                                         manage, hold or dispose of any special purpose entity, body corporate or vehicle for
                                         carrying on all or any such activities.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | By
                                         deleting Clause III(A)(18) and replacing it with the following:
| | --- | -----------------------------------------------------------------------------------------------------------



| | 18. | To
                                         provide credit, charge, debit, saving, investment or other facilities to any person or
                                         persons (whether individuals, firms, companies, bodies, corporate or other entities),
                                         whether in the private or public sector by issuance of credit, charge, debit, stored
                                         value, prepaid, smart or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



80





other
cards whether private label, cobranded, affinity or otherwise and to establish and maintain card acceptance network (including
physical, electronic, computer or automated machines network) and make payments or provide settlement service to the merchants
or issuing banks on account of usage by the cardholders of the credit, charge, debit, stored value, prepaid, smart or other cards
whether private label, co-branded, affinity or otherwise.



| | (c) | By
                                         inserting the following Clauses after Clause III(A)(20) as Object Clause Nos. 20A, 20B,
                                         20C, 20D, 20E, 20F, 20G, 20H, 20I, 20J, 20K:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20A. | To
                                         carry on the business of assisting industrial infrastructure and commercial enterprises
                                         :
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



in
general by



| | i) | assisting
                                         in the creation, expansion and modernisation of such enterprises;
| | -- | --------------------------------------------------------------------------------------------------------------------



| | ii) | encouraging
                                         and promoting the participation of capital, both internal and external in such enterprises;
                                         and in particular by
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | i) | providing
                                         finance in the form of long, medium or short term loans or equity participations ;
| | -- | -------------------------------------------------------------------------------------------------------------------------------------



| | ii) | sponsoring
                                         and underwriting new issues of shares and securities ;
| | --- | ----------------------------------------------------------------------------------------------------------



| | iii) | guaranteeing
                                         loans from other investment sources ;
| | ---- | -------------------------------------------------------------------------------------------



| | iv) | making
                                         funds available for re-investment by revolving investments as rapidly as prudent ;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------



| | v) | performing
                                         and undertaking activities pertaining to leasing, giving on hire or hire-purchase, bill
                                         marketing, factoring and related fields;
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20B | To
                                         lend money, with or without interest, (with or without security) for any maturity, in
                                         any form whatsoever including by way of loans, advances, instalment credit, trade finance,
                                         hire or otherwise to any person or persons (whether individuals, firms, companies, bodies
                                         corporate, Government, State, Sovereign, public body or authority, supreme, local or
                                         otherwise or other entities), whether in the private or public sector, for any purpose
                                         whatsoever, including agriculture, industry, infrastructure, export-import, housing,
                                         consumer or others.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20C | To
                                         lend money, with or without interest, (with or without security) for any maturity, in
                                         any form whatsoever, to any person or persons (whether individuals, firms, companies,
                                         bodies corporate, Government, State, Sovereign, public body or authority, supreme, local
                                         or otherwise or other entities), whether in the private or public sector, for
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | Purchasing
                                         or acquiring any freehold or leasehold lands, estate or interest in any land or property,
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Taking
                                         demise for any term or terms of years of any land or property, or
| | ---- | -----------------------------------------------------------------------------------------------------------------



| | (iii) | Construction,
                                         erection, purchase, extension, alteration, renovation, development or repair any house
                                         or building or any form of real estate or any part or portion thereof.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20D | To
                                         provide financial assistance to any person or persons (whether individuals, firms, companies,
                                         bodies corporate, Government, State, Sovereign, public body or authority, supreme, local
                                         or otherwise or other entities), whether in the private or public sector for any purpose
                                         whatsoever by means of leasing, giving on hire or hire-purchase, lending, selling, reselling,
                                         or otherwise disposing of all forms of immoveable and moveable properties and assets
                                         of any kind, nature or use, whatsoever and for the purpose, purchasing or otherwise acquiring
                                         dominion over the same, whether new or used.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20E | To
                                         purchase, acquire, sell, dispose of, deal or trade in bullion and specie and/or to issue,
                                         subscribe to, acquire, purchase, sell, dispose of, deal or trade in derivative financial
                                         instruments including futures, forwards, options, swaps, caps, collars, floors, swap
                                         options, bond options or other derivative instruments whether traded on any market or
                                         exchange or otherwise, for proprietary trading activities or for any person or persons
                                         (whether individuals, firms, companies, bodies
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



81





corporate,
Government, State, Sovereign, public body or authority, supreme, local or otherwise or other entities), whether in the private
or public sector.



| | 20F | To
                                         promote, organize, manage or undertake the activities of insurance intermediaries including
                                         insurance or reinsurance brokers, consultants, surveyors, loss assessors, loss control
                                         engineers, risk managers, actuarial analyst and to promote, organize, manage or undertake,
                                         marketing, trading, distribution or servicing of insurance and assurance products of
                                         all kinds, whether life or general; financial, investment or other products including
                                         (without limitation) securities, stocks, shares, debentures, bonds, units, certificates
                                         or services offered by the Company and/ or by any person, firm, company, body corporate,
                                         mutual fund, Government, State, public body or authority, supreme, municipal, local or
                                         otherwise, through the Company’s branches or offices.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20G | To
                                         promote, organise or manage funds or investments on a discretionary or non-discretionary
                                         basis on behalf of any person or persons (whether individual, firms, companies, bodies,
                                         corporate, public body or authority, supreme, local or otherwise, trusts, pension funds,
                                         offshore funds, charities, other associations or other entities), whether in the private
                                         or public sector.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20H | To
                                         act as Trustee of any deeds, constituting or securing any debentures, debenture stock,
                                         or other securities or obligations and to undertake and execute any other trusts, and
                                         also to undertake the office of or exercise the powers of executor, administrator, receiver,
                                         treasurer, custodian and trust corporation.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20I | To
                                         provide financial services, advisory and counselling services and facilities of every
                                         description capable of being provided by share and stock brokers, share and stock jobbers,
                                         share dealers, investment fund managers and to arrange and sponsor public and private
                                         issues or placement of shares and loan capital and to negotiate and underwrite such issues.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | II. | Clause
                                         III (B) be modified and amended by:
| | --- | -----------------------------------------------------------------------------------



| | (a) | By
                                         deleting Clause III (B)(61) and replacing it with the following:
| | --- | ------------------------------------------------------------------------------------------------------------



| | 61. | To
                                         do all or any of the above things and all such other things as are incidental or as may
                                         be thought conducive to the attainment of the above objects or any of them in India or
                                         any other part of the world either as principals, agents, trustees, contractors or otherwise
                                         and either alone or in conjunction with others and either by or through agents, contractors
                                         trustees or otherwise and to do all such things as are incidental or conducive to the
                                         attainment of the above objects.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | By
                                         inserting the following Clauses after Clause III(B)(60) as Object Clause Nos. 60A, 60B
                                         and 60C:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 60A | To
                                         develop, improve, design, software and programme products of any and all descriptions
                                         in connection with or incidental or conducive to or in furtherance of the attainment
                                         of any of the objects of the Company.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 60B | To
                                         appoint trustees (whether individuals or corporations) to hold securities on behalf of
                                         and to protect the interests of the Company.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 60C | To
                                         promote, sponsor, organise, manage or undertake events, exhibitions, conferences, lectures,
                                         seminars, printing, publication or distribution of any books, report, literature, newspapers,
                                         publicity or other materials in connections with or incidental or conducive to or in
                                         furtherance of the attainment of any of the objects of the Company.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



82





At
the Twentieth Annual General Meeting of ICICI Bank Limited, convened and held at Sir Sayajirao Nagargruh, Vadodara Mahanagar Seva
Sadan, Near GEB Colony, Old Padra Road, Akota, Vadodara 390 020 on Monday, June 30, 2014, the following Special Resolution was
passed:



Resolution
at Item no. 9



RESOLVED
that subject to Section 14 and other applicable provisions of the Companies Act, 2013, Banking Regulation Act, 1949, Banking Laws
(Amendment) Act, 2012, guidelines of Reserve Bank of India and such other requisite approvals as may be required, Article 56(d)
and Article 113(b) of the Articles of Association of the Company be substituted by the following Clauses respectively:



Article
56(d) would be substituted as follows:



Acquisition
of shares or voting rights therein, by a person directly or indirectly, by himself or acting in concert with any other person
which taken together with shares and voting rights, if any, held by him or his relative or associate enterprise or person acting
in concert with him, makes the applicant to hold five per cent or more of the paid-up share capital of the Bank or entitles him
to exercise five per cent or more of the voting rights in the Bank, should be effected by such person(s) after obtaining prior
approval of Reserve Bank of India.



For
the purpose of this clause-



| | (a) | Associate
                                         enterprise means a company whether incorporated or not which
| | --- | ---------------------------------------------------------------------------------------------------------------



| | (i) | is
                                         a holding company or a subsidiary company of the applicant or
| | --- | ---------------------------------------------------------------------------------------------------------



| | (ii) | is
                                         a joint venture of the applicant or
| | ---- | -------------------------------------------------------------------------------



| | (iii) | controls
                                         the composition of the Board of Directors or other body governing the applicant or
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | exercises
                                         in the opinion of the Reserve Bank of India significant influence on the applicant in
                                         taking financial or policy decisions or
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | is
                                         able to obtain economic benefits from the activities of the applicant;
| | --- | ------------------------------------------------------------------------------------------------------------------



| | (b) | Relative
                                         shall mean relative as defined in the Companies Act, 2013 as amended from time to time.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Persons
                                         shall be deemed to be acting in concert who for a common objective or purpose of acquisition
                                         of shares or voting rights in excess of the percentage mentioned in Section 12(b) of
                                         the Banking Regulation Act pursuant to an agreement or understanding (formal or informal)
                                         directly or indirectly co-operate by acquiring or agreeing to acquire shares or voting
                                         rights in the banking company.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Joint
                                         venture means a legal entity in the nature of a partnership engaged in the joint undertaking
                                         of a particular transaction for mutual profit or an association of persons or companies
                                         jointly undertaking some commercial enterprise wherein all contribute assets and share
                                         risks.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Article
113(b) would be substituted as follows:



On
a poll, the voting rights of Members shall be as provided in Section 47 of the Companies Act, 2013, but will be subject to the
ceiling of ten per cent of the total voting rights or such other percentage as may be stipulated by Section 12(2) of the Banking
Regulation Act or under any of the proviso or explanation to Section 12 of the Banking Regulation Act.



Explanatory
Statement to the Notice of Twentieth Annual General Meeting dated June 30, 2014 under Section 102(1) of the Companies Act, 2013.



Item
No. 9



Ministry
of Finance has vide its gazette notification dated January 17, 2013 notified the Banking Laws (Amendments) Act, 2012 making certain
amendments to the Banking Regulation Act, 1949. In the context of the above, Reserve Bank of India (RBI) vide its letter dated
October 23, 2013 has advised all private sector banks to make necessary amendments to their Memorandum of Association (MoA) and
Articles of Association (AoA) to align these constitutional documents with the provisions of the Banking Laws (Amendments) Act,
2012. Based on the changes to the provisions of the Banking Regulation Act, 1949, clauses 56(d) and 113(b) of the AoA are required
to be amended to align the same with Banking Law (Amendments) Act, 2012.



83





Articles
56(d) of the Articles of Association provides that “Acquisition of shares by a person/group which could take in the
aggregate his/her/its holding to a level of five per cent or more of the total paid-up capital of the Bank (or such other
percentage as may be prescribed by RBI from time to time) should be effected by such buyer(s) after obtaining prior approval
of RBI.” Article 56(d) was inserted in the AoA in line with Reserve Bank of India guidelines. It is proposed to amend
the clause 56(d) to align the same with the new Section 12B introduced in Banking Regulation Act, 1949 on “Regulation
of acquisition of shares or voting rights” which has enhanced the scope of the already existing clause as mentioned
above to include the act of acquisition by a person acting in concert, relative and associate enterprise.



Article
113(b) of the Articles of Association provides that on a poll, the voting rights of Members shall be as provided in Section 87
of the Act (Companies Act, 1956), but will be subject to the ceiling of ten per cent of the total voting rights or such other
percentage as may be stipulated by Section 12(2) of the Banking Regulation Act. It is proposed to amend Article 113(b) of the
AoA to include appropriate cross reference to Section 47 of Companies Act, 2013 and Section 12(2) of the Banking Regulation Act,
1949 wherein a new proviso has been inserted and power has been given to RBI to increase, in a phased manner, ceiling on voting
rights on poll from ten per cent to twenty six per cent.



The
Directors recommend the adoption of the Resolution at Item No. 9 of the Notice.



No
Director, Key Managerial Personnel and their relatives are in any way concerned or interested in the Resolution at Item No. 9
of the Notice.








The
following Resolutions were passed by the Members of the ICICI Bank on November 20, 2014 videPostal Ballot voting process.
The alteration of the capital clauses was approved by Reserve Bank of India videletter dated October 29, 2014



Resolution
at Item No. 1



RESOLVEDthat
pursuant to the provisions of Section 61, 64 and other applicable provisions, if any, of the Companies Act, 2013, (including
any statutory modification or re-enactment thereof for the time being in force) and in accordance with the provisions of the
Memorandum and Articles of Association of the Bank and subject to such other approval(s), consent(s), permission(s) and
sanction(s) as may be necessary from the concerned Statutory Authority(ies), including the Reserve Bank of India, each Equity
Share of the Bank having a face value of ₹ 10 each fully paid-up be subdivided into 5 (Five) Equity Shares of the face
value of ₹ 2 each fully paid-up.



RESOLVED
FURTHERthat on sub-division, 5 (Five) Equity Shares of face value of ₹ 2 each be allotted in lieu of existing 1
(one) Equity Share of ₹ 10 each subject to the terms of the Memorandum and Articles of Association of the Bank and
shall rank pari passuin all respects with the existing fully paid Equity Shares of ₹ 10 each of the Bank and
shall be entitled to participate in full in dividends to be declared after the subdivided Equity Shares are
allotted.



RESOLVED
FURTHERthat on sub-division of Equity Shares as aforesaid, the existing share certificate(s) in relation to the existing
Equity Shares of the face value of ₹ 10 each held in physical form shall be deemed to have been automatically cancelled
and be of no effect on and from the Record Date and the Bank may, without requiring the surrender of the existing share certificate(s),
issue and dispatch the new share certificate(s) of the Bank in lieu of such existing share certificate(s) subject to the provisions
of the Companies (Share Capital and Debentures) Rules, 2014 and in the case of Equity Shares held in the dematerialised form,
the number of sub-divided Equity Shares be credited to the respective beneficiary accounts of the Members with the depository
participants, in lieu of the existing credits representing the Equity Shares of the Bank before sub-division.



RESOLVED
FURTHERthat the Board of Directors of the Bank (which expression shall also include a Committee thereof) be and is hereby
authorized to make appropriate adjustments due to the sub-division of Equity Shares as aforesaid, to stock options which have
been granted to employees of the Bank under its Employee Stock Option Scheme pursuant to the Securities and Exchange Board of
India (Employee Stock Options and Employee Stock Purchase Scheme) Guidelines, 1999 and any amendments thereto from time to time,
such that the exercise price for all employee stock options which are outstanding as on the Record Date (vested and unvested options
including lapsed and forfeited options available for reissue) shall be proportionately adjusted and the number of stock options
which are available for grant and those already granted but not exercised as on Record Date shall be appropriately adjusted.



84





RESOLVED
FURTHERthat subject to approval(s), consent(s), permission(s) and sanction(s) as may be necessary from the concerned Statutory
Authority(ies) and Indian and Overseas Depositories the consent of the Bank be and is hereby accorded for registering additional
American Depository Receipts (ADRs) with New York Stock Exchange/ Securities Exchange Commission or such other statutory/regulatory
authority(ies) as may be required to maintain the existing ratio of one ADR being equivalent to two Equity Shares post sub-division.



RESOLVED
FURTHERthat the Board of Directors of the Bank (which expression shall also include a Committee thereof) be authorised
to take such steps as may be necessary including the delegation of all or any of its powers herein conferred to any
Director(s), the Company Secretary or any other officer(s) of the Bank for obtaining approvals, statutory, contractual or
otherwise, in relation to the above and to settle all matters arising out of and incidental thereto, and to execute all
deeds, applications, documents and writings that may be required, on behalf of the Bank and generally to do all acts, deeds,
matters and things that may be necessary, proper, expedient or incidental for the purpose of giving effect to this
resolution.



Resolution
at Item No. 2



RESOLVED
thatsubject to Section 13, 61 and other applicable provisions of the Companies Act, 2013 (including any statutory modification
or re-enactment thereof for the time being in force) and subject to such other approval(s) from the concerned Statutory Authority(ies),
including the Reserve Bank of India, Clause V of the Memorandum of Association of the Bank relating to Capital be substituted
by the following Clause:



Clause
V would be substituted as follows:



The
authorised capital of the Company shall be ₹ 1775,00,00,000 divided into 637,50,00,000 shares of ₹ 2 each, 150,00,000
shares of ₹ 100 each and 350 shares of ₹ 1 crore each with rights, privileges and conditions attached thereto as are
provided by the Articles of Association of the Company for the time being with power to increase or reclassify or alter the capital
of the Company and to divide/consolidate the shares in the capital for the time being into several classes and face values and
to attach thereto respectively such preferential, cumulative, convertible, guarantee, qualified or other special rights, privileges,
conditions or restrictions, as may be determined by or in accordance with the Articles of Association of the Company for the time
being and to vary, modify or abrogate any such right, privilege or condition or restriction in such manner as may for the time
being be permitted by the Articles of Association of the Company and the legislative provisions for the time being in force.



RESOLVED
FURTHERthat the Board of Directors of the Bank (which expression shall also include a Committee thereof) be authorised to
take such steps as may be necessary including the delegation of all or any of its powers herein conferred to any Director(s),
the Company Secretary or any other officer(s) of the Bank for obtaining approvals, statutory, contractual or otherwise, in relation
to the above and to do all acts, deeds, matters and things that may be necessary, proper, expedient or incidental for the purpose
of giving effect to this resolution.



Resolution
at Item No. 3



RESOLVEDthat subject to Section 14 and other applicable provisions of the Companies Act, 2013 (including any statutory modification
or reenactment thereof for the time being in force) and subject to such other approval(s) from the concerned Statutory Authority(ies),
including the Reserve Bank of India, Article 5(a) of the Articles of Association of the Bank relating to Capital be substituted
by the following Clause:



Article
5(a) would be substituted as follows:



The
Authorised Capital of the Company is ₹ 1775,00,00,000 divided into:



| | i. | 637,50,00,000
                                         Equity Shares of ₹ 2 each.
| | -- | ---------------------------------------------------------------------------------



| | ii. | 150,00,000
                                         shares of ₹ 100 each which shall be of such class and with rights, privileges,
                                         conditions or restrictions as may be determined by the company in accordance with these
                                         presents and subject to the legislative provisions for the time being in that behalf,
                                         and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | iii. | 350
                                         preference shares of ₹ 1 crore each.
| | ---- | ---------------------------------------------------------------------------------



85





RESOLVED
FURTHER that the Board of Directors of the Bank (which expression shall also include a Committee thereof) be authorised to take
such steps as may be necessary including the delegation of all or any of its powers herein conferred to any Director(s), the Company
Secretary or any other officer(s) of the Bank for obtaining approvals, statutory, contractual or otherwise, in relation to the
above and to do all acts, deeds, matters and things that may be necessary, proper, expedient or incidental for the purpose of
giving effect to this Resolution.



Explanatory
Statement and reasons for proposing the Resolutions at Item Nos. 1, 2 and 3 of the Postal Ballot Notice dated September 29, 2014
for alteration of the authorised share capital and alteration in the Memorandum and Articles of Association of the Company



Item
Nos. 1, 2 and 3



The
Equity Shares of your Bank are listed and actively traded on the National Stock Exchange of India Limited and the Bombay Stock
Exchange. With a view to encourage the participation of small investors by making Equity Shares of the Bank affordable, the Board
of Directors at its Meeting held on September 9, 2014 considered and approved the sub-division of one Equity Share of the Bank
having a face value of ₹ 10 each into five Equity Shares of face value of ₹ 2 each subject to approval of the Members
and any other statutory and regulatory approvals, as applicable. The Record Date for the aforesaid sub-division of the Equity
Shares will be fixed after approval of the Members is obtained.



The
sub-division of Equity Shares would, inter alia,require appropriate adjustments with respect to all the stock options
of the Bank under its Employee Stock Option Scheme pursuant to the Securities and Exchange Board of India (Employee Stock Options
Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 and any amendments thereto from time to time, such that all the stock
options outstanding as on Record Date (vested and unvested options including lapsed and forfeited options available for reissue)
as well as stock options which are available for grant and those already granted but not exercised as on Record Date shall be
proportionately converted into options for Equity Shares of face value of ₹ 2 each and the grant price of all the outstanding
stock options shall be proportionately adjusted by dividing the existing grant price by 5.



Further,
the sub-division of Equity Shares would result in an increase in the number of ADRs in order to maintain the existing ratio of
one ADR being equivalent to two Equity Shares.



Presently,
the Authorised Share Capital of your Bank is ₹ 1775 crores divided into:



| | i. | 127,50,00,000
                                         Equity Shares of ₹ 10 each.
| | -- | ----------------------------------------------------------------------------------



| | ii. | 150,00,000
                                         Shares of ₹ 100 each which shall be of such class and with rights, privileges,
                                         conditions or restrictions as may be determined by the company in accordance with these
                                         presents and subject to the legislative provisions for the time being in that behalf,
                                         and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | iii. | 350
                                         Preference Shares of ₹ 1 crore each.
| | ---- | ---------------------------------------------------------------------------------



The
sub-division as aforesaid would require consequential amendments to the existing Clause V of the Memorandum of Association and
Article 5(a) of the Articles of Association of the Bank as set out in Item Nos. 2 and 3 of the Notice respectively to reflect
the change in face value of each Equity Share from ₹ 10 each to ₹ 2 each.



The
Directors recommend passing of the Resolutions at Item Nos. 1, 2 and 3 of the Notice.



No
Director, Key Managerial Personnel and their relatives are in any way concerned or interested in the Resolution at Item Nos. 1,
2 and 3 of the Notice except to the extent of their shareholding and outstanding employee stock options in the Bank.



86





The
following Resolutions were passed by the Members of the ICICI Bank on June 12, 2017 vide Postal Ballot voting process. The alteration
of the capital clauses has been taken note of by Reserve Bank of India vide letter dated June 12, 2017



Resolution
at Item No. 1



RESOLVEDthat pursuant to the provisions of Section 61 and other applicable provisions of the Companies Act, 2013 approval of the Members
be and is hereby accorded to increase the authorised share capital of the Bank from ₹ 1775,00,00,000 (Rupees One thousand
seven hundred seventy five crores only) divided into 637,50,00,000 equity shares of ₹ 2 each, 150,00,000 shares of ₹
100 each and 350 shares of ₹ 100,00,000 each to ₹ 2500,00,00,000 (Rupees Two thousand five hundred crores only) divided
into 1000,00,00,000 equity shares of ₹ 2 each, 150,00,000 shares of ₹ 100 each and 350 shares of ₹ 100,00,000
each by creation of additional 362,50,00,000 equity shares of ₹ 2 each.



RESOLVED
FURTHERthat subject to the provisions of Section 13, 61 and other applicable provisions of the Companies Act, 2013 and subject
to such other approval(s) from the concerned Statutory Authority(ies), including the Reserve Bank of India, Clause V of the Memorandum
of Association of the Bank relating to Capital be substituted by the following Clause:



Clause
V would be substituted as follows:



The
authorised capital of the Company shall be ₹ 2500,00,00,000 divided into 1000,00,00,000 equity shares of ₹ 2 each,
150,00,000 shares of ₹ 100 each and 350 shares of ₹ 100,00,000 each with rights, privileges and conditions attached
thereto as are provided by the Articles of Association of the Company for the time being with power to increase or reclassify
or alter the capital of the Company and to divide/consolidate the shares in the capital for the time being into several classes
and face values and to attach thereto respectively such preferential, cumulative, convertible, guarantee, qualified or other special
rights, privileges, conditions or restrictions, as may be determined by or in accordance with the Articles of Association of the
Company for the time being and to vary, modify or abrogate any such right, privilege or condition or restriction in such manner
as may for the time being be permitted by the Articles of Association of the Company and the legislative provisions for the time
being in force.



RESOLVED
FURTHERthat the Board of Directors of the Bank (which expression shall also include a Committee thereof) be authorised to
take such steps as may be necessary including the delegation of all or any of its powers herein conferred to any Director(s),
the Company Secretary, the Joint Company Secretary or any other officer(s) of the Bank for obtaining approvals, statutory, contractual
or otherwise, in relation to the above and to do all acts, deeds, matters and things that may be necessary, proper, expedient
or incidental for the purpose of giving effect to this resolution.



Resolution
at Item No. 2



RESOLVEDthat subject to the provisions of Section 14 and other applicable provisions of the Companies Act, 2013 and subject to such
other approval(s) from the concerned Statutory Authority(ies), including the Reserve Bank of India, Article 5(a) of the Articles
of Association of the Bank relating to Capital be substituted by the following Clause:



87





Article
5(a) would be substituted as follows:



The
Authorised Capital of the Company is ₹ 2500,00,00,000 divided into:



| | i. | 1000,00,00,000
                                         equity shares of ₹ 2 each.
| | -- | ----------------------------------------------------------------------------------



| | ii. | 150,00,000
                                         shares of ₹ 100 each which shall be of such class and with rights, privileges,
                                         conditions or restrictions as may be determined by the Company in accordance with these
                                         presents and subject to the legislative provisions for the time being in that behalf,
                                         and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | iii. | 350
                                         preference shares of ₹ 100,00,000 each.
| | ---- | ------------------------------------------------------------------------------------



RESOLVED
FURTHERthat the Board of Directors of the Bank (which expression shall also include a Committee thereof) be authorised to
take such steps as may be necessary including the delegation of all or any of its powers herein conferred to any Director(s),
the Company Secretary, the Joint Company Secretary or any other officer(s) of the Bank for obtaining approvals, statutory, contractual
or otherwise, in relation to the above and to do all acts, deeds, matters and things that may be necessary, proper, expedient
or incidental for the purpose of giving effect to this resolution.



Resolution
at Item No. 3



RESOLVEDthat pursuant to the provisions of Section 63 and other applicable provisions of the Companies Act, 2013 and the rules made
there under, the Securities and Exchange Board of India (SEBI) (Issue of Capital and Disclosure Requirements) Regulations, 2009
and other applicable regulations and guidelines issued by SEBI and Reserve Bank of India (RBI) from time to time, the relevant
provisions of the Articles of Association of the Company, and the recommendation of the Board of Directors of the Bank, and subject
to such approvals as may be required in this regard, approval of the Members be and is hereby accorded to the Board of Directors
of the Bank (hereinafter referred to as the Board and which expression shall be deemed to include a Committee of the Board) for
capitalisation of such sums standing to the credit of the Securities Premium Account, as may be considered appropriate by the
Board, for the purpose of the issue of bonus equity shares of ₹ 2/- each, credited as fully paid-up equity shares to the
holders of the existing equity shares of the Bank in consideration of their said holding in the proportion of 1 (one) equity share
of ₹ 2/- each for every 10 (ten) equity shares of ₹ 2/- each held by the Members.



RESOLVED
FURTHERthat for the purpose of determining the eligibility of Members who will be entitled to be issued the aforesaid
bonus equity shares, the Register of Members and Share Transfer Books as determined under the Authority granted by the Board,
will be closed from Thursday, June 22, 2017 to Saturday June 24, 2017 (both days inclusive) and the bonus equity shares will
be allotted to those Members holding shares in electronic form as per the beneficiary position downloaded from the
Depositories i.e. National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL) on June 21,
2017 and to those Members holding shares in physical form on June 24, 2017 after giving effect to all valid transfers
received up to June 21, 2017 (“Record Date”).



RESOLVED
FURTHERthat no fractions arising out of the issue and allotment of bonus equity shares shall be allotted by the Bank and
the Bank shall not issue any certificate or coupon in respect thereof but all such fractional entitlements shall be consolidated
and the bonus equity shares, in lieu thereof, shall be allotted by the Board to the Nominees appointed by the Board, who shall
hold the same as Trustees for the Members entitled thereto, and sell the said equity shares so arising at the then prevailing
market rate and pay to the Bank net sale proceeds thereof, after adjusting therefrom the cost and expenses in respect of such
sale, for distribution to Members in proportion to their fractional entitlement.



RESOLVED
FURTHERthat pursuant to the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 and
any amendments thereto from time to time, with respect to the employee stock options outstanding (whether vested or unvested including
lapsed and forfeited options available for re-issuance) as on the record date/book closure dates as mentioned above under the



88





Employee
Stock Option Scheme of the Bank, the Board or the Board Governance Remuneration & Nomination Committee be authorised to make
appropriate adjustments with respect to the exercise price and the number of stock options and decide on the allotment of such
number of additional stock options as bonus options to the employees who have been granted stock options in the same proportion
as the bonus equity shares being issued.



RESOLVED
FURTHERthat for the purpose of giving effect to the bonus issue of equity shares of the Bank underlying each American Depository
Share (ADS) and consequent proportionate increase in issuance of ADS in the same proportion of bonus equity shares being issued
viz. one additional ADS including underlying equity shares for every ten ADS held, and subject to any approvals or filings which
may be necessary to be obtained/done with Securities and Exchange Commission (SEC), New York Stock Exchange (NYSE), or any other
regulatory authorities in India or overseas, approval of the Members be and is hereby accorded to the Board for the purpose of
issue of bonus equity shares to the holders of the existing ADS of the Bank by making proportionate and appropriate adjustments
to the number of American Depository Shares (ADSs) held by such holders on such date as may be considered equivalent to a record
date under Indian laws and regulations. The Board in consultation with Deutsche Bank Trust Company Americas, the Depository for
the ADS holders is authorised to decide on the manner of providing the benefit of fractional entitlements, if any which may arise
or become due to the ADS holders considering the bonus ratio of one equity share for every ten equity shares and the resultant
proportion of one ADS for every ten ADS held.



RESOLVED
FURTHERthat no allotment letters shall be issued to the allottees of the bonus equity shares and that the certificate(s)
in respect of bonus equity shares shall be completed and thereafter be dispatched to the allottees, except in respect of those
allottees who hold shares in dematerialised form, within the period prescribed or that may be prescribed in this behalf, from
time to time.



RESOLVED
FURTHERthat the bonus equity shares so allotted shall rank pari passu in all respects with the fully-paid up equity shares
of the Bank as existing on the record date/book closure date save and except that they shall not be entitled to any dividend in
respect of financial year ending March 31, 2017.



RESOLVED
FURTHERthat the issue and allotment of the said bonus equity shares to the extent they relate to Non-Resident Indians (NRIs),
Persons of Indian Origin (PIO), Foreign Portfolio Investors (FPIs), Overseas Corporate Bodies (OCBs) and other foreign
investors of the Bank will be subject to the approval of the RBI, as may be necessary.



RESOLVED
FURTHERthat for the purposes of giving effect to the bonus issue of equity shares, underlying bonus equity shares relating
to ADS and grant of bonus stock options under the ESOS scheme of the Bank as resolved herein before, the issuance of equity shares
and/or ADS or instruments or securities representing the same and bonus stock options relating to the ESOS scheme of the Bank,
the Board and other designated officers of the Bank as may be authorised by the Board and are hereby authorised on behalf of the
Bank to do all such acts, deeds, matters and things as it may at its discretion deem necessary or desirable for such purpose,
including without limitation, filing a registration statement, if any, and other documents with the SEC, NYSE and/or the SEBI,
listing the additional equity shares and/or ADS on BSE Limited, National Stock Exchange of India, New York Stock Exchange (NYSE)
as the case may be, amending, if necessary, the relevant sections of the agreement entered into between the Bank, Deutsche Bank
Trust Company Americas, New York (the depositary to the Bank’s ADS) and the ADS Holders (‘the Depositary Agreement’)
in connection with the Bank’s ADS offering, listing on NYSE, and entering into of any depositary arrangements in regard
to any such bonus as it may in its absolute discretion deem fit.



RESOLVED
FURTHERthat the Board be and is hereby authorised to take such steps as may be necessary including the delegation of all
or any of its powers herein conferred to any Director(s), the Company Secretary, the Joint Company Secretary or any other officer(s)
of the Bank for obtaining approvals, statutory, contractual or otherwise, in relation to the above and to settle all matters arising
out of and incidental thereto, and to execute all deeds, applications, documents and writings that may be required, on behalf
of the Bank and generally to do all acts, deeds, matters and things that may be necessary, proper, expedient or incidental for
the purpose of giving effect to this resolution.



89





Explanatory
Statement and reasons for proposing the Resolutions at Item Nos.1, 2 and 3 of the Postal Ballot Notice dated May 5, 2017 for increase
in Authorised Share Capital and consequential alteration to the Capital Clause of Memorandum of Association, alteration of Article
of Association and issue of Bonus Shares



Item
Nos. 1, 2 and 3



The
equity shares of your Bank are listed and actively traded on the National Stock Exchange of India Limited and BSE Limited, and
American Depository Shares (ADS) are listed and actively traded on New York Stock Exchange. The Board of Directors of the Bank
at its Meeting held on May 3, 2017 considered and approved a bonus issue of 1 (one) equity share for every 10 (ten) existing equity
share held and consequent to creation of bonus equity shares underlying ADS, a bonus issue of one ADS for every ten existing ADS
held, respectively, as on the Record Date (as indicated in the resolution) subject to approval of the Members and any other statutory
and regulatory approvals as applicable. The ratio of equity shares underlying the ADS held by an ADS holder would remain unchanged.



The
bonus issue of equity shares would, inter alia, require appropriate adjustments with respect to all the stock options of the Bank
under The Employee Stock Option Scheme 2000, pursuant to the SEBI (Share Based Employee Benefits) Regulations, 2014 and any amendments
thereto from time to time, such that all stock options which are available for grant and those already granted but not exercised
as on Record Date shall be proportionately adjusted. The bonus issue would also require appropriate adjustments to the ADSs considering
the terms of the ADSs which entitles an ADS holders to two equity shares for one Depository Receipt (DR) held by them.



Presently,
the Authorised Share Capital of your Bank is ₹ 1775,00,00,000/- (Rupees One Thousand Seven Hundred and Seventy Five Crores)
divided into:



| | i. | 637,50,00,000
                                         (Six Hundred Thirty Seven Crores and Fifty Lakhs) equity shares of ₹ 2 (Rupees
                                         Two) each,
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ii. | 150,00,000
                                         (One Crore Fifty Lakhs) shares of ₹ 100 (Rupees One Hundred) each which shall be
                                         of such class and with rights, privileges, conditions or restrictions as may be determined
                                         by the company in accordance with these presents and subject to the legislative provisions
                                         for the time being in that behalf, and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | iii. | 350
                                         (Three Hundred and Fifty) preference shares of ₹ 100,00,000 (Rupees One Crore)
                                         each.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



It
is necessary to increase the quantum of authorised share capital to facilitate issuance of bonus shares and for future requirements
if any. Hence it is proposed to increase the Authorised Share Capital to ₹ 2500,00,00,000 (Rupees Two thousand five hundred
crores only) divided into 1000,00,00,000 equity shares of ₹ 2 each, 150,00,000 shares of ₹ 100 each and 350 preference
shares of ₹ 100,00,000 each by creation of additional 362,50,00,000 equity shares of ₹ 2 each.



The
increase in Authorised Share Capital as aforesaid would require consequential amendments to the existing capital clauses in the
Memorandum and Articles of Association of the Bank.



The
increase in Authorised Share Capital and amendments to relevant clauses of the Memorandum and Articles of Association of the Bank
and issue of bonus equity shares are subject to Members’ approval in terms of Sections 13,14, 61 and 63 of the Companies
Act, 2013 and any other applicable statutory and regulatory approvals.



Accordingly,
the resolutions 1, 2 and 3 of the Postal Ballot Notice seek Members’ approval for increase in Authorised share capital and
consequential amendments to Memorandum of Association and Articles of Association of the Bank and capitalisation of the amount
standing to the credit of Securities Premium Account for the purpose of issue of bonus equity shares on the terms and conditions
set out in the resolution.



The
Board recommends the resolutions 1, 2 and 3 for approval of the Members.



Members
may kindly note that the Bonus shares/ consequent ADS proposed to be issued, subject to approval of Members will not be eligible
for dividend in respect of financial year ending March 31, 2017 which is being proposed at the forthcoming Annual General Meeting
of the Bank.



None
of the Directors or Key Managerial Personnel of the Bank or their relatives are in any way concerned or nterested, financially
or otherwise in the resolutions 1, 2 and 3 of the Notice except to the extent of their shareholding and outstanding employee stock
options in the Bank.



90





At
the Twenty-Fourth Annual General Meeting of ICICI Bank Limited, conveyed and held at Sir Sayajirao Nagargruh, Vadodara Mahanagar
Seva Sedan, Near GEB Colony, Old Padra Road, Akota, Vadodara 390 020 on Wednesday, September 12, 2018, the following Special Resolutions
were passed:



Resolution
at Item No. 15



RESOLVED
THATpursuant to the provisions of Section 61 and other applicable provisions of the Companies Act, 2013, approval of the
Members be and is hereby accorded to the re-classification of the authorised share capital of the Bank from ₹ 25,000,000,000
(Rupees Two thousand five hundred crores only) divided into 10,000,000,000 equity shares of ₹ 2 each, 15,000,000 shares
of ₹ 100 each and 350 shares of ₹ 10,000,000 each to ₹ 25,000,000,000 comprising 12,500,000,000 equity shares
of ₹ 2 each.



RESOLVED
FURTHER THATsubject to the provisions of Section 13, 61 and other applicable provisions of the Companies Act, 2013 and subject
to the approval of Reserve Bank of India and approval(s) from other concerned Statutory Authority(ies) as may be applicable, Clause
V of the Memorandum of Association of the Bank relating to Capital be substituted by the following Clause:



Clause
V would be substituted as follows:



The
authorised capital of the Company shall be ₹ 25,000,000,000 comprising 12,500,000,000 equity shares of ₹ 2 each with
power to increase or reclassify or alter the capital of the Company and to divide/consolidate the shares in the capital for the
time being into several classes and face values and to attach thereto respectively such preferential, cumulative, convertible,
guarantee, qualified or other special rights, privileges, conditions or restrictions, as may be determined by or in accordance
with the Articles of Association of the Company for the time being and to vary, modify or abrogate any such right, privilege or
condition or restriction in such manner as may for the time being be permitted by the Articles of Association of the Company and
the legislative provisions for the time being in force.



RESOLVED
FURTHER THATthe Board of Directors of the Bank (which expression shall also include a Committee thereof) be authorised to
take such steps as may be necessary including the delegation of all or any of its powers herein conferred to any Director(s),
the Company Secretary, the Joint Company Secretary or any other officer(s) of the Bank for obtaining approvals, statutory, contractual
or otherwise, in relation to the above and to do all acts, deeds, matters and things that may be necessary, proper, expedient
or incidental for the purpose of giving effect to this resolution.



Resolution
at Item No. 16



RESOLVED
THATsubject to the provisions of Section 14 and other applicable provisions of the Companies Act, 2013 and subject to such
other approval(s) from the concerned Statutory Authority(ies), including the Reserve Bank of India, Article 5(a) of the Articles
of Association of the Bank relating to Capital be substituted by the following Clause:



Article
5 (a) would be substituted as follows:



The
Authorised Capital of the Company is ₹ 25,000,000,000 comprising 12,500,000,000 equity shares of ₹ 2 each.



RESOLVED
FURTHER THATthe Board of Directors of the Bank (which expression shall also include a Committee thereof) be authorised to
take such steps as may be necessary including the delegation of all or any of its powers herein conferred to any Director(s),
the Company Secretary, the Joint Company Secretary or any other officer(s) of the Bank for obtaining approvals, statutory, contractual
or otherwise, in relation to the above and to do all acts, deeds, matters and things that may be necessary, proper, expedient
or incidental for the purpose of giving effect to this resolution.



91





Explanatory
Statement to the Notice of the Twenty-Fourth Annual General Meeting dated September 12, 2018 under Section 102(1) of the Companies
Act, 2013.



Item
Nos. 15 and 16



The
authorised share capital of the Bank comprised of ₹ 25,000,000,000 divided into:



| | i. | 10,000,000,000
                                         equity shares of ₹ 2 each
| | -- | ---------------------------------------------------------------------------------



| | ii. | 15,000,000
                                         shares of ₹ 100 each
| | --- | ------------------------------------------------------------------------



| | iii. | 350
                                         shares of ₹ 10,000,000 each
| | ---- | ------------------------------------------------------------------------



The
shares as mentioned in (ii) above were categorised as unclassified as per the shareholders’ approval on June 8, 2007 and
no objection granted by RBI through letter dated June 5, 2007 in anticipation of any future issuance of preference shares which
could take place due to necessary changes in applicable laws and regulations. The preference shares as mentioned in (iii) were
due for redemption on April 20, 2018 and the same were redeemed on April 20, 2018 after obtaining the requisite statutory approvals.



The
requirement pertaining to retention of 15,000,000 shares of ₹ 100 each as unclassified shares was reviewed and it was decided
that these unclassified shares may be re-classified in to equity shares. Hence the Board at its Meeting held on April 2, 2018
subject to the no objection of RBI, approved the alteration to the capital clauses of the Memorandum of Association and Articles
of Association of the Bank through re-classification of both the 15,000,000 shares of ₹ 100 each as well as the 350 shares
of ₹ 10,000,000 each redeemed on April 20, 2018 as equity capital.



The
revised Clause V of the Memorandum of Association would read as follows:



The
authorised capital of the Company shall be ₹ 25,000,000,000 comprising 12,500,000,000 equity shares of ₹ 2 each with
power to increase or reclassify or alter the capital of the Company and to divide/consolidate the shares in the capital for the
time being into several classes and face values and to attach thereto respectively such preferential, cumulative, convertible,
guarantee, qualified or other special rights, privileges, conditions or restrictions, as may be determined by or in accordance
with the Articles of Association of the Company for the time being and to vary, modify or abrogate any such right, privilege or
condition or restriction in such manner as may for the time being be permitted by the Articles of Association of the Company and
the legislative provisions for the time being in force.



The
revised Article 5 (a) would read as follows:



The
Authorised Capital of the Company is ₹ 25,000,000,000 comprising 12,500,000,000 equity shares of ₹ 2 each. The Directors
recommend the Resolution at Item Nos. 15 and 16 of the accompanying Notice for approval of the Members of the Bank.



None
of the Directors, Key Managerial Personnel of the Bank and their relatives are in any way concerned or interested, financially
or otherwise in the passing of the Resolution at Item No. 15 and 16 of the accompanying Notice.



92





At
the Twenty-Fifth Annual General Meeting of ICICI Bank Limited, conveyed and held at Professor Chandravan Mehta Auditorium, General
Education Centre, Opposite D.N. Hall Ground, The Maharaja Sayajirao University, Pratapgunj, Vadodara 390002 on Friday, August
9, 2019, the following Special Resolutions were passed:



Resolution
at Item No. 17



RESOLVED
THATpursuant to the provisions of Sections 4, 13 and other applicable provisions, if any, of the Companies Act, 2013, and
the rules made thereunder, each as amended, the applicable provisions of the Banking Regulation Act, 1949 (including any statutory
amendment(s) or modification(s) or re-enactment(s) thereof for the time being in force), the rules, circulars and guidelines issued
by Reserve Bank of India (“RBI”) from time to time, subject to such regulatory approvals as may be necessary or required,
consent of the members be and is hereby accorded to alter/modify the Memorandum of Association of the Bank by incorporating the
following changes:



| | (i) | The
                                         words “Companies Act, 1956” be replaced with “Incorporated under the
                                         Companies Act, 1956” in
                                         the title of the Memorandum of Association of the Bank.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | The
                                         heading of Clause III (B) be renamed as under:
| | ---- | -------------------------------------------------------------------------------------------



OBJECTS
CONSIDERED NECESSARY IN FURTHERANCE OF THE MAIN OBJECTS.



| | (iii) | The
                                         existing Clause III (B) 47. be substituted with the following:
| | ----- | -----------------------------------------------------------------------------------------------------------



Subject
to the provisions of the Companies Act, 2013, to distribute any of the Company’s property amongst the Members of the Company.



| | (iv) | The
                                         existing Clause IV be substituted with the following:
| | ---- | --------------------------------------------------------------------------------------------------



The
liability of the Members is limited to the amount unpaid, if any, on the shares of the Company held by them.



| | (v) | The
                                         existing Clause V be substituted with the following:
| | --- | -------------------------------------------------------------------------------------------------



The
authorised capital of the Company shall be ₹ 2500,00,00,000 divided into 1250,00,00,000 equity shares of ₹ 2 each
with power to increase or reclassify or alter the capital of the Company and to divide/consolidate the shares in the capital for
the time being into several classes and face values and to attach thereto respectively such preferential, cumulative, convertible,
guarantee, qualified or other special rights, privileges, conditions or restrictions, as may be determined by or in accordance
with the Articles of Association of the Company for the time being and to vary, modify or abrogate any such right, privilege or
condition or restriction in such manner as may for the time being be permitted by the Articles of Association of the Company and
the legislative provisions for the time being in force.



RESOLVED
FURTHER THATthe Board of Directors of the Bank (also deemed to include any Committee of the Board) be authorised to take
such steps as may be necessary including the delegation of all or any of its powers herein conferred to any Director(s), the Company
Secretary or any other officer(s) of the Bank for obtaining approvals, statutory, contractual or otherwise, in relation to the
above and to do all acts, deeds, matters and things that may be necessary, proper, expedient or incidental for the purpose of
giving effect to this resolution.



Resolution
at Item No. 18



RESOLVED
THATpursuant to the provisions of Section 14 and other applicable provisions, if any, of the Companies Act, 2013, and the
rules made thereunder, each as amended, the applicable provisions of the Banking Regulation Act, 1949 (including any statutory
amendment(s) or modification(s) or re-enactment(s) thereof for the time being in force), the rules, circulars and guidelines issued
by Reserve Bank of India (“RBI”) from time to time, subject to such regulatory approvals as may be necessary or required,
the proposed draft of the Articles of Association of the Bank submitted to this Meeting be and is hereby approved and adopted
in substitution, and to the entire exclusion, of the existing Articles of Association of the Bank.



93





RESOLVED
FURTHER THATthe Board of Directors of the Bank (also deemed to include any Committee of the Board) be authorised to take
such steps as may be necessary including the delegation of all or any of its powers herein conferred to any Director(s), the Company
Secretary or any other officer(s) of the Bank for obtaining approvals, statutory, contractual or otherwise, in relation to the
above and to do all acts, deeds, matters and things that may be necessary, proper, expedient or incidental for the purpose of
giving effect to this resolution.



Explanatory
Statement to the Notice of the Twenty-Fifth Annual General Meeting dated August 9, 2019 under Section 102(1) of the Companies
Act, 2013.



Item
No. 17



In
view of the changes in regulatory provisions, including enactment of the Companies Act, 2013 (the “2013 Companies Act”)
and the repeal of the provisions of the Companies Act, 1956, as amended, it is necessary to align the existing Memorandum of Association
(the “MOA”) of the Bank with the 2013 Companies Act and rules made thereunder by incorporating the changes as mentioned
in Item No. 17 of the Notice.



The
Board at its Meeting held on May 6, 2019 has approved the alteration of the MOA of the Bank, subject to the approval of the Members
of the Bank and such regulatory approvals as may be necessary or required.



A
copy of the proposed amended MOA would be available on the Bank’s website at www.icicibank.com for perusal by the
Members and shall be available for inspection at the Registered Office and at the Corporate Office of the Bank on all working
days from 11:00 a.m. IST to 1:00 p.m. IST up to August 9, 2019 and also at the Meeting.



The
Board recommends the Resolution at Item No. 17 of the accompanying Notice for approval of the Members of the Bank.



None
of the Directors, Key Managerial Personnel of the Bank and their relatives are concerned or interested, financially or otherwise,
in the passing of this resolution except to the extent of their shareholding, if any, in the Bank.



Item
No. 18



In
view of the changes in the regulatory provisions, including enactment of the Companies Act, 2013, the repeal of the provisions
of the Companies Act, 1956, as amended, and amendments to the Banking Regulation Act, 1949 and the Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended up to April 2019, the existing articles
of association (the “AOA”) of the Bank require alterations, replacement or deletions.



Hence,
it is considered necessary to wholly replace the existing AOA with revised AOA.



The
Board at its Meeting held on May 6, 2019 has approved the proposed revised AOA of the Bank, subject to the approval of Members
of the Bank and such regulatory approvals as may be necessary or required.



A
copy of the proposed revised AOA would be available on the Bank’s website at www.icicibank.com for perusal by the
Members and shall be available for inspection at the Registered Office and at the Corporate Office of the Bank on all working
days from 11:00 a.m. IST to 1:00 p.m. IST up to August 9, 2019 and also at the Meeting.



The
Board recommends the Resolution at Item No. 18 of the accompanying Notice for approval of the Members of the Bank.



None
of the Directors, Key Managerial Personnel of the Bank and their relatives are concerned or interested, financially or otherwise,
in the passing of this resolution except to the extent of their shareholding, if any, in the Bank.



94









95









96





Scheme
of Amalgamation









|of                                                                        |                
|------------------------------------------------------------------------- | ---------------
|                                                                          |                
|Bank
of Madura Limited .............................................      | Transferor Bank
|                                                                          |                
|with                                                                      |                
|                                                                          |                
|ICICI
Bank Limited	 ..................................................... | Transferee Bank







| | 1.1 | This
                                         Scheme of Amalgamation provides for the amalgamation Bank of Madura Limited, having its
                                         registered office at 33, North Chitrai Street, Madurai 625 001 (hereinafter referred
                                         to as the “Transferor Bank”) with ICICI Bank Limited, having its registered
                                         office at Landmark, Race Course Circle, Vadodara 390 007 (hereinafter referred to as
                                         the “Transferee Bank”), pursuant to Section 44A and other relevant provisions
                                         of the Banking Regulation Act, 1949 (hereinafter referred to as the “said Act”)
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 1.2 | In
                                         this Scheme of Amalgamation, unless inconsistent with the subject or context, the following
                                         expressions shall have the following meaning :
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 1.2.1 | “the
                                         Board of Transferee Bank”, shall mean the Board of Directors of the Transferee
                                         Bank, any Committee(s) constituted / to be constituted by the Board of Directors of the
                                         Transferee Bank or any other person authorised / to be authorised by the Board / Committee
                                         to exercise its powers including the powers in terms of this Scheme.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 1.2.2 | “the
                                         Effective Date” shall mean the date on which the Scheme of Amalgamation is sanctioned
                                         by the Reserve Bank of India or such other date as may be specified by the Reserve Bank
                                         of India by an order in writing passed in this behalf under the provisions of the said
                                         Act.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



References
in the Scheme of Amalgamation to the “coming into effect of the Scheme” shall mean the Effective Date.



| | 1.2.3 | “the
                                         Specified Date” shall mean such date as may be directed, by way of a further order
                                         in writing, by the Reserve Bank of India on which date the Transferor Bank shall stand
                                         dissolved.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 1.2.4 | “the
                                         said liabilities” shall mean all debts, demand deposits, saving bank deposits,
                                         term deposits, time and demand liabilities, borrowings, bills payable, interest accrued
                                         and all other liabilities, duties, undertakings and obligations of the Transferor Bank,
                                         as on the Effective Date.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 1.2.5 | “the
                                         said assets” shall mean the entire undertaking, the entire business, all the properties
                                         (whether movable or immovable, tangible or intangible), assets, investments of all kinds,
                                         all cash balances with the Reserve Bank of India and other banks, money at call and short
                                         notice, loans, advances, contingent rights or benefits, lease and hire purchase contracts,
                                         benefit of any security arrangements, authorities, allotments, approvals, reversions,
                                         buildings and structures, office and residential premises, tenancies, leases, licenses,
                                         fixed assets and other assets, powers, consents, registrations, agreements, contracts,
                                         engagements, arrangements of all kinds, rights, titles, interests, benefits and advantages
                                         of whatsoever nature and wheresoever situate belonging to or in the ownership, power
                                         or possession or in the control of or vested in or granted in favour of or enjoyed by
                                         the Transferor Bank or to which the Transferor Bank may be entitled and include but without
                                         being limited to trade and service names and marks and other intellectual property rights
                                         of any nature whatsoever, permits, approvals, authorisations, rights to use and avail
                                         of telephones, telexes, facsimile, email, Internet, leased line connections and installations,
                                         utilities, electricity and other services, reserves, provisions, funds, benefits of all
                                         agreements, all necessary records, files, papers, computer programs, manuals, data, catalogues,
                                         sales and advertising materials, lists and other details of present and former customers
                                         and suppliers, customers credit information, customer pricing information and other records
                                         in
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



97





connection
with or relating to the Transferor Bank and all other interests of whatsoever nature belonging to or in the ownership, power or
possession and in the control of or vested in or granted in favour of or enjoyed by the Transferor Bank, whether in India or abroad,
as on the Effective Date.



| | 1.2.6 | “the
                                         Scheme” shall mean the Scheme of Amalgamation of the Transferor Bank with the Transferee
                                         Bank in its present form or as may be modified from time to time.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | On
                                         and from the Effective Date and subject to the provision of the Scheme in relation to
                                         the mode of transfer and vesting, other than such of the said assets as are movable in
                                         nature or are otherwise capable of transfer by manual delivery or by endorsement and
                                         delivery, the said assets shall be transferred to and vest in the Transferee Bank; in
                                         respect to such of the said assets as are movable in nature or are otherwise capable
                                         of transfer by manual delivery or by endorsement and delivery, the same shall be so transferred
                                         by the Transferor Bank, and in respect of the said assets other than those transferred
                                         in the manner provided hereinabove, the same shall, as more particularly provided by
                                         virtue of the order of sanction of the Reserve Bank of India under the provisions of
                                         Section 44A(6) and other applicable provisions of the said Act, without further act,
                                         instrument or deed, become as and from the Effective Date, the estate, assets, rights,
                                         title and interests of the Transferee Bank.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | The
                                         Transferee Bank may, from the Effective Date in accordance with the provisions hereof,
                                         if so required, under any law or otherwise, execute deeds of confirmation or any other
                                         writings in favour of any other party to any contract or arrangement to which the Transferor
                                         Bank is a party or is subject to in order to give formal effect to the Scheme as may
                                         be necessary. The Transferee Bank shall, under the provisions of the Scheme, be deemed
                                         to be authorised to execute any such writings on behalf of the Transferor Bank and to
                                         implement or carry out all such formalities or compliances referred to hereinabove on
                                         the part of the Transferor Bank, to be carried out or performed.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | On
                                         and from the Effective Date all the said liabilities of the Transferor Bank shall also
                                         be and stand transferred or deemed to be transferred, without further act, instrument
                                         or deed, to the Transferee Bank, pursuant to the provisions of Section 44A and other
                                         applicable provisions of the said Act, so as to become the debts, liabilities, duties,
                                         undertakings and obligations of the Transferee Bank and further that it shall not be
                                         necessary to obtain the consent of any third party or other person who is a party to
                                         any contract or arrangement by virtue of which such debts, liabilities, duties and obligations
                                         have arisen in order to give effect to the provisions of the Scheme.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5. | (a)	On
                                         and from the Effective Date, any debentures, bonds, notes or other debt securities, if
                                         any, whether convertible into equity or otherwise (hereinafter referred to as the “Transferor’s
                                         Securities”), and whether issued in India or abroad by the Transferor Bank, shall,
                                         without further act, instrument or deed become securities of the Transferee Bank and
                                         all rights, powers, duties and obligations in relation thereto shall be transferred to
                                         and vest in and shall upon coming into effect of the Scheme, be exercised by or against
                                         the Transferee Bank as if it were the Transferor Bank.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
                                         Transferor’s Securities that have become the securities of the Transferee Bank,
                                         referred to aforesaid, shall be listed and/or admitted to trading as securities of the
                                         Transferee Bank on the relevant Stock Exchange(s) in India, in accordance with the terms
                                         of their respective issues save as specially modified by the provisions of the Scheme,
                                         or by necessary implication. The Transferee Bank shall enter into such arrangements and
                                         issue such confirmations and/or undertakings as may be necessary in accordance with the
                                         applicable laws or regulations, for the above purposes and further that it shall not
                                         be necessary to obtain the consent of any holder of the securities or any other person
                                         to give effect to the provisions of the Scheme.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | On
                                         and from the Effective Date, any loans or other obligation due between or amongst the
                                         Transferor Bank and the Transferee Bank, if any, shall stand discharged and there shall
                                         be no liability in that behalf. In so far as any securities, debentures or notes issued
                                         by the Transferor Bank, and held by the Transferee Bank or vice versa,are concerned,
                                         the same shall, unless sold or transferred by the
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



98





Transferor
Bank or the Transferee Bank, as the case may be, at any time prior to the Effective Date, stand discharged and cancelled as on
the Effective Date, and shall be of no effect and the Transferor Bank or the Transferee Bank, as the case maybe, shall have no
further obligations outstanding in the behalf.



| | 6. | On
                                         and from the Effective Date and subject to the provisions hereof all contracts, deeds,
                                         tenancies, leases, licenses or other assurances, agreements, arrangements and other instruments
                                         of whatsoever nature to which the Transferor Bank is a party to or benefit of which the
                                         Transferor Bank may be eligible and which are subsisting or having effect immediately
                                         before the Effective Date, shall be in full force and effect against or in favour of
                                         the Transferee Bank as the case may be and all or any of the rights, privileges, obligations
                                         and liabilities of the Transferor Bank shall be transferred to and vest in the Transferee
                                         Bank and may be enforced as fully and effectual as if, instead of the Transferor Bank,
                                         the Transferee Bank had been a party, beneficiary or obligee thereto. The Transferee
                                         Bank shall, wherever necessary enter into and/or issue and/or execute deeds, writing
                                         or confirmations or enter into tripartite arrangements, confirmations or novations to
                                         which the Transferor Bank will, if necessary, also be a party in order to give formal
                                         effect to the provisions of the Scheme, on or prior to the Effective Date. Further, for
                                         the purposes of taxation or otherwise, on coming into effect of the Scheme, all the profits
                                         or incomes accruing or arising to the Transferor Bank or expenditure or losses arising
                                         or incurred by the Transferor Bank shall for all purposes be treated and deemed to be
                                         and accrue as the profits or incomes or expenditure or losses of the Transferee Bank.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7. | The
                                         Transferee Bank may enter into and/or issue and/or execute deeds, writings or confirmations
                                         or enter into any tripartite arrangement or confirmations or novations to which the Transferor
                                         Bank shall, if necessary, also be a party in order to give formal effect to the provisions
                                         of the Scheme, if so required, under any law or if it becomes necessary, in favour of
                                         any party. Wherever such tripartite agreements or confirmations or novations are required,
                                         the Transferor Bank and the Transferee Bank shall ensure that the same is completed on
                                         or prior to the Effective Date. The Transferee Bank shall under the provisions of the
                                         Scheme be deemed to be authorised to execute any such writings on behalf of the Transferor
                                         Bank and to implement or carry out all such formalities or compliances referred to hereinabove
                                         on part of the Transferor Bank to be carried out or performed.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8. | On
                                         and from the Effective Date, all suits, actions and proceedings of whatsoever nature
                                         by or against the Transferor Bank pending and/or arising on or before the Effective Date
                                         shall be continued and be enforced by or against the Transferee Bank as effectually as
                                         if the same had been filed by, pending and/or arising against the Transferee Bank.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 9. | All
                                         the employees of the Transferor Bank in service on the Effective Date shall become the
                                         employees of the Transferee Bank on such date without any break or interruption in service
                                         and on emoluments which are not less favourable than those subsisting with reference
                                         to the Transferor Bank as on the Effective Date.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10. | In
                                         so far as the provident fund, gratuity fund, superannuation fund or any other special
                                         scheme(s)/fund(s) created or existing for the benefit of the employees of the Transferor
                                         Bank are concerned, on and from the Effective Date, the same shall stand transferred
                                         to the Transferee Bank and the Transferee Bank shall stand substituted for the Transferor
                                         Bank for all purposes whatsoever relating to the administration or operation of such
                                         schemes or funds or in relation to the obligations to make contributions to the said
                                         schemes or funds in accordance with the provisions of such schemes or funds as per the
                                         terms provided in the respective trust deeds/other documents to the end and intent that
                                         all rights, duties, powers and obligations of the Transferor Bank in relation to such
                                         funds or schemes shall become those of the Transferee Bank. It is clarified that the
                                         service of the employees of the Transferor Bank will be treated as having been continued
                                         for the purpose of the aforesaid funds or schemes or provisions.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11. | With
                                         effect from the date of approval of the Scheme by the Board of Directors of the Transferor
                                         Bank and up to and including the Effective Date :
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



99





| | 11.1 | The
                                         Transferor Bank shall carry on all its business and activities with reasonable diligence
                                         and business prudence and shall not without the prior written consent of the Transferee
                                         Bank alienate, charge, mortgage, encumber or otherwise deal with the said assets or any
                                         part thereof, except in the ordinary course of business, or pursuant to any pre-existing
                                         obligation(s) undertaken by the Transferor Bank prior to the date of approval of the
                                         Scheme by its Board of Directors, which pre-existing obligations shall be disclosed in
                                         writing to the Transferee Bank by the Transferor Bank;
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.2 | The
                                         Transferor Bank shall not without the prior written consent of the joint committee (constituted
                                         in terms of sub-clause 11.9 of Clause 11 of the Scheme) compromise, compound or settle
                                         any matter including any proceedings, suits or other actions for recovery of any debts
                                         or dues and nor shall the Transferor Bank, without the prior written consent of the joint
                                         committee enter into settlement of any debts or dues from any person by extending the
                                         maturity of any payments due, giving of any concession or making of any sacrifices on
                                         the claims, debts or dues of the Transferor Bank;
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.3 | The
                                         Transferor Bank shall carry on and be deemed to have carried on all its business and
                                         activities and shall be deemed to have held and been in possession of and shall hold
                                         and be in possession of all the said assets for and on account of and in trust for the
                                         Transferee Bank;
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.4 | The
                                         Transferor Bank shall not, without the prior consent in writing of the Board of the Transferee
                                         Bank, undertake any new business or undertake any substantial expansion of its current
                                         business;
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.5 | The
                                         Transferor Bank shall provide to the Transferee Bank details of all charges, mortgages
                                         or any other encumbrances within such time as the Transferee Bank may require, and ensure
                                         the vacation or satisfaction of all such charges, mortgages or encumbrances prior to
                                         the Effective Date;
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.6 | The
                                         Transferor Bank shall not, without the prior consent in writing of the Board of the Transferee
                                         Bank, declare or pay any dividend, whether interim or final;
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.7 | Save
                                         and except as may be otherwise permitted or required under the provisions of the Scheme,
                                         the Transferor Bank and the Transferee Bank shall not make any change in their respective
                                         capital structure, either by issue of new equity or preference shares or bonus shares,
                                         convertible debentures, share warrants, options, or any securities convertible into equity
                                         shares or otherwise, sub-division, reduction, reclassification, consolidation, buy-back,
                                         or in any other manner which may affect the share exchange ratio, except with the prior
                                         written authorisation of the Board of Directors of the Transferor Bank and the Board
                                         of Directors of the Transferee Bank;
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.8 | The
                                         Transferor Bank shall not, without the prior consent in writing of the Board of the Transferee
                                         Bank, alter, enhance or revise the emoluments, or perquisites or alter, enhance or revise
                                         the contributions of the Transferee Bank to any schemes/funds established by or under
                                         any law or otherwise including by way of any awards, settlements or standing orders,
                                         as applicable to the employees of the Transferor Bank; and
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.9 | A
                                         joint committee comprising such number and of such persons (whether or not being the
                                         employees of the Transferor Bank and/or the Transferee Bank) as may be determined by
                                         the Transferee Bank be constituted to take such decisions as provided in the Scheme.
                                         No material decision in relation to the Transferor Bank’s business and affairs,
                                         and/or such other matters as the Transferee Bank may from time to time notify shall be
                                         taken by the Transferor Bank and no agreement or transaction (other than an agreement
                                         or transaction in the ordinary course of the Transferor Bank’s business) shall
                                         be entered into or performed by the Transferor Bank without the approval of the said
                                         joint committee including the appointment of any new person as an employee or staff or
                                         otherwise. The persons on the joint committee nominated by the Transferee Bank shall
                                         be entitled to attend the offices of the Transferor Bank and observe the business and
                                         activities being carried out by the Transferor Bank provided however that this would
                                         be subject to the approval, if any, of the Reserve Bank of India being required. Further,
                                         neither the Transferee Bank nor its representatives on the said joint committee shall
                                         be liable for any act or omission of the Transferee Bank or the joint committee, and
                                         they shall be fully indemnified and held harmless by the Transferor Bank.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



100





| | 12. | The
                                         Authorised, Issued, Subscribed and Paid up Share Capital of the Transferor Bank as at
                                         November 30, 2000 is as under :
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



AUTHORISED



Rs.
25,00,00,000 divided into 2,50,00,000 equity shares of the face value of Rs. 10/- each.



ISSUED,
SUBSCRIBED AND PAID UP



Rs.
11,76,99,000 divided into 1,17,69,900 equity shares of the value of Rs.10/- each fully paid up.



| | 13. | The
                                         Authorised, Issued, Subscribed and Paid up Share Capital of the Transferee Bank as at
                                         November 30, 2000 is as under.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Rs.300,00,00,000
divided into 30,00,00,000 equity shares of the face value of Rs. 10/- each.



ISSUED,
SUBSCRIBED AND PAID UP



Rs.
196,81,88,800 divided into 19,68,18,880 equity shares of the face value of Rs.10/- each fully paid up.



| | 14. | Upon
                                         coming into effect of the Scheme and in consideration of the transfer of and vesting
                                         of all the said assets and the said liabilities and the entire undertaking of the Transferor
                                         Bank to the Transferee Bank in terms of the Scheme, the Transferee Bank shall subject
                                         to the provisions of the Scheme and without any further application, act or deed, issue
                                         and allot Two (2) equity shares of the Transferee Bank of the face value of Rs.10/- each
                                         credited as fully paid-up in the capital of the Transferee Bank to those Members of the
                                         Transferor Bank whose names are recorded in its Register of Members (“the said
                                         Members”) on a date (“Record Date”) to be fixed by the Board of the
                                         Transferee Bank for every One (1) equity share of the face value of Rs.10/- each held
                                         by the said Members in the Transferor Bank and, the Transferee Bank and the Board of
                                         the Transferee Bank will create, issue and allot, such number of equity shares of the
                                         Transferee Bank to the said Members as is necessary or required. Equity shares of the
                                         Transferee Bank issued in terms of the Scheme shall, subject to applicable regulations,
                                         be listed and/or admitted to trading on the relevant Stock Exchange(s) in India where
                                         the equity shares of the Transferee Bank are listed and/or admitted to trading.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 15. | The
                                         share certificates in relation to the shares held by the said Members in the Transferor
                                         Bank shall be deemed to have been automatically cancelled and be of no effect on and
                                         from such Record Date, without any further act, deed or instrument. In so far as the
                                         issue of shares pursuant to Clause 14 hereof is concerned, each of the said Members,
                                         holding the share certificates of the Transferor Bank, shall have the option, exercisable
                                         by notice in writing by the said Members to the Transferee Bank on or before such date
                                         as may be determined by the Board of the Transferee Bank, to receive either in certificate
                                         form or in dematerialised form, the shares of the Transferee Bank in lieu thereof and
                                         in terms hereof. In the event that such notice from the said Members has not been received
                                         by the Transferee Bank in respect of any of the said Members, the shares of the Transferee
                                         Bank shall be issued to such Members in certificate form. In respect of those of the
                                         said Members exercising the option to receive the shares in dematerialised form, such
                                         of the said Members shall have opened and maintained an account with a depository participant
                                         and shall provide such other confirmations and details as may be required, and thereupon
                                         the Transferee Bank shall directly issue and credit the demat/dematerialised securities
                                         account of such Member with the shares of the Transferee Bank.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 16. | Upon
                                         the coming into effect of the Scheme, the equity shares of the Transferee’ Bank
                                         to be issued and allotted to the said Members as provided in the Scheme shall rank pari
                                         passuin all respect with the equity shares of the Transferee Bank including pari
                                         passuentitlement in respect of dividends, if any, that may be declared by the Transferee
                                         Bank.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



101





| | 17. | The
                                         Transferee Bank shall be entitled to declare and pay dividend, whether interim and/or
                                         final, to its Members in respect of the financial year/accounting period prior to the
                                         Effective Date subject to the Reserve Bank of India guidelines and subject to the provisions
                                         of the said Act. The Transferor Bank shall not declare any dividend except in accordance
                                         with the Scheme. The terms of the Scheme shall not be deemed to confer any right on the
                                         said Members or the Members of the Transferee Bank to demand or claim any dividend, which
                                         be entirely at the discretion of the Board of Directors of Transferor Bank and the Board
                                         of Directors of Transferee Bank, respectively, and subject to the provisions of the Memorandum
                                         and Articles of Association of the Transferor Bank and of the Memorandum and Articles
                                         of Association of the Transferee Bank, as the case may be.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 18. | On
                                         and from the Effective Date, equity shares of the Transferor Bank, if any, held by the
                                         Transferee Bank, shall be deemed to be cancelled without any further act or deed, and
                                         no shares of the Transferee Bank are required to be issued in lieu thereof. Equity shares
                                         of the Transferee Bank held by the Transferor Bank, on the Effective Date if any, shall
                                         be deemed to be cancelled without any further act or deed on the Effective Date.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 19. | Upon
                                         the coming into effect of the Scheme, no adjustment would be made to the book values
                                         of the assets and liabilities of the Transferor Bank when they are incorporated in the
                                         books of account of the Transferee Bank except to ensure uniformity of accounting policies
                                         and standards and to provide or adjust against the reserves appearing in the books of
                                         account of the Transferor Bank for non-performing assets, permanent diminution in assets,
                                         if any, or, on account of tax liabilities, if any, which are pending, if so required
                                         by the Transferee Bank in its sole discretion, which requirement will be complied with
                                         by the Transferor Bank on or prior to the Effective Date.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20. | The
                                         excess of the value of the net assets of the Transferor Bank as appearing in the books
                                         of account of the Transferor Bank, subject to adjustments, if any, as set out in Clause
                                         19 hereinabove, over the paid up value of the shares to be issued and allotted pursuant
                                         to the terms of Clause 14 hereinabove, shall be accounted for and dealt with in the books
                                         of the Transferee Bank as follows :
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20.1 | An
                                         amount equal to the balance of “Profit and Loss Account” in the books of
                                         account of the Transferor Bank shall be credited by the Transferee Bank to its Profit
                                         and Loss Account.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20.2 | An
                                         amount equal to the balance lying to the credit of the “Statutory Reserve Account”
                                         of the Transferor Bank shall be credited by the Transferee Bank to its Statutory Reserve
                                         Account.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20.3 | An
                                         amount equal to the balance lying to the credit of the “Share Premium Account”
                                         of the Transferor Bank shall be credited by the Transferee Bank to its Share Premium
                                         Account.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20.4 | An
                                         amount equal to the balance lying to the credit of the “Investment Fluctuation
                                         Reserve Account” of the Transferor Bank shall be credited by the Transferee Bank
                                         to a special account in the Books of the Transferee Bank to be styled “Investment
                                         Fluctuation Reserve Account”.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20.5 | An
                                         amount equal to the balance lying to the credit of the revenue and other reserves account,
                                         as adjusted pursuant to the provisions of Clause 19 and the sub-clauses as hereinabove,
                                         shall be credited by the Transferee Bank to its revenue and other reserves accounts in
                                         the same form in which they appear in the books of account of the Transferor Bank.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 21. | The
                                         balance, if any, in the event of a surplus, after giving effect to the adjustments as
                                         specified in Clause 19 and sub-clauses 20.1 to 20.5 of Clause 20 hereinabove, shall be
                                         credited by the Transferee Bank to a special account in the books of the Transferee Bank
                                         to be styled “Amalgamation Reserve Account”. The shortfall, if any, in the
                                         event of a deficit, occurring whilst giving effect to the adjustments as specified in
                                         Clause 19 and sub-clauses 20.1 to 20.5 hereinabove, shall be adjusted against the revenue
                                         and other reserves accounts as specified in Clause 20.5. The said Amalgamation Reserve
                                         Account, if any, shall be considered as a free reserve and shall form part of the net
                                         worth of the Transferee Bank.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



102





| | 22. | The
                                         Transferee Bank shall be entitled to account any of the amounts, the accounts or the
                                         balances as referred to in Clause 19, 20 and 21 in any manner whatsoever as it may be
                                         deemed fit, after the Effective Date.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 23. | The
                                         Transferor Bank and the Transferee Bank may make or assent, from time to time, on behalf
                                         of all persons concerned to any modifications or amendments to the Scheme or to any conditions
                                         or limitations which the Reserve Bank of India or any other relevant or concerned authority
                                         under law may direct or impose or which may otherwise be considered necessary, and may
                                         do and execute all acts, deeds, instruments, matters and things necessary for putting
                                         the Scheme into effect.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 24. | For
                                         the purpose of giving effect to the Scheme as sanctioned by the Reserve Bank of India,
                                         the Board of the Transferee Bank may give all such directions as are necessary, expedient,
                                         incidental, ancillary or desirable including directions for settling or removing any
                                         question of doubt or difficulty that may arise with regard to the implementation of the
                                         Scheme, as it thinks fit, and such determination or directions as the case may be, shall
                                         be binding on all persons connected herewith or otherwise interested in the Scheme in
                                         the same manner as if the same were specifically incorporated in the Scheme.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 25. | The
                                         Board of Directors of the Transferee Bank may review the position relating to satisfaction
                                         of the following conditions and if necessary to waive any of the following to the extent
                                         permissible under law:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 25.1 | approval,
                                         if required, of any Trustee of any debentures or other similar securities, being obtained
                                         if such approval is necessary under the terms of issue thereof; and/or,
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 25.2 | vacating
                                         or satisfaction of the charges, mortgages or encumbrances, if any, on the said assets.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------



| | 26. | The
                                         Transferor Bank and the Transferee Bank shall with all reasonable dispatch, make applications
                                         under Section 44A and all other applicable provisions of the said Act for sanctioning
                                         of the Scheme by the Reserve Bank of India and obtain all approvals as may be required
                                         by the law and for dissolution of the Transferor Bank without being wound up under the
                                         provisions of the law.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 27. | This
                                         Scheme is specifically conditional upon and subject to :
| | --- | ------------------------------------------------------------------------------------------------------



| | 27.1 | the
                                         consent of a majority in number representing two-thirds in value of the Members of the
                                         Transferor Bank and of the Transferee Bank at their respective meetings, present either
                                         in person or by proxy at a meeting called for the purpose;
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 27.2 | the
                                         sanction of the Reserve Bank of India by an order in writing passed in this behalf pursuant
                                         to Section 44A of the said Act; and
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 27.3 | sanction
                                         or approval, if any, under any law, of the Government of India or any other authority,
                                         agency department or person concerned, being obtained and granted in respect of the matters
                                         in respect of which such sanction or approval is required
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 28. | Under
                                         satisfaction of the said conditions, obtaining the said sanctions and approvals and passing
                                         of the said order or orders referred to in Clause 27 hereinabove, the Transferee Bank
                                         or the Transferor Bank, as the case may be, shall, for all purposes including for giving
                                         effect to the Scheme, under all laws for the time being in force, be deemed to be in
                                         compliance thereof.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 29. | An
                                         order in terms of sub-clause 27.2 of Clause 27 hereinabove and sub-section (6C) of Section
                                         44A of the said Act shall be conclusive evidence that all requirements of Section 44A
                                         of the said Act relating to amalgamation have been complied with, and a copy of the said
                                         order certified in writing by an officer of the Reserve Bank of India to be a true copy
                                         of such order and a copy of the Scheme certified in the like manner to be a true copy
                                         thereof, shall in all legal proceedings (whether in appeal or otherwise, and whether
                                         instituted before or after commencement of Section 19 of the Banking Laws (Miscellaneous
                                         Provisions) Act, 1963), be admitted as evidence to the same extent as the original order
                                         and the original scheme.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



103





| | 30. | (Clause
                                         deleted by Reserve Bank of India vide its Letter Na. PSBS 725 / 16.01.128/2000-2001 dated
                                         26 February 2001)
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 31. | There
                                         will be no change in the name of the Transferee Bank by reason of coming into effect
                                         of the Scheme.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 32. | Any
                                         Member of the Transferor Bank or the Transferee Bank, as the case may be, who has voted
                                         against the Scheme at the meeting of the Transferor Bank or the Transferee Bank, as the
                                         case may be, or has given notice in writing at or prior to the meeting of the Transferor
                                         Bank or the Transferee Bank, as the case may be, or to the presiding officer of the meeting
                                         of the Transferor Bank or the Transferee Bank, as the case may be, that he dissents from
                                         the Scheme, shall be entitled, in the event of the Scheme being sanctioned by the Reserve
                                         Bank of India, to claim from the Transferor Bank or the Transferee Bank, as the casemay be, in respect of shares held by him in the Transferor Bank or the Transferee
                                         Bank, as the case may be, their value as determined by the Reserve Bank of India when
                                         sanctioning the Scheme and such Member shall, in consideration thereof, compulsorily
                                         tender the shares held by him, in the Transferor Bank or the Transferee Bank, as the
                                         case may be, to the Transferor Bank or the Transferee Bank respectively for cancellation
                                         thereof and to that extent the share capital of the Transferor Bank or the Transferee
                                         Bank, as the case may be, shall stand reduced. The determination by the Reserve Bank
                                         of India as to the value of the shares to be paid to the dissenting Member shall be final
                                         for all purposes.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 33. | All
                                         costs, charges and expenses of the Transferor Bank and the Transferee Bank incurred by
                                         each of them in relation to or in connection with the Scheme and incidental to the completion
                                         of the amalgamation of the Transferor Bank with the Transferee Bank in pursuance of the
                                         Scheme, shall be borne and paid by the Transferee Bank.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 34. | In
                                         the event of any of the said conditions referred to in Clause 27 hereinabove not being
                                         satisfied or the said sanctions and approvals referred to in Clause 27 hereinabove not
                                         being obtained and/or the said order or orders not being passed as aforesaid on or before
                                         July 31, 2001 or within such further period or periods as may be agreed upon between
                                         the Transferor Bank through and by its Board of Directors and the Transferee Bank through
                                         and by its Board of Directors (and which Board of Directors of each of the Transferor
                                         and the Transferee Banks are hereby authorised and empowered to agree to and extend the
                                         aforesaid period from time to time without any limitations in exercise of their powers),
                                         the Scheme shall stand nullified and shall become void, stand revoked, cancelled and
                                         be of no effect and shall be deemed to never have been in effect and all trusts constituted
                                         hereunder shall be deemed to have never have been in existence provided that in respect
                                         of any act or deed done by the Transferor and the Transferee Banks or their Directors,
                                         employees, contractors or by the joint committee or its members/nominees as is contemplated
                                         hereunder or any right, liability or obligation which has arisen or accrued pursuant
                                         thereto, shall be governed and be preserved or worked out as is specifically provided
                                         in the Scheme or as may otherwise arise in law, provided further that and on occurrence
                                         of an event in terms hereof the Transferor Bank and the Transferee Bank shall bear and
                                         pay all their respective costs, expenses, losses or damages.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



104









105









106









107









108









109





IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
ORDINARY ORIGINAL JURISDICTION
COMPANY PETITION NO. 21 OF 2002
CONNECTED WITH
COMPANY APPLICATION NO. 360 OF 2001



|                                                                                                                                                                                   |                     | In
        the matter of the Companies Act, 1956;
        
        -And-
        
        In
        the matter of Sections 391 to 394 of the Companies Act, 1956;
        
        -And-
        
        In
        the matter. of ICICI Bank Limited, a company incorporated under Companies Act, 1936 and having its registered office at
        Landmark, Race Course Circle, Vadodara — 390 007, Gujarat;
        
        -And-
        
        In
        the matter of Scheme of Amalgamation of ICICI Limited, ICICI Capital Services Limited and ICICI Personal Financial Services
        Limited with ICICI Bank Limited.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ICICI Bank Limited, a company incorporated
    under the Companies Act, 1956 and having
    its registered office at Land Mark, Race
    Course Circle, Vadodara 390 097, Gujarat. | )
    )
    )
    ) | ...... Petitioner Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                                                                                                                                                                   |                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                   |                     | Coram:
        Mr. Justice M. S. Shah
        
        Dated
        : March 7, 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

Order
on Petition



UPONthe Petition ICICI Bank Limited, the Petitioner above named (hereinafter referred to as the “Transferee Company”
or the “Petitioner Company” as the context may admit) presented to this Hon’ble Court on the 30th
day of January, 2002 for sanctioning the arrangement embodied in the Scheme of Amalgamation (the “Scheme”) of ICICI
Limited (hereinafter referred to as “ICICI”), ICICI Capital Services Limited (hereinafter referred to as “ICICI
Capital”) and ICICI Personal Financial Services Limited (hereinafter referred to as “ICICI PFS”) (ICICI, ICICI
Capital and ICICI PFS are hereinafter collectively referred to as the “Transferor Companies”) with the Petitioner
Company and for other consequential reliefs as mentioned in the Petition and the said Petition being called on this day for hearing
and final disposal AND UPON READING the said Petition’ and affidavit of Mr. Bhashyam Seshan, Company Secretary of
the Petitioner Company, solemnly affirmed on the 30th day



110





of
January, 2002 verifying the said Petition AND UPON READING the affidavit of Mr. Anil C. Dave, a clerk in the Office of
the Petitioner Company’s Advocates. dated 19th day of February, 2002 proving, publication of notice of hearing
of the Petition in the issue of newspapers, i.e. All editions of Business Standard and all editions of Sandesh, all of them dated
February 4, 2002, in compliance of the Order dated 31st January, 2002 passed in Company Petition NO. 21 of 2002 AND
UPON READING the affidavit of Mr. Sanjay Pultkar dated 5th day of February, 2002 proving service of notice of hearing
of the Petition upon the Regional Director, Department of Company Affairs, Maharashtra, Mumbai AND UPON READING the Order
dated 19th day of December, 2001, passed by this Hon’ble Court in Company Application No. 360 of 2001. Inter
aliaobserving that no separate meetings of the creditors were required to be convened since the amalgamation was not affecting
the interest of the creditors of the Petitioner Company. AND the said order having directed the Petitioner Company to convene
meeting of the Equity Shareholders of the Petitioner Company on Friday the 25th day of January, 2002 for the purpose
of considering, and if thought fit, approving with or without modifications, the arrangement embodied in the Scheme, being Annexure
“I” to the Petition AND UPON READING the affidavit dated 17th day of January, 2002 of Shri Bhupendranath
Vidyanath Bhargava. the Chairman, appointed for the meeting of the Equity Shareholders of the Petitioner Company, proving service
of individual notice convening meeting upon the Equity Shareholders of the Petitioner Company and also proving publication of
the notice convening the meeting of the Equity Shareholders of the Petitioner Company in the Issue of newspapers “Business
Standard” (Ahmedabad Edition) and Gujarati translation thereof in “Sandesh” (Baroda Edition) both dated 1stJanuary, 2002 pursuant to the Orders dated 19th day of January, 2001 AND UPON READING the Report dated
29th January, 2002 of Shri Bhupendranath Vidyanath Bhargava, who conducted the meeting as the Chairman appointed by
this Hon’ble Court for the meeting of the Equity Shareholders of the Petitioner Company as to the result of the said meeting
AND UPON READING the affidavit of the Chairman Shri. Bhupendranath Vidyanath Bhargava, dated 29th day of January,
2002, verifying the Report AND IT APPEARS from the said Report of the Chairman of the meeting of the equity Shareholders
of the Petitioner Company, that the arrangement, embodied in the Scheme, has been approved with the requisite majority in number
of the Equity Shareholders of the Petitioner Company representing 96.60% in number of Equity Shareholders and 99.49% in the value
of the Equity Shares, present and voting at the said meeting AND UPON PERUSING the affidavit of objector Mr. Dipakkurnar
Jayantilal Shah, served on the Advocate for the Petitioner Company on 25th February, 2002, AND UPON PERUSING
the Company Application No. 24 of 2002 filed by the objector, Mr. Sureshchandra V. Parekh dated 24th January, 2002,
AND UPON PERUSING the affidavit in reply, dated 26th day of February, 2002 of Mr. Bhasyam Seshan, the Company
Secretary of the Petitioner Company, to the affidavit of Mr. D. J. Shah, AND UPON PERUSING the affidavit of Mr. Bhasyam
Seshan, the Company Secretary of the Petitioner Company and the affidavit of Mr. Jayesh L. Odedra, Advocate, acting on behalf
of Amarchand and Mangaldas and Suresh A. Shroff and Co., the Advocates on Record of the Petitioner Company, both dated 26thday of February, 2002, placing on record of this Hon’ble Court the comments / grievances / objections



111





received
in respect to the Scheme AND UPON PERUSING the affidavit in rejoinder, dated 27th day of February, 2002 of Mr.
D. J. Shah, AND UPON HEARING, Shri Saurabh N. Soparkar, Senior. Advocate, along with Mr. Sandeep Singhi and
Mr. Jayesh L. Odedra instructed by M/s. Amarchand &Mangaldas & Suresh A. Shroff & Co., Advocates for the Petitioner
Company, and Mrs. P. J. Dawawala, Add. Standing Central Govt. Counsel for the Regional Director, Department of Company Affairs,
Maharashtra, Mumbai, appearing pursuant to the notice dated 31st day of January. 2002 issued by this Hon’ble
Court, AND no other person or persons entitled to appear at the hearing of the said Petition appearing this day, either in support
or to show cause against the said Petition; THIS COURT DOTH HEREBY sanction the arrangement embodied in the Scheme of Amalgamation
of ICICI Limited, ICICI Capital Services Limited and ICICI Personal Financial Services Limited, the Transferor Companies with
the Petitioner Company, as set forth in the Scheme being Annexure “I” to the Petition and annexed as Schedule hereto
AND THIS COURT DOTH HEREBY DECLARE that the said Scheme, with effect from the later of (i) 30th March, 2002
and (ii) the date on which the approval of the Reserve Bank of India becomes effective, -which is the Appointed Date (hereinafter
referred to as the “Appointed Date”) shall be binding on all the members of the Transferor Companies and of the Petitioner
Company and all persons concerned under the Scheme AND THIS COURT DOTH ORDER that with effect from the Appointed Date the
entire Assets / Undertakings (as defined in the Scheme of Amalgamation being Annexure “I” to the Petition and in the
Schedule hereto) shall without any further act or deed stand transferred to and vested in and / or deemed to have been transferred
to and vested in the Petitioner Company pursuant to the provision of Sections 391 to 394 of the Companies Act, 1956 so as to become
the properties and assets of the Petitioner Company AND THIS COURT DOTH FURTHER ORDER that all debts, liabilities, duties
and obligations of the Transferor Companies as set forth in the Scheme of Amalgamation shall without any further act or deed stand
transferred to and vested in or deemed to have been transferred to and vested in the Petitioner Company pursuant to the provision
of Sections 391 to 394 of the Companies Act, 1956 so as to become the debts, liabilities, duties and obligations of the Petitioner
Company AND THIS COURT DOTH FURTHER ORDER that all suits, claims, actions and legal proceedings pending by or against the
Transferor Companies pending and/or arising on or before the Appointed Date or the Effective Date (as defined in the Scheme),
whichever is later, shall be continued and be enforced by or against the Petitioner Company AND THIS COURT DOTH FURTHER ORDERthat all the employees of the Transferor Companies who are in service on the Appointed Date or the Effective Date (whichever
is later) shall become the employees of the Petitioner Company on such date without any break or interruption of the service and
on the terms and conditions not less favourable than those subsisting with reference to the respective of the Transferor Companies
as on the said date AND THIS COURT DOTH FURTHER ORDER that upon the Scheme becoming finally effective and in consideration
of the transfer and vesting of the Assets / Undertaking and all debts, liabilities, undertakings, duties and obligations of the
Transferor Companies in the Petitioner Company in terms of the Scheme, the Petitioner Company shall, subject to the provisions
of the Scheme and without further application, act, instrument or deed,



112





issue
and allot, to the equity shareholders of the ICICI whose names are recorded in its Register of members, on a Record Date to be
fixed by the Board of Directors of the Petitioner Company or a committee of such Board of Directors, equity share of Rs.10/- (Rupees
Ten only) each, credited as fully paid up, in the ratio of 1 (one) equity shares of the face value of Rs.10/- (Rupees Ten only)
each in the Petitioner Company for every 2 (Two) equity shares of the face value of Rs. 10/. (Rupees Ten only) each held in ICICI;
AND THIS COURT DOTH FURTHER ORDER that the Petitioner Company do within 30 days of the sealing of this Order, cause a certified
copy of this Order to be delivered to the Registrar of Companies, Gujarat, Ahmedabad for registration and upon such certified
copy of the Order being so delivered, the Registrar of Companies, Ahmedabad, shall, upon the Registrar of Companies, Maharashtra,
Mumbai placing all the files and records of the Transferor Companies and transfering it to the Registrar of Companies, Ahmedabad,
register the said files and records on the file kept by him in relation to the Petitioner Company and the files of the Transferor
Companies and the Petitioner Company shall be consolidated accordingly AND THIS COURT DOTH FURTHER ORDERthat the parties
to the Scheme of Amalgamation and any other person or persons interested therein, shall be at liberty to apply to this Hon’ble
Court for any directions that may be necessary in regard to the working of the arrangement embodied in the Scheme of Amalgamation
as sanctioned herein and annexed as Schedule hereto AND THIS COURT DOTH LASTLY ORDERthat the Petitioner Company do pay
a sum of Rs. 3,500/. (Rupees Three Thousand Five Hundred Only) to Mrs. P. J. Dawavala, Add. Standing Central Govt. Counsel for
the Regional Director, Department of Company Affairs, towards the costs of the Petition.



SCHEDULE



Being
the Scheme of Amalgamation of ICICI Limited, ICICI Capital Services Limited and ICICI Personal Financial Services Limited with
ICICI Bank Limited as sanctioned by the High Court of Gujarat at Ahmedabad.



Dated
7th day of March 2002.



113





SCHEME
OF AMALGAMATION



of





|ICICI
                           LIMITED  |                                      
|----------------------------------------- | -------------------------------------
|ICICI
        CAPITAL SERVICES LIMITED    | collectively the Transferor Companies
|ICICI
PERSONAL FINANCIAL SERVICES LIMITED |                                      







with









|ICICI BANK LIMITED	............................................................................ | the Transferee Company
|----------------------------------------------------------------------------------------------- | ----------------------









PART
I - GENERAL



| | 1. | This
                                         Scheme of Amalgamation (hereinafter referred to as the “Scheme”) provides
                                         for the amalgamation of ICICI Limited, ICICI Capital Services Limited and ICICI Personal
                                         Financial Services Limited (both ICICI Capital Services Limited and ICICI Personal Financial
                                         Services Limited; are wholly-owned subsidiaries of ICICI Limited with ICICI
                                         Bank Limited pursuant to Sections 391 to 394 and other relevant provisions of the Act.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | In
                                         this Scheme, unless repugnant to the meaning or context thereof, the following expressions
                                         shall have the following meanings
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



“Act”
means the Companies Act, 1956 or any amendment or re-enactment thereof.



“ADRs”
means American depositary receipts issued pursuant to the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through
Depositary Receipt Mechanism) Scheme, 1993 together with any modification thereto and other applicable laws, and where relevant
shall include the underlying equity shares relating thereto.



“Appointed
Date” means the later of (i) March 30, 2002 and (ii) the date on which the approval of the Reserve Bank of India for
the Scheme becomes effective.



“Assets”
or “Undertaking” means all the undertakings, the entire businesses, all the properties (whether movable or
immovable, tangible or intangible), assets, deposits, investments of all kinds (including shares, scrips, stocks, bonds, debentures,
debenture stock, units or pass through certificates), all cash balances with the Reserve Bank of India and other banks, money
at call and short notice, loans, advances, contingent rights or benefits, lease and hire purchase contracts and assets, securitised
assets, receivables, benefit of assets or properties or other interest held in trust, benefit of any security arrangements, authorities,
allotments, approvals, reversions, buildings and structures, office, residential. and other premises, tenancies, leases, licenses,
fixed and other assets, powers, consents, authorities, registrations, agreements, contracts, engagements, arrangements of all
kinds, rights, titles, interests, benefits and advantages of whatsoever nature and wheresoever situate belonging to or in the
ownership, power or possession of in the control of or vested in or granted in favour of or held for the benefit of or enjoyed
by the Transferor Companies or to which the Transferor Companies may be entitled and include but without being limited to trade
and service names and marks and other intellectual property rights of any nature whatsoever, permits, approvals, authorisations,
rights to use and avail of telephones, telexes, facsimile, email, internet, leased line connections and installations, utilities,
electricity and other services, reserves, provisions, funds, benefits of all agreements, all records, files, papers, computer
programmes, manuals, data, catalogues, sales and advertising materials, lists and other details of present and former customers
and suppliers, customers credit information, customer and supplier pricing information and other records in connection with or
relating to the Transferor Companies and all other interests of whatsoever nature belonging to or in the ownership, power, possession
or the control of or vested in or granted in favour of or held for the benefit of or enjoyed by the Transferor Companies, whether
in India or abroad.



“Deposit
Agreement” shall have the meaning ascribed to it in Clause 17(a).



“Depositary”
shall have the meaning ascribed to it in Clause 17(a).



“Effective
Date” means the last of the dates on which all conditions, matters and filings referred to in Clause 26 hereof have
been fulfilled and necessary orders, approvals and consents referred to therein have been obtained. References in this Scheme
to the date of “coming into effect of this Scheme” or “effectiveness of this Scheme” shall
mean the Effective Date.



114





“ICICI”
means ICICI Limited, a company incorporated under the Indian Companies Act, 1913 and having its registered office at ICICI Towers,
Bandra-Kurla Complex, Murnbai 400 051, Maharashtra.



“ICICI
Bank” or the “Transferee Company” means ICICI Bank Limited, a company incorporated under the Companies
Act. 1956 and licensed by the Reserve Bank of India under the Banking Regulation Act, 1949 and having its registered office at
Landmark, Race Course Circle, Vadodara 390 007, Gujarat,



“ICICI
Bank Shares” shall have the meaning ascribed to it in Clause 8.



“ICICI
Capital” means ICICI Capital Services Limited, a company incorporated under the Companies Act, 1956, and having its
registered office at ICICI Towers, Bandra-Kurla Complex, Mumbai 400 051, Maharashtra.



“ICICI
PFS” means ICICI Personal Financial Services Limited, a company incorporated under the Companies Act, 1956. and having
its registered office at ICICI Towers, Bandra-Kurla Complex, Mumbai 400 051, Maharashtra.



“ICICI
Stock Options” shall have the meaning ascribed to it in Clause 9 (b) (i).



“Joint
Committee” shall have the meaning ascribed to it in Clause 7(a).



“Members”
shall have the meaning ascribed to it in Clause 13(a).



“Liabilities”
shall have the meaning ascribed to it in Clause 5(a).



“Pledged
Documents” shall have the meaning ascribed to it in Clause 4(e).



“Pledged
Shares” shall have the meaning ascribed to it in Clause 4(e).



“Preference
Shares” shall have the meaning ascribed to it in Clause 13(e).



“Record
Date” shall have the meaning ascribed to it in Clause 13(a).



“Securities
Act” shall have the meaning ascribed to it in Clause 17(b).



“Security
Trustee” shall have the meaning ascribed to it’ in Clause 4(e).



“Share
Exchange Ratio” shall have the meaning ascribed to it in Clause 13(a).



“Transferor
Companies” means collectively ICICI, ICICI Capital and ICICI PFS and “Transferor Company” means individually
each of them.



“Transferor
Companies’ Securities” shall have the meaning ascribed to it in Clause 5(d).



“Trust”
shall have the meaning ascribed to it in Clause 8.



“Trust
Deed” shall have the meaning ascribed to it in Clause 8.



“Trustees”
shall have the meaning ascribed to it in Clause 8.



PART
II - SHARE CAPITAL



| | 3. | (a)	The
                                         share capital of ICICI as of September 30, 2001 is as under :
| | -- | --------------------------------------------------------------------------------------------------------------



| | AUTHORIZED                                                               | (IN RUPEES)     
| | ------------------------------------------------------------------------ | ----------------
| | 1,600,000,000 Equity Shares of Rs. 10/- each                             | 1600,00,00,000  
| | 5,000,000,000 Preference Shares of Rs. 10/-
    each                     | 5000,00,00,000  
| | 350 Preference Shares of Rs. 10,000,000/. each                           | 350,00,00,000   
| |                                                                          | 6950,00,00,000  
| | ISSUED, SUBSCRIBED AND PAID-UP                                           |                 
| | 785,345,448 Equity Shares of Rs. 10/- each fully
    paid-up             | 785,34,54,480   
| | Less: Calls in arrears                                                   | 48,29,648.19    
| |                                                                          | 784,86,24,831.81
| | 350 0.001% Preference Shares of Rs. 1,00,00,000/-
    each fully paid-up |                 
| | redeemable at par on April 20, 2018                                      | 350,00,00,000   



115





Of
the above —



| | (i) | 6,750,000
                                         Equity Shares are allotted as fully paid-up by way of bonus shares by capitalization
                                         of General Reserve;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | 222,534,943
                                         Equity Shares are allotted as fully paid-up by conversion of Debentures/ Loans into Equity
                                         Shares (including 9,798,327 Equity Shares on conversion of loans of erstwhile SCICI Ltd.)
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | 69,184,024
                                         Equity Shares are allotted as fully paid-up towards consideration for amalgamation of
                                         erstwhile SCICI Ltd. with ICICI.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | 2,395,205
                                         Equity Shares are allotted as fully paid-up towards consideration for amalgamation of
                                         erstwhile ITC Classic Finance Limited with ICICI.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | 1,657,061
                                         Equity Shares are allotted as fully paid-up towards consideration for amalgamation of
                                         erstwhile Anagram Finance Limited with ICICI.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vi) | 256,414,285
                                         (including 96,700,000 Equity Shares represented by Global Depositary Receipts which were
                                         converted into American Depositary Shares) Equity Shares are allotted as fully paid-up
                                         represented by American Depositary Shares through an international offering in US Dollars.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
                                         share capital of ICICI Capital as of September 30, 2001 is as under:
| | --- | -----------------------------------------------------------------------------------------------------------------



| | AUTHORIZED                                                 | (IN
    RUPEES)
| | ---------------------------------------------------------- | ---------------
| | 5,000,000
    Equity Shares of Rs. 10/- each               | 5,00,00,000,   
| | ISSUED,
    SUBSCRIBED AND PAID-UP                         |                
| | 5,000,000
    Equity Shares of Rs. 10/- each fully paid-up | 5,00,00,000    



| | (c) | The
                                         share capital of ICICI PFS as of September .30, 2001 is as under
| | --- | -------------------------------------------------------------------------------------------------------------



| | AUTHORIZED                                     | (IN
    RUPEES)
| | ---------------------------------------------- | ---------------
| | 150,000,000
    Equity Shares of Rs. 10/- each | 150,00,00,000  
| | ISSUED,
    SUBSCRIBED AND PAID-UP             |                
| | 5,000,000
    Equity Shares of Rs. 10/- each   | 5,00,00,000    



| | (d) | The
                                         share capital of the Transferee Company as of September 30, 2001 is as under.
| | --- | --------------------------------------------------------------------------------------------------------------------------



| | AUTHORIZED                                                                                                                                                     | (IN
    RUPEES)
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------
| | 300,000,000
    Equity Shares of Rs. 10/- each                                                                                                                 | 300,00,00,000  
| | ISSUED,
    SUBSCRIBED AND PAID-UP                                                                                                                             |                
| | 220,358,680
    Equity Shares of Rs. 10/- each fully paid-up                                                                                                   | 220,35,86,800  
| | Of
    the above –                                                                                                                                             |                
| | 23,539,800
    Equity Shares are allotted as fully paid-up towards consideration for amalgamation of erstwhile Bank of Madura Limited with
    the ICICI Bank. |                





PART
III - TRANSFER AND VESTING



| | 4. | Upon
                                         the coming into effect of this Scheme and with effect from the Appointed Date and subject
                                         to the provisions of this Scheme:
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | The
                                         Undertaking of the Transferor Companies shall, pursuant to the provisions of Section
                                         394(2) of the Act, without any further act, instrument or deed, be and stand transferred
                                         to and vested in or be deemed to have been transferred to and vested in the Transferee
                                         Company as a going concern so as to become as and from the Appointed Date, the estate,
                                         assets, rights, title, interest and authorities of the Transferee Company.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



116





| | (b) | Without
                                         prejudice to sub-clause (a) above, in respect of such of the assets of the Undertaking
                                         as are movable in nature or arc otherwise capable of transfer by manual delivery or by
                                         endorsement and/or delivery, the same may be so transferred by the Transferor Companies,
                                         and shall, upon such transfer, become the property, estate, assets, rights, title, interest
                                         and authorities of the Transferee Company.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | All
                                         the licenses, permits, quotas, approvals, incentives, subsidies, rights, claims, leases,
                                         tenancy rights, liberties, rehabilitation schemes, special status and other benefits
                                         or privileges enjoyed or conferred upon or held or availed of by and all rights and benefits
                                         that have accrued to the Transferor Companies shall, pursuant to the provisions of Section
                                         394(2) of the Act, without any further act, instrument or deed, be and stand transferred
                                         to and vest in or be deemed to be transferred to and vested in and be available to the
                                         Transferee Company so as to become as and from the Appointed Date the estates, assets,
                                         rights, title, interests and authorities of the Transferee Company and shall remain valid,
                                         effective and enforceable on the same terms and conditions to the extent permissible
                                         under law.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | All
                                         assets, estate, rights, title, interest, licenses and authorities acquired by or quotas,
                                         approvals, incentives, subsidies, rights, claims, leases, tenancy rights, liberties,
                                         rehabilitation schemes, special status and other benefits or privileges enjoyed or conferred
                                         upon or held or availed of by and/or all rights and benefits that have accrued to the
                                         Transferor Companies after the Appointed Date and prior to the Effective Date in connection
                                         or in relation to the operation of the Undertaking shall, pursuant to the provisions
                                         of Section 394(2) of the Act, without any further act, instrument or deed, be and stand
                                         transferred to and vested or deemed to be transferred to and vested in the Transferee
                                         Company.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Such
                                         of the shares which have been pledged in favour of one or more of the Transferor Companies
                                         (the “Pledged Shares”), whether in their own name or as an agent or
                                         trustee, by third parties by way of security under the terms of the relevant agreements,
                                         documents and/or arrangements (collectively the “Pledge Documents”),
                                         shall, without any further act, instrument or deed be and stand transferred to ICICI
                                         Trusteeship Services Limited, a company incorporated under the Companies Act, 1956 and
                                         having its registered office at ICICI Towers, Bandra-Kurla Complex, Mumbai 400 051, Maharashtra,
                                         who shall hold the Pledged Shares on trust as a trustee exclusively for the benefit of
                                         the persons for whose benefit the pledge has been created (ICICI Trusteeship Services
                                         Limited is hereinafter referred to as the “Security Trustee”), and
                                         all the rights, benefits and obligations of such Transferor Company as pledgee, agent
                                         or trustee under the Pledge Documents shall be and stand transferred to and vested in
                                         the Security Trustee, and the Pledge Documents shall continue to be in full force and
                                         effect and may be enforced as fully and effectually as if, instead of such Transferor
                                         Company, the Security Trustee had been a party thereto. The Security Trustee shall hold
                                         the Pledged Shares in trust for the benefit of the persons for whose benefit the pledge
                                         has been created and exercise all powers, trusts, authorities, duties and discretions
                                         as are specifically vested in the Security Trustee under the Pledge Documents and such
                                         other rights, powers and discretions as are reasonably incidental thereto, on and subject
                                         to the instructions and directions issued by the person for whose benefit the pledge
                                         has been created, from time to time.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Upon
the coming into effect of this Scheme and with effect from the Appointed Date:



| | (a) | All
                                         debts, including rupee and foreign currency loans, term deposits, time and demand liabilities,
                                         borrowings, bills payable, interest accrued and all other duties, liabilities, undertakings
                                         and obligations of the Transferor Companies (the “Liabilities”) shall,
                                         pursuant to the provisions of Section 394(2) of the Act, without any further act, instrument
                                         or deed be and stand transferred to and vested in or be deemed to stand transferred to
                                         and vested in, the Transferee Company so as to become the Liabilities of the Transferee
                                         Company, and further that it shall not be necessary to obtain the consent of any person
                                         who is a party to any contract or arrangement by virtue of which such Liabilities have
                                         arisen in order to give effect to the provisions of this Clause.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | In
                                         case of such of the Liabilities or the documents governing such of the Liabilities where
                                         there is an obligation on one or more of the Transferor Companies to maintain any privilege
                                         or status specifically conferred by any statute or regulation, such obligation and related
                                         consequences thereof shall cease to be operative against the Transferee Company, and
                                         the relevant terms of the documents governing such Liabilities shall, without any further
                                         act, instrument or deed, stand modified accordingly.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | All
                                         public deposits, debentures or bonds of the Transferor Companies shall be kept distinctly
                                         identified in the records of the Transferee Company for all intents and purposes including
                                         taxation and accounting and shall not be combined with any existing outstanding deposit
                                         scheme or series of debentures or bonds of the Transferee Company.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



117





| | (d) | (i)	All
                                         debentures, bonds, notes or other securities of the Transferor Companies, whether convertible
                                         into equity or otherwise, (the “Transferor Companies’ Securities”),
                                         shall, pursuant to the provisions of Section 394(2) of the Act, without any further act,
                                         instrument or deed become’ securities of the Transferee Company and all rights,
                                         powers, duties and obligations in relation thereto shall be and stand transferred to
                                         and vested in or deemed to be transferred to and vested in and shall be exercised by
                                         or against the Transferee Company as if it were the Transferor Company in respect of
                                         the Transferor Companies’ Securities so transferred. If the Transferor Companies’
                                         Securities are listed an any stock exchange, the same shall, subject to applicable regulations,
                                         be listed and/or admitted to trading on the relevant stock exchanges whether in India
                                         or abroad, where the Transferor Companies’ Securities were listed and/or admitted
                                         to trading on the same terms and conditions unless -otherwise modified in accordance
                                         with the provisions hereof.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Loans
                                         and other obligations (including any guarantees, letters of credit, letters of comfort
                                         or any other instrument or arrangement which may give rise to a contingent liability
                                         in whatever form), if any, due or which may at any time in future become due between
                                         or amongst the Transferor Companies and the Transferee Company shall stand discharged
                                         and there shall be noliability in that behalf on either party. Provided however;
                                         security over any moveable and/or immoveable properties and security in any other form
                                         (both present and future), if any, created by any person in favour of any one or more
                                         of the Transferor Companies for securing the obligation of the persons for and on whose
                                         behalf a guarantee, letter of credit, letter of comfort or other similar instrument has
                                         been executed or arrangements entered into by the Transferor Companies in favour of the
                                         Transferee Company shall, pursuant to the provisions of Section 394(2) of the Act, without
                                         any further act, instrument or deed stand vested in and be deemed to be in favour of
                                         the Transferee Company and the benefit of such security shall be available to the Transferee
                                         Company as if such security was ab initio created in favour of the Transferee Company.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | Any
                                         securities, debentures or notes, if any, issued by any one or more of the Transferor
                                         Companies, and held by the Transferee Company, and vice versa shall, unless sold or transferred
                                         by such Transferor Company or the Transferee Company, as the case may be, at any time
                                         prior to the Appointed Date or the Effective Date (whichever is later), stand cancelled
                                         as on the Effective Date, and shall be of no effect and such Transferor Company or the
                                         Transferee Company, as the case may be, shall have no further obligation outstanding
                                         in that behalf.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | Without
                                         prejudice to the provisions of clause (d) (ii) above, the guarantees, letters of credit,
                                         letters of comfort and other similar arrangements, if any, given or executed or made
                                         by ICICI in favour of, for the benefit of and on behalf of, ICICI Capital and/or ICICI
                                         PFS in favour of any person shall stand discharged.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | If
                                         the Effective Date occurs after the Appointed Date, the following provisions shall apply:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------



| | (i) | where
                                         any of the liabilities and obligations of the Transferor Companies as on the Appointed
                                         Date transferred to the Transferee. Company have been discharged by the Transferor Companies
                                         after the Appointed Date and prior to the Effective Date, such discharge shall be deemed
                                         to have been for and on account of the Transferee Company;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | all
                                         loans raised and utilized and all debts, duties, undertakings, liabilities and obligations
                                         incurred or undertaken by the Transferor Companies in relation to or in connection with
                                         the Undertaking after the Appointed Date and prior to the Effective Date shall be deemed
                                         to have been raised, used, incurred or undertaken for and on behalf of the Transferee
                                         Company and to the extent they are outstanding on the Effective Date, shall, pursuant
                                         to the provisions of Section 394(2) of the Act, without any further act, instrument or
                                         deed be and stand transferred to or vested in or be deemed to be transferred to and vested
                                         in the Transferee Company and shall become the liabilities and obligations of the Transferee
                                         Company which shall meet, discharge and satisfy the same; and
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | all
                                         estates, assets, rights, title, interests and authorities accrued to and/or acquired
                                         by the Transferor Companies in relation to or in connection with the Undertaking after
                                         the Appointed Date and prior to die Effective Date shall have been deemed to have been
                                         accrued to and/or acquired for and on behalf of the Transferee Company and shall, pursuant
                                         to the provisions of Section 394(2) of the Act, without any further act, instrument or
                                         deed be and stand transferred to or vested in
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



118





or
be deemed to be transferred to or vested in the Transferee Company to that extent and shall become the estates, assets, right;
title, interests and authorities of the Transferee Company.



| | 6. | if
                                         the Effective Date occurs after the Appointed Date:
| | -- | -----------------------------------------------------------------------------------------------



| | (a) | each
                                         of the Transferor Companies with effect from the Appointed Dale and up to and including
                                         the Effective Date:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | shall
                                         carry on and shall be deemed to have carried on all the business and activities as hitherto
                                         and shall hold and stand possessed of and shall be deemed to have held and stood possessed
                                         of the Undertaking on account of, and in trust for, the Transferee Company; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | all
                                         the profits or incomes accruing or arising so the Transferor Companies, or expenditure
                                         or losses arising or incurred (including the effect of taxes, if any, thereon) by the
                                         Transferor Companies shall, for all purposes, be treated and be deemed to be and accrue
                                         as the profits or incomes or expenditure or losses or taxes of the Transferee Company,
                                         as the Case may be.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | each
                                         of the Transferor Companies with effect from the Appointed Date and up to and including
                                         the Effective Date shall carry on its business and activities with reasonable diligence
                                         and business prudence and shall not undertake financial commitments either for itself
                                         or on behalf of its subsidiaries or group companies or any third party, or sell, transfer,
                                         alienate, charge, mortgage or encumber the Undertaking or any part thereof, save and
                                         except in each case in the following circumstances:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | if
                                         the same is in its ordinary course of business as carried on by it as on the date of
                                         filing of this Scheme with the High Court of Judicature at Bombay and the High Court
                                         of Gujarat at Ahmedabad: or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | if
                                         the same is expressly permitted by this Scheme; or
| | ---- | ----------------------------------------------------------------------------------------------



| | (iii) | if
                                         prior written consent of the Transferee Company has been obtained.
| | ----- | --------------------------------------------------------------------------------------------------------------



| | (c) | the
                                         Transferee Company with effect from the Appointed Date and up to and including the Effective
                                         Date shall carry on its business and activities with reasonable diligence and business
                                         prudence and shall riot undertake financial commitments either for itself or on behalf
                                         of its subsidiaries or group companies or any third party, or sell, transfer, alienate,
                                         charge, mortgage or encumber its undertaking or any part thereof, save and except in
                                         each case in the following circumstances:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | if’
                                         the same is in its ordinary course of business as carried on by it as on the date of
                                         filing this Scheme with the High Court of Judicature at Bombay and the High Court of
                                         Gujarat at Ahmedabad; or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | if
                                         the same is expressly permitted by this Scheme; or
| | ---- | ----------------------------------------------------------------------------------------------



| | (iii) | if
                                         prior written consent of each of the Transferor Companies has been obtained.
| | ----- | ------------------------------------------------------------------------------------------------------------------------



| | 7. | (a)	The
                                         Board of Directors of ICICI and the Transferee Company have jointly constituted a committee
                                         in the manner described in sub-clause (b) below (the “Joint Committee”)
                                         to perform the functions specified in sub-clause (c) below from the date of filing of
                                         this Scheme with the High Court of Judicature at Bombay and the High Court of Gujarat
                                         at Ahmedabad until the Effective Date,
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
                                         constitution of the Joint Committee shall be as mentioned hereinbelow:
| | --- | -------------------------------------------------------------------------------------------------------------------



| | (i) | Shri
                                         K. V. Kamath (Managing Director and Chief Executive Officer, ICICI), as the Chairman
                                         of the Joint Committee;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Shri
                                         H. N. Sinor (Managing Director and Chief Executive Officer, ICICI Bank), as a member
                                         of the Joint Committee:
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | Shri
                                         K. V. Kamath shall have the power and authority to appoint such additional members of
                                         the Joint Committee, as may be necessary, from amongst the whole time Directors and/or
                                         employees of ICICI;
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | Shri
                                         H. N. Sinor shall have the power and authority to appoint such additional members of
                                         the Joins Committee, as may be necessary, from amongst the whole time Directors and/or
                                         employees of ICICI Bank.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



119





| | (c) | From
                                         the date of filing of this Scheme with the High Court of Judicature at Bombay and the
                                         High Court of Gujarat at Ahmedabad and until the Effective Date, the Joint Committee
                                         shall perform the following functions:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | in
                                         case of any ambiguity or any question as to whether any matter is within or outside the
                                         ordinary course of the business of the Transferor Companies and/or the Transferee Company,
                                         it shall determine the same on the basis of evidence that it may deem relevant for the
                                         purpose (including the books and records of the Transferor Companies and/or the Transferee
                                         Company):
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | to
                                         consider for approval the matters pertaining to the share capital of the Transferor Companies
                                         and/or the Transferee Company as specified in Clause 9 below;
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | to
                                         deal with the matters, if any, in relation to change in the employees’ compensation
                                         structure of the Transferor Companies and-the Transferee Company and matters incidental
                                         or consequential or related thereto; and
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | to
                                         perform such other functions specifically provided elsewhere in this .Scheme or as may
                                         be specifically conferred on it by the Boards of Directors of ICICI and the Transferee
                                         Company respectively.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Unless
                                         otherwise agreed to between Shri K. V. Kamath and Shri H. N. Sinor, the quorum for meetings
                                         of the Joint Committee shall be two (2). The Joint Committee shall meet at such times
                                         and places, and shall observe and follow such rules and procedure formulated by the Joint
                                         Committee, from time to time, in regard to the transaction of business at its meetings.
                                         The Chairman of the Joint Committee or, if for any reason, the Chairman is unable to
                                         attend a meeting of the Joint Committee, any other member elected by the members present
                                         from amongst themselves at the meeting shall preside at such meeting. All matters shall
                                         be decided by the Joint Committee by a majority vote of the members present and voting
                                         at the meeting, and in the event of an equality of votes. the Chairman or in his absence,
                                         the person presiding, shall have the second or casting vote. If, however, without convening
                                         a meeting of the members of the Joint Committee any matter is decided by the Joint Committee
                                         wherein the consent or approval of the majority of the members of the Joint Committee
                                         is obtained by letter or letters or any instrument signed by such members of the Joint
                                         Committee then such letter or letters or instrument shall constitute a resolution passed
                                         or decision taken at the meeting of the Joint Committee duly convened and held and shall
                                         have the effect accordingly. All decisions of the Joint Committee determined as aforesaid
                                         shall be binding on the Transferor Companies and the Transferee Company.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8. | ICICI
                                         may, on the Appointed Date, transfer all the shares of the Transferee Company held by
                                         it on such date (the “ICICI Bank Shares”) to an individual trustee
                                         or a board of trustees (including the survivors or survivor of any of the trustees comprising
                                         such board of trustees) or a corporate trustee (hereinafter referred to as the “Trustees”),
                                         to have and to hold the ICICI Bank Shares in trust together with all additions or accretions
                                         thereto upon trust exclusively for the benefit of ICICI and its successor subject to
                                         the powers, provisions, discretions, rights and agreements contained in the instrument
                                         (the “Trust Deed”) establishing the aforesaid trust (the “Trust”).
                                         The Trustees shall not exercise any voting rights with respect to ICICI Bank Shares.
                                         It is proposed that the Trustee shall, within a period of 24 months from the Effective
                                         Date subject however to the prevailing market conditions (in which case, the said period
                                         may be suitably extended in the discretion of the Trustees), sell, transfer or dispose
                                         of the ICICI Bank Shares at such time or times and in such manner as may be proper in
                                         accordance with provisions of the Trust Deed and shall remit the proceeds thereof to
                                         ICICI or its successor and consequent thereto all obligations of the Trustees under the
                                         Trust Deed shall stand discharged and the trust shall stand terminated.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 9. | (a)	From
                                         the date of filing of this Scheme with the High Court of Judicature at Bombay and the
                                         High Court of Gujarat at Ahmedabad and up to and including the Effective Date, none of
                                         the Transferor Companies and/or the Transferee Company shall make any change in its capital
                                         structure in any manner either by any increase (including by way of issue of equity and/or
                                         preference shares on a rights basis or by way of a public issue, bonus shares and/or
                                         convertible debentures or otherwise), decrease, reduction, reclassification, sub-division,
                                         consolidation, re-organisation, or in any other manner which-may, in any way,
                                         affect the Share Exchange Ratio (as defined in Clause 13 below), except. with the prior
                                         approval of the Joint Committee provided that nothing contained in this sub-clause shall
                                         he deemed to affect any pre-existing obligations of any of the Transferor Companies and/or
                                         the Transferee Company, including in respect of the issue of further employees’
                                         stock options, vesting of stock options or exercise of vested options under any existing
                                         scheme or conversion of any loan or convertible security into equity shares
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



120





in
accordance with the terms of any loan obtained or convertible security issued by any of the Transferor Companies and/or the Transferee
Company.



| | (b) | (i)	In
                                         respect of the stock options granted by ICICI under the employees’ stock options
                                         scheme to its directors and employees and employees of ICICI Capital or ICICI PFS or
                                         any other subsidiary or associate company of ICICI which have not yet been exercised
                                         and arc outstanding (“ICICI Stock Options”), the said directors and employees
                                         shall, in lieu of the options held by them in ICICI, receive such number of options in
                                         the Transferee Company determined in accordance with the Share Exchange Ratio (as defined
                                         in Clause .13-below). The exercise price of the options received by the aforesaid
                                         directors and employees in lieu of the ICICI Stock Options shall be twice the price payable
                                         by the said directors and employees far the exercise of the ICICI Stock Options. All
                                         other terms and conditions in relation to the options aforesaid shall be similar to those
                                         contained in the employees stock option scheme of the Transferee Company.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Upon
                                         the coming into effect of this Scheme, Section IV Part 1 of the employees’ stock
                                         options scheme of the Transferee Company shall stand amended in the following manner:
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



“The
maximum number of Options granted to any Eligible Employee in a financial year shall not exceed 0.05% of the issued equity shares
of. the Bank at the time of grant of the Options and the aggregate of all such Options granted to the Eligible Employees shall
not exceed five percent of the aggregate number of the issued equity shares of the Bank after coming into effect of the amalgamation
of ICICI Limited, ICICI Capital Services Limited and ICICI Personal Financial Services Limited with the Bank and the issuance
of equity shares by the Bank pursuant to the aforesaid amalgamation of ICICI Limited, WWI Capital Services Limited and ICICI Personal
Financial Services Limited with the Bank.”



| | 10. | Upon
                                         the coming into effect of this Scheme:
| | --- | ------------------------------------------------------------------------------------



| | (a) | all
                                         suits, actions and legal and other proceedings by or against the Transferor Companies
                                         pending and/or arising on or before the Appointed Date or the Effective Date (whichever
                                         is later) shall be transferred in the name of the Transferee Company and shall be continued
                                         and be enforced by or against the Transferee Company as effectually and in the same manner
                                         and to the same extent as if the same had been pending and/or arisen by or against the
                                         Transferee Company.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the
                                         Transferee Company shall be notified as the ‘designated person’ under the
                                         provisions of Section 16 read with Section 2(d) of the Shipping Development Fund Committee
                                         (Abolition) Act, 1986 and all suits, actions and legal and other proceedings by or against
                                         ICICI in its capacity as such ‘designated person’ pending and/or arising
                                         on or before the Appointed Date or the Effective Date (whichever is later) shall be transferred
                                         in the name of the Transferee Company and shall be continued and be enforced by or against
                                         the Transferee Company as effectually and in the same manner and to the same extent as
                                         if the Transferee Company had originally been notified as the ‘designated person’
                                         in that behalf and as if the same had been pending and/or arisen by or against the Transferee
                                         Company.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11. | (a)	Upon
                                         the coming into effect of this Scheme, and subject to the provisions of this Scheme,
                                         all contracts, deeds, bonds, agreements, arrangements and other instruments (including
                                         all tenancies, leases, licenses and other assurances in favour of any of the Transferor
                                         Companies or powers or authorities granted by or to any of them) of whatsoever nature
                                         to which any of the Transferor Companies-is a party or to the benefit of which any of
                                         the Transferor Companies may be eligible, and which arc subsisting or having effect immediately
                                         before the Appointed Date or the Effective Date (whichever is later), shall, without
                                         any further act, instrument or deed, be in full force and effect in favour of or against
                                         the Transferee Company, as the case may be, and may be enforced as fully and effectually
                                         as if, instead of such Transferor Company, the Transferee Company had been a party or
                                         beneficiary or obligee thereto.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
                                         Transferee Company may, at any time after the coming into effect of this Scheme in accordance
                                         with the provisions hereof, if so required, under any law or otherwise, execute deeds
                                         of confirmation in favour of any party to any contract or arrangement to which any of
                                         the Transferor Companies is a party or any writings as may be necessary to be executed
                                         in order to give formal effect to the above provisions. The Transferee Company shall
                                         be deemed to be authorized.to execute any such writings on behalf of the Transferor Companies
                                         and to carry out or perform all formalities or compliances required for the purposes
                                         referred to above on the part of the Transferor Companies.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



121





| | 12. | Upon
                                         the coming into effect of this Scheme:
| | --- | ------------------------------------------------------------------------------------



| | (a) | the
                                         employees of the Transferor Companies who are in service on the Appointed Date or the
                                         Effective Date (whichever is later), shall become the employees solely of the Transferee
                                         Company on such date without any break or interruption in service and on terms and conditions
                                         as to remuneration not less favourable than those subsisting with reference to the respective
                                         Transferor Companies on the said date.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the
                                         existing provident fund, gratuity fund, and pension and/or superannuation fund or trusts
                                         created by the Transferor Companies or any other special funds created or existing for
                                         the benefit of the employees of the Transferor Companies shall be transferred to the
                                         relevant funds of the Transferee Company. In the event that the Transferee Company does
                                         not have its own fund with respect to any such matters, the Transferee Company shall
                                         create its own funds to which the contributions pertaining to the employees of Transferor
                                         Companies shall be transferred.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



PART
IV - REORGANIZATION OF CAPITAL



| | 13. | (a)	Upon
                                         the coming into effect of this Scheme, and in consideration of the transfer of and vesting
                                         of the Undertaking and the Liabilities of the Transferor Companies in the Transferee
                                         Company in terms of this Scheme, the Transferee Company shall without any further application,
                                         act, instrument or deed, issue and allot to the equity shareholders of ICICI whose names
                                         arc recorded in the Register of Members of ICICI (the “Members”),
                                         on a date (hereinafter referred to as the “Record Date”) to be fixed
                                         by the Board of Directors of the Transferee Company or a committee of such Board of Directors,
                                         equity shares of Rs.10/- (Rupees ten only) each, credited as fully paid up, in the ratio
                                         of 1 (one) equity share of the face value of Rs. 10/- (Rupees ten only) each in the Transferee
                                         Company for every 2 (two) equity shares of the face value of Rs. 10/- (Rupees ten only)
                                         each held in ICICI.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



(the
above ratio in which the shares of the Transferee Company are to be allotted to the shareholders of ICICI by the Transferee Company
is hereinafter referred to as the “Share Exchange Ratio”).



| | (b) | The
                                         share certificates in relation to the shares held by the said Members in ICICI (and the
                                         ADRs that have been issued representing the underlying shares in ICICI) shall be deemed
                                         to have been automatically cancelled and be of no effect on and from such Record Date,
                                         without any further act, instrument or deed. In so far as the issue of shares pursuant
                                         to sub-clause (a) above is concerned, each of the said Members of ICICI, shall have the
                                         option, exercisable by notice in writing by the said Members to the Transferee Company
                                         on or before such date as may be/determined by the Board of Directors of the Transferee
                                         Company or a committee of such Board of Directors, to receive either in certificate form
                                         or in dematerialised form, the shares of the Transferee Company in lieu thereof and in
                                         terms hereof. In the event that such notice has not been received by the Transferee Company
                                         in respect of any of the said Members, the shares of the Transferee Company shall be
                                         issued to such Members in certificate form. Those of the said Members exercising the
                                         option to receive the shares in dematerialised form shall be required to have an account
                                         with a depository participant and shall provide details thereof and such other confirmations
                                         as may be required. It is only thereupon that the Transferee Company shall issue and
                                         directly credit the demat/dematerialised securities account of such Member with the shares
                                         of the Transferee Company..
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | No
                                         shares shall be issued by the Transferee Company pursuant to the amalgamation of ICICI
                                         Capital and ICICI PFS, both of which are wholly owned subsidiaries of ICICI.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | In
                                         respect of equity shares of ICICI where calls are in arrears, without prejudice to any
                                         remedies that ICICI or the Transferee Company, as the case may be, shall have in this
                                         behalf, the Transferee Company shall not be bound to issue any shares of the Transferee
                                         Company (whether partly paid or otherwise) nor to confirm any entitlement to such holder
                                         until such time as the calls-in-arrears are paid.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Upon
                                         the coming into effect of this Scheme, the Transferee Company shall issue to the holders
                                         of 0.001% preference shares of Rs.1,00,00,000/- each fully paid-up (the “Preference
                                         Shares”) of ICICI one 0.001% preference share of Rs. 1,00,00,000/- fully
                                         paid in lieu of every Preference Share on the same terms and conditions subject to the
                                         approval of the Reserve Bank of India and issue of notification and/or grant of permission
                                         for issuance of such preference shares, and/or amendment of the Banking Regulation Act,
                                         1949. Provided however, in case such approval and/or grant of permission and/or amendment
                                         is not forthcoming ICICI will make alternate arrangements for accounting for the-Preference
                                         Shares. The Preference Shares of ICICI shall stand cancelled upon the issuance of the
                                         preference shares
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



122





by
the Transferee Company as aforesaid. Nothing contained in this Clause shall affect the redemption on maturity of any of the Preference
Shares of ICICI prior to the Effective Date.



| | 14. | No
                                         fractional certificates shall be issued by the Transferee Company in respect of fractional
                                         entitlements, if any, to any Member. The Board of Directors of the Transferee Company
                                         shall, instead consolidate all such fractional entitlements and thereupon issue and allot
                                         equity shares in lieu thereof to the Trust or a director or an officer of the Transferee
                                         Company or such other person as the Transferee Company shall appoint in this behalf who
                                         shall hold the shares in trust on behalf of the Members entitled to fractional entitlements
                                         with the express understanding that such Trust, director(s) or officer(s) or person shall
                                         sell the same in the market at such time or times and at such price or prices in the
                                         market and to such person or persons, as it/he/they deem fit, and pay to the Transferee
                                         Company, the net sale proceeds thereof, whereupon the Transferee Company shall distribute
                                         such net sale proceeds to the Members of ICICI in proportion to their respective fractional
                                         entitlements.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 15. | Equity
                                         shares issued and allotted by the Transferee Company in terms of Clause 13 shall be subject
                                         to the provisions of the Articles of Association of the Transferee Company and shall
                                         rank pari passu in all respects with the then existing equity shares of the Transferee
                                         Company, including in respect of dividends, if any, that may be declared by the Transferee
                                         Company, on or after the Appointed Date,
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 16. | Equity
                                         shares of the Transferee Company issued in terms of Clause 13 above, shall, subject to
                                         applicable regulations, be listed or admitted to trading on the relevant stock exchange/a,
                                         whether in India or abroad, where the equity shares of the Transferee Company are presently
                                         listed or admitted to trading.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 17. | (a)	Upon
                                         the coming into effect of this Scheme and the issue of shares in the Share Exchange Ratio,
                                         pursuant to Clause 13 above, the Transferee Company shall instruct its depositary (the
                                         “Depositary”) to issue ADRs of the Transferee Company to the existing
                                         investors in ADRs of ICICI in an appropriate manner in accordance with the terms of the
                                         Deposit Agreement entered into amongst the Transferee Company, Bankers Trust Company
                                         and all registered holders and beneficial owners from time to time of the ADRs of the
                                         Transferee Company (the “Deposit Agreement”). The Transferee Company
                                         and the Depositary shall enter into such further documents as may be necessary and appropriate
                                         in this behalf.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
                                         Transferee Company shall take necessary steps for the issue of ADRs pursuant to Clause
                                         17(a) above and for listing the ADRs on the New York Stock Exchange, including without
                                         limitation the filing of a supplemental listing application with the New York Stock Exchange
                                         and any required amendment of the Form F-6 under the Securities Act of 1933, as amended,
                                         of the United States of America (the “Securities Act”).
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The
                                         ADRs issued to the existing investors in the ADRs of ICICI pursuant to Clause 17(s) above
                                         shall be similar in all material respects with the then existing ADRs of the Transferee
                                         Company,
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The
                                         equity shares underlying the ADRs issued to the existing investors in the ADRs of ICICI
                                         shall not be registered under Securities Act in reliance upon the exemption from registration
                                         contained in Section 3(a)(14) of the Securities Act, and upon a no-action letter issued
                                         by the staff of the US Securities and Exchange Commission. To obtain this exemption,
                                         the Transferee Company will rely on the approval of the Scheme by the High Court of Judicature
                                         at Bombay and the High Court of Gujarat at Ahmedabad following the hearing by each court.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | If,
                                         on account of the Share Exchange Ratio, fractional ADRs of the Transferee Company have
                                         to be issued, then, in accordance with Section 4.03 of the Deposit Agreement, in lieu
                                         of delivering receipts for fractional ADRs the Depository may, in its discretion, sell
                                         the shares represented by the aggregate of such fractions, at public or private sale,
                                         at such place or places and at such price or prices as it may deem proper, and distribute
                                         the net proceeds of any such sale in accordance with the terms of the Deposit Agreement.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



PART
V - GENERAL TERMS AND CONDITIONS



| | 18. | (a)	The
                                         Transferor Companies and the Transferee Company shall be entitled to declare and pay
                                         dividends, whether interim or final, to their respective equity shareholders in respect
                                         of the accounting period prior to the Appointed Date. Provided that any such declaration
                                         after the Appointed Date and prior to the Effective Date shall be made with the prior
                                         approval of the Board of Directors of the Transferor Companies and the Transferee Company.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



123





| | (b) | Until
                                         the coming into effect of this Scheme, the holder of equity shares of the Transferor
                                         Companies and the Transferee Company shall, save as expressly provided otherwise in this
                                         Scheme, continue to enjoy their existing rights under their respective articles of association
                                         including the right to receive dividends.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | It
                                         is clarified that the aforesaid provisions in respect Of declaration of dividends, whether
                                         interim or final, are enabling provisions only and shall not be deemed to confer any
                                         right on any member of any of the Transferor Companies and/or the Transferee Company
                                         to demand or claim any dividends which, subject to the provisions of the Act, shall be
                                         entirely at the discretion of the respective Boards of Directors of the Transferor Companies
                                         and the Transferee Company and subject, wherever necessary, to the approval of the shareholders
                                         of the Transferor Companies and the Transferee Company, respectively.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 19. | (a)	Upon
                                         the coming into effect of this Scheme and with effect from the Appointed Date, for the
                                         purpose of accounting for and dealing with the value of the assets and liabilities of
                                         ICICI in the books of the Transferee Company, the fair value of the assets (after deducting
                                         such provisions as are outstanding in the books of ICICI on the date immediately preceding
                                         the Appointed Date in respect of any asset or class of assets) and liabilities shall
                                         be determined on the Appointed Date to the, satisfaction of the Transferee Company.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Upon
                                         the coming into effect of the Scheme. and with effect from the Appointed Date:
| | --- | ----------------------------------------------------------------------------------------------------------------------------



| | (i) | If
                                         the fair value of any class of assets of ICICI determined in accordance with sub-clause
                                         (a) above is less than the value of such class of assets appearing in the books of ICICI
                                         immediately prior to the Appointed Date, the assets shall be accounted for and dealt
                                         with in the books of the Transferee Company at the value appearing in the books of ICICI
                                         on the date immediately preceding the Appointed Date and a provision equal to the difference
                                         between the value appearing in the books of ICICI and the fair value determined in accordance
                                         with sub-clause (a) above shall be made in the books of the Transferee Company.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | If
                                         the fair value of any class of assets of ICICI determined in accordance with sub-clause
                                         (a) above is greater than the value of such class of assets appearing in the books of
                                         ICICI immediately prior to the Appointed Date, the assets shall be accounted for and
                                         dealt with in the books of the Transferee Company at the fair value,
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | Provisions
                                         outstanding in the books of ICICI on the date immediately preceding the Appointed Date
                                         in respect of any asset or class of assets shall be accounted for and dealt with in the
                                         books of the Transferee Company as provisions against the assets or class of assets against
                                         which such provisions were held in the • books of ICICI on the date immediately
                                         preceding the Appointed Date.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | The
                                         liabilities of ICICI shall be accounted for and dealt with in the books of the Transferee
                                         Company at the fair value determined in accordance with sub-clause (a) above,
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The
                                         excess of the fair value of the net assets of ICICI over the paid-up value of the shares
                                         to be issued and allotted pursuant to the terms of Clause 13, shall be accounted for
                                         and dealt with in the books of the Transferee Company as follows:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | The
                                         balance in “Special Reserve Account” of ICICI shall continue to be designated
                                         as Special Reserve Account in the books of the Transferee Company;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | The
                                         balance in “Debenture Redemption Reserve Account” of ICICI shall continue
                                         to be designated as a Debenture Redemption Reserve Account in the books of the Transferee
                                         Company;
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | The
                                         aggregate balance in “Capital Reserve Account”, “Capital Redemption
                                         Reserve Account”, “Share Premium Account”, “General Reserve Account”,
                                         “Profit and Loss Account” and any other account included in reserves and
                                         surplus of ICICI on the date immediately preceding the Appointed Date shall be reduced
                                         by the provisions created in accordance with sub-clause (b)(i) above and such further
                                         adjustments as may be deemed necessary including such adjustments as may be required
                                         to ensure the uniform application of accounting standards and policies adopted by the
                                         Transferee Company and the net balance thereof shall be credited by the Transferee Company
                                         to its General Reserve Account.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



124





| | (d) | (i)	Upon
                                         the coming into effect of the Scheme and with effect from the Appointed Date, the assets
                                         and liabilities of ICICI Capital and ICICI PFS shall be accounted for and dealt with
                                         in the books of the Transferee Company at their fair values to be determined on the Appointed
                                         Date to the satisfaction of the Transferee Company.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | In
                                         determining the fair value of the assets and liabilities of ICICI Capital and ICICI PFS
                                         and making the necessary adjustments, the provisions of sub-clauses (a) to (c) above
                                         shall be applied mutatis mutandis to ICICI Capital and ICICI PFS.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | An
                                         amount equal to the net assets of ICICI Capital and ICICI PFS shall be credited by the
                                         Transferee Company to its General Reserve Account.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20. | Upon
                                         the coming into effect of this Scheme:
| | --- | ------------------------------------------------------------------------------------



| | (a) | Clauses
                                         V of the Memorandum of Association of the Transferee Company shall, without any further
                                         act, instrument or deed, be and stand altered, modified and amended pursuant to Sections
                                         94 and 394 and other applicable provisions of the Act in the manner set forth in Schedule
                                         I hereto.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
                                         Articles of Association of the Transferee Company shall, without any further act, instrument
                                         or deed, be and stand altered, modified and amended pursuant to Sections 31 and 394 and
                                         other applicable provisions of the Act in the manner set forth in Schedule II hereto.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 21. | Upon
                                         the coming into effect of this Scheme, the Board of Directors of the Transferee Company
                                         shall be reconstituted in accordance with the provisions of the Act and the Banking Regulation
                                         Act, 1949. Provided that, subject to the approval of the Reserve Bank of India, the maximum
                                         number of Directors on the Board of Directors shall be increased to 21 (exclusive of
                                         the nominee director appointed by the Government of India and the director as may be
                                         nominated pursuant to the trust documents in relation to the issue of debentures or bonds
                                         of the Transferee Company and/or the Transferor Companies).
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 22. | Upon
                                         the coming into effect of this Scheme, the borrowing limits of the Transferee Company
                                         in terms of Section 293(1)(d) of the said Act, shall without further act, instalment
                                         or deed stand enhanced by an amount aggregating to Rs.100,550 crore being the aggregate
                                         borrowing limits of the. Transferor Companies, such limits being incremental to the existing
                                         limits of the Transferee Company.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 23. | The
                                         Transferor Companies shall with all reasonable dispatch, make applications/petitions
                                         under Sections 391 and 394 and other applicable provisions of the Act to the High Court
                                         of Judicature at Bombay for sanctioning of this Scheme and for dissolution of the Transferor
                                         Companies without winding up under the provisions of law, and obtain all approvals as
                                         may be required under law. Upon coming into effect of this Scheme, the Transferor Companies
                                         shall, without any further act, deed, or instrument, be dissolved without winding-up.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 24. | The
                                         Transferee Company shall also with all reasonable dispatch, make applications/petitions
                                         under Sections 391 and 394 and other applicable provisions of the Act to the High Court
                                         of Gujarat at Ahmedabad for sanctioning of this Scheme under the provisions of law, and
                                         obtain all approvals as may be required under law.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 25. | (a)	The
                                         Transferor Companies and the Transferee Company may assent from time to time or behalf
                                         of all persons concerned to any ,modifications or amendments or additions to this Scheme
                                         or to any conditions or limitations which either the Boards of Directors of any of the
                                         Transferor Companies and the Transferee Company deem fit, or which the High Court of
                                         Judicature at Bombay and/or the High Court of Gujarat at Ahmedabad and/or any other authorities
                                         (including the Reserve Bank of India) under law may deem fit to approve of or impose
                                         and which the Transferor Companies and the Transferee Company may in their discretion
                                         deem fit and to resolve all doubts or difficulties that may arise in carrying out and
                                         implementing this Scheme and to do, authorise and execute all acts, instruments, deeds,
                                         matters and things necessary, or to review the position relating to the satisfaction
                                         of the conditions to this Scheme and if necessary, to waive any of those (to the extent
                                         permissible under law) for bringing this Scheme into effect. In the event of any of the
                                         conditions that may be imposed by the Courts or other authorities (including the Reserve
                                         Bank of India) which the Transferor Companies or the Transferee Company may find unacceptable
                                         for any reason, then the Transferor Companies and the Transferee Company arc at liberty
                                         to withdraw the Scheme. The aforesaid powers of the Transferor Companies and the Transferee
                                         Company may be exercised by their respective Boards of Directors, a committee or committees
                                         of the concerned Board of Directors or any director authorised in that behalf by the
                                         concerned Board of Directors (hereinafter referred to as the “delegates”).
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



125





| | (b) | For
                                         the purpose of giving effect to this Scheme or to any Modifications or. amendments thereof
                                         or additions thereto, the delegate of the Transferor Companies and Transferee Company
                                         may give and are authorised to determine and give all such directions as are necessary
                                         including directions for settling or removing any question of doubt or difficulty that
                                         may arise and such determination or directions, as the case may be, shall be binding,
                                         on all parties, in the same manner as if the same were specifically incorporated in this
                                         Scheme.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | In
                                         the event of there being any pending share transfers, whether lodged or outstanding,
                                         of any shareholder of ICICI, the Board of Directors or any committee thereof of ICICI
                                         shall be empowered in appropriate cases, even subsequent to the Record Date to effectuate
                                         such a transfer.in ICICI as if such changes in registered holder were operative
                                         as on the Record Date, in order to remove any difficulties arising to the transferor
                                         or the transferee of the share in the Transferee Company and in relation to the new shares
                                         after the Scheme becomes effective.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 26. | This
                                         Scheme is conditional upon and subject to:
| | --- | ----------------------------------------------------------------------------------------



| | (a) | the
                                         Scheme being agreed to by the requisite majorities of the members of the Transferor Companies
                                         and the Transferee Company as required under the Act and the requisite orders of-the
                                         High Court of Judicature at Bombay and the High Court of Gujarat at Ahmedabad referred
                                         to in Clauses 23 and 24 above being obtained;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the
                                         approval of the Reserve Bank. of India being obtained;
| | --- | ---------------------------------------------------------------------------------------------------



| | (c) | such
                                         other sanctions. and approvals including from any governmental authority or contracting
                                         party, if any, as may be required by law or contract in respect of the Scheme being obtained;
                                         and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | the
                                         certified copies of the court orders referred to in this Scheme being filed with the
                                         Registrar of Companies, Maharashtra, and the Registrar of Companies, Gujarat.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 27. | In
                                         the event of this Scheme not becoming effective by June 30, 2002 or by such later date
                                         as may be agreed to by the respective Boards of Directors of the Transferor Companies
                                         and the Transferee Company, this Scheme shall become null and void and in that event
                                         no rights and’ liabilities whatsoever shall accrue to or be incurred inter se by
                                         the parties or their shareholders or creditors or employees or any other-person. In such
                                         case each company shall bear its own costs or as may be mutually agreed amongst themselves.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 28. | All
                                         costs, charges and expenses. including any taxes and duties of the Transferor Companies
                                         and Transferee Company respectively in relation to or in connection with this Scheme
                                         and incidental to the completion of the amalgamation of the Transferor Companies in pursuance
                                         of this Scheme shall be borne and paid by ICICI.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



126





SCHEDULE
I



Amendment
to the Memorandum of Association



Clause
V of the Memorandum of Association of the Transferee Company shall stand modified and amended by deleting the Clause and replacing
it with the following:



“The
authorized capital of the Company shall be Rs. 2,250,00,00,000 divided into 1,90,00,00,000 shares of Rs. 10/- each and 350
shares of Rs. 1 crore each with rights privileges and conditions attached thereto as are provided by the Articles of Association
of the Company for the time being with power to increase or reduce the capital of the Company and to divide the shares in the
capital for the time being into several classes and to attach thereto respectively such preferential, cumulative, convertible,
guarantee, qualified or other special rights, privilege, condition or restriction, as. may be determined by or in accordance with
the Articles of Association of the Company for the time being and to vary, modify, or abrogate any such right, privilege or condition
or restriction in such manner as may for the time being be permitted by the Articles of Association of the Company or the legislative
provisions for the time being in force.”



127





SCHEDULE
II



Amendment
to the Articles of Association



The
Articles of Association of the Company shall stand modified and amended in the following manner.



| | 1. | By
                                         deleting the definition of ICICI in Article 3.
| | -- | ------------------------------------------------------------------------------------------



| | 2. | By
                                         deleting Article 5(a) and replacing it with the following :-
| | -- | --------------------------------------------------------------------------------------------------------



| | “5(a) | The
                                         Authorised Share Capital of the Company is Rs. 2,250,00,00,000 divided into 1,90,00,00,000
                                         equity shares of Rs. 10/- each and 350 preference shares of Rs. 1 crore each.”
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | By
                                         inserting the word ‘debentures’ in Article 10(a) after the word ‘shares’
                                         and before the words ‘or other interest....’.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | By
                                         inserting a new Article 80A as follows:
| | -- | -----------------------------------------------------------------------------------



“The
Company may purchase its own shares in the manner provided for in Section 77A of the Act.”



| | 5. | By
                                         deleting Article 99(b) and replacing it with the following;
| | -- | -------------------------------------------------------------------------------------------------------



| | “99(b) | If
                                         there be no Chairman or if at any meeting he shall not be present within 15 minutes after
                                         the time appointed for holding such meeting, or is unwilling to act, the Managing Director
                                         shall be entitled to act as the Chairman of such meeting failing which the Non-Rotational
                                         Directors present may choose one of their number to act as Chairman of the meeting and
                                         in default of their doing so, the Members present shall choose one of the Directors to
                                         lake the Chair and if no Directors present be willing to take the Chair, the Members
                                         present shall choose one of their number to be the Chairman of the meeting.”
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6. | By
                                         deleting Article 113 and replacing it with the following:
| | -- | -----------------------------------------------------------------------------------------------------



| | “113 | (a)	on
                                         a show of hands, every Member present in person shall have one vote; and
| | ---- | ------------------------------------------------------------------------------------------------------------------------



| | (b) | on
                                         a poll, the voting rights of Members shall be as provided in Section 87 of the Act, but
                                         will be subject to the ceiling of ten per cent of the total voting rights or such other
                                         percentage as may be stipulated by Section 12(2) of the Banking Regulation Act.”
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7 | By
                                         deleting Article 126 and replacing it with the following:
| | - | -----------------------------------------------------------------------------------------------------



| | “126 | Until
                                         otherwise determined by a General Meeting, the number of Directors shall not be less
                                         than three or more than 21 excluding the Government Director (referred to in Article
                                         128A) and the Debenture Director (referred to in Article 129) (if any).”
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8. | By
                                         deleting Article 128 and replacing it with the following:
| | -- | -----------------------------------------------------------------------------------------------------



| | “128 | Not
                                         more than one-third of the total number of Directors shall be non-rotational Directors
                                         and, except for the Debenture Director and the Government Director, such non-rotational
                                         Directors (hereinafter referred to as the “Non-Rotational Directors”) shall
                                         be appointed by the Board of Directors of the Company. The remaining Directors shall
                                         be persons whose period of office is liable to determination by rotation and subject
                                         to the provisions of the Act shall be appointed by the Company in General Meeting.”
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 9, | By
                                         inserting a new Article 128A after the existing Article 128:.
| | -- | ---------------------------------------------------------------------------------------------------------







| | *128A(a) | During such time as-the Guarantee Agreement
    dated March 14, 1955 or the Guarantee Agreement dated July 15, 1959 or the Guarantee Agreement dated October 28, 1960 or the
    Guarantee Agreement dated February 28, 1962, between the President of India and The International Bank for Reconstruction
    and Development shall remain in force the President of India shall have the right from time to time to appoint one person
    as a Director of the Company and to remove such person from office and on a vacancy being caused in such office from any cause
    whether by resignation, death, removal or otherwise to appoint a Director in the vacant place. The Company shall he entitled
    to agree with the President of India for the appointment of a Director of the Company by the President of India as contemplated
    by this Article in respect of any
| | -------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







128





future
advance or advances by the Government of India or in respect of any guarantee or guarantees that may be given by the Government
of India in connection with the Company’s future borrowings from The International Bank. for Reconstruction and
Development or any other financial institution. The Director appointed under this Article is herein referred to as “the
Government Director” and the term “Government Director” means the Director for the time being in office under
this Article. The Government Director shall not be liable to retire by rotation or be removed from office except by the President
of India as aforesaid. Subject as aforesaid the Government Director shall be entitled to the same rights and privileges and be
subject to the same obligations as any other Director of the Company.”



| | 10. | By
                                         inserting the following sentence at the end of Article 132 after the words “...or
                                         the Central Government”:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



“No
Director who is a Government servant shall be entitled to receive any remuneration under this Article or other provisions of these
presents except as authorised by the Government.”



| | 11. | By
                                         inserting a new Article 132A after the existing Article 132:
| | --- | --------------------------------------------------------------------------------------------------------



| | “132A | Subject
                                         to the provisions of Article 132 in the case of a Government servant, the Directors may
                                         allow and pay to any Director who is not a bona fide resident of the place where a meeting
                                         is held and who shall come to such place for the purpose of attending a meeting such
                                         sum as the Directors may consider fair compensation for travelling, hotel and other expenses
                                         in addition to his remuneration as above specified and the Directors may from time to
                                         time fix the remuneration to be paid to any member or members of their body constituting
                                         a committee appointed by the Directors in terms of these presents and may pay the same.”
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12. | By
                                         inserting a new Article 132B after the Article 132A;
| | --- | ------------------------------------------------------------------------------------------------



| | *132B | Subject
                                         to the provisions of Article 132 in the case of a Government servant if any Director,
                                         being willing, shall be called upon to perform extra services or to make any special
                                         exertions in going out or residing at a particular place or otherwise for any of the
                                         purposes of the Company, the Company may remunerate such Director either by fixed sum
                                         or otherwise as may be determined by the Directors and such remuneration may be
                                         either in addition to or in substitution for his remuneration above provided.”
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13. | By
                                         deleting Article 140(b)(iii)
| | --- | ------------------------------------------------------------------------



| | 14. | By
                                         deleting Article 142 and replacing it with the following:
| | --- | -----------------------------------------------------------------------------------------------------



| | *142 | At
                                         every Annual General Meeting of the Company, one third of such Directors for the time
                                         being as are liable to retire by rotation or if their number is not three or a multiple
                                         of three, then the number nearest to one-third, shall retire from office. The Debenture
                                         Directors, the Government Directors and the Non-Rotational Directors, subject to Article
                                         151, shall not be subject to retirement under this Article.”
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 15. | By
                                         deleting the words “nomination of ICICI Directors by ICICI” in Article 149(d)
                                         and replacing it with the words “appointment of the Non-Rotational Directors”.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 16. | By
                                         inserting the words “or a Non-Rotational Director” instead of the words “or
                                         a Nominee Director” in Article 150(a).
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 17. | By
                                         deleting Article 151(a) and replacing it with the following:
| | --- | --------------------------------------------------------------------------------------------------------



| | *151(a) | Subject
                                         to the provisions of the said Acts and these presents, the Board of Directors of the
                                         Company shall be entitled to appoint from time to time, one or more of the Non-Rotational
                                         Directors to act as the Whole-time or Executive Chairman and Managing Director or Part-time
                                         Chairman or Whole-time Chairman (hereinafter referred to as the “Executive Chairman”)
                                         or a Managing Director or Managing Director(s) and/or Whole-time Director or Whole-time
                                         Director(s) of the Company (hereinafter referred to as the “Managing Director”)
                                         for such term not exceeding five years at a time as the Board of Directors may think
                                         fit to manage the affairs and business of the Company and may from time to time (subject
                                         to provisions of any contract between him and the Company) may remove or dismiss him
                                         or them from office and appoint another in his place.”
| | ------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



129





| | 18. | By
                                         deleting Article 151(b).
| | --- | --------------------------------------------------------------------



| | 19. | By
                                         deleting Article 151(c).
| | --- | --------------------------------------------------------------------



| | 20. | By
                                         deleting the following paragraph in Article 155:
| | --- | --------------------------------------------------------------------------------------------



“Provide
further, that no quorum for a Meeting of the Board shall be constituted and no such meeting shall proceed to transact any business
unless at least one ICICI Director or his Alternate are present at such meeting, except where for a particular meeting the said
requirement for a quorum is waived in writing by the ICICI Directors or their Alternates.”



| | 21. | By
                                         deleting Article 157 and replacing it with the following:
| | --- | -----------------------------------------------------------------------------------------------------



| | *157 | The
                                         Directors may subject to the provisions of the Act delegate any of their powers to Committees
                                         consisting of Directors and/or such other person or persons as they think fit, and they
                                         may from time to time revoke and substitute such delegation. Any Committee so formed
                                         shall in the exercise of the powers so delegated, conform to any regulations that may
                                         from time to time be imposed on it by the Directors. All acts done by any such Committee
                                         in conformity with such regulations and in fulfilment of the purposes of its appointment
                                         but not otherwise, shall have the force and the effect as if done by the Board.”
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 22. | By
                                         deleting Article 159(a) and replacing it with the following:
| | --- | --------------------------------------------------------------------------------------------------------



| | *159(a) | All
                                         meetings of the Directors shall be presided over by the Chairman if present, but if at
                                         any meeting of Directors, the Chairman be not present, at. the time appointed for holding
                                         the same, then and in that case the Managing Director shall be entitled to be the Chairman
                                         of such meeting, failing which the Board shall choose one of the Non-Rotational Directors
                                         then present to preside at the meeting.”
| | ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 23. | By
                                         deleting Article 161(c).
| | --- | --------------------------------------------------------------------



130









131









132









133









134









135





SCHEME
OF AMALGAMATION



Of









|The Sangli Bank Limited	..................................      | Transferor Bank
|--------------------------------------------------------------- | ---------------
|                                                                |                
|with                                                            |                
|                                                                |                
|ICICI Bank Limited	............................................ | Transferee Bank





PART
I – GENERAL



| | 1. | This
                                         Scheme of Amalgamation provides for the amalgamation of The Sangli Bank Limited, a company
                                         within the meaning of the Companies Act, 1956 (hereinafter referred to as the “Companies
                                         Act”) and licensed as a banking company under the provisions of the Banking Regulation
                                         Act, 1949 (hereinafter referred to as the “said Act”), having its Registered
                                         Office at Rajwada Chowk, Sangli 416 416, Maharashtra (hereinafter referred to as the
                                         “Transferor Bank”) with ICICI Bank Limited, acompany incorporated
                                         under the provisions of the Companies Act and licensed as a banking company under the
                                         provisions of the said Act, having its Registered Office at Landmark, Race Course Circle,
                                         Vadodara 390 007, Gujarat (hereinafter referred to as the “Transferee Bank”),
                                         pursuant to Section 44A and other relevant provisions of the said Act and Reserve Bank
                                         of India’s guidelines for merger and amalgamation of private sector banks dated
                                         May 11, 2005 (hereinafter referred to as the “RBI Guidelines”).
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | In
                                         this Scheme of Amalgamation, unless inconsistent with the subject or context, the following
                                         words or expressions shall have the following meaning:
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | ‘Board
                                         of the Transferee Bank’ shall mean the Board of Directors of the Transferee Bank,
                                         any Committee/s constituted / that may be constituted by the Board of Directors of the
                                         Transferee Bank or any other person authorised / to be authorised by the Board or the
                                         Committee/s to exercise its powers including the powers in terms of this Scheme.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | ‘Board
                                         of the Transferor Bank’ shall mean the Board of Directors of the Transferor Bank,
                                         or any person authorised to be authorised by the Board to exercise its powers including
                                         the powers in terms of this Scheme.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | ‘Effective
                                         Date’ shall mean the date on which Reserve Bank of India sanctions the Scheme of
                                         Amalgamation or such other date as may be specified by Reserve Bank of India by an order
                                         in writing passed in this behalf under the provisions of the said Act and RBI Guidelines.
                                         References in the Scheme of Amalgamation to the ‘coming into effect of the Scheme’
                                         shall mean the Effective Date.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | ‘said
                                         assets’ or ‘the undertaking’ shall mean the entire undertaking, the
                                         entire business, all the properties (whether movable or immovable, tangible or intangible),
                                         assets, investments of all kinds including but not limited to securities, securitised
                                         assets, receivables and security receipts, all cash balances (including with Reserve
                                         Bank of India and other banks), money at call and short notice, loans, advances, contingent
                                         rights or benefits, reserves, provisions, funds, benefits of all agreements, lease and
                                         hire purchase contracts, benefit of any security arrangements, agreements, rights, contracts,
                                         entitlements, permits, licences including branch or other licences, quotas, approvals,
                                         consents, incentives, subsidies, rights, Claims, leases, tenancy rights, liberties, rehabilitation
                                         schemes, special status, engagements, arrangements and all other privileges and benefits
                                         of every kind, nature and description whatsoever enjoyed or conferred upon or held or
                                         availed of by and all rights and benefits that have accrued to business, activities and
                                         operations of the Transferor Bank, authorities, allotments, approvals, reversions, buildings
                                         and structures, branches, offices and residential premises, tenancies, leases, licenses,
                                         fixed assets and other assets, powers, consents, registrations, agreements, contracts,
                                         engagements, arrangements of all kinds, rights, titles, interests, benefits and advantages
                                         of whatsoever nature and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



136





wheresoever
situate belonging to or in ownership, power or possession or in control of or vested in or granted in favour of or enjoyed by
the Transferor Bank or to which the Transferor Bank may be entitled and include but without being limited to trade and service
names and service marks and other intellectual property of any nature whatsoever, permits, approvals, authorisations, rights to
use and avail of telephone, telex, facsimile, email, internet, leased line connections and installations, utilities, electricity
and other services, all necessary records, files, papers, computer programs, manuals, data, catalogues, sales and advertising
materials, lists and other details of present and former customers, suppliers, employees, customer information including credit
information, customer pricing information and other records in connection with or relating to the Transferor Bank and all other
interests of whatsoever nature belonging to or in the ownership, power or possession and/or in the control of or vested in or
granted in favour of or enjoyed by the Transferor Bank, whether in India or abroad, as on the Effective Date.



| | (e) | ‘said
                                         liabilities’ shall mean all debts, demand deposits, saving bank deposits, term
                                         deposits, certificate of deposits, time and demand liabilities, borrowings whether rupee
                                         or foreign currency, bills payable, interest accrued, statutory reserves, contingent
                                         liabilities including tax liabilities, and other liabilities, duties and undertakings
                                         and obligations of the Transferor Bank, whether or not disputed or the subject matter
                                         of any court, arbitration or other proceedings, as on the Effective Date.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | ‘the
                                         Scheme’ or ‘this Scheme’ shall mean the Scheme of Amalgamation of the
                                         Transferor Bank with the Transferee Bank as sanctioned by the Reserve Bank of India under
                                         section 44A of the said Act.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



PART
II — SHARE CAPITAL



| | 3. | (a)	The
                                         share capital of the Transferor Bank as of September 30, 2006 is as under:
| | -- | ---------------------------------------------------------------------------------------------------------------------------



Authorised
Capital



100,000,000
Equity Shares of Rs. 10/- each amounting to Rs. 100.0 million



Issued,
Subscribed and Paid-up Capital



31,960,028
Equity Shares of Rs. 10/- each amounting to Rs. 319.6 million, including shares forfeited and calls-in-arrears



The
Equity Shares of the Transferor Bank are not listed on any stock exchange.



| | (b) | The
                                         share capital of Transferee Bank as of September 30, 2006 is as under:
| | --- | -------------------------------------------------------------------------------------------------------------------



Authorised
Capital



1,000,000,000
Equity Shares of Rs. 10/- each amounting to Rs. 10,000.0 million



55,000,000
Preference Shares of Rs. 100/- each amounting to Rs. 5,500.0 million



350
Preference Shares of Rs. 10,000,000/- each amounting to Rs. 3,500.0 million



Issued,
Subscribed & Paid-up Capital



892,895,661
Equity Shares of Rs. 10/- each amounting to Rs. 8,929.2 million, including shares forfeited and calls-in-arrears



350
Preference Shares of Rs. 10,000,000/- each fully paid-up redeemable at par on April 20, 2018 amounting to Rs. 3,500.0 million



137





The
equity shares of the Transferee Bank are listed on The Bombay Stock Exchange Limited and The National Stack Exchange of India
Limited. American Depositary Shares representing underlying equity shares of Transferee Bank are listed on New York Stock Exchange,
The preference shares of the Transferee Bank are not, at present, listed on any stock exchange.



PART
III —TRANSFER & VESTING



| | 4. | Upon
                                         the coming into effect of this Scheme pursuant to the provisions of the said Act and
                                         RBI Guidelines, subject to the provisions of this Scheme, and on and from the Effective
                                         Date:
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | The
                                         Undertaking of the Transferor Bank shall, without any further act, instrument or deed,
                                         be and stand transferred to and vested in or be deemed to have been transferred to and
                                         vested in the Transferee Bank as a going concern so as to become the properties, estates,
                                         assets, rights, title, interest and authorities of the Transferee Bank.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Without
                                         prejudice to sub-clause (a) above, in respect of such of the assets of the Undertaking
                                         as are movable in nature or are otherwise capable of transfer by manual delivery or by
                                         endorsement and/or delivery, the same may be so transferred by the Transferor Bank, and
                                         shall, upon such transfer, become the properties, estates, assets, rights, title, interests
                                         and authorities of the Transferee Bank.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | All
                                         the licences, permits, quotas, approvals, incentives, subsidies, rights, claims, leases,
                                         tenancy rights, liberties, rehabilitation schemes, special status and other benefits
                                         or privileges enjoyed or conferred upon or held or availed of by and all rights and benefits
                                         that have accrued to the Transferor Bank shall, without any further act, instrument or
                                         deed, be and stand transferred to and vest in or be deemed to be transferred to and vested
                                         in and be available to the Transferee Bank so as to become the estates, assets, rights,
                                         title, interests and authorities of the Transferee Bank and shall remain valid, effective
                                         and enforceable on the same terms and conditions to the extent permissible under law.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | All
                                         properties, assets, estates, rights, title, interest, licenses and authorities acquired
                                         by or quotas, approvals, incentives, subsidies, rights, claims, leases, tenancy rights,
                                         liberties, rehabilitation schemes, special status and other benefits or privileges enjoyed
                                         or conferred upon or held or availed of by and/or all rights and benefits that have accrued
                                         to the transferor Bank after the approval of the amalgamation by the respective Boards
                                         of Directors of the Transferor Bank and Transferee Bank and prior to the Effective Date
                                         in connection or in relation to the operation of the Undertaking shall, without any further
                                         act, instrument or deed, be and stand transferred to and vested or deemed to be transferred
                                         to and vested in the Transferee Bank.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | All
                                         contracts, deeds, bonds, agreements, arrangements and other instruments (including all
                                         tenancies, leases, licenses and other assurances in favour of the Transferor Bank or
                                         powers or authorities granted by or to it) of whatsoever nature to which the Transferor
                                         Bank is a party or to the benefit of which the Transferor Bank may be eligible, and which
                                         are subsisting or having effect immediately before the Effective Date, shall, without
                                         any further act, instrument or deed, be in full force and effect in favour of or against
                                         the Transferee Bank, as the case may be, and may be enforced as fully and effectually
                                         as if, instead of the Transferor Bank, the Transferee Bank had been a party or beneficiary
                                         or obligee thereto.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Upon
the coming into effect of this Scheme pursuant to the provisions of the said Act and RBI Guidelines, subject to the provisions
of this Scheme, and on and from the Effective Date:



| | (a) | All
                                         debts, demand deposits, savings bank deposits, term deposits, certificate of deposits,
                                         time and demand liabilities, borrowings whether rupee or foreign currency, bills payable,
                                         interest accrued, statutory reserves, contingent liabilities including tax liabilities,
                                         and other liabilities, duties and undertakings and obligations of the Transferor Bank,
                                         whether or not disputed or the subject matter of any court, arbitration or other proceedings
                                         (the “Liabilities”) shall, without any further act, instrument or
                                         deed be and stand
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



138





transferred
to and vested in or be deemed to stand transferred to and vested in, the Transferee Bank so as to become the Liabilities of the
Transferee Bank, and further that it shall not be necessary to obtain the consent of any person concerned with the Liabilities
in any capacity whatsoever or any person who is a party to any contract or arrangement by virtue of which such Liabilities have
arisen in order to give effect to the provisions of this Clause.



| | (b) | Loans
                                         and other obligations (including any guarantees, letters of credit, letters of comfort
                                         or any other instrument or arrangement which may give rise to a contingent liability
                                         in whatever form), if any, due or which may at any time in future become due between
                                         or amongst the Transferor Bank and the Transferee Bank shall stand discharged and there
                                         shall be no liability in that behalf on either party.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Any
                                         securities, debentures or notes, if any, issued by the Transferor Bank, and held by the
                                         Transferee Bank, and vice versa shall, unless sold or transferred by the Transferor Bank
                                         or the Transferee Bank, as the case may be, at any time prior to the Effective Date,
                                         stand cancelled as on the Effective Date, and shall be of no effect and such Transferor
                                         Bank or the Transferee Bank, as the case may be, shall have no further obligation outstanding
                                         in that behalf.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Without
                                         prejudice to the provisions of Clause (b) above, the guarantees, letters of credit, letters
                                         of comfort and other similar arrangements, if any, given or executed or made by the Transferor
                                         Bank in favour of or for the benefit of the Transferee Bank shall stand discharged.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Upon
the coming into effect of this Scheme pursuant to the provisions of the said Act and RBI Guidelines, subject to the provisions
of this Scheme, and on and from the Effective Date:



| | (a) | All
                                         the security created in favour of or for the benefit of the Transferor Bank under the
                                         terms of the relevant agreements, documents and/or arrangements, whether such security
                                         be immovable, movable, tangible or intangible, and whether by way of mortgage, hypothecation,
                                         pledge, lien or any other form or mode of creation of security, and all guarantees, letters
                                         of comfort, letters of creditor similar instruments in favour of or for the benefit of
                                         the Transferor Bank under the terms of the relevant agreements, documents and/or arrangements,
                                         shall without any further act, deed, instrument or thing, be transferred to and vested
                                         in the Transferee Bank or be deemed to have been transferred to and vested in the Transferee
                                         Bank, and shall continue to be in full force and effect and may be enforced as fully
                                         and effectually as if instead of the Transferor Bank, the Transferee Bank had been the
                                         beneficiary or a party thereto, and the benefit shall be available to the Transferee Bank
                                         as if such same were ab initio created in favour of the Transferee Bank and further that
                                         it shall not be necessary to obtain the consent of any person concerned therewith in
                                         any capacity whatsoever or of the person who created such security in order to give effect
                                         to the provisions of this Clause.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | All
                                         debit mandates or negotiable instruments including post-dated cheques that are issued
                                         in favour of the Transferor Bank, or which are drawn on the Transferor Bank, shall be
                                         payable to or by the Transferee Bank, as the case may be, without any further act, deed,
                                         instrument or thing and may be enforced as fully and effectually as if instead of the
                                         Transferor Bank, the Transferee Bank had been the beneficiary or a party specified therein.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | All
                                         suits, actions and legal and other proceedings by or against the Transferor Bank pending
                                         and/or arising on or before the Effective Date shall be transferred in the name of the
                                         Transferee Bank and shall be continued and be enforced by or against the Transferee Bank
                                         as effectually and in the same manner and to the same extent as if the same had been
                                         pending and/or arisen by or against the Transferee Bank.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5. | (a)	The
                                         Boards of Directors of the Transferor Bank and the Transferee Bank have jointly constituted
                                         a committee in the manner described in sub-clause (b) below (the “Joint Committee”)
                                         to perform the functions specified in sub-clause (c) below from the date of approval
                                         of this amalgamation until the Effective Date.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



139





| | (b) | The
                                         constitution of the Joint Committee shall be as mentioned hereinbelow:
| | --- | -------------------------------------------------------------------------------------------------------------------



| | (i) | Mr.
                                         Vijay Chandok, Senior General Manager of the Transferee Bank, as the Chairman of the
                                         Joint Committee;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Mr.
                                         S.R. Godbole, General Manager of the Transferor Bank as a member of the Joint Committee;
                                         and
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | The
                                         Chairman of the Joint Committee and Mr. S. R. Godbole shall have the power and authority
                                         to appoint such additional members of the Joint Committee, as may be necessary, from
                                         amongst the wholetime Directors and/or employees of the Transferee Bank, and from amongst
                                         the employees of the Transferor Bank, respectively, provided that the number of members
                                         from the Transferor Bank shall not exceed the number of members from the Transferee Bank.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | From
                                         the date of approval of the amalgamation by the respective Boards of Directors of the
                                         Transferor Bank and the Transferee Bank and until the Effective Date, the Joint Committee
                                         shall perform the following functions:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | in
                                         case of any ambiguity or any question as to whether any matter is within or outside the
                                         ordinary course of the business of the Transferor or the Transferee Bank it shall determine
                                         the same on the basis of evidence that it may deem relevant for the purpose (including
                                         the books and records of the Transferor Bank or the Transferee Bank, as the case may
                                         be);
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | consider
                                         and approve the matters pertaining to the share capital of the Transferor Bank and/or
                                         the Transferee Bank as specified in Clause 9 below;
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | deaf
                                         with matters incidental or consequential or related thereto; and
| | ----- | --------------------------------------------------------------------------------------------------------------



| | (iv) | such
                                         other functions specifically provided elsewhere in this Scheme or as may be specifically
                                         conferred on it by the Boards of Directors of Transferor Bank and the Transferee Bank,
                                         respectively.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Unless
                                         otherwise agreed to between Mr. Vijay Chandok and Mr. S. R. Godbole, the quorum for meetings
                                         of the Joint Committee shall be at least two (2) members of the Joint Committee including
                                         at least one (1) representative of the Transferee Bank. The Joint Committee shall meet
                                         at such times and places, and shall observe and follow such rules and procedures formulated
                                         by the Joint Committee, from time to time, in regard to the transaction of business at
                                         its meetings. If for any reason the Chairman of the Joint Committee is unable to attend
                                         a meeting of the Joint Committee, any other member elected by the members present from
                                         amongst themselves at the meeting shall preside at such meeting. All matters shall be
                                         decided by the Joint Committee by a majority vote of the members present and voting at
                                         the meeting, and in the event of an equality of votes, the Chairman or in his absence,
                                         the person presiding, shall have the second or casting vote. If, however, without convening
                                         a meeting of the members of the Joint Committee any matter is decided by the Joint Committee
                                         wherein the consent or approval of the majority of the members of the Joint Committee
                                         is obtained by letter or letters or any instrument signed by such members of the Joint
                                         Committee then such letter or letters or instrument shall constitute a resolution passed
                                         or decision taken at the meeting of the Joint Committee duly convened and held and shall
                                         have the effect accordingly. Al! decisions of the Joint Committee determined as aforesaid
                                         shall be binding on the Transferor Bank and the Transferee Bank.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Neither
                                         the Transferee Bank nor its representatives on the said Joint Committee shall be liable
                                         for any act or omission of the Transferor Bank or the Joint Committee, and they shall
                                         be fully indemnified and held harmless by the Transferor Bank.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | Neither
                                         the Transferor Bank nor its representatives on the said Joint Committee shall be liable
                                         for any act or omission of the Transferee Bank or the Joint Committee, and they shall
                                         be fully indemnified and held harmless by the Transferee Bank.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





140







| | 6. | After
                                         the approval of the amalgamation by the respective Boards of Directors of the Transferor
                                         Bank and Transferee Bank up to and including the Effective Date:
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | Any
                                         of the liabilities and obligations of the Transferor Bank that have been discharged by
                                         the Transferor Bank, such discharge shall be deemed to have been for and on account of
                                         the Transferee Bank.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | All
                                         loans raised and utilised and all debts, duties, undertakings, liabilities and obligations
                                         incurred or undertaken by the Transferor Bank in relation to or in connection with the
                                         Undertaking shall be deemed to have been raised, used, incurred or undertaken for and
                                         on behalf of the Transferee Bank and to the extent they are outstanding on the Effective
                                         Date, shall, without any further act, instrument or deed be and stand transferred to
                                         or vested in or be deemed to be transferred to and vested in the Transferee Bank and
                                         shall become the liabilities and obligations of the Transferee Bank which shall meet,
                                         discharge and satisfy the same.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | All
                                         properties, estates, assets, rights, title, interests and authorities accrued to and/or
                                         acquired by the Transferor Bank in relation to or in connection with the Undertaking
                                         prior to the Effective Date shall have been deemed to have been accrued to and/or acquired
                                         for and on behalf of the Transferee Bank and shall, without any further act, instrument
                                         or deed be and stand transferred to or vested in or be deemed to be transferred to or
                                         vested in the Transferee Bank to that extent and shall become the properties, estates,
                                         assets, right, title, interests and authorities of the Transferee Bank.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The
                                         Transferor Bank shall carry on and shall be deemed to have carried on all the business
                                         and activities as hitherto and shall hold and stand possessed of and shall be deemed
                                         to have held and stood possessed of the Undertaking on account of, and in trust for,
                                         the Transferee Bank.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | All
                                         the profits or incomes accruing or arising to the Transferor Bank, or expenditure or
                                         losses arising or incurred (including the effect of taxes, if any, thereon) by the Transferor
                                         Bank shall, for all purposes, be treated and be deemed to be and accrue as the profits
                                         or incomes or expenditure or losses or taxes of the Transferee Bank, as the case may
                                         be.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | The
                                         Transferor Bank shall not make any change in its capital structure in any manner whatsoever,
                                         whether by any increase (including by way of issue of equity and/or preference shares
                                         on a rights basis or by way of a public issue, bonus shares and/or convertible debentures
                                         or otherwise), decrease, reduction, reclassification, sub-division, consolidation, re-organisation,
                                         or in any other manner which may, in any way, affect the Share Exchange Ratio (as defined
                                         in Clause 9 below), except with the prior written consent of the Transferee Bank.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | The
                                         Transferor Bank shall not, without the prior written consent of the Joint Committee,
                                         alter, enhance or revise the remuneration, emoluments or perquisites, or create any new
                                         terms of remuneration, increase or vary remuneration for any personnel or pay scale for
                                         any class of personnel, or vary seniority or other personnel parameters for any employee
                                         or class of employees, or amend or alter any such existing terms or alter, enhance or
                                         revise the contributions of the Transferor Bank to any schemes/ funds established by
                                         or under any law or otherwise including by way of any awards, settlements, standing orders,
                                         as applicable to the employees of the Transferor Bank.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | The
                                         Transferor Bank shall not, without the prior written consent of the Joint Committee,
                                         amend the terms and conditions of employment or engagement of, a director, officer, employee,
                                         a person on contract or a consultant of the Transferor Bank, or provide, or agree to
                                         provide, a gratuitous payment or benefit to a director, officer, employee, a person on
                                         contract or a consultant of the Transferor Bank (or any of their dependants) or employ,
                                         appoint, engage or terminate the employment or engagement of, any person as a director,
                                         officer, employee, a person on contract or as consultant.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | No
                                         material decision in relation to the Transferor Bank’s business and affairs and
                                         operations and no agreement or transaction (other than an agreement or transaction in
                                         the ordinary course of the Transferor Bank’s business) shall be taken, entered
                                         into or performed by the Transferor Bank and/or such other
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



141





matters
as the Transferee Bank may notify from time to time shall be undertaken or performed by the Transferor Bank, without the prior
written approval of the Joint Committee.



| | 7. | Upon
                                         the coming into effect of the Scheme, the Transferee Bank may if so required under any
                                         law or otherwise, execute deeds of confirmation or any other writings in favour of any
                                         other party to any contract or arrangement to which the Transferor Bank is a party or
                                         is subject to in order to give formal effect to any provision of the Scheme as may be
                                         necessary. The Transferee Bank shall be authorised or be deemed to be authorised to execute
                                         any such writings on behalf of the Transferor Bank and to implement, carry out or perform
                                         all such formalities or compliances to be implemented, carried out or performed on part
                                         of the Transferor Bank.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8. | Upon
                                         the corning into effect of this Scheme,
| | -- | -------------------------------------------------------------------------------------



| | (a) | the
                                         employees of the Transferor Bank who are in service on the Effective Date shall become
                                         the employees of the Transferee Bank on such Date without any break or interruption in
                                         service and on terms and conditions as to remuneration, emoluments or perquisites not
                                         less favourable than those subsisting with reference to the Transferor Bank on the said
                                         date.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
                                         existing provident fund, gratuity fund, pension and/or super-annuation fund or trusts
                                         created by the Transferor Bank or any other special funds created or existing for the
                                         benefit of the employees of the Transferor Bank shall be transferred to the relevant
                                         funds of the Transferee Bank. In the event that the Transferee Bank does not have its
                                         own funds with respect to any such matters, the Transferee Bank shall create its own
                                         funds to which the contributions pertaining to the employees of the Transferor Bank shall
                                         be transferred.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



PART
IV — REORGANISATION OF CAPITAL



| | 9. | Upon
                                         the coming into effect of this Scheme, and in consideration of the transfer of and vesting
                                         of the Undertaking and the Liabilities of the Transferor Bank in the Transferee Bank
                                         in terms of this Scheme, the Transferee Bank shall without any further application, act,
                                         instrument or deed, issue and allot to the equity shareholders of the Transferor Bank
                                         whose names are recorded in the Register of Members of Transferor Bank (the “Members”),
                                         on a date (hereinafter referred to as the “Record Date”)to be fixed
                                         by the Board of Directors of the Transferee Bank or a committee of such Board of Directors,
                                         equity shares of Rs. 10/- (Rupees ten only) each, credited as fully paid up, in the ratio
                                         of One Hundred (100) equity share of the face value of Rs. 10/-(Rupees ten only) each
                                         in the Transferee Bank for every Nine Hundred and Twenty Five (925) equity shares of
                                         the face value of Rs. 10/- (Rupees ten only) each held in the Transferor Bank.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The
above ratio in which the equity shares of the Transferee Bank are to be allotted to the Members of the Transferor Bank by the
Transferee Bank is hereinafter referred to as the “Share Exchange Ratio”and such allotment will be within
fifteen (15) days of the Record Date. Accordingly the Transferee Bank shall issue in aggregate 3,455,138 equity shares of Rs.
10/- (Rupees ten only) each, credited as fully paid-up, to the Members, subject to the provisions of this Scheme of Amalgamation.
including but not limited to Clause 11 below.



| | 10. | The
                                         share certificates in relation to the equity shares held by the said Members in the Transferor
                                         Bank shall be deemed to have been automatically cancelled and be of no effect on and
                                         from such Record Date, without any further act, instrument or deed. In so far as the
                                         issue of equity shares pursuant to Clause 9 above is concerned, each of the said Members
                                         of the Transferor Bank, shall have the option, exercisable by notice in writing by the
                                         said Members to the Transferee Bank on or before such date as may be determined by the
                                         Board of Directors of the Transferee Bank or a committee of such Board of Directors,
                                         to receive either in certificate form or in dematerialised form, the equity shares of
                                         the Transferee Bank in lieu thereof and in terms hereof. In the event that the Transferee
                                         Bank has not received such notice from any of the said Members, the equity shares of
                                         the Transferee Bank shall be issued to such Members in certificate form. Those of the
                                         said Members exercising the option to receive the equity shares in dematerialised form
                                         shall be required to have an account with a depository participant and shall provide
                                         details thereof and such other confirmations as may be required. It is
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



142





only
thereupon that the Transferee Bank shall issue and directly credit the demat/ dematerialised securities account of such Member
with the equity shares of the Transferee Bank.



| | 11. | In
                                         respect of equity shares of the Transferor Bank where calls are in arrears, without prejudice
                                         to any remedies that the Transferor Bank or the Transferee Bank, as the case may be,
                                         shall have in this behalf, the Transferee Bank shall not be bound to issue any equity
                                         shares of the Transferee Bank (whether partly paid or otherwise) nor to confirm any entitlement
                                         to such holder until such time as the calls-in-arrears are paid.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12. | No
                                         fractional certificates shall be issued by the Transferee Bank in respect of fractional
                                         entitlements, if any, to any Member. The Board of Directors of the Transferee Bank shall,
                                         instead consolidate all such fractional entitlements and thereupon issue and allot equity
                                         shares in lieu thereof to the trust or a director or an officer of the Transferee Bank
                                         or such other person as the Transferee Bank shall appoint in this behalf who shall hold
                                         the equity shares in trust on behalf of the Members entitled to fractional entitlements
                                         with the express understanding that such trust, director(s) or officer(s) or person shall
                                         sell the same in the market at such time or times, no later than fifteen (15) days from
                                         the date of allotment, and at such price or prices in the market and to such person or
                                         persons, as it/he/they deem fit, and pay to the Transferee Bank, the net sale proceeds
                                         thereof, whereupon the Transferee Bank shall distribute such net sale proceeds to the
                                         Members of Transferor Bank in proportion to their respective fractional entitlements.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13. | Equity
                                         shares issued and allotted by the Transferee Bank in terms of Clause 9 above shall be
                                         subject to the provisions of the Articles of Association of the Transferee Bank and shall
                                         rank pari passu in all respects with the then existing equity shares of the Transferee
                                         Bank, including in respect of dividends, if any, that may be declared by the Transferee
                                         Bank, on or after the Effective Date.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 14. | Equity
                                         shares of the Transferee Bank issued in terms of Clause 9 above, shall, subject to applicable
                                         regulations, be listed or admitted to trading on the relevant stock exchange/s, whether
                                         in India or abroad, where the equity shares of the Transferee Bank are presently listed
                                         or admitted to trading.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



PART
V - GENERAL TERMS AND CONDITIONS



| | 15. | The
                                         Transferor Bank shall not declare any dividend. The Transferee Bank shall be entitled
                                         to declare and pay dividends, whether interim or final, to its Members in respect of
                                         the financial year/accounting period prior to the Effective Date subject to the RBI guidelines
                                         and subject to the provisions of the said Act and the Companies Act. It is clarified
                                         that the terms of the Scheme shall not be deemed to confer any right on the Members of
                                         the Transferor Bank or of the Transferee Bank to demand or to claim any dividend, which
                                         shall be entirely at the discretion of the Board of Directors of the Transferee Bank
                                         and subject, wherever necessary, to the approval of the shareholders of the Transferee
                                         Bank.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 16. | Upon
                                         the coming into effect of the Scheme and with effect from the Effective Date:
| | --- | ---------------------------------------------------------------------------------------------------------------------------



| | (a) | The
                                         books of the Transferor Bank shall be closed and balanced and its balance sheet prepared
                                         as at the close of business on the date immediately preceding the Effective Date taking
                                         into account all incomes, expenses, assets and liabilities received, paid, accrued, incurred,
                                         acquired or sold till such date, including expenses with respect to the amalgamation
                                         to be borne by the Transferor Bank, and the balance sheet shall be audited and certified
                                         by a chartered accountant or a firm of chartered accountants.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | For
                                         the purpose of accounting for and dealing with the value of the assets and liabilities
                                         of the Transferor Bank, the fair value of the assets and liabilities shall be determined
                                         on the Effective Date to the satisfaction of the Transferee Bank.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | If
                                         the fair value of any asset or class of assets of the Transferor Bank is less than the
                                         value of such asset or class of assets appearing in its books immediately prior to the
                                         Effective Date, the assets or the class of assets would be accounted for and dealt with
                                         in the books of the Transferee Bank at the value appearing in the books of the Transferor
                                         Bank on the date immediately preceding the Effective Date and the difference between
                                         the value appearing in the books of the Transferor Bank (after deducting such
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



143





provisions
as are outstanding in the books of the Transferor Bank on the date, immediately preceding the Effective Date in respect of the
assets or class of assets) and its fair value shall be accounted for as a credit balance in provision account in the books of
the Transferee Bank.



| | (d) | If
                                         the fair value of any asset or class of assets of the Transferor Bank is greater than
                                         the value (after deducting such provisions as are outstanding in the books of the Transferor
                                         Bank on the date, immediately preceding the Effective Date in respect of the assets or
                                         class of assets) of such asset or class of assets appearing in the books of the Transferor
                                         Bank immediately prior to the Effective Date, the assets or class of assets shall be
                                         accounted for and dealt with in the books of the Transferee Bank at fair value.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Provisions
                                         outstanding in the books of the Transferor Bank on the date immediately preceding the
                                         Effective Date in respect of any asset or asset class shall be accounted for and dealt
                                         with in the books of the Transferee Bank as provisions against the assets or class of
                                         assets against which such provisions were held in the books of the Transferor Bank on
                                         the date immediately preceding the Effective Date.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | The
                                         liabilities of the Transferor Bank shall be accounted for and dealt with in the books
                                         of the Transferee Bank at fair value.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | In
                                         the books of the Transferee Bank, an “Amalgamation Expenses Provision Account”
                                         shall be credited by an amount determined for the expenses and costs of the Scheme arising
                                         as a direct consequence on account of any changes in the business or operations of the
                                         Transferor Bank proposed or considered necessary by the Board of Directors of the Transferee
                                         Bank (including but not limited to rationalisation, upgradation and enhancement of human
                                         resources and expenses relating to modifying signage, modifying stationery, branding,
                                         changing systems and network, communication including media costs, impairment of technology
                                         and fixed assets, conducting general meetings, payment of listing fees and other statutory
                                         and regulatory charges, travel in relation to the consolidation contemplated in this
                                         Scheme, valuation, due diligence, investment banking expenses and charges relating to
                                         preparation of the Scheme, consultations in relation to the consolidation contemplated
                                         in the Scheme and training), and other extraordinary expenses on integration and consolidation
                                         under the Scheme, to be incurred by the Transferee Bank and the balance in such account
                                         shall be debited to the Revenue & Other Reserves of the Transferee Bank arising pursuant
                                         to sub-clause (h) hereinbelow, or may be debited to the Share Premium Account if no Revenue
                                         & Other Reserves arise pursuant to the amalgamation.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | Any
                                         excess of the value of the net assets of the Transferor Bank determined pursuant to sub-clauses
                                         (a) to (f) hereinabove and after such further adjustments as may be deemed necessary
                                         by the Board of Directors of the Transferee Bank (including such adjustments as may be
                                         required by any regulatory or statutory authority or required to ensure the uniform application
                                         of accounting standards and policies adopted by the Transferee Bank) over the paid-up
                                         value of the equity shares to be issued and allotted shall be credited to the Revenue
                                         &Other Reserves of the Transferee Bank. Any excess of the paid-up value of
                                         the equity shares to be issued and allotted over the value of the net assets of the Transferor
                                         Bank determined pursuant to subclauses (a) to (f) hereinabove and after such further
                                         adjustments as may be deemed necessary by the Board of Directors of the Transferee Bank
                                         (including such adjustments as may be required by any regulatory or statutory authority
                                         or required to ensure the uniform application of accounting standards and policies adopted
                                         by the Transferee Bank) may be reduced from the Share Premium Account of the Transferee
                                         Bank.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 17. | The
                                         Transferor Bank and the Transferee Bank may make or assent, from time to time, on behalf
                                         of all persons concerned to any modifications or amendments to the Scheme or to any conditions
                                         or limitations which Reserve Bank of India or any other relevant or concerned authority
                                         under law may direct or impose or which may otherwise be considered necessary, and may
                                         do so and execute all acts, deeds, documents, instruments, matters or things necessary
                                         for putting the Scheme into effect.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 18. | For
                                         the purpose of giving effect to the Scheme as sanctioned by Reserve Bank of India, the
                                         Board of Directors of the Transferee Bank may give all such directions as are necessary,
                                         expedient, incidental, ancillary or desirable including directions for settling or removing
                                         any question of doubt or difficulty that may arise with
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



144





regarding
to the implementation of the Scheme, as it thinks fit, and such determination or directions, as the case may be, shall be binding
on all persons connected herewith or otherwise interested in the Scheme in the same manner as if the same were specifically incorporated
in the Scheme.



| | 19. | The
                                         Board of Directors of the Transferee Bank may review the position relating to satisfaction
                                         of the following conditions and if necessary waive any of the following, to the extent
                                         permissible under law:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | Approval,
                                         if required, of any trustee of any debentures or other similar securities, being obtained
                                         if such approval is necessary under the terms of issue thereof, and/or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Vacating
                                         or satisfaction of charges, mortgages or encumbrances, if any on the said assets.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------



| | 20. | The
                                         Transferor Bank and the Transferee Bank shall with all reasonable dispatch make applications
                                         under Section 44A and all other applicable provisions of the said Act and RBI Guidelines
                                         for sanctioning of the Scheme by Reserve Bank of India and obtain all approvals, sanctions
                                         or consents as may be required by law, and for dissolution of the Transferor Bank without
                                         being wound up under the provisions of the said Act.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 21. | This
                                         Scheme is specifically conditional upon and subject to:
| | --- | -----------------------------------------------------------------------------------------------------



| | (a) | Consent
                                         of a majority in number representing two-thirds in value of the Members of the Transferor
                                         Bank and of the Transferee Bank in their respective Meetings, present in person or by
                                         proxy, at a Meeting called for the purpose;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Sanction
                                         of Reserve Bank of India by an order in writing passed in this behalf pursuant to Section
                                         44A of the said Act and RBI Guidelines; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Sanction
                                         or approval, if any, under any law of the Government of India, or any other authority,
                                         agency, department or persons concerned, being obtained and granted in respect of the
                                         matters of which such sanction or approval is required.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 22. | Any
                                         Member of Transferor Bank or the Transferee Bank, as the case may be, who has voted against
                                         the Scheme at the Meeting of Transferor Bank or the Transferee Bank, as the case may
                                         be, or has given notice in writing at or prior to the Meeting of Transferor Bank or the
                                         Transferee Bank, as the case may be, or to the presiding officer of the Meeting of either
                                         Transferor Bank or the Transferee Bank, as the case may be, that he dissents from the
                                         Scheme, shall be entitled, in the event of the Scheme being sanctioned by Reserve Bank
                                         of India under Section 44A of the said Act, to claim from the Transferor Bank or the
                                         Transferee Bank, as the case may be, in respect of equity shares held by him in the Transferor
                                         Bank or the Transferee Bank, as the case may be, their value as determined by Reserve
                                         Bank of India when sanctioning the Scheme, and such Member shall, in consideration thereof,
                                         compulsorily tender the said shares held by him in the Transferor Bank or the Transferee
                                         Bank, as the case may be, to the Transferor Bank or the Transferee Bank, respectively,
                                         for cancellation thereof and to that extent, without any further act, instrument or deed,
                                         the equity share capital of the Transferor Bank or the Transferee Bank, as the case may
                                         be, shall stand reduced or be deemed to have been reduced, by such number of the said
                                         shares as held and tendered by such Member, on the date immediately preceding the Effective
                                         Date. The determination by Reserve Bank of India as to the value of the equity shares
                                         to be paid to the dissenting Member shall be final for all purposes.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 23. | Upon
                                         satisfaction of the said conditions, obtaining the said sanctions and approvals, and
                                         passing of the said order or orders referred to in Clause 21 hereinabove, the Transferor
                                         Bank or the Transferee Bank, as the case may be, shall, for all purposes including for
                                         giving effect to the Scheme, under all laws for the time being in force, be deemed to
                                         be in compliance thereof.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 24. | If
                                         any provision of this Scheme is held to be invalid or unenforceable, then such provision
                                         shall (so far asit is invalid or unenforceable) be given no effect and shall
                                         be deemed not to be included in this Scheme but without invalidating any of the remaining
                                         provisions of this Scheme.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



145





| | 25. | Pursuant
                                         to receipt of an order in terms of sub-clause (b) of Clause 21 hereinabove and sub-section
                                         6A of Section 44A of the said Act, Reserve Bank of India may, by a further order in writing,
                                         direct that on such date as may be specified therein, the Transferor Bank shall cease
                                         to function and shall stand dissolved on such date notwithstanding anything to the contrary
                                         contained in any other law.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 26. | An
                                         order in terms of sub-clause (b) of Clause 21 hereinabove and sub-section 6C of Section
                                         44A of the said Act shall beconclusive evidence that all requirements of Section
                                         44A of the said Act, the RBI Guidelines, and any applicable provisions of the Companies
                                         Act or any other applicable law relating to amalgamation, provisions set forth in the
                                         Scheme and matters incidental or ancillary thereto have been complied with, and a copy
                                         of the said order certified in writing by an officer of Reserve Bank of India to be a
                                         true copy thereof, shall in all legal proceedings (whether in appeal or otherwise, and
                                         whether instituted before or after the commencement of Section 19 of the Banking Laws
                                         (Miscellaneous Provisions) Act, 1963), be admitted as evidence to the same extent as
                                         the original order and the Original scheme.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 27. | There
                                         will be no change in the name of the Transferee Bank by reason of coming into effect
                                         of this Scheme.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 28. | All
                                         costs, charges and expenses, including any taxes and duties of the Transferor Bank and
                                         the Transferee Bank in relation to or in connection with this Scheme and incidental to
                                         the completion of the amalgamation of the Transferor Bank in pursuance of this Scheme
                                         (other than due diligence expenses of the Transferee Bank) shall be borne and paid by
                                         the Transferor Bank.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



146









147









148









149





SCHEME
OF AMALGAMATION



Of









|The Bank of Rajasthan Limited	.................................. | Transferor Bank
|---------------------------------------------------------------- | ---------------
|                                                                 |                
|with                                                             |                
|                                                                 |                
|ICICI Bank Limited	............................................  | Transferee Bank









PART
I - GENERAL



| | 1. | This
                                         Scheme of Amalgamation provides for the amalgamation of The Bank of Rajasthan Limited,
                                         a company within the meaning of the Companies Act, 1956 (hereinafter referred to as the
                                         “Companies Act’) and Licensed as a banking company under the provisions of
                                         the Banking Regulation Act, 1949 (hereinafter referred to as the “said Act”),
                                         having its Registered Office at Raj Bank Bhawan, Clock Tower, Udaipur 313001 RAJASTHAN
                                         (hereinafter referred to as the “Transferor Bank”) with ICICI Bank Limited,
                                         a company Incorporated under the provisions of the Companies Act and licensed as a banking
                                         company under the provisions of the said Act, having its Registered Office at Landmark,
                                         Race Course Circle, Vadodara 390 007, Gujarat (hereinafter referred to as the “Transferee
                                         Bank”), pursuant to Section 444 and other relevant provisions of the said Act and
                                         Reserve Bank of India’s guidelines for merger and amalgamation of private sector
                                         banks dated May 11, 2005 (hereinafter referred to as the “RBI Guidelines”).
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | In
                                         this Scheme of Amalgamation, unless inconsistent with the subject or context, the following
                                         words or expressions shall have the following meaning:
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | ‘Board
                                         of the Transferee Bank’ shall mean the Board of Directors of the Transferee Bank,
                                         any Committee/s constituted / that may be constituted by the Board of Directors of the
                                         Transferee Bank or any other person authorised / to be authorised by the Board or the
                                         Committee/s to exercise its powers including the powers in terms of this Scheme.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | ‘Board
                                         of the Transferor Bank’ shall mean the Board of Directors of the Transferor Bank,
                                         any Committee/s constituted / that may be constituted by the Board of Directors of the
                                         Transferor Bank or to any person authorised / to be authorised by the Board or the Committee
                                         CO exercise its powers including the powers in terms of this Scheme.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | ‘Effective
                                         Date’ shall mean the date on which Reserve Bank of India provides its sanction
                                         to the Scheme of Amalgamation or such other date as may be specified by Reserve Bank
                                         of India by an order in writing passed in this behalf under the provisions of the said
                                         Act and RBI Guidelines. References In the Scheme of Amalgamation to the ‘coming
                                         into effect of the Scheme’ shall mean the Effective Date.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











150





| | (d) | ‘said
                                         assets’ or ‘the undertaking’ shall mean the entire undertaking, the
                                         entire business, all the properties (whether movable or immovable, tangible or intangible),
                                         assets, investments of all kinds including but not limited to securities, securitized
                                         assets, receivables and security receipts, all cash balances (including with Reserve
                                         Bank of India and other banks), money at call and short notice, loans, advances, contingent
                                         rights or benefits, reserves, provisions, funds, benefits of all agreements, lease and
                                         hire purchase contracts, benefit of any security arrangements, agreements, rights, contracts,
                                         entitlements, permits, licences including branch or other licences, quotas, approvals,
                                         consents, incentives, subsidies, rights, claims, leases, tenancy rights, liberties, rehabilitation
                                         schemes, special status, engagements, arrangements and all other privileges and benefits
                                         of every kind, nature and description whatsoever enjoyed or conferred upon or held or
                                         availed of by and all rights and benefits that have accrued to business, activities and
                                         operations of the Transferor Bank, authorities, allotments, approvals, reversions, buildings
                                         and structures, branches, offices and residential premises, tenancies, leases, licenses,
                                         fixed assets and other assets, powers, consents, registrations, agreements, contracts,
                                         engagements, arrangements of all kinds, rights, titles, interests, benefits and advantages
                                         of whatsoever nature and wheresoever situate belonging to or in ownership, power or possession
                                         or in control of or vested in or granted in favour of or enjoyed by the Transferor Bank
                                         or to which the Transferor Bank may be entitled and include but without being limited
                                         to trade and service names and service marks and other intellectual property of any nature
                                         whatsoever, permits, approvals, authorisations, rights to use and avail of telephone,
                                         telex, facsimile, email, internet, leased line connections and installations, utilities,
                                         electricity and other services, all necessary records, files, papers, computer programs,
                                         manuals, data, catalogues, sales and advertising materials, lists and other details of
                                         present and former customers, suppliers, employees, customer information including credit
                                         information, customer pricing information and other records in connection with or relating
                                         to the Transferor Bank and all other interests of whatsoever nature belonging to or in
                                         the ownership, power or possession and/or in the control of or vested in or granted in
                                         favour of or enjoyed by the Transferor Bank, whether in India or abroad, as on the Effective
                                         Date.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | ‘said
                                         liabilities’ shall mean all debts, demand deposits, saving bank deposits, term
                                         deposits, certificate of deposits, time and demand liabilities, borrowings whether rupee
                                         or foreign currency, bills payable, interest accrued, statutory reserves, contingent
                                         liabilities including tax liabilities, and other Liabilities, duties and undertakings
                                         and obligations of the Transferor Bank, whether or not disputed or the subject matter
                                         of any court, arbitration or other proceedings, as on the Effective Date.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







151





| | (f) | ‘the
                                         Scheme’ or ‘this Scheme’ shall mean the Scheme of Amalgamation of the
                                         Transferor Bank with the Transferee Bank as approved by the shareholders of the Transferor
                                         Bank and the Transferee Bank including the Swap Ratio specified in Part IV of the Scheme
                                         and as sanctioned by the Reserve Bank of India under section 44A of the said Act.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



PART
II - SHARE CAPITAL



| | 3. | (a)	The
                                         share capital of the Transferor Bank as of March 31, 2010 is as under:
| | -- | -----------------------------------------------------------------------------------------------------------------------



Authorised
Capital



265,000,000
Equity Shares of Rs. 10/- each amounting to Rs. 2650 million



Issued
Capital



16,13,
97, 442 Equity Shares of Rs. 10/- each amounting to 161,39,74,420



Subscribed
and Paid-up Capital



16,13,550,093
Equity shares of Rs. 10/- each amounting to Rs. 161,35,00,930



13,500,000
Equity Shares are not listed.



The
Equity Shares of the Transferor Bank are listed on the Stock Exchange, Mumbai (BSE), the National Stock Exchange (NSE) and the
Jaipur Stock Exchange.



| | (b) | The
                                         share capital of Transferee Bank as of March 31, 2010 is as under:
| | --- | ---------------------------------------------------------------------------------------------------------------



Authorised
Capital



1275,000,000
Equity Shares of Rs. 10/- each amounting to Rs. 12750.0 million



15,000,000
Shares of Rs. 100/- each amounting to Rs. 1500.0 million



350
Preference Shares of Rs. 10,000,000/- each amounting to Rs. 3,500.0 million









152





Issued,
Subscribed & Paid-up Capital



1114,956,917
Equity Shares of Rs. 10/- each amounting to Rs. 11149.6 million, including shares forfeited and calls-in-arrears



350
Preference Shares of Rs. 10,000,000/- each fully paid-up redeemable at par on April 20, 2018 amounting to Rs. 3,500.0 million



The
equity shares of the Transferee Bank are listed on The Stock Exchange, Mumbai (BSE) and The National Stock Exchange of India Limited.
American Depositary Shares representing underlying equity shares of Transferee Bank are listed on New York Stock Exchange. The
preference shares of the Transferee Bank are not, at present, listed on any stock exchange.



PART
III - TRANSFER & VESTING



| | 4. | (i)	Upon
                                         the coming into effect of this Scheme pursuant to the provisions of the said Act and
                                         RBI Guidelines, subject to the provisions of this Scheme, and on and from the Effective
                                         Date:
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | The
                                         Undertaking of the Transferor Bank shall, without any further act, instrument or deed,
                                         be and stand transferred to and vested in or be deemed to have been transferred to and
                                         vested in the Transferee Bank as a going concern so as to become the properties, estates,
                                         assets, rights, title, interest and authorities of the Transferee Bank.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Without
                                         prejudice to sub-clause (a) above, in respect of such of the assets of the Undertaking
                                         as are movable in nature or are otherwise capable of transfer by manual delivery or by
                                         endorsement and/or delivery, the same may be so transferred by the Transferor Bank, and
                                         shall, upon such transfer, become the properties, estates, assets, rights, title, interests
                                         and authorities of the Transferee Bank.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | All
                                         the licences, permits, quotas, approvals, Incentives, subsidies, rights, claims, teases,
                                         tenancy rights, liberties, rehabilitation schemes, special status and other benefits
                                         or privileges enjoyed or conferred upon or held or availed of by and all rights and benefits
                                         that have accrued to the Transferor Bank shall, without any further act, instrument or
                                         deed, be and stand transferred to and vest In or be deemed to be transferred to and vested
                                         in and be available to the Transferee Bank so as to become the estates, assets, rights,
                                         title, interests and authorities of the Transferee Bank and shall remain valid, effective
                                         and enforceable on the same terms and conditions to the extent permissible under taw.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







153





| | (d) | All
                                         properties, assets, estates, rights, title, interest, licenses and authorities acquired
                                         by or quotas, approvals, Incentives, subsidies, rights, claims, leases, tenancy rights,
                                         liberties, rehabilitation schemes, special status and other benefits or privileges enjoyed
                                         or conferred upon or held or availed of by and/or all rights and benefits that have accrued
                                         to the Transferor Bank after the approval of the amalgamation by the respective Boards
                                         of Directors of the Transferor Bank and Transferee Bank and prior to the Effective Date
                                         in connection or in relation to the operation of the Undertaking shall, without any further
                                         act, instrument or deed, be and stand transferred to and vested or deemed to be transferred
                                         to and vested in the Transferee Bank.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | All
                                         contracts, deeds, bonds, agreements, arrangements and other instruments (including all
                                         tenancies, leases, licenses and other assurances in favour of the Transferor Bank or
                                         powers or authorities granted by or to it) of whatsoever nature to which the Transferor
                                         Bank is a party or to the benefit of which the Transferor Bank may be eligible, and which
                                         are subsisting or having effect immediately before the Effective Date, shall, without.
                                         any further act, instrument or deed, be in full force and effect in favour of or against
                                         the Transferee Bank, as the case may be, and may be enforced as fully and effectually
                                         as if, instead of the Transferor Bank, the Transferee Bank had been a party or beneficiary
                                         or obligee thereto.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Upon
                                         the coming into effect of this Scheme pursuant to the provisions of the said Act and
                                         RBI Guidelines, subject to the provisions of this Scheme, and on and from one day prior
                                         to the Effective Date, notwithstanding any to the contrary contained in any contracts,
                                         deeds, documents, agreements, arrangements, other instruments or understandings (oral
                                         or otherwise) and in this Scheme, the distribution or referral tie-ups, agencies or marketing
                                         or co-marketing arrangements by whatever name called between the Transferor Bank and
                                         Aviva Life Insurance Company Limited, United India Insurance Company Limited, the Export
                                         Credit and Guarantee Corporation, IDBI Capital Markets Ltd, Religare Securities Ltd and
                                         Western Union shall terminate and have no effect (other than for the receipt of any amounts,
                                         if any, that may be due and payable anytime from such person or entities pertaining to
                                         the period prior to termination) without requirement of any further act, instrument or
                                         deed and without any cost, compensation or damages being payable by the Transferor Bank
                                         or the Transferee Bank to such person or entities or any other person or entities.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | Upon
                                         the coming into effect of this Scheme pursuant to the provisions of the said Act and
                                         RBI Guidelines, subject to the provisions of this Scheme, and on and from the Effective
                                         Date:
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







154





| | (a) | All
                                         debts, demand deposits, savings bank deposits, term deposits, certificate of deposits,
                                         time and demand liabilities, borrowings whether rupee or foreign currency, bills payable,
                                         Interest accrued, statutory reserves, contingent liabilities including tax liabilities,
                                         and other liabilities, duties and undertakings and obligations of the Transferor Bank,
                                         whether or not disputed or the subject matter of any court, arbitration or other proceedings
                                         (the “Liabilities”) shall, without any further act, instrument or
                                         deed be and stand transferred to and vested in or be deemed to stand transferred to and
                                         vested in, the Transferee Bank so as to become the Liabilities of the Transferee Bank,
                                         and further that it shall not be necessary to obtain the consent of any person concerned
                                         with the Liabilities in any capacity whatsoever or any person who is a party to any contract
                                         or arrangement by virtue of which such Liabilities have arisen in order to give effect
                                         to the provisions of this Clause.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Loans
                                         and other obligations (including any guarantees, letters of credit, letters of comfort
                                         or any other instrument or arrangement which may give rise to a contingent liability
                                         in whatever form), if any, due or which may at any time in future become due between
                                         or amongst the Transferor Bank and the Transferee Bank shall stand discharged and there
                                         shall be no liability in that behalf on either party.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Any
                                         securities, debentures or notes, if any, issued by the Transferor Bank, and held by the
                                         Transferee Bank, and vice versa shall, unless sold or transferred by the Transferor Bank
                                         or the Transferee Bank, as the case may be, at any time prior to the Effective Date,
                                         stand cancelled as on the Effective Date, and shall be of no effect and such Transferor
                                         Bank or the Transferee Bank, as the case may be, shall have no further obligation outstanding
                                         in that behalf.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Without
                                         prejudice to the provisions of Clause (b) above, the guarantees, letters of credit, letters
                                         of comfort and other similar arrangements, if any, given or executed or made by the Transferor
                                         Bank in favour of or for the benefit of the Transferee Bank shall stand discharged.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | Upon
                                         the coming into effect of this Scheme pursuant to the provisions of the said Act and
                                         RBI Guidelines, subject to the provisions of this Scheme, and on and from the Effective
                                         Date:
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | All
                                         the security created in favour of or for the benefit of the Transferor Bank under the
                                         terms of the relevant agreements, documents and/or arrangements, whether such security
                                         be immovable, movable, tangible or intangible, and whether by way of mortgage, hypothecation,
                                         pledge, lien or any other form or mode of creation of security, and all guarantees, letters
                                         of
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







155





comfort,
letters of credit or similar instruments in favour of or for the benefit of the Transferor Bank under the terms of the relevant
agreements, documents and/or arrangements, shall without any further act, deed, instrument or thing, be transferred to and vested
in the Transferee Bank or be deemed to have been transferred to and vested in the Transferee Bank, and shall continue to be in
full force and effect and may be enforced as fully and effectually as if instead of the Transferor Bank, the Transferee Bank had
been the beneficiary or a party thereto, and the benefit shall be available to the Transferee Bank as if such same were ab initio
created in favour of the Transferee Bank and further that it shall not be necessary to obtain the consent of any person concerned
therewith in any capacity whatsoever or of the person who created such security in order to give effect to the provisions of this
Clause.



| | (b) | All
                                         debit mandates or negotiable instruments including post-dated cheques that are issued
                                         in favour of the Transferor Bank, or which are drawn on the Transferor Bank, shall be
                                         payable to or by the Transferee Bank, as the case may be, without any further act , deed,
                                         instrument or thing and may be enforced as fully and effectually as if instead of the
                                         Transferor Bank, the Transferee Bank had been the beneficiary or a party specified therein.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | All
                                         suits, actions and legal and other proceedings by or against the Transferor Bank pending
                                         and/or arising on or before the Effective Date shall be transferred in the name of the
                                         Transferee Bank and shall be continued and be enforced by or against the Transferee Bank
                                         as effectually and in the same manner and to the same extent as if the same had been
                                         pending and/or arisen by or against the Transferee Bank.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5. | INTENTIONALLY
                                         LEFT BLANK
| | -- | -----------------------------------------------------------------



| | 6. | From
                                         the date of approval of the scheme of amalgamation by the respective Boards of Directors
                                         of the Transferor Bank and Transferee Bank up to and including the Effective Date:
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | Any
                                         of the liabilities and obligations of the Transferor Bank that have been discharged by
                                         the Transferor Bank, such discharge shall be deemed to have been for and on account of
                                         the Transferee Bank.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | All
                                         loans raised and utilised and all debts, duties, undertakings, liabilities and obligations
                                         Incurred or undertaken by the Transferor Bank in relation to or in connection with the
                                         Undertaking shall be deemed to have been raised, used, incurred or undertaken for and
                                         on behalf of the Transferee Bank and to the extent they are outstanding on the Effective
                                         Date, shall, without any further act, instrument or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







156





deed
be and stand transferred to or vested in or be deemed to be transferred to and vested in the Transferee Bank and shall become
the liabilities and obligations of the Transferee Bank which shall meet, discharge and satisfy the same.



| | (c) | All
                                         properties, estates, assets, rights, title, interests and authorities accrued to and/or
                                         acquired by the Transferor Bank in relation to or in connection with the Undertaking
                                         prior to the Effective Date shall have been deemed to have been accrued to and/or acquired
                                         for and on behalf of the Transferee Bank and shall, without any further act, instrument
                                         or deed be and stand transferred to or vested in or be deemed to be transferred to or
                                         vested in the Transferee Bank to that extent and shall become the properties, estates,
                                         assets, right, title, interests and authorities of the Transferee Bank.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The
                                         Transferor Bank shall carry on and shall be deemed to have carried on all the business
                                         and activities as hitherto and shall hold and stand possessed of and shall be deemed
                                         to have held and stood possessed of the Undertaking on account of, and in trust for,
                                         the Transferee Bank.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | All
                                         the profits or incomes accruing or arising to the Transferor Bank, or expenditure or
                                         losses arising or incurred (including the effect of taxes, if any, thereon) by the Transferor
                                         Bank shall, for all purposes, be treated and be deemed to be and accrue as the profits
                                         or incomes or expenditure or losses or taxes of the Transferee Bank, as the case may
                                         be.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | The
                                         Transferor Bank shall not make any change in its capital structure in any manner whatsoever,
                                         whether by any increase (including by way of issue of equity and/or preference shares
                                         on a rights basis or by way of a public issue, bonus shares and/or convertible debentures
                                         or otherwise), decrease, reduction, reclassification, sub-division, consolidation, re-organisation,
                                         or in any other manner which may, in any way, affect the Swap Ratio (as defined in Clause
                                         9 below), except with the prior written consent of the Transferee Bank.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | The
                                         Transferor Bank shall not, without the prior written consent of the Board, alter, enhance
                                         or revise the remuneration, emoluments or perquisites, or create any new terms of remuneration,
                                         increase or vary remuneration for any personnel or pay scale for any class of personnel,
                                         or vary seniority or other personnel parameters for any employee or class of employees,
                                         or amend or alter any such existing terms or alter, enhance or revise the contributions
                                         of the Transferor Bank to any schemes/funds established by or under any law or otherwise
                                         including by way of any awards, settlements, standing orders, as applicable to the employees
                                         of the Transferor Bank.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | The
                                         Transferor Bank shall not, without the prior written consent of the Board, amend the
                                         terms and conditions of employment or engagement of, a director, officer, employee, a
                                         person on contract or a consultant
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







157





of
the Transferor Bank, or provide, or agree to provide, a gratuitous payment or benefit to a director, officer, employee, a person
on contract or a consultant of the Transferor Bank (or any of their dependants) or employ, appoint, engage or terminate the employment
or engagement of, any person as a director, officer, employee, a person on contract or as consultant.



| | (i) | No
                                         material decision in relation to the Transferor Bank’s business and affairs and
                                         operations and no agreement or transaction (other than an agreement or transaction in
                                         the ordinary course of the Transferor Bank’s business) shall be taken, entered
                                         into or performed by the Transferor Bank and/or such other matters as the Transferee
                                         Bank may notify from time to time shall be undertaken or performed by the Transferor
                                         Bank, without the prior written approval of the Board.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Provided
that if the Effective Date has not occurred, this clause shall be deemed not to have come into effect.



| | 7. | Upon
                                         the corning into effect of the Scheme, the Transferee Bank may if so required under any
                                         law or otherwise, execute deeds of confirmation or any other writings in favour of any
                                         other party to any contract or arrangement to which the Transferor Bank is a party or
                                         is subject to in order to give formal effect to any provision of the Scheme as may be
                                         necessary. The Transferee Bank shall be authorised or be deemed to be authorised to execute
                                         any such writings on behalf of the Transferor Bank and to implement, carry out or perform
                                         ail such formalities or compliances to be implemented, carried out or performed on part
                                         of the Transferor Bank.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8. | Upon
                                         the corning into effect of this Scheme,
| | -- | -------------------------------------------------------------------------------------



| | (a) | the
                                         employees of the Transferor Bank who are in service on the Effective Date shall become
                                         the employees of the Transferee Bank on such Date without any break or interruption in
                                         service and on terms and conditions as to remuneration, emoluments or perquisites not
                                         less favourable than those subsisting with reference to the Transferor Bank on the said
                                         date.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
                                         existing provident fund, gratuity fund, pension and/or super-annuation fund or trusts
                                         created by the Transferor Bank or any other special funds created or existing for the
                                         benefit of the employees of the Transferor Bank shall be transferred to the relevant
                                         funds of the Transferee Bank. In the event that the Transferee Bank does not have its
                                         own funds with respect to any such matters, the Transferee Bank shall create its own
                                         funds to which the contributions pertaining to the employees of the Transferor Bank shall
                                         be transferred.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



PART
IV - REORGANISATION OF CAPITAL



| | 9. | Simultaneous
                                         with the coming into effect of this Scheme, and in consideration of the transfer of and
                                         vesting of the Undertaking and the Liabilities of the
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







158





Transferor
Bank in the Transferee Bank in terms of this Scheme, and subject to the provisions of this Part IV of the Scheme, and without
any further application, act, instrument or deed, equity shares of Rs. 10/- (Rupees ten only) each, credited as fully paid up,
in the ratio of twenty five 25 equity share of the face value of Rs. 10/- (Rupees ten only) each in the Transferee Bank for every
One Hundred And Eighteen 118 equity shares of the face value of Rs. 10/- (Rupees ten only) each held in the Transferor Bank shall
stand automatically issued and allotted to the equity shareholders of the Transferor Bank whose names are recorded in the Register
of Members of Transferor Bank (the “Members”) as of the Effective Date. The requisite action and formalities for dispatch
of share certificates and the crediting of dematerialized shares of the Transferee Bank pursuant to the issuance and allotment
as per this Clause 9, shall be completed within 5 (five) days of the afore-mentioned deemed allotment.



The
above ratio in which the equity shares of the Transferee Bank are to be allotted to the Members of the Transferor Bank by the
Transferee Bank is hereinafter referred to as the “Swap Ratio”.



| | 10. | The
                                         share certificates in relation to the equity shares held by the said Members in the Transferor
                                         Bank shall be deemed to have been automatically cancelled and be of no effect on and
                                         from the Effective Date, without any further act, instrument or deed. The form of issuance
                                         of shares of the Transferee Bank to the shareholders of the Transferor Bank, i.e. either
                                         in the form of share certificates or in dematerialized form, shall be determined by the
                                         form in which the shares of the Transferor Bank are held by the respective Members of
                                         Transferor Bank on the Effective Date.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11. | In
                                         respect of equity shares of the Transferor Bank where calls are in arrears, without prejudice
                                         to any remedies that the Transferor Bank or the Transferee Bank, as the case may be,
                                         shall have in this behalf, the Transferee Bank shall not be bound to issue any equity
                                         shares of the Transferee Bank (whether partly paid or otherwise) nor to confirm any entitlement
                                         to such holder until such time as the calls-in-arrears are paid.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12. | No
                                         fractional certificates shall be issued by the Transferee Bank in respect of fractional
                                         entitlements, ‘if any, to any Member. The Board of Directors of the Transferee
                                         Bank shall, instead consolidate all such fractional entitlements and thereupon issue
                                         and allot equity shares in lieu thereof to the trust or a director or an officer of the
                                         Transferee Bank or such other person as the Transferee Bank shall appoint in-this
                                         behalf who shall hold the equity shares in trust on behalf of the Members entitled to
                                         fractional entitlements with the express understanding that such trust, director(s) or
                                         officer(s) or person shall sell the same in the market at such time or times, no later
                                         than fifteen (15) days from the date of allotment, and at such price or prices in the
                                         market and to such person or persons, as it/he/they deem fit, and pay to the Transferee
                                         Bank, the net sale proceeds thereof, whereupon the Transferee Bank shall distribute such
                                         net sale proceeds to the Members of Transferor Bank in proportion to their respective
                                         fractional entitlements.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







159





| | 13. | Equity
                                         shares issued and allotted by the Transferee Bank in terms of Clause 9 above shall be
                                         subject to the provisions of the Articles of Association of the Transferee Bank and shall
                                         rank pari passu in all respects and shall have the same rights attached to them as the
                                         then existing equity shares of the Transferee Bank, including in respect of dividends,
                                         if any, that may be declared by the Transferee Bank, on or after the Effective Date.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 14. | Equity
                                         shares of the Transferee Bank issued in terms of Clause 9 above shall be listed and admitted
                                         to trading on the relevant stock exchange/s, whether in India or abroad, where the equity
                                         shares of the Transferee Bank are presently listed or admitted to trading, within a period
                                         of 120 (one hundred and twenty) days of the Effective Date.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



PART
V - GENERAL TERMS AND CONDITIONS



| | 15. | The
                                         Transferor Bank shall not declare any dividend. The Transferee Bank shall be entitled
                                         to declare and pay dividends, whether interim or final, to Its Members in respect of
                                         the financial year/accounting period prior to the Effective. Date subject to the RBI
                                         guidelines and subject to the provisions of the said Act and the Companies Act. It is
                                         clarified that the terms of the Scheme shall not be deemed to confer any right on the
                                         Members of the Transferor Bank or of the Transferee Bank to demand or to claim any dividend,
                                         which shall be entirely at the discretion of the Board of Directors of the Transferee
                                         Bank and subject, wherever necessary, to the approval of the shareholders of the Transferee
                                         Bank.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 16. | Upon
                                         the coming into effect of the Scheme and with effect from the Effective Date:
| | --- | ---------------------------------------------------------------------------------------------------------------------------



| | (a) | The
                                         books of the Transferor Bank shall be closed and balanced and its balance sheet prepared
                                         as at the close of business on the date immediately preceding the Effective Date taking
                                         into account all incomes, expenses, assets and liabilities received, paid, accrued, incurred,
                                         acquired or sold till such date, including expenses with respect to the amalgamation
                                         to be borne by the Transferor Bank, and the balance sheet shall be audited and certified
                                         by a chartered accountant or a firm of chartered accountants.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | For
                                         the purpose of accounting for and dealing with the value of the assets and liabilities
                                         of the Transferor Bank, the fair value of the assets and liabilities shall be determined
                                         on the Effective Date to the satisfaction of the Transferee Bank.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | If
                                         the fair value of any asset or class of assets of the Transferor Bank is less than the
                                         value of such asset or class of assets appearing in its books immediately prior to the
                                         Effective Date, the assets or the class of assets would be accounted for and dealt with
                                         in the books of the Transferee Bank at the value appearing in the books of the Transferor
                                         Bank on the date immediately preceding the Effective Date and the difference between
                                         the value appearing in the books of the Transferor
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







160





Bank
(after deducting such provisions as are outstanding in the books of the Transferor Bank on the date, immediately preceding the
Effective Date in respect of the assets or class of assets) and its fair value shall be accounted for as a credit balance in provision
account in the books of the Transferee Bank.



| | (d) | If
                                         the fair value of any asset or class of assets of the Transferor Bank is greater than
                                         the value (after deducting such provisions as are outstanding in the books of the Transferor
                                         Bank on the date, immediately preceding the Effective Date in respect of the assets or
                                         class of assets) of such asset or class of assets appearing in the books of the Transferor
                                         Bank immediately prior to the Effective Date, the assets or class of assets shall be
                                         accounted for and dealt with in the books of the Transferee Bank at fair value.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Provisions
                                         outstanding in the books of the Transferor Bank on the date immediately preceding the
                                         Effective Date in respect of any asset or asset class shall be accounted for and dealt
                                         with in the books of the Transferee Bank as provisions against the assets or class of
                                         assets against which such provisions were held in the books of the Transferor Bank on
                                         the date immediately preceding the Effective Date.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | The
                                         liabilities of the Transferor Bank shall be accounted for and dealt with in the books
                                         of the Transferee Bank at fair value.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | In
                                         the books of the Transferee Bank, an “Amalgamation Expenses Provision Account”
                                         shall be credited by an amount determined for the expenses and costs of the Scheme arising
                                         as a direct consequence on account of any changes in the business or operations of the
                                         Transferor Bank proposed or considered necessary by the Board of Directors of the Transferee
                                         Bank (including but not limited to rationalisation, upgradation and enhancement of human
                                         resources and expenses relating to modifying signage, modifying stationery, branding,
                                         changing systems and network, communication including media costs, impairment of technology
                                         and fixed assets, conducting general meetings, payment of listing fees and other statutory
                                         and regulatory charges, travel in relation to the consolidation contemplated in this
                                         Scheme, valuation, due diligence, investment banking expenses and charges relating to
                                         preparation of the Scheme, consultations in relation to the consolidation contemplated
                                         in the Scheme and training), and other extraordinary expenses on integration and consolidation
                                         under the Scheme, to be incurred by the Transferee Bank and the balance in such account
                                         shall be debited to the Revenue & Other Reserves of the Transferee Bank arising pursuant
                                         to sub-clause (h) hereinbelow, or may be debited to the Share Premium Account if no Revenue
                                         & Other Reserves arise pursuant to the amalgamation.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | Any
                                         excess of the value of the net assets of the Transferor Bank determined pursuant to subclauses
                                         (a) to (f) hereinabove and after such further adjustments as may be deemed necessary
                                         by the Board of
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







161





Directors
of the Transferee Bank (including such adjustments as may be required by any regulatory or statutory authority or required to
ensure the uniform application of accounting standards and policies adopted by the Transferee Bank) over the paid-up value of
the equity shares to be issued and allotted shall be credited to the Revenue & Other Reserves of the Transferee Bank. Any
excess of the paid-up value of the equity shares to be issued and allotted over the value of the net assets of the Transferor
Bank determined pursuant to subclauses (a) to (f) hereinabove and after such further adjustments as may be deemed necessary by
the Board of Directors of the Transferee Bank (including such adjustments as may be required by any regulatory or statutory authority
or required to ensure the uniform application of accounting standards and policies adopted by the Transferee Bank) may be reduced
from the Share Premium Account of the Transferee Bank.



Provided
that with respect to sub-clauses (b), (c), (d), (e), (f), (g) and (h) of this Clause 16, the Transferee Bank may account for the
assets and liabilities of the Transferor Bank upon the Scheme becoming effective in any other manner as may be approved by Reserve
Bank of India.



| | 17. | Upon
                                         and any time after the coming into effect of the Scheme, the Transferor Bank and the
                                         Transferee Bank may make or assent, from time to time, on behalf of all persons concerned
                                         to any modifications or amendments to the Scheme (other than in respect of Part IV of
                                         this Scheme, modifications or amendments to which if detrimental to the shareholders
                                         of the Transferor Bank and/or the Transferee Bank, as the case may be, shall be upon
                                         the assent of such shareholders) or to any conditions or limitations which Reserve Bank
                                         of India or any other relevant or concerned authority under law may direct or impose
                                         or which may otherwise be considered necessary, and may do so and execute all acts, deeds,
                                         documents, instruments, matters or things necessary for putting the Scheme into effect.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 18. | Upon
                                         and anytime after the coming into effect of the Scheme, and for the purpose of giving
                                         effect to the Scheme as sanctioned by Reserve Bank of India, the Board of Directors of
                                         the Transferee Bank may take all such actions and give such authorizations as are necessary,
                                         expedient, incidental, ancillary or desirable including for settling or removing any
                                         question of doubt or difficulty that may arise with regard to the procedural aspects
                                         of implementation of the Scheme only, in so far as the same are not prejudicial to the
                                         shareholders of the Transferee bank, who were before the Effective date the Members of
                                         the Transferor Bank and such determination or directions, as the case may be, shall be
                                         binding on all persons connected herewith or otherwise interested in the Scheme in the
                                         same manner as if the same were specifically incorporated in the Scheme.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 19. | The
                                         Board of Directors of the Transferee Bank may review the position relating to satisfaction
                                         of the following conditions and if necessary waive any of the following, to the extent
                                         permissible under law:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







162





| | (a) | Approval,
                                         if required, of any trustee of any debentures or other similar securities, being obtained
                                         if such approval is necessary under the terms of issue thereof, and/or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Vacating
                                         or satisfaction of charges, mortgages or encumbrances, if any on the said assets.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------



| | 20. | The
                                         Transferor Bank and the Transferee Bank shall, within five (5) days from the date of
                                         obtaining approval from the shareholders of both the Transferor Bank and the Transferee
                                         Bank, make applications under Section 44A and all other applicable provisions of the
                                         said Act and RBI Guidelines for sanctioning of the Scheme by Reserve Bank of India and
                                         obtain all approvals, sanctions or consents as may be required by law, and for dissolution
                                         of the Transferor Bank without being wound up under the provisions of the said Act.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 21. | This
                                         Scheme is specifically conditional upon and subject to:
| | --- | -----------------------------------------------------------------------------------------------------



| | (a) | Consent
                                         to this Scheme by a majority in number representing two-thirds in value of the Members
                                         of the Transferor Bank and of the Transferee Bank in their respective Meetings, present
                                         in person or by proxy, at a Meeting called for the purpose;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Sanction
                                         of Reserve Bank of India of this Scheme by an order in writing passed in this behalf
                                         pursuant to Section 44A of the said Act and RBI Guidelines; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Sanction
                                         or approval, if any, under any law of the Government of India, or any other authority,
                                         agency, department or persons concerned, being obtained and granted in respect of the
                                         matters of which such sanction or approval is required.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | Obtaining
                                         the approval of the Reserve Bank of India as per Clause 21 (b) above on or before 30.11.2010.
                                         The Scheme shall no longer remain valid after 30.11.2010.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 22. | Any
                                         Member of Transferor Bank or the Transferee Bank, as the case may be, who has voted against
                                         the Scheme at the Meeting of Transferor Bank or the Transferee Bank, as the case may
                                         be, or has given notice in writing at or prior to the Meeting of Transferor Bank or the
                                         Transferee Bank, as the case may be, or to the presiding officer of the Meeting of either
                                         Transferor Bank or the Transferee Bank, as the case may be, that he dissents from the
                                         Scheme, shall be entitled, in the event of the Scheme being sanctioned by Reserve Bank
                                         of India under Section 44A of the said Act, to claim from the Transferor Bank or the
                                         Transferee Bank, as the case may be, in respect of equity shares held by him in the Transferor
                                         Bank or the Transferee Bank, as the case may be, their value as determined by Reserve
                                         Bank of India when sanctioning the Scheme, and such Member shall, in consideration thereof,
                                         compulsorily tender the said shares held by him in the Transferor Bank or the Transferee
                                         Bank, as the case may be, to the Transferor Bank or the Transferee Bank, respectively,
                                         for cancellation thereof and to that extent, without any further act, instrument
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







163





or
deed, the equity share capital of the Transferor Bank or the Transferee Bank, as the case may be, shall stand reduced or be deemed
to have been reduced, by such number of the said shares as held and tendered by such Member, on the date immediately preceding
the Effective Date. The determination by Reserve Bank of India as to the value of the equity shares to be paid to the dissenting
Member shall be final for all purposes.



| | 23. | Upon
                                         satisfaction of the said conditions, obtaining the said sanctions and approvals, and
                                         passing of the said order or orders referred to in Clause 21 hereinabove, the Transferor
                                         Bank or the Transferee Bank, as the case may be, shall, for all purposes including for
                                         giving effect to the Scheme, under all laws for the time being in force, be deemed to
                                         be in compliance thereof.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 24. | Upon
                                         and anytime after the coming into effect of the Scheme and Part IV of this Scheme being
                                         given effect to, if any other provision of this Scheme is held to be invalid or unenforceable,
                                         then such other provision shall (so far as it is invalid or unenforceable) be given no
                                         effect and shall be deemed not to be included in this Scheme but without invalidating
                                         any of the remaining provisions of this Scheme including Part IV of this Scheme.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 25. | Pursuant
                                         to receipt of an order in terms of sub-clause (b) of Clause 21 hereinabove and sub-section
                                         6A of Section 44A of the said Act, Reserve Bank of India may, by a further order in writing,
                                         direct that on such date as may be specified therein, the Transferor Bank shall cease
                                         to function and shall stand dissolved on such date notwithstanding anything to the contrary
                                         contained in any other law,
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 26. | An
                                         order in terms of sub-clause (b) of Clause 21 hereinabove and sub-section 6C of Section
                                         44A of the said Act shall be conclusive evidence that all requirements of Section 44A
                                         of the said Act, the RBI Guidelines, and any applicable provisions of the Companies Act
                                         or any other applicable law relating to amalgamation, provisions set forth in the Scheme
                                         and matters incidental or ancillary thereto have been complied with, and a copy of the
                                         said order certified in writing by an officer of Reserve Bank of India to be a true copy
                                         thereof, shall in all legal proceedings (whether in appeal or otherwise, and whether
                                         instituted before or after the commencement of Section 19 of the Banking Laws (Miscellaneous
                                         Provisions) Act, 1963), be admitted as evidence to the same extent as the original order
                                         and the original scheme.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 27. | There
                                         will be no change in the name of the Transferee Bank by reason of coming into effect
                                         of this Scheme.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 28. | All
                                         costs, charges and expenses, including any taxes and duties of the Transferor Bank and
                                         the Transferee Bank in relation to or in connection with this Scheme and incidental to
                                         the completion of the amalgamation of the Transferor Bank in pursuance of this Scheme
                                         (other than due diligence expenses of the Transferee Bank) shall be borne and paid by
                                         the Transferee Bank. In the event this Scheme does not come into effect, the Transferor
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







164





Bank
and the Transferee Bank shall bear their respective costs, charges and expenses in relation the aforesaid matters.



| | 29. | The
                                         obligations of the parties to the Scheme of Amalgamation shall be subject to applicable
                                         law.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

































165