markets in more developed economies. SEBI is responsible for monitoring disclosure and other regulatory standards for the Indian securities market. SEBI has issued regulations and guidelines on disclosure requirements, insider trading and other matters. There may be, however, less publicly available information about Indian companies than is regularly made available by public companies in more developed countries, which could adversely affect the market for the Notes. As a result, investors may have access to less information about our business, financial condition, cash flows and results of operations, on an ongoing basis, than investors in companies subject to the reporting requirements of other more developed countries. (C) Representation referring SEBI in Section – Board of Directors and Senior Management) Prohibition by SEBI or Other Governmental Authorities None of the Directors or the companies with which they are or were associated as promoters, directors or persons in control are currently debarred from accessing the capital markets under any order or direction passed by SEBI, stock exchanges in India or court/tribunal. (D) Disclosure of legal proceedings in relation to violations of the Customs Act, 1962 and FEMA stemming from import and export of items by AEL Litigation Relating to Directors There are certain outstanding legal proceedings involving Mr. Rajesh S. Adani. These relate to (i) alleged violations of the Customs Act, 1962, Foreign Exchange Regulations Act, 1973 and FEMA, which relate to violations stemming from the import and export of various items by AEL investment in a wholly-owned subsidiary without prior approval from the RBI; (ii) a criminal complaint under Sections 420 and 120B of the Indian Penal Code, 1860 was filed by the Serious Fraud Investigation Office (“SFIO”) before the learned magistrate, Ballard Pier, Mumbai against Mr. Rajesh S. Adani and others on the allegation that he conspired with the other accused in relation to share prices of AEL. The learned magistrate, Ballard Pier, Mumbai discharged Mr. Rajesh S. Adani on the grounds that no prima facie case was made out by the SFIO against him. However, the SFIO challenged that order before the Court of the Sessions for reater Mumbai (“Sessions Court”) by way of a criminal revision application. Further, the Sessions Court has allowed the criminal revision application and directed the parties to appear before the Additional Chief Metropolitan Magistrate for hearing (the “Impugned Order”). Subsequently, Rajesh S. Adani and autam S. Adani have filed a writ petition before the High Court of Judicature at Bombay (“High Court”) challenging the Impugned Order. Currently, the High Court has stayed the Impugned Order until the next hearing; (iii) the alleged violation of certain provisions of the Customs Act, 1962 relating to the import and misuse of an aircraft; and (iv) certain complaints were filed in relation to products of Adani Wilmar Limited before various forums under the Prevention of Food Adulteration Act, 1954 against Adani Wilmar Limited, its nominees, Mr. Rajesh S. Adani (in his capacity as the director of Adani Wilmar Limited) and others. The matters are currently pending. [Note: Please note that a similar disclosure on proceedings pertaining to import and export of items by AEL was also included in the Offering Circular dated January 26, 2021 for notes of USD 500 million issued by APSEZ, Offering Circular dated July 28, 2020 for notes of USD 750 million issued by APSEZ, Offering Circular dated July 16, 2019 for notes of USD 650 66