on our business, prospects, financial condition, results of operations and reputation. See also “Legal Proceedings — Litigation Relating to Subsidiaries — MEGPTCL”. (B) Risk factor in relation to material related party transactions We have material related party transactions and may continue to do so. We have entered into transactions with other Adani Group Companies in the ordinary course of our business. While we believe that all such transactions (which have included (unsecured) inter-corporate deposits and guarantees given on behalf of our subsidiaries and joint ventures) have been conducted on an arm’s length basis, we might have achieved more favorable terms had such transactions not been entered into with related parties. Furthermore, we may enter into additional related party transactions in the ordinary course of our business in accordance with the provisions of the Common Terms Deed. Such transactions, individually or in the aggregate, could have a material adverse effect on our business, prospects, financial condition and results of operations. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Related Party Transactions”. (C) Risk factor in relation to claims against directors and /or other Adani Group Companies or Promoters There are claims made against us, our directors and/or other Adani Group Companies or Promoters from time to time that can result in litigation or regulatory proceedings which could result in liability or harm our reputation. From time to time, we and/or our directors and management are involved in litigation, claims and other proceedings relating to the conduct of our business, including environmental claims, non-compliance with provisions of our various licenses, tax disputes and proceedings involving the securities dealings of our directors. Any claims could result in litigation against us and could also result in regulatory proceedings being brought against us by various government and state agencies that regulate our business, including the Ministry of Environment, Forest and Climate Change (“MoFF”), the CERC, the MERC and SEBI. Often these cases raise complex factual and legal issues, which are subject to risks and uncertainties and which could require significant time from our directors and/or our management, Promoters or Adani Group Companies. Litigation and other claims and regulatory proceedings against us or our management could result in unexpected expenses and liabilities and could also materially adversely affect our business, prospects, financial condition and results of operations. Currently, there are outstanding legal proceedings against us that are incidental to our business and operations, including certain criminal proceedings against our Company, certain of our Directors, Promoters and our subsidiaries. These proceedings are pending at different levels of adjudication before various courts, tribunals, enquiry officers and appellate tribunals. For example, on December 10, 2018, the MERC constituted a factfinding committee to investigate an increase in power bills issued by AEML from September to November 2018. The fact finding committee concluded that the electricity bills were raised on the basis of tariffs approved by the MERC. We believe that the increase in power bills was due to an increase in power consumption brought on inter alia, by high temperatures and increased humidity during the period investigated by the MERC, and due to the worker’s strike organi ed in the period from August 28 to September 1, 2018, due to which a large number of electricity meters could not be read. The committee inter alia, recommended that since adverse weather conditions are likely to arise at least twice a year, AEML should switch to smart meters in a phased and time bound manner and that consumers should have the option of viewing their consumption on a real time basis. Following this incident, we have taken several remedial measures such as increasing our use 61