provisions of the SCRA and certain notifications issued by SEBI. In accordance with the SEBI Circular no. EFD/ED/Cir-I 2007 dated April 20, 2007 (the “Circular”), the Promoter roup Entities had filed consent applications dated January 16, 2008 (the “Consent Applications I”). Pursuant to the Consent Applications I, the criminal case was compounded by the Court of Additional Chief Metropolitan Magistrate Court, Mumbai through order dated August 30, 2008 upon payment of ` 3.00 million. SEBI had issued a show cause notice to certain entities forming part of the Promoter roup (“Prohibited Entities”) in relation to aiding and abetting entities associated with Ketan Parekh in manipulating the price of the equity shares of Adani Enterprises Limited. Further, by an order dated May 25, 2007, SEBI prohibited the Prohibited Entities from accessing the securities market directly or indirectly and also prohibited them from buying, selling or otherwise dealing in securities, in any manner whatsoever, for a period of two years. An appeal was filed with Securities Appellate Tribunal (“SAT”) against the above mentioned SEBI order. In accordance with the Circular the Prohibited Entities had filed consent applications dated November 28, 2007. SEBI vide its letter dated April 17, 2008 agreed to settle the case upon payment of certain amounts by the Prohibited Entities. The terms of the settlement were approved by SAT by its order dated April 24, 2008. Our Promoters and certain Promoter Group entities have in the past been subject to criminal litigations initiated by SEBI which were compounded pursuant to consent applications. SEBI had filed a criminal complaint against Adani Enterprises Limited, Rajeshbhai S. Adani Family Trust (represented by its trustees Rajesh S. Adani and Ms. Shilin R. Adani) and certain other Promoter roup entities (collectively the “Promoter roup Entities”) in the Court of Additional Chief Metropolitan Magistrate, Mumbai in relation to violation of various provisions of the SCRA and certain notifications issued by SEBI. In accordance with the SEBI Circular no. EFD/ED/Cir-I 2007 dated April 20, 2007 (the “Circular”), the Promoter roup Entities had filed consent applications dated January 16, 2008 (the “Consent Applications I”). Pursuant to the Consent Applications I, the criminal case was compounded by the Court of Additional Chief Metropolitan Magistrate Court, Mumbai through order dated August 30, 2008 upon payment of ` 3.00 million. SEBI had issued a show cause notice to certain entities forming part of the Promoter roup (“Prohibited Entities”) in relation to aiding and abetting entities associated with Ketan Parekh in manipulating the price of the equity shares of Adani Enterprises Limited. Further, by an order dated May 25, 2007, SEBI prohibited the Prohibited Entities from accessing the securities market directly or indirectly and also prohibited them from buying, selling or otherwise dealing in securities, in any manner whatsoever, for a period of two years. An appeal was filed with Securities Appellate Tribunal (“SAT”) against the above mentioned SEBI order. In accordance with the Circular the Prohibited Entities had filed consent applications dated November 28, 2007. SEBI vide its letter dated April 17, 2008 agreed to settle the case upon payment of certain amounts by the Prohibited Entities. The terms of the settlement were approved by SAT by its order dated April 24, 2008. Litigation against Directors There are two outstanding legal proceedings involving Mr. Gautam S. Adani. These relate to (i) a civil dispute seeking to restrain defendants named therein from proceeding with a cold chain project, and (ii) alleged violation of certain provisions of the Customs Act, 1962 emanating from alleged misuse of advance licence granted to a third party for import of metallurgical coke and evasion of customs duty in relation thereof. These proceedings are pending at various stages of adjudication. There are certain outstanding legal proceedings 68