Litigation related to Subsidiaries MEGPTCL In 2014, the DRI issued a show cause notice to MEGPTCL. The notice alleges that MEGPTCL, in relation to the procurement of equipment and machinery from outside India, inflated invoices above the actual value of the goods in violation of the Customs Act, 1962. Notwithstanding certain media allegations regarding relationships between us and Electrogen Infra FZE, a subcontractor for the equipment and machinery that is the subject of the DRI notice, we believe our procurement of the equipment and machinery that is the subject of the DRI notice was conducted on an arm’s length basis in accordance with all applicable laws. This matter is still pending with the DRI. If the DRI were to issue an adverse order against us, we could appeal to the courts, up to the Supreme Court of India. However, there can be no assurance that the DRI or any other regulator or any court will accept our position. The alleged amount of overvaluation represented approximately 13% of our consolidated assets as of March 31, 2016. Any order or judgment against MEGPTCL could result in significant monetary fines and confiscation of equipment and machinery, and there could be other adverse consequences, including penalties under Indian law, including without limitation the FEMA. See “Risk Factors—Risks Related to Our Operational Projects— There are claims of alleged customs violations against us, which if adversely determined, could have a material adverse effect on our business”. (II) Offering circular dated November 14, 2019 for U.S.$500,000,000 Senior Secured Notes issued by Adani Transmission Limited (A) Risk Factor in relation to the DRI Show Cause Notice There are claims of alleged customs violations against us, which if adversely determined, could have a material adverse effect on our business. In 2014, the Directorate of Revenue Intelligence in India (the “DRI”) issued a show cause notice against ME PTCL. The notice alleged that MEGPTCL, in relation to the procurement of equipment and machinery from outside India, inflated invoices above the actual value of the goods, in violation of the Customs Act, 1962. 32 Notwithstanding certain media allegations regarding relationships between us and Electrogen Infra FZE, a subcontractor for the equipment and machinery that is the subject of the DRI notice, we believe our procurement of the equipment and machinery that is the subject of the DRI notice was conducted on an arm’s length basis in accordance with all applicable laws. The alleged amount of overvaluation represented approximately 13% of our consolidated assets as of March 31, 2016. In October 2017, the Additional Director General (Adjudication), the adjudicating authority of the DRI (the “Adjudicating Authority”), set aside all the allegations and dropped the show cause notice. It has been held by the Adjudicating Authority that all the imports between the Adani group entities in India and Electrogen Infra F E were genuine and being undertaken at arm’s length and concluded that the value declared is correct and the value is not required to be re- determined. In February 2018, the Indian Customs Department filed an appeal against the DRI order before the Appellate Tribunal, Mumbai. However, no stay has been granted against the DRI order. The matter is currently pending and no hearing date has been fixed as of the date of this Offering Circular. Any order or judgment against MEGPTCL could result in significant monetary fines and confiscation of equipment and machinery and other adverse consequences, including penalties under Indian law, including without limitation the FEMA. Our management’s time may be diverted in relation to such proceedings, and we may also be required to utilize financial resources for our defense. Any potential violation of any Indian laws and regulations, if adversely determined, could have a material adverse effect 60