Auditor's certificate as per ESOP guidelines

Hi

TO WHOMSOEVER IT MAY CONCERN

This is to certify that on the basis of information, explanation and records furnished to us, none of the employees eligible to participate in the ESOP Scheme are promoter or belong to the promoter group and that the allotment has been made to eligible employees of the Company and its subsidiaries in accordance with all the provisions of SEBI (ESOS & ESPS) Guidelines 1999 and further the company has also complied with all the legal and statutory formalities in this regard.

This is also certified that no Director, who either by himself or through his relative or body corporate directly or indirectly holds more than 10% of the equity share capital of the company, is participating in the ESOP Scheme.

For ABC & Associates

Chartered Accountant

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