Except as stated below:
There are no outstanding litigation, suits or criminal or civil prosecutions, statutory or legal proceedings including those for economic offences, tax liabilities, show cause notices or legal notices pending against the Company, the Group Entities, Directors, Promoter, or any other Company whose outcome could have a materially adverse effect on the business, operations or financial position of the Company and there are no defaults, non-payment or overdue of statutory dues, over-dues to banks or financial institutions, defaults against banks or financial institutions or rollover or rescheduling of loans or any other liability, defaults in dues payable to holders of any debentures, bonds and fixed deposits, defaults in creation of full security as per the terms of the issue/other liabilities, proceedings initiated for economic, civil or any other offences (including past cases where penalties may or may not have been awarded and irrespective of whether they are specified under  the Companies Act other than unclaimed liabilities of the Company and no disciplinary action has been taken by State authority or any stock exchanges against the Company.

Further, neither the Company nor the Promoters, members of the Promoter Group, Group Entities and Directors have been declared as willful defaulters by the State authority  or any other governmental authority and, except as disclosed in this section, there are no violations of securities laws committed by them or penalties imposed on them there under in the past or pending against them, and adverse findings regarding compliance with securities laws.