Strategic Review Statutory Reports Financial Statements
Notice
ASIAN PAINTS LIMITED
CIN: L24220MH1945PLC004598
Registered Office: 6A, Shantinagar, Santacruz (E), Mumbai - 400 055
Website: www.asianpaints.com, Email: investor.relations@asianpaints.com
Tel No.: (022) 6218 1000, Fax No.: (022) 6218 1111
NOTICE is hereby given that the SEVENTY–THIRD ANNUAL
GENERAL MEETING of the Company will be held on Thursday,
27th June, 2019, at 11.00 a.m. at Patkar Hall, Nathibai
Thackersay Road, New Marine Lines, Mumbai – 400 020, to
transact the following businesses:
Ordinary Business:
1. To receive, consider and adopt:
A. Audited Financial Statements of the Company for the
financial year ended 31st March, 2019 together with the
Reports of Board of Directors and Auditors thereon.
B. Audited Consolidated Financial Statements of the
Company for the financial year ended 31st March, 2019
together with the Report of Auditors thereon.
2. To declare final dividend on equity shares for the financial
year ended 31st March, 2019.
3. To appoint Mr. Abhay Vakil (DIN: 00009151), who retires by
rotation as a Director and being eligible, offers himself for
re-appointment.
4. To appoint Mr. Malav Dani (DIN: 01184336), who retires by
rotation as a Director and being eligible, offers himself for
re-appointment.
Special Business:
5. To consider and, if thought fit, approve with or without
modification(s), the following resolution as an Ordinary
Resolution:
“RESOLVED THAT pursuant to Sections 152 and other
applicable provisions, if any, of the Companies Act, 2013 read
with Companies (Appointment and Qualification of Directors)
Rules, 2014 (including any statutory modification(s) or
re-enactment(s) thereof for the time being in force), Mr. Jigish
Choksi (DIN: 08093304) who was appointed as an Additional
Director with effect from 1st April, 2019 by the Board of
Directors of the Company, based on the recommendation of
Nomination and Remuneration Committee and who in terms
of Section 161 of the Companies Act, 2013 holds office up
to the date of this Annual General Meeting, be and is hereby
appointed as a Non-Executive Director of the Company,
liable to retire by rotation.
RESOLVED FURTHER THAT the Board of Directors and/
or the Company Secretary be and are hereby authorized
to settle any question, difficulty or doubt, that may arise in
giving effect to this resolution and to do all such acts, deeds
and things as may be necessary, proper or expedient for the
purpose of giving effect to this resolution”.
6. To consider and, if thought fit, approve with or without
modification(s), the following resolution as an Ordinary
Resolution:
“RESOLVED THAT pursuant to Section 148 and other
applicable provisions, if any, of the Companies Act, 2013 read
with the Companies (Audit and Auditors) Rules, 2014 and
Companies (Cost Records and Audit) Rules, 2014 (including
any statutory modification(s) or re-enactment(s) thereof for
the time being in force), the Company hereby ratifies the
remuneration of ` 6.75 Lakhs (Rupees Six Lakhs and Seventy
Five Thousand only) plus taxes and reimbursement of out
of pocket expenses at actuals, if any, incurred in connection
with the audit to M/s. RA & Co., Cost Accountants (Firm
Registration Number 000242) who were appointed by the
Board of Directors as Cost Auditors of the Company, based
on recommendations of Audit Committee, to conduct cost
audits relating to cost records of the Company under the
Companies (Cost Records and Audit) Rules, 2015 (including
any statutory modification(s) or re-enactment(s) thereof
for the time being in force) for the financial year ending
31st March, 2020.
RESOLVED FURTHER THAT the Board of Directors and/
or the Company Secretary be and are hereby authorized
to settle any question, difficulty or doubt, that may arise in
giving effect to this resolution and to do all such acts, deeds
and things as may be necessary, proper or expedient for the
purpose of giving effect to this resolution”.
Notes:
1. An Explanatory Statement pursuant to Section 102 (1)
of the Companies Act, 2013, in respect of business to be
transacted at the Annual General Meeting (AGM), as set out
under Item No(s). 5 and 6 above and the relevant details of
the Directors seeking re – appointment under Item No(s). 3
and 4 above as required by Regulation 26(4) and 36(3) of the
Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirement) Regulations, 2015 (hereinafter
referred to as “Listing Regulations”) and as required under
Secretarial Standards – 2 on General Meetings issued by the
Institute of Company Secretaries of India is annexed thereto.
61
Asian Paints Limited
Notice (Continued)
2. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE
AGM MAY APPOINT A PROXY TO ATTEND AND VOTE
INSTEAD OF HIMSELF/HERSELF AND THE PROXY NEED
NOT BE A MEMBER OF THE COMPANY. The instrument
appointing the proxy should be deposited at the Registered
Office of the Company not less than 48 (forty-eight) hours
before commencement of the AGM. A Proxy form is annexed
to the Annual Report. Proxies submitted on behalf of
limited companies, societies, etc., must be supported by an
appropriate resolution/authority, as applicable.
Pursuant to the provisions of Section 105 of the Companies
Act, 2013, a person can act as a proxy on behalf of members
not exceeding 50 (fifty) in number and holding in the
aggregate not more than 10 (ten) percent of the total share
capital of the Company carrying voting rights. A member
holding more than 10 (ten) percent of the total share capital
carrying voting rights may appoint single person as a proxy
and such person shall not act as proxy for any other member.
A Proxy-holder shall prove his identity at the time of attending
the Meeting.
Corporate members intending to send their authorized
representatives to attend the AGM pursuant to Section 113
of the Companies Act, 2013, are requested to send to the
Company, a certified copy of relevant Board Resolution
together with the respective specimen signature(s) of those
representative(s) authorized under the said resolution to
attend and vote on their behalf at the AGM.
3. Book Closure and Dividend:
A. The Register of Members and Share Transfer Books
of the Company will remain closed from Saturday,
15th June, 2019 to Thursday, 27th June, 2019 (both days
inclusive).
B. Payment of dividend for the financial year ended
31st March, 2019:
i. final dividend for the financial year ended 31st March,
2019, as recommended by the Board of Directors,
if approved by the members at the AGM, will be
paid on or after Friday, 28th June, 2019, to those
members whose names appear on the Register of
Members as on Friday, 14th June, 2019.
ii. members holding shares in electronic form are
hereby informed that bank particulars registered
with their respective Depository Participants (DP),
with whom they maintain their demat accounts, will
be used by the Company for payment of dividend.
The Company or its Registrar and Transfer Agent,
M/s. TSR Darashaw Limited (TSRDL) cannot act
on any request received directly from the members
holding shares in electronic form for any change of
bank particulars or bank mandates. Such changes
are to be intimated to the DP.
62
Annual Report 2018-19
iii. members holding shares in physical form are
required to submit their bank account details to
TSRDL, if not registered, as mandated by SEBI.
iv. members are encouraged to update their bank
account details to enable expeditious credit of
dividend into their respective bank accounts
electronically through Automated Clearing House
(ACH) mode or such other permitted mode for
credit of dividend.
4. SEBI vide its Circular No. SEBI/LAD-NRO/GN/2018/24
dated 8th June, 2018, amended Regulation 40 of Listing
Regulations pursuant to which from 1st April, 2019, onwards
securities can be transferred only in dematerialized form.
However, it is clarified that, members can continue holding
shares in physical form. Transfer of securities in demat form
will facilitate convenience and ensure safety of transactions
for investors.
Members holding shares in physical form are requested to
convert their holding(s) to dematerialized form to eliminate
all risks associated with physical shares.
SEBI vide Press Release dated 27th March, 2019 has clarified
that the share transfer deed(s) once lodged prior to the
deadline of 31st March, 2019 and returned due to deficiency
in documents submitted, may be re-lodged for transfer.
5. Transfer of Unclaimed Dividend Amounts to the Investor
Education and Protection Fund (IEPF):
A. Pursuant to applicable provisions of the Companies Act,
2013 read with the Investor Education and Protection
Fund Authority (Accounting, Audit, Transfer and
Refund) Rules, 2016 (hereinafter referred to as “IEPF
Rules”), (including any statutory modification(s) and
or re-enactment(s) thereof for the time being in force),
all unpaid or unclaimed dividends are required to be
transferred by the Company to the IEPF established by
the Central Government, after completion of 7 (seven)
years. Further, according to the said IEPF Rules, shares
in respect of which dividend has not been claimed by
the shareholders for 7 (seven) consecutive years or
more shall also be transferred to the demat account of
the IEPF Authority.
B. During the financial year 2018 – 19, the Company
has transferred to the IEPF, the following unclaimed
dividends and corresponding shares thereto:
Particulars Amount of No. of shares
Dividend (`)
Final Dividend for the 57,65,260 25,400
Financial Year 2010-11
Interim Dividend for the 26,95,748 61,322
Financial Year 2011-12
 Strategic Review Statutory Reports Financial Statements

C. The dividend amount and shares transferred to the
IEPF can be claimed by the concerned members from
the IEPF Authority after complying with the procedure
prescribed under the IEPF Rules. The details of the
unclaimed dividends are also available on the Company’s
website at https://www.asianpaints.com/more/investors/
unclaimed-dividend.html and the said details have also
(i) by electronic means through the remote e-voting
been uploaded on the website of the IEPF Authority
and the same can be accessed through the Link
(www.iepf.gov.in).
6. Members are requested to hand over the Attendance Slip,
duly signed in accordance with the specimen signature(s)
registered with the Company for admission to the meeting
hall. Members who hold shares in dematerialized form are
requested to bring their Client ID and DP ID numbers for
Instructions
identification.
7. Documents open for inspection:
A. During the period beginning 24 (twenty-four) hours
before the time fixed for the AGM, a member would be
entitled to inspect the proxies lodged at any time during
the business hours of the Company provided that not
less than 3 (three) days of advance notice in writing is
given to the Company;
B. Relevant documents referred to in the accompanying
Notice and the statement pursuant to Section 102 (1) of
the Companies Act, 2013 are available for inspection at
the Registered Office of the Company during business
hours on all days except Saturdays, Sundays and public
holidays up to the date of the AGM; and
C. The Register of Directors and Key Managerial Personnel
and their shareholding maintained under Section 170 of
the Companies Act, 2013 and the Register of Contracts
or Arrangements in which Directors are interested,
maintained under Section 189 of the Companies Act,
2013, will be available for inspection by the members at
the AGM.
(Management and Administration) Rules, 2014 and
Regulation 44 of the Listing Regulations (including any
statutory modification(s) and/or re-enactment(s) thereof
for the time being in force), members are provided with
the following alternatives by which they may cast their
votes:
platform provided by the National Securities Depository
Limited (NSDL). The remote e-Voting period will
commence on Saturday, 22nd June, 2019 at 9.00
a.m. and will end on Wednesday, 26th June, 2019 at
5.00 p.m. The remote e-voting module will be disabled
by NSDL for voting thereafter. Instructions and
information relating to e-voting are as follows:
Step 1: Log-in to NSDL e-Voting system at https://www.
evoting.nsdl.com/
1. Visit the e-Voting website of NSDL. Open
web browser by typing the following URL:
https://www.evoting.nsdl.com/ either on a Personal
Computer or on a mobile.
2. Once the home page of e-Voting system is launched,
click on the icon “Login” which is available under
‘Shareholders’ section.
3. A new screen will open. You will have to enter your
User ID, your Password and a Verification Code as
shown on the screen.
Alternatively, if you are registered for NSDL
e-Services i.e. IDEAS, you can log-in at
https://eservices.nsdl.com/ with your existing
IDEAS login. Once you log-in to NSDL eservices
after using your log-in credentials, click on e-Voting
and you can proceed to Step 2 i.e. Cast your vote
electronically.
4. Your User ID details are given below :

8. Green Initiative: Manner of holding

shares i.e. Demat
Your User ID is:
A. Electronic copy of the Notice convening the (NSDL or CDSL) or
73rd AGM of the Company, Annual Report along with the Physical
Attendance Slip and Proxy Form are being sent to the a) For Members who 8 Character DP ID followed by
members who have registered their email ids with the hold shares in 8 Digit Client ID
demat account For example, if your DP ID
Company/Depository Participant(s). For members who
with NSDL. is IN300*** and Client ID is
have not registered their email ids, physical copies of 12****** then your User ID is
the aforementioned documents are being sent in the IN300***12******
permitted mode. b) For Members who 16 Digit Beneficiary ID
hold shares in For example, if your Beneficiary ID
B. Members, who have not registered their email ids so far, demat account is 12************** then your
are requested to register their email ids for receiving all with CDSL. User ID is 12**************
communications including Annual Report, Notices, etc., c) For Members EVEN Number followed by Folio
from the Company electronically. holding shares in Number registered with the
Physical Form. Company
9. Procedure for voting: For example, if folio number is
A. In compliance with the provisions of Section 108 of the 001*** and EVEN is 110688 then
User ID is 110688001***
Companies Act, 2013 read with Rule 20 of Companies
63
Asian Paints Limited
Notice (Continued)
5. Your password details are given below:
a) If you are already registered for e-Voting, then
you can use your existing password to login
and cast your vote.
b) If you are using NSDL e-Voting system for the
first time, you will need to retrieve the ‘initial
password’ which was communicated to you.
Once you retrieve your ‘initial password’, you
need to enter the ‘initial password’ and the
system will force you to change your password.
c) How to retrieve your ‘initial password’?
(i) 
If your email ID is registered in your
demat account or with the company, your
‘initial password’ is communicated to you
on your email ID. Trace the email sent to
you from NSDL from your mailbox. Open
the email and open the attachment i.e. a
.pdf file. Open the .pdf file. The password
to open the.pdf file is your 8 digit client ID
for NSDL account, last 8 digits of client
ID for CDSL account or folio number for
shares held in physical form. The.pdf file
contains your ‘User ID’ and your ‘initial
password’.
(ii) 
If your email ID is not registered, your
‘initial password’ is communicated to you
on your registered address.
6. If you are unable to retrieve or have not received the
“ Initial password” or have forgotten your password:
a) Click on “Forgot User Details/ Password?”
(If you are holding shares in your demat
account with NSDL or CDSL) option available
on www.evoting.nsdl.com.
b) Physical User Reset Password?”
(If you are holding shares in physical mode)
option available on www.evoting.nsdl.com.
c) If you are still unable to get the password by
aforesaid two options, you can send a request
at evoting@nsdl.co.in mentioning your demat
account number/folio number, your PAN, your
name and your registered address.
7. After entering your password, tick on Agree to
“Terms and Conditions” by selecting on the check
box.
8. Now, you will have to click on “Login” button.
9. After you click on the “Login” button, Home page
of e-Voting will open.
64
Annual Report 2018-19
Step 2: Cast your vote electronically on NSDL e-Voting
system.
1. After successful login at Step 1, you will be able to
see the Home page of e-Voting. Click on e-Voting.
Then, click on Active Voting Cycles.
2. After clicking on Active Voting Cycles, you will be
able to see all the companies “EVEN” in which you
are holding shares and whose voting cycle is in
active status.
3. Select “EVEN” of the Company which is 110688.
4. Now you are ready for e-Voting as the Voting page
opens.
5. Cast your vote by selecting appropriate options
i.e. assent or dissent, verify/ modify the number of
shares for which you wish to cast your vote and click
on “Submit” and also “Confirm” when prompted.
6. Upon confirmation, the message “Vote cast
successfully” will be displayed.
7. You can also take the printout of the votes cast
by you by clicking on the print option on the
confirmation page.
8. Once you confirm your vote on the resolution, you
will not be allowed to modify your vote.
General Guidelines for shareholders:
1. 
Institutional shareholders (i.e. other than
individuals, HUF, NRI, etc.) are required to
send scanned copy (PDF/ JPG Format) of
the relevant Board Resolution/ Authority
letter etc. with attested specimen signature
of the duly authorized signatory(ies) who are
authorized to vote, to the Scrutinizer by e-mail
to asianpaints.scrutinizer@asianpaints.com
with a copy marked to evoting@nsdl.co.in.
2. 
It is strongly recommended not to share
your password with any other person and
take utmost care to keep your password
confidential. Login to the e-Voting website will
be disabled upon five unsuccessful attempts to
key in the correct password. In such an event,
you will need to go through the “Forgot User
Details/Password?” or “Physical User Reset
Password?” option available on www.evoting.
nsdl.com to reset the password.
3. 
In case of any queries, you may refer the
Frequently Asked Questions (FAQs) for
Shareholders and e-Voting user manual
for Shareholders available at the download

section of www.evoting.nsdl. com or call on
toll free no.: 1800-222-990 or send a request
at evoting@nsdl.co.in.
(ii) The facility of e-Voting shall also be made available
at the AGM venue for the members who have not
cast their votes earlier.
B. Members who have cast their votes by remote e-Voting
prior to the AGM may also attend the Meeting but they
shall not be entitled to cast their vote again.
C. The voting rights of members shall be in proportion to
their shares of the paid-up equity share capital in the
Company as on the cut-off date i.e. Thursday, 20th June,
2019.
D. Mr. Makarand Joshi, Practicing Company Secretary
(Membership No. 5533, COP: 3662), has been appointed
as the Scrutinizer for conducting voting process in a fair
and transparent manner.
E. The Chairman shall, at the AGM, at the end of discussion
on the resolutions on which voting is to be held, allow
voting with the assistance of scrutinizer, by use of
electronic voting for all those members who are present
at the AGM but have not cast their votes by availing the
remote e-Voting facility.
F. The results declared along with the report of the
Scrutinizer shall be placed on the website of the
Company www.asianpaints.com and on the website
of NSDL www.evoting.nsdl.com immediately after
the declaration of result by the Chairman or a person
authorized by him in writing. The results shall also be
immediately forwarded to the BSE Limited and National
Stock Exchange of India Limited.
10. Webcast Facility
The Company will be providing one-way live webcast of the
proceedings of the AGM on the NSDL website. You may
access the same at https://www.evoting.nsdl.com by using
Strategic Review Statutory Reports Financial Statements
your remote e-Voting credentials. The link will be available
in shareholder login where the EVEN of Company will be
displayed.
11. The Securities and Exchange Board of India (SEBI) has
mandated the submission of Permanent Account Number
(PAN) by every participant in the securities market.
Accordingly, members holding shares in electronic form are
requested to submit their PAN to the Depository Participants
with whom they maintain their demat accounts. Members
holding shares in physical form should submit their PAN to
the Company.
12. Members holding shares in single name are advised to
avail the facility of nomination in respect of shares held
by them pursuant to the provisions of Section 72 of the
Companies Act, 2013. Members holding shares in physical
form desiring to avail this facility may send their nomination
in the prescribed Form No. SH-13 duly filled in to TSRDL.
Members holding shares in electronic mode may contact
their respective Depository Participants for availing this
facility.
13. As a measure of austerity, copies of the Annual Report will
not be distributed at the AGM. Members are, therefore,
requested to bring their copies of the Annual Report to the
AGM.
14. A route map showing directions to reach the venue of the
73rd AGM is given along with this Annual Report as per the
requirement of the Secretarial Standards - 2 on General
Meetings.
For Asian Paints Limited
Jayesh Merchant
CFO & Company Secretary,
President – Industrial JVs
9th May, 2019
Registered Office:
6A, Shantinagar, Santacruz (E), Mumbai - 400 055
65
Asian Paints Limited
Notice (Continued)
Profile of Directors Seeking Re-Appointment at the ensuing AGM
Particulars
Designation
Age (years)
Experience and qualification
Expertise in specific
functional area
Date of first appointment in
the current designation
Shareholding in the Company
as on 31st March, 2019
Inter-se relationships between
• Directors
• Key Managerial Personnel
66
Mr. Abhay Vakil (DIN: 00009151)
Non-Executive Director
68
Mr. Abhay Vakil holds a Bachelors’ Degree in Science
from the University of Mumbai and B.S. from Syracuse
University, USA.
He has been associated with the Company since the
year 1974. Prior to becoming the Managing Director
in the year 1998, he was holding the post of Whole-
time Director of the Company. Mr. Abhay Vakil was
overseeing the decorative business and was in – charge
of the supply chain/sales and marketing activities of
the decorative business of the Company. His role also
included containment of costs, maintenance of quality
and ensuring achievement of the targeted sales and
profits. He ceased to be a Whole-Time Director in the
year 2009 and is now a Non-Executive Director on the
Board of Directors of the Company.
Vast experience in all functions of the Company
including Paint Industry, sales & marketing, supply chain
management and general management.
3rd July, 2015
2,84,68,310 equity shares of face value of ` 1 each
(2.97%)
Uncle of Ms. Amrita Vakil
NA
Annual Report 2018-19
Mr. Malav Dani (DIN: 01184336)
Non-Executive Director
43
Mr. Malav Dani holds B.S. (Bachelor of science) degree
from Purdue University and an MBA (Master of Business
Administration) from Columbia University. His education
was rounded off with a six-year stint at General Electric
(GE), during which he completed the Information
Management Leadership (MLP) program as well as the
Quality Six Sigma Black Belt Program. He worked with
GE’s Corporate Treasury department and the project he
helmed won the Alexander Hamilton Corporate Treasury
Award.
Malav joined Asian Paints Limited as Manager-Quality in
2005 and worked on customer centricity initiatives. He
was appointed as a Non-Executive Director on the Board
of the Company, since 2013 and is also the Chairman of
the CSR Committee of the Board from October, 2015.
Malav was the Executive Director of Hitech Specialities
Solutions Ltd from 2007 – 2011 and has been the
Managing Director of the Hitech Corporation Ltd. since
2012.
He was the Chairman of Young Leaders Forum
Committee of Indian Merchants Chamber from 2009-
2013, during his tenure, Malav was felicitated by
Mr. Narendra Modi in 2010. He was also appointed as
the Chairman of Ease of Doing Business Committee of
Indian Merchants Chamber from 2015 – 2018 where he
had an opportunity to present the Roadmap for India
to improve its Ease of Doing Business ranking to the
Joint Parliamentary Standing Committee on Commerce
of Rajya Sabha.
Malav made a presentation on World Peace to American
Council of Young Political Leaders, an initiative of the
Trump administration.
He is a recipient of the ‘Yuva Icon Award’ presented
by Dr. A.P.J Abdul Kalam. He received the “Business
Excellence and Innovative Best Practices Award” from
Dr. Pranab Mukherjee. In addition to this he is also the
recipient of the ‘Asia Pacific Entrepreneurship Award
2015, India’ and the ‘Corporate Excellency Award 2018’
from Enterprise Asia.
Expertise in managing diverse businesses with strategic
thinking and an entrepreneurial approach for business
excellence, specializing in people management,
corporate governance, general and financial
management.
26th June, 2014
33,05,510 equity shares of face value of ` 1 each (0.34%)
Son of Mr. Ashwin Dani
NA
 Strategic Review Statutory Reports Financial Statements

Particulars Mr. Abhay Vakil (DIN: 00009151) Mr. Malav Dani (DIN: 01184336)
No. of Board Meetings 7 of 7
attended during the financial
year 2018 – 19
Details of remuneration last 41,87,895 35,00,000
drawn (`)
(includes commission for the
FY 2018-19 payable after the
73rd AGM of the Company)
Terms and conditions of Non – Executive Director(s), liable to retire by rotation
re-appointment
Details of proposed Sitting fees and commission as may be approved by the Board of Directors in accordance with applicable provisions
remuneration of law.
Chairperson/Membership of Member of Audit Committee of the Company Chairman of CSR Committee of the Company
the Statutory Committee(s)
of Board of Directors of the
Company
Other Companies in which Ÿ Asian Paints Industrial Coatings Limited Ÿ Hitech Corporation Limited
he is a Director excluding Ÿ Resins and Plastics Limited Ÿ Hitech Specialities Solutions Limited
Directorship in Private and Ÿ Stack Pack Limited
companies under Section 8 of Ÿ Vikatmev Containers Limited
Companies Act, 2013*
Chairperson/Membership of - Hitech Corporation Limited
the Statutory Committee(s) Ÿ Chairman, CSR Committee
of Board of Directors of other Ÿ Member, Stakeholders Relationship Committee
Listed Companies in which
he/she is a Director*
*Based on disclosures received from the Directors.

In the opinion of the Nomination & Remuneration Committee and
Board of Directors, the re - appointment of Mr. Abhay Vakil and
Mr. Malav Dani on Board of Directors of the Company would be
beneficial to the overall functioning of the Company considering
their vast experience.
Except Mr. Malav Dani and Mr. Ashwin Dani and their relatives, no
other Director or Key Managerial Personnel of the Company or
their relatives are concerned or interested in the re-appointment
of Mr. Malav Dani as a Non- Executive Director of the Company,
except to the extent of their shareholding, if any, in the Company.

Mr. Abhay Vakil and Mr. Malav Dani are not disqualified from The following Explanatory Statement sets out all material
being appointed as Director(s) in terms of Section 164 of the facts relating to Resolution No. 5 and 6 of the Notice in
Companies Act, 2013. accordance with Section 102 of Companies Act, 2013

The Board of Directors proposes the re-appointment of Mr. Abhay
Vakil and Mr. Malav Dani as Non-Executive Directors on the Board
of Directors of the Company and recommends the resolutions as
set out at Item No(s). 3 & 4 of the Notice for the approval of the
members at the ensuing AGM.
Mr. Abhay Vakil and Mr. Malav Dani belong to Promoter(s)/
Promoter(s) Group of the Company.
Except Mr. Abhay Vakil and his relatives, no other Director or
Key Managerial Personnel of the Company or their relatives are
concerned or interested in the re-appointment of Mr. Abhay Vakil
as a Non-Executive Director of the Company, except to the extent
of their shareholding, if any, in the Company.
Resolution No. 5:
The Board of Directors at their meeting held on 29th March, 2019,
based on recommendations of the Nomination and Remuneration
Committee, approved the appointment of Mr. Jigish Choksi as an
Additional Director on Board of Directors of the Company with
effect from 1st April, 2019, in terms of Sections 152, 161 and
other applicable provisions, if any, of the Companies Act, 2013
(hereinafter referred to as “the Act”) and applicable provisions of
Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (hereinafter referred
to as “Listing Regulations”), to hold office up to the date of the
ensuing Annual General Meeting (AGM) of the Company, subject
to approval of shareholders of the Company.

67
Asian Paints Limited Annual Report 2018-19

Notice (Continued)

Relevant details of Mr. Jigish Choksi as required by Regulation 26(4) and 36(3) of the Listing Regulations and as required under
Secretarial Standards – 2 on General Meetings issued by the Institute of Company Secretaries of India is provided here under:

Particulars Mr. Jigish Choksi

DIN 08093304
Age (years) 38
Experience Mr. Jigish Choksi began his career with Asian Paints Limited (APL) in the year 2010 in the Sales and Marketing
function. During his 5 year long stint with APL, he has worked as an Area Manager-Project Sales for 3 years and
thereafter, he was a part of the Marketing team wherein he was in charge of several products that were launched
under the Water Proofing range.
Mr. Choksi is the Managing Director of M/s. Elf Trading & Chemicals Manufacturing Limited – an agro-chemical
company. His key goal is to look at diversification of trading portfolio to include more value-added products.
Mr. Jigish Choksi is also extensively involved in his family businesses. He works with M/s. Navbharat Packaging
Industries Limited, a corrugated box manufacturer that operates with a single manufacturing capacity located at
Ankleshwar, wherein he is actively involved in market and customer acquisition initiatives as well as in diversification
of the product portfolio. He also looks after his “Family Office” practice which invests in public equity and debt
instruments as well as in startups.
Expertise in specific Family and general business management and sales & marketing
functional area
Date of appointment as 1st April, 2019
Additional Director
Shareholding in the Company 19,95,180 equity shares of the face value of ` 1 each (0.21%).
as on 31st March, 2019
Other Companies in which ELF Trading and Chemical Manufacturing Limited
he is a Director excluding
Directorship in Private and
companies under Section 8 of
Companies Act, 2013*
Chairperson/Membership of -
the Statutory Committee(s)
of Board of Directors of other
Listed Companies in which
he/she is a Director*
Inter-se relationships between
• Directors Cousin of Mr. Manish Choksi
• Key Managerial NA
Personnel
No. of Board Meetings NA – appointment is w.e.f. 1st April, 2019
attended during the financial
year 2018 – 19
Details of remuneration last NA – appointment is w.e.f. 1st April, 2019
drawn (`) during the
FY 2018 – 19
Details of proposed Sitting fees and commission as may be approved by the Board of Directors in accordance with applicable provisions
remuneration of law.
*Based on disclosures received from the Director.
Mr. Jigish Choksi is not disqualified from being appointed as a Mr. Jigish Choksi on the Board would be beneficial to the overall
Director in terms of Section 164 of the Act and has given his functioning of the Company, considering his experience in the
consent to act as a Director of the Company. Company and the knowledge of general business management.
Mr. Jigish Choksi forms part of the Promoter(s)/Promoter(s) The Board of Directors propose the appointment of Mr. Jigish
Group of the Company.
Choksi as Non – Executive Director of the Company, liable to
The Company has received a Notice under Section 160 of the Act retire by rotation and recommend the Ordinary Resolution No. 5
from a member, proposing the appointment of Mr. Jigish Choksi for approval of shareholders of the Company.
as a Director of the Company.
Other than Mr. Jigish Choksi and his relatives, none of the
In the opinion of the Nomination & Remuneration Committee other Directors, Key Managerial Personnel or their relatives are
and Board of Directors of the Company, the appointment of concerned or interested, except to the extent of their shareholding,
68
 Strategic Review Statutory Reports Financial Statements

in the proposed Ordinary Resolution as set out in Resolution No.
5 of his Notice.
Resolution No. 6:
The Board of Directors at its meeting held on 9th May, 2019, on
the recommendations of the Audit Committee, had approved
the appointment and remuneration of M/s. RA & Co., Cost
Accountants (Firm Registration No. 000242), as the Cost Auditor
for audit of the cost accounting records of the Company for the
financial year ending 31st March, 2020, at a remuneration not
exceeding ` 6.75 Lakhs (Rupees Six Lakhs and Seventy Five
Thousand only) excluding taxes and reimbursement of out of
pocket expenses at actuals, if any, in connection with the audit.
M/s. RA & Co., Cost Accountants (Firm Registration No. 000242)
have confirmed that they hold a valid certificate of practice under
Sub-section (1) of Section 6 of the Cost and Works Accountants
Act, 1959.
In accordance with the provisions of Section 148 (3) of the Act
read with the Companies (Audit and Auditors) Rules, 2014 and
Companies (Cost Records and Audit) Rules, 2014 (including any
statutory modification(s) and/or re – enactment(s) for the time
being in force), the remuneration payable to Cost Auditor has to
be ratified by the members of the Company.
Accordingly, ratification by the members is sought to the
remuneration payable to the Cost Auditor for conducting the audit
of the cost records of the Company, if required, for the financial
year ending 31st March, 2020.
None of the Directors and Key Managerial Personnel of the
Company or their relatives is concerned or interested in the
proposed Ordinary Resolution as set out at Item No. 6 of the
Notice.
The Board recommends the Ordinary Resolution as set out at
Item No. 6 of the Notice for approval by the members.
For Asian Paints Limited
Jayesh Merchant
CFO & Company Secretary,
President – Industrial JVs
9th May, 2019
Registered Office:
6A, Shantinagar, Santacruz (E), Mumbai - 400 055

69
Asian Paints Limited Annual Report 2018-19

Route Map to the AGM venue

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70
Statement in accordance with Rule 5(2) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014.
1. List of employees of the Company employed throughout the financial year 2018-19 and who were paid remuneration of
not less than ` 1.02 crores per annum:

Experience Age
Name(s) Designation(s) Remuneration (`) Qualification Joining Date Last employment
(years) (years)

Aashish Kshetry Vice President - HR & Systems 2,10,03,712 B.E., MMS 30 04-Jun-1992 51 Larsen and Toubro Limited

Amit Kumar Baveja General Manager - Internal 1,34,82,934 B.Tech., PGDM 23 12-May-1999 44 Tata Engineering and
Audit & Risk Locomotive Co Limited

Amit Syngle Chief Operating Officer 4,50,17,099 B.E., MBA 31 01-Jun-1990 53 SEI Services

Anirudha G Deshmukh General Manager - Joint Value 1,34,59,929 B.E., PGDM 23 06-Jun-1996 46 -
Creation

Bhushan Pradhan General Manager - Technology 1,10,49,376 B.Sc. (Chem & 28 10-Jun-2013 52 Brushworks Paints Limited
Tech), M.A.

C L Sethunathan General Manager - Sales 1,16,36,222 B.Com 30 18-Jun-1990 52 Enkay Telecommunications

(India) Private Limited

Deepak R Bhosale General Manager - Systems 1,04,43,383 B.E., PGDIM 25 03-Jun-1998 47 Larsen and Toubro Limited

Harish J Lade Vice President - Supply Chain 1,75,44,642 B.E., PGDCM 26 06-Jun-1996 47 Tata Telecom Limited

Hiral Kumar Jitendra Raja General Manager - Taxation 1,17,64,080 M.Com., CA 17 18-Nov-2002 39 Larsen and Toubro Limited

Jaideep M Kanse General Manager - Brands 1,07,48,379 B.E., PGDM 24 01-Dec-1997 49 Consen Sys Software

Jaideep Nandi CEO - APPPG 2,44,99,199 B.E. 29 01-Jun-1990 54 -

Jayesh Tulsidas Merchant CFO & CS, President-Industrial 5,09,82,536 B.Com, LLB, 35 01-Nov-2002 61 UTV Software
JVS CA, CS, Communications Limited

K B S Anand@ Managing Director & CEO 11,05,80,982 B.Tech., PGDM 40 01-Jun-1979 64 -

K Thulaseedharan Nair General Works Manager 1,11,49,829 B Tech 32 28-Mar-1990 56 Jyoti Limited

P Sriram General Manager - Corporate 1,25,19,085 B.Com., CA, 22 12-Jan-1998 45 Price Waterhouse Coopers
Accounts CWA

Pragyan Kumar Vice President - Home 1,58,20,409 B.Tech., PGDM 23 06-Jun-1996 46 -

Improvement

R J Jeyamurugan Vice President – Finance 2,01,70,172 B.Com., CA, CS 28 15-Nov-1991 54 Sai Kannapiran Mills Limited

Raja Krishnamurthy Vice President - Technology 1,80,73,463 PhD 20 02-May-2017 51 3M India Ltd.

Rajeev Kumar Goel General Manager - Technology 1,46,13,970 B.Sc., B.Sc. 30 02-Jun-1989 53 -
Tech. (Paint
Technology)

Rajesh Menon General Manager - 1,28,30,315 B.Tech., PGDBM 25 12-May-1999 47 The Arvind Mills Limited
Manufacturing

Sameer V Salvi General Manager-Manufacturing 1,46,93,490 B.E. 28 18-Mar-1993 49 Mukand Limited

Technology

Sanjeev Ahuja General Manager - Legal 1,16,10,034 LLB, MBA 32 15-Oct-2013 58 Tata Sky Limited

Satish P Kulkarni Vice President - Sales, 2,24,79,895 B.E., PGDM 29 02-Jun-1993 50 Tata Engineering and
Marketing & Services Locomotive Co Limited

V Ravi General Manager - 1,15,92,463 B.Sc., M.Sc. 31 01-Aug-1988 54 Ganesh Medicament Private
Manufacturing Limited

V Subramanian General Manager - Materials 1,57,38,867 B.E. 38 23-Sep-1985 60 Philips India Limited
(Mechanical),
DBM

Notes:
1. @ The contractual terms of Mr. K.B.S. Anand are governed by the resolution passed by the shareholders in the 71st AGM of the Company held on 27th June, 2017.
The remuneration includes commission for the financial year 2017-18 paid during the financial year 2018-19.
2. None of the employees mentioned above are related to any of the Directors of the Company within the meaning of Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 and other applicable provisions, if any.
3. None of the employees mentioned above hold more than 2% of the shares of the Company, along with their spouse and dependent children.
4. All appointments are contractual and terminable by notice on either side.
5. Remuneration includes salary, bonus, commission, various allowances, performance incentive, contribution to provident fund and superannuation fund and taxable
value of perquisites but excludes provision for gratuity and leave encashment

1
2. List of employees of the Company employed for the part of the year and were paid monthly remuneration not less than
` 8.5 lakhs per month:

Remuneration (`) Experience Age

Name(s) Designation(s) Qualification Joining Date Last employment
(years) (years)

Emrana Amin Sheikh Vice President - Human 93,83,368 B.Sc. (Physics), 26 27-Feb-2015 47 Mahindra and Mahindra
Resources M.Sc., PGDM Limited

I K Jaiswal Chief Executive – APIPL 1,27,55,550 B.Tech., PGDM 37 01-Nov-2018 59 -

Joseph Eapen Regional Head – APIPL 73,88,378 B.E., PGDIM 22 05-Jun-2000 43 Bajaj Auto Limited

Manish M Choksi# President - International 2,79,73,839 B.Sc., MBA 31 17-Sep-1992 52 E.I.Du Pont de Nemours
Business, IT, HR & Chemicals

Srivaatsan K Senior General Manager - 34,89,263 B.Sc. 32 28-Jun-1987 53 -

Vijayaraghavan Sales & Marketing

Sumit Midha General Manager - Project 1,03,47,556 B.Com., PGDM 23 15-Mar-2000 43 Philips India Limited
Sales

Vijaykumar Y Bhatt General Works Manager 1,23,54,323 B.E., M.E. 34 31-Oct-1988 57 Aegis Chemical Industries
Limited

Notes:
1. #Mr. Manish Choksi is a relative of Mr. Mahendra Choksi, Non-Executive Director of the Company. He resigned from the services of Company on 21st October, 2018
and was appointed as the Non –Executive Director of the Company w.e.f. 22nd October, 2018. The Board of Directors at their meeting held on 5th November, 2018,
appointed Mr. Manish Choksi as the Non-Executive Vice-Chairman of the Board and the Company.
2. Except Mr. Manish Choksi, none of the employees mentioned above are related to any of the Directors of the Company within the meaning of Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 and other applicable provisions, if any.
3. None of the employees mentioned above hold more than 2% of the shares of the Company, along with their spouse and dependent children, except Mr. Manish Choksi.
4. All appointments are contractual and terminable by notice on either side.
5. Remuneration includes salary, bonus, commission, various allowances, performance incentive, contribution to provident fund and superannuation fund and taxable
value of perquisites but excludes provision for gratuity and leave encashment.

2
Asian Paints Limited

Date wise increase / decrease of shareholding of top ten shareholders (other than Directors, Promoters and Holders of
GDRs and ADRs):
Sr. Shareholder’s Name Shareholding Cumulative shareholding
No. during the year
No. of shares % of total shares of No. of shares % of total shares of
the Company the Company
1. Teesta Retail Private Limited
a. At the beginning of the year 46,987,850 4.90 46,987,850 4.90
b. Changes during the year 0 0.00 0 0.00
c. At the end of the year 46,987,850 4.90 46,987,850 4.90
2. Life Insurance Corporation of India
a. At the beginning of the year 73,600,266 7.67 73,600,266 7.67
b. Changes during the year
06-Apr-2018 Buy 281,258 0.03 73,881,524 7.70
03-Aug-2018 Sell (614,269) (0.06) 73,267,255 7.64
10-Aug-2018 Sell (1,465,627) (0.15) 71,801,628 7.49
17-Aug-2018 Sell (758,144) (0.08) 71,043,484 7.41
24-Aug-2018 Sell (1,436,696) (0.15) 69,606,788 7.26
31-Aug-2018 Sell (848,330) (0.09) 68,758,458 7.17
07-Sep-2018 Sell (279,386) (0.03) 68,479,072 7.14
21-Sep-2018 Sell (530,138) (0.06) 67,948,934 7.08
28-Sep-2018 Sell (1,523,715) (0.16) 66,425,219 6.93
05-Oct-2018 Sell (334,385) (0.03) 66,090,834 6.89
19-Oct-2018 Sell (250,633) (0.03) 65,840,201 6.86
26-Oct-2018 Sell (635,175) (0.07) 65,205,026 6.80
30-Oct-2018 Sell (724,085) (0.08) 64,480,941 6.72
02-Nov-2018 Sell (922,192) (0.10) 63,558,749 6.63
09-Nov-2018 Sell (881,322) (0.09) 62,677,427 6.53
16-Nov-2018 Sell (1,926,435) (0.20) 60,750,992 6.33
23-Nov-2018 Sell (1,112,087) (0.12) 59,638,905 6.22
30-Nov-2018 Sell (2,083,283) (0.22) 57,555,622 6.00
07-Dec-2018 Sell (1,146,953) (0.12) 56,408,669 5.88
14-Dec-2018 Sell (1,681,008) (0.18) 54,727,661 5.71
21-Dec-2018 Sell (2,537,728) (0.26) 52,189,933 5.44
28-Dec-2018 Sell (1,912,591) (0.20) 50,277,342 5.24
31-Dec-2018 Sell (230,700) (0.02) 50,046,642 5.22
04-Jan-2019 Sell (1,324,934) (0.14) 48,721,708 5.08
11-Jan-2019 Sell (969,744) (0.10) 47,751,964 4.98
18-Jan-2019 Sell (1,206,741) (0.13) 46,545,223 4.85
25-Jan-2019 Sell (3,011,639) (0.31) 43,533,584 4.54
01-Feb-2019 Sell (781,620) (0.08) 42,751,964 4.46
15-Feb-2019 Sell (458,581) (0.05) 42,293,383 4.41
22-Feb-2019 Sell (134,439) (0.01) 42,158,944 4.40
01-Mar-2019 Sell (918,527) (0.10) 41,240,417 4.30
08-Mar-2019 Sell (603,008) (0.06) 40,637,409 4.24
15-Mar-2019 Sell (880,998) (0.09) 39,756,411 4.14
22-Mar-2019 Sell (737,536) (0.08) 39,018,875 4.07
31-Mar-2019 Sell (1,002,317) (0.10) 38,016,558 3.96
c. At the end of the year 38,016,558 3.96 38,016,558 3.96

1
Sr. Shareholder’s Name Shareholding Cumulative shareholding
No. during the year
No. of shares % of total shares of No. of shares % of total shares of
the Company the Company
3. SBI Mutual Fund
a. At the beginning of the year 4,936,720 0.51 4,936,720 0.51
b. Changes during the year
06-Apr-2018 Buy 15,770 0.00 4,952,490 0.52
13-Apr-2018 Buy 12,095 0.00 4,964,585 0.52
20-Apr-2018 Buy 185,590 0.02 5,150,175 0.54
27-Apr-2018 Buy 364,889 0.04 5,515,064 0.57
04-May-2018 Buy 609,813 0.06 6,124,877 0.64
11-May-2018 Sell (74,097) (0.01) 6,050,780 0.63
18-May-2018 Buy 47,059 0.00 6,097,839 0.64
25-May-2018 Buy 31,119 0.00 6,128,958 0.64
01-Jun-2018 Buy 39,247 0.00 6,168,205 0.64
08-Jun-2018 Buy 207,835 0.02 6,376,040 0.66
15-Jun-2018 Buy 179,400 0.02 6,555,440 0.68
19-Jun-2018 Buy 78,666 0.01 6,634,106 0.69
22-Jun-2018 Buy 19,998 0.00 6,654,104 0.69
26-Jun-2018 Buy 13,144 0.00 6,667,248 0.70
29-Jun-2018 Buy 9,401 0.00 6,676,649 0.70
06-Jul-2018 Buy 32,676 0.00 6,709,325 0.70
13-Jul-2018 Buy 35,880 0.00 6,745,205 0.70
20-Jul-2018 Buy 70,321 0.01 6,815,526 0.71
27-Jul-2018 Buy 30,087 0.00 6,845,613 0.71
03-Aug-2018 Buy 21,866 0.00 6,867,479 0.72
10-Aug-2018 Buy 41,802 0.00 6,909,281 0.72
17-Aug-2018 Buy 14,686 0.00 6,923,967 0.72
24-Aug-2018 Buy 39,355 0.00 6,963,322 0.73
31-Aug-2018 Buy 72,811 0.01 7,036,133 0.73
07-Sep-2018 Sell (57,149) (0.01) 6,978,984 0.73
14-Sep-2018 Buy 193,689 0.02 7,172,673 0.75
21-Sep-2018 Buy 450,938 0.05 7,623,611 0.79
28-Sep-2018 Buy 645,432 0.07 8,269,043 0.86
05-Oct-2018 Buy 1,109,858 0.12 9,378,901 0.98
12-Oct-2018 Buy 24,664 0.00 9,403,565 0.98
19-Oct-2018 Sell (96,443) (0.01) 9,307,122 0.97
26-Oct-2018 Buy 559,673 0.06 9,866,795 1.03
30-Oct-2018 Buy 17,109 0.00 9,883,904 1.03
02-Nov-2018 Buy 246,348 0.03 10,130,252 1.06
09-Nov-2018 Buy 28,731 0.00 10,158,983 1.06
16-Nov-2018 Buy 46,955 0.00 10,205,938 1.06
23-Nov-2018 Buy 27,353 0.00 10,233,291 1.07
30-Nov-2018 Buy 21,484 0.00 10,254,775 1.07
07-Dec-2018 Sell (4,031) 0.00 10,250,744 1.07
14-Dec-2018 Sell (14,305) 0.00 10,236,439 1.07
21-Dec-2018 Buy 28,277 0.00 10,264,716 1.07
28-Dec-2018 Sell (36,042) 0.00 10,228,674 1.07
31-Dec-2018 Buy 11,136 0.00 10,239,810 1.07
04-Jan-2019 Buy 65,856 0.01 10,305,666 1.07

2
Sr. Shareholder’s Name Shareholding Cumulative shareholding
No. during the year
No. of shares % of total shares of No. of shares % of total shares of
the Company the Company
11-Jan-2019 Buy 84,890 0.01 10,390,556 1.08
18-Jan-2019 Buy 57,816 0.01 10,448,372 1.09
25-Jan-2019 Buy 85,348 0.01 10,533,720 1.10
01-Feb-2019 Buy 67,418 0.01 10,601,138 1.11
08-Feb-2019 Buy 58,733 0.01 10,659,871 1.11
15-Feb-2019 Buy 38,315 0.00 10,698,186 1.12
22-Feb-2019 Buy 36,605 0.00 10,734,791 1.12
01-Mar-2019 Buy 77,465 0.01 10,812,256 1.13
08-Mar-2019 Buy 62,747 0.01 10,875,003 1.13
15-Mar-2019 Buy 80,816 0.01 10,955,819 1.14
22-Mar-2019 Buy 61,730 0.01 11,017,549 1.15
31-Mar-2019 Sell (446,870) (0.05) 10,570,679 1.10
c. At the end of the year 10,570,679 1.10 10,570,679 1.10
4. ICICI Prudential Mutual Fund
a. At the beginning of the year 10,500,437 1.09 10,500,437 1.09
b. Changes during the year
06-Apr-2018 Sell (200,867) (0.02) 10,299,570 1.07
13-Apr-2018 Buy 25,733 0.00 10,325,303 1.08
20-Apr-2018 Sell (213,414) (0.02) 10,111,889 1.05
27-Apr-2018 Sell (495,672) (0.05) 9,616,217 1.00
04-May-2018 Sell (159,098) (0.02) 9,457,119 0.99
11-May-2018 Sell (374,491) (0.04) 9,082,628 0.95
18-May-2018 Sell (818,842) (0.09) 8,263,786 0.86
25-May-2018 Sell (81) 0.00 8,263,705 0.86
01-Jun-2018 Buy 14,781 0.00 8,278,486 0.86
08-Jun-2018 Buy 14,169 0.00 8,292,655 0.86
15-Jun-2018 Sell (262,289) (0.03) 8,030,366 0.84
19-Jun-2018 Sell (72,287) (0.01) 7,958,079 0.83
22-Jun-2018 Buy 10,676 0.00 7,968,755 0.83
26-Jun-2018 Buy 177 0.00 7,968,932 0.83
29-Jun-2018 Sell (113,715) (0.01) 7,855,217 0.82
06-Jul-2018 Sell (866,255) (0.09) 6,988,962 0.73
13-Jul-2018 Sell (587,952) (0.06) 6,401,010 0.67
20-Jul-2018 Sell (352,500) (0.04) 6,048,510 0.63
27-Jul-2018 Sell (140,949) (0.01) 5,907,561 0.62
03-Aug-2018 Buy 4,744 0.00 5,912,305 0.62
10-Aug-2018 Sell (2,097) 0.00 5,910,208 0.62
17-Aug-2018 Sell (41,231) 0.00 5,868,977 0.61
24-Aug-2018 Buy 23,460 0.00 5,892,437 0.61
31-Aug-2018 Buy 181,744 0.02 6,074,181 0.63
07-Sep-2018 Buy 950,511 0.10 7,024,692 0.73
14-Sep-2018 Sell (110,225) (0.01) 6,914,467 0.72
21-Sep-2018 Sell (639,186) (0.07) 6,275,281 0.65
28-Sep-2018 Buy 730,861 0.08 7,006,142 0.73
05-Oct-2018 Buy 211,819 0.02 7,217,961 0.75
12-Oct-2018 Buy 881,423 0.09 8,099,384 0.84
19-Oct-2018 Buy 150,200 0.02 8,249,584 0.86
26-Oct-2018 Buy 1,604,057 0.17 9,853,641 1.03
30-Oct-2018 Buy 241,463 0.03 10,095,104 1.05

3
Sr. Shareholder’s Name Shareholding Cumulative shareholding
No. during the year
No. of shares % of total shares of No. of shares % of total shares of
the Company the Company
02-Nov-2018 Buy 1,104 0.00 10,096,208 1.05
09-Nov-2018 Sell (236,562) (0.02) 9,859,646 1.03
16-Nov-2018 Sell (1,018,726) (0.11) 8,840,920 0.92
23-Nov-2018 Buy 117,187 0.01 8,958,107 0.93
30-Nov-2018 Sell (1,989,965) (0.21) 6,968,142 0.73
07-Dec-2018 Sell (41,189) 0.00 6,926,953 0.72
14-Dec-2018 Buy 15,827 0.00 6,942,780 0.72
21-Dec-2018 Sell (4,351) 0.00 6,938,429 0.72
28-Dec-2018 Sell (28,279) 0.00 6,910,150 0.72
31-Dec-2018 Sell (8,038) 0.00 6,902,112 0.72
04-Jan-2019 Buy 1,024 0.00 6,903,136 0.72
11-Jan-2019 Buy 472 0.00 6,903,608 0.72
18-Jan-2019 Sell (44,623) 0.00 6,858,985 0.72
25-Jan-2019 Buy 539,314 0.06 7,398,299 0.77
01-Feb-2019 Buy 120,727 0.01 7,519,026 0.78
08-Feb-2019 Sell (55,323) (0.01) 7,463,703 0.78
15-Feb-2019 Sell (368) 0.00 7,463,335 0.78
22-Feb-2019 Buy 47,999 0.01 7,511,334 0.78
01-Mar-2019 Sell (3,632) 0.00 7,507,702 0.78
08-Mar-2019 Sell (23,035) 0.00 7,484,667 0.78
15-Mar-2019 Sell (285,262) (0.03) 7,199,405 0.75
22-Mar-2019 Sell (135,400) (0.01) 7,064,005 0.74
31-Mar-2019 Sell (111,794) (0.01) 6,952,211 0.72
c. At the end of the year 6,952,211 0.72 6,952,211 0.72
5. Government of Singapore
a. At the beginning of the year 4,988,379 0.52 4,988,379 0.52
b. Changes during the year
06-Apr-2018 Buy 3,300 0.00 4,991,679 0.52
20-Apr-2018 Sell (44,638) 0.00 4,947,041 0.52
27-Apr-2018 Sell (1,743) 0.00 4,945,298 0.52
04-May-2018 Sell (2,975) 0.00 4,942,323 0.52
18-May-2018 Sell (5,629) 0.00 4,936,694 0.51
25-May-2018 Sell (1,298) 0.00 4,935,396 0.51
01-Jun-2018 Sell (3,600) 0.00 4,931,796 0.51
08-Jun-2018 Buy 158,807 0.02 5,090,603 0.53
15-Jun-2018 Buy 120,327 0.01 5,210,930 0.54
22-Jun-2018 Buy 25,343 0.00 5,236,273 0.55
20-Jul-2018 Buy 31,753 0.00 5,268,026 0.55
27-Jul-2018 Sell (2,327) 0.00 5,265,699 0.55
03-Aug-2018 Sell (2,909) 0.00 5,262,790 0.55
10-Aug-2018 Sell (16,758) 0.00 5,246,032 0.55
24-Aug-2018 Buy 77,904 0.01 5,323,936 0.56
31-Aug-2018 Buy 167,973 0.02 5,491,909 0.57
07-Sep-2018 Buy 107,720 0.01 5,599,629 0.58
14-Sep-2018 Buy 102,415 0.01 5,702,044 0.59
21-Sep-2018 Buy 60,144 0.01 5,762,188 0.60
05-Oct-2018 Sell (98,611) (0.01) 5,663,577 0.59
12-Oct-2018 Sell (4,753) 0.00 5,658,824 0.59

4
Sr. Shareholder’s Name Shareholding Cumulative shareholding
No. during the year
No. of shares % of total shares of No. of shares % of total shares of
the Company the Company
19-Oct-2018 Buy 15,074 0.00 5,673,898 0.59
02-Nov-2018 Buy 9,702 0.00 5,683,600 0.59
16-Nov-2018 Buy 207,595 0.02 5,891,195 0.61
23-Nov-2018 Buy 438,843 0.05 6,330,038 0.66
30-Nov-2018 Buy 166,986 0.02 6,497,024 0.68
07-Dec-2018 Sell (6,817) 0.00 6,490,207 0.68
14-Dec-2018 Buy 9,147 0.00 6,499,354 0.68
21-Dec-2018 Buy 119,352 0.01 6,618,706 0.69
28-Dec-2018 Buy 32,311 0.00 6,651,017 0.69
04-Jan-2019 Buy 28,913 0.00 6,679,930 0.70
18-Jan-2019 Buy 18,611 0.00 6,698,541 0.70
25-Jan-2019 Buy 6,888 0.00 6,705,429 0.70
01-Feb-2019 Buy 4,658 0.00 6,710,087 0.70
08-Feb-2019 Buy 88,774 0.01 6,798,861 0.71
15-Feb-2019 Sell (77) 0.00 6,798,784 0.71
01-Mar-2019 Sell (71,921) (0.01) 6,726,863 0.70
08-Mar-2019 Sell (103,316) (0.01) 6,623,547 0.69
22-Mar-2019 Buy 27,965 0.00 6,651,512 0.69
c. At the end of the year 6,651,512 0.69 6,651,512 0.69
6. Axis Mutual Fund
a. At the beginning of the year 1,144,899 0.12 1,144,899 0.12
b. Changes during the year
06-Apr-2018 Sell (17) 0.00 1,144,882 0.12
20-Apr-2018 Buy 69,400 0.01 1,214,282 0.13
11-May-2018 Sell (57) 0.00 1,214,225 0.13
18-May-2018 Buy 139,599 0.01 1,353,824 0.14
25-May-2018 Buy 94,685 0.01 1,448,509 0.15
01-Jun-2018 Buy 94,000 0.01 1,542,509 0.16
08-Jun-2018 Buy 14,900 0.00 1,557,409 0.16
29-Jun-2018 Sell (1,880) 0.00 1,555,529 0.16
13-Jul-2018 Buy 124,997 0.01 1,680,526 0.18
20-Jul-2018 Buy 25,000 0.00 1,705,526 0.18
27-Jul-2018 Buy 7,800 0.00 1,713,326 0.18
10-Aug-2018 Buy 40,000 0.00 1,753,326 0.18
24-Aug-2018 Buy 30,000 0.00 1,783,326 0.19
07-Sep-2018 Sell (311,000) (0.03) 1,472,326 0.15
21-Sep-2018 Buy 57,152 0.01 1,529,478 0.16
28-Sep-2018 Sell (72,636) (0.01) 1,456,842 0.15
05-Oct-2018 Sell (10) 0.00 1,456,832 0.15
12-Oct-2018 Sell (34,988) 0.00 1,421,844 0.15
19-Oct-2018 Buy 16,000 0.00 1,437,844 0.15
26-Oct-2018 Sell (497,336) (0.05) 940,508 0.10
02-Nov-2018 Buy 15,000 0.00 955,508 0.10
16-Nov-2018 Buy 125,000 0.01 1,080,508 0.11
23-Nov-2018 Buy 37,500 0.00 1,118,008 0.12
30-Nov-2018 Buy 1,237,700 0.13 2,355,708 0.25
07-Dec-2018 Buy 388,278 0.04 2,743,986 0.29

5
Sr. Shareholder’s Name Shareholding Cumulative shareholding
No. during the year
No. of shares % of total shares of No. of shares % of total shares of
the Company the Company
14-Dec-2018 Buy 69,426 0.01 2,813,412 0.29
21-Dec-2018 Buy 479,009 0.05 3,292,421 0.34
28-Dec-2018 Buy 310,000 0.03 3,602,421 0.38
04-Jan-2019 Buy 58,000 0.01 3,660,421 0.38
11-Jan-2019 Buy 164,151 0.02 3,824,572 0.40
18-Jan-2019 Buy 78,596 0.01 3,903,168 0.41
25-Jan-2019 Buy 398,000 0.04 4,301,168 0.45
01-Feb-2019 Buy 21,000 0.00 4,322,168 0.45
08-Feb-2019 Buy 115,516 0.01 4,437,684 0.46
15-Feb-2019 Buy 27,000 0.00 4,464,684 0.47
22-Feb-2019 Buy 100,000 0.01 4,564,684 0.48
01-Mar-2019 Buy 234,000 0.02 4,798,684 0.50
08-Mar-2019 Buy 110,827 0.01 4,909,511 0.51
22-Mar-2019 Sell (375) 0.00 4,909,136 0.51
31-Mar-2019 Buy 313,400 0.03 5,222,536 0.54
c. At the end of the year 5,222,536 0.54 5,222,536 0.54
7. Vanguard Emerging Markets Stock Index Fund A Series of VIEIF
a. At the beginning of the year 4,938,568 0.51 4,938,568 0.51
b. Changes during the year
04-May-2018 Sell (9,420) 0.00 4,929,148 0.51
11-May-2018 Sell (8,949) 0.00 4,920,199 0.51
01-Jun-2018 Sell (7,065) 0.00 4,913,134 0.51
15-Jun-2018 Sell (7,065) 0.00 4,906,069 0.51
19-Jun-2018 Sell (100,980) (0.01) 4,805,089 0.50
22-Jun-2018 Sell (7,974) 0.00 4,797,115 0.50
26-Jun-2018 Sell (19,935) 0.00 4,777,180 0.50
29-Jun-2018 Sell (72,871) (0.01) 4,704,309 0.49
06-Jul-2018 Sell (11,961) 0.00 4,692,348 0.49
13-Jul-2018 Sell (19,049) 0.00 4,673,299 0.49
16-Nov-2018 Buy 6,795 0.00 4,680,094 0.49
23-Nov-2018 Buy 17,667 0.00 4,697,761 0.49
07-Dec-2018 Buy 8,607 0.00 4,706,368 0.49
21-Dec-2018 Buy 24,462 0.00 4,730,830 0.49
28-Dec-2018 Sell (141,195) (0.01) 4,589,635 0.48
01-Feb-2019 Buy 25,694 0.00 4,615,329 0.48
08-Feb-2019 Buy 77,689 0.01 4,693,018 0.49
15-Feb-2019 Buy 4,266 0.00 4,697,284 0.49
22-Mar-2019 Sell (113,671) (0.01) 4,583,613 0.48
31-Mar-2019 Buy 10,189 0.00 4,593,802 0.48
c. At the end of the year 4,593,802 0.48 4,593,802 0.48

6
Sr. Shareholder’s Name Shareholding Cumulative shareholding
No. during the year
No. of shares % of total shares of No. of shares % of total shares of
the Company the Company
8. Vanguard Total International Stock Index Fund
a. At the beginning of the year 3,882,180 0.40 3,882,180 0.40
b. Changes during the year
27-Apr-2018 Buy 28,012 0.00 3,910,192 0.41
11-May-2018 Buy 27,523 0.00 3,937,715 0.41
01-Jun-2018 Buy 31,380 0.00 3,969,095 0.41
08-Jun-2018 Buy 13,174 0.00 3,982,269 0.42
15-Jun-2018 Buy 39,587 0.00 4,021,856 0.42
06-Jul-2018 Buy 76,008 0.01 4,097,864 0.43
24-Aug-2018 Buy 58,580 0.01 4,156,444 0.43
07-Sep-2018 Buy 48,405 0.01 4,204,849 0.44
05-Oct-2018 Buy 60,749 0.01 4,265,598 0.44
30-Oct-2018 Buy 32,705 0.00 4,298,303 0.45
09-Nov-2018 Buy 35,310 0.00 4,333,613 0.45
14-Dec-2018 Buy 26,572 0.00 4,360,185 0.45
04-Jan-2019 Buy 456 0.00 4,360,641 0.45
25-Jan-2019 Buy 32,686 0.00 4,393,327 0.46
31-Mar-2019 Buy 57,299 0.01 4,450,626 0.46
c. At the end of the year 4,450,626 0.46 4,450,626 0.46
9. National Pension System (NPS) Trust
a. At the beginning of the year 3,913,589 0.41 3,913,589 0.41
b. Changes during the year
06-Apr-2018 Buy 13,804 0.00 3,927,393 0.41
13-Apr-2018 Buy 987 0.00 3,928,380 0.41
20-Apr-2018 Buy 652 0.00 3,929,032 0.41
27-Apr-2018 Buy 288 0.00 3,929,320 0.41
04-May-2018 Buy 60 0.00 3,929,380 0.41
11-May-2018 Buy 966 0.00 3,930,346 0.41
18-May-2018 Buy 139 0.00 3,930,485 0.41
25-May-2018 Buy 2,150 0.00 3,932,635 0.41
01-Jun-2018 Buy 413 0.00 3,933,048 0.41
08-Jun-2018 Buy 750 0.00 3,933,798 0.41
15-Jun-2018 Buy 1,325 0.00 3,935,123 0.41
19-Jun-2018 Buy 35 0.00 3,935,158 0.41
22-Jun-2018 Buy 250 0.00 3,935,408 0.41
26-Jun-2018 Buy 100 0.00 3,935,508 0.41
29-Jun-2018 Buy 1,335 0.00 3,936,843 0.41
06-Jul-2018 Buy 603 0.00 3,937,446 0.41
20-Jul-2018 Buy 1,231 0.00 3,938,677 0.41
27-Jul-2018 Buy 1,317 0.00 3,939,994 0.41
10-Aug-2018 Buy 401 0.00 3,940,395 0.41
17-Aug-2018 Buy 5,094 0.00 3,945,489 0.41
24-Aug-2018 Buy 4,377 0.00 3,949,866 0.41
31-Aug-2018 Buy 1,628 0.00 3,951,494 0.41
07-Sep-2018 Buy 8,134 0.00 3,959,628 0.41
14-Sep-2018 Buy 4,814 0.00 3,964,442 0.41
21-Sep-2018 Buy 2,075 0.00 3,966,517 0.41

7
Sr. Shareholder’s Name Shareholding Cumulative shareholding
No. during the year
No. of shares % of total shares of No. of shares % of total shares of
the Company the Company
28-Sep-2018 Buy 1,551 0.00 3,968,068 0.41
05-Oct-2018 Buy 20,474 0.00 3,988,542 0.42
12-Oct-2018 Buy 13,483 0.00 4,002,025 0.42
19-Oct-2018 Buy 4,697 0.00 4,006,722 0.42
26-Oct-2018 Buy 11,065 0.00 4,017,787 0.42
30-Oct-2018 Buy 75,695 0.01 4,093,482 0.43
02-Nov-2018 Buy 955 0.00 4,094,437 0.43
16-Nov-2018 Buy 1,896 0.00 4,096,333 0.43
23-Nov-2018 Buy 5,511 0.00 4,101,844 0.43
30-Nov-2018 Buy 1,328 0.00 4,103,172 0.43
14-Dec-2018 Buy 16,959 0.00 4,120,131 0.43
21-Dec-2018 Buy 6,942 0.00 4,127,073 0.43
28-Dec-2018 Sell (10,000) 0.00 4,117,073 0.43
04-Jan-2019 Buy 17,902 0.00 4,134,975 0.43
11-Jan-2019 Buy 4,192 0.00 4,139,167 0.43
18-Jan-2019 Buy 7,936 0.00 4,147,103 0.43
25-Jan-2019 Buy 2,297 0.00 4,149,400 0.43
01-Feb-2019 Buy 14,150 0.00 4,163,550 0.43
08-Feb-2019 Buy 6,599 0.00 4,170,149 0.43
15-Feb-2019 Buy 2,423 0.00 4,172,572 0.44
22-Feb-2019 Buy 36,725 0.00 4,209,297 0.44
01-Mar-2019 Buy 800 0.00 4,210,097 0.44
08-Mar-2019 Buy 2,301 0.00 4,212,398 0.44
15-Mar-2019 Buy 4,109 0.00 4,216,507 0.44
22-Mar-2019 Buy 1,547 0.00 4,218,054 0.44
31-Mar-2019 Buy 9,587 0.00 4,227,641 0.44
c. At the end of the year 4,227,641 0.44 4,227,641 0.44
10. ICICI Prudential Life Insurance Company Limited
a. At the beginning of the year 534,909 0.06 534,909 0.06
b. Changes during the year
06-Apr-2018 Buy 24,171 0.00 559,080 0.06
13-Apr-2018 Buy 44,595 0.00 603,675 0.06
20-Apr-2018 Buy 690 0.00 604,365 0.06
27-Apr-2018 Buy 1,482 0.00 605,847 0.06
04-May-2018 Buy 146,017 0.02 751,864 0.08
11-May-2018 Buy 245,306 0.03 997,170 0.10
18-May-2018 Buy 254,751 0.03 1,251,921 0.13
25-May-2018 Sell (91,251) (0.01) 1,160,670 0.12
01-Jun-2018 Buy 56,070 0.01 1,216,740 0.13
08-Jun-2018 Buy 101,492 0.01 1,318,232 0.14
15-Jun-2018 Buy 157,160 0.02 1,475,392 0.15
19-Jun-2018 Buy 168,930 0.02 1,644,322 0.17
22-Jun-2018 Buy 131,107 0.01 1,775,429 0.19
26-Jun-2018 Buy 151,663 0.02 1,927,092 0.20
29-Jun-2018 Buy 258,769 0.03 2,185,861 0.23
06-Jul-2018 Buy 231,452 0.02 2,417,313 0.25

8
Sr. Shareholder’s Name Shareholding Cumulative shareholding
No. during the year
No. of shares % of total shares of No. of shares % of total shares of
the Company the Company
13-Jul-2018 Buy 979,746 0.10 3,397,059 0.35
20-Jul-2018 Buy 37,016 0.00 3,434,075 0.36
27-Jul-2018 Sell (5,534) 0.00 3,428,541 0.36
03-Aug-2018 Sell (13,596) 0.00 3,414,945 0.36
10-Aug-2018 Buy 114,018 0.01 3,528,963 0.37
24-Aug-2018 Buy 786 0.00 3,529,749 0.37
31-Aug-2018 Buy 191,501 0.02 3,721,250 0.39
14-Sep-2018 Sell (40,557) 0.00 3,680,693 0.38
21-Sep-2018 Sell (27,752) 0.00 3,652,941 0.38
28-Sep-2018 Buy 26,208 0.00 3,679,149 0.38
05-Oct-2018 Sell (326) 0.00 3,678,823 0.38
12-Oct-2018 Buy 99,348 0.01 3,778,171 0.39
19-Oct-2018 Buy 71,982 0.01 3,850,153 0.40
26-Oct-2018 Sell (1,774,697) (0.19) 2,075,456 0.22
30-Oct-2018 Buy 29,647 0.00 2,105,103 0.22
02-Nov-2018 Buy 185,841 0.02 2,290,944 0.24
09-Nov-2018 Buy 154,749 0.02 2,445,693 0.25
16-Nov-2018 Buy 153,753 0.02 2,599,446 0.27
30-Nov-2018 Buy 263,185 0.03 2,862,631 0.30
07-Dec-2018 Buy 141,493 0.01 3,004,124 0.31
14-Dec-2018 Buy 301,069 0.03 3,305,193 0.34
21-Dec-2018 Buy 191,126 0.02 3,496,319 0.36
28-Dec-2018 Buy 79,870 0.01 3,576,189 0.37
31-Dec-2018 Buy 113,402 0.01 3,689,591 0.38
04-Jan-2019 Buy 90,678 0.01 3,780,269 0.39
11-Jan-2019 Buy 255,940 0.03 4,036,209 0.42
18-Jan-2019 Buy 341 0.00 4,036,550 0.42
25-Jan-2019 Buy 78,028 0.01 4,114,578 0.43
01-Feb-2019 Sell (81,130) (0.01) 4,033,448 0.42
08-Feb-2019 Buy 51,228 0.01 4,084,676 0.43
15-Feb-2019 Sell (11,981) 0.00 4,072,695 0.42
22-Feb-2019 Sell (41,370) 0.00 4,031,325 0.42
01-Mar-2019 Buy 24,705 0.00 4,056,030 0.42
08-Mar-2019 Buy 36,788 0.00 4,092,818 0.43
15-Mar-2019 Sell (9,219) 0.00 4,083,599 0.43
22-Mar-2019 Buy 627 0.00 4,084,226 0.43
31-Mar-2019 Buy 81,630 0.01 4,165,856 0.43
c. At the end of the year 4,165,856 0.43 4,165,856 0.43
11. SBI Life Insurance Company Limited
a. At the beginning of the year 1,017,364 0.11 1,017,364 0.11
b. Changes during the year
06-Apr-2018 Buy 304 0.00 1,017,668 0.11
13-Apr-2018 Buy 9,431 0.00 1,027,099 0.11
20-Apr-2018 Buy 255 0.00 1,027,354 0.11

9
Sr. Shareholder’s Name Shareholding Cumulative shareholding
No. during the year
No. of shares % of total shares of No. of shares % of total shares of
the Company the Company
27-Apr-2018 Sell (11,652) 0.00 1,015,702 0.11
04-May-2018 Buy 42,583 0.00 1,058,285 0.11
11-May-2018 Buy 54,889 0.01 1,113,174 0.12
18-May-2018 Buy 66,875 0.01 1,180,049 0.12
25-May-2018 Buy 113,586 0.01 1,293,635 0.13
01-Jun-2018 Buy 67,845 0.01 1,361,480 0.14
08-Jun-2018 Buy 40,167 0.00 1,401,647 0.15
15-Jun-2018 Buy 22,321 0.00 1,423,968 0.15
19-Jun-2018 Sell (25,000) 0.00 1,398,968 0.15
22-Jun-2018 Buy 1,243 0.00 1,400,211 0.15
26-Jun-2018 Buy 54,675 0.01 1,454,886 0.15
29-Jun-2018 Buy 1,038 0.00 1,455,924 0.15
06-Jul-2018 Buy 24,951 0.00 1,480,875 0.15
13-Jul-2018 Buy 229,056 0.02 1,709,931 0.18
20-Jul-2018 Buy 108,427 0.01 1,818,358 0.19
27-Jul-2018 Buy 292,054 0.03 2,110,412 0.22
03-Aug-2018 Buy 27,078 0.00 2,137,490 0.22
10-Aug-2018 Buy 3,746 0.00 2,141,236 0.22
17-Aug-2018 Buy 6,963 0.00 2,148,199 0.22
24-Aug-2018 Sell (4,430) 0.00 2,143,769 0.22
31-Aug-2018 Buy 15,915 0.00 2,159,684 0.23
07-Sep-2018 Sell (21,997) 0.00 2,137,687 0.22
14-Sep-2018 Buy 149,831 0.02 2,287,518 0.24
21-Sep-2018 Buy 95,564 0.01 2,383,082 0.25
28-Sep-2018 Sell (29,032) 0.00 2,354,050 0.25
05-Oct-2018 Sell (233,670) (0.02) 2,120,380 0.22
12-Oct-2018 Sell (188,468) (0.02) 1,931,912 0.20
19-Oct-2018 Sell (49,994) (0.01) 1,881,918 0.20
26-Oct-2018 Buy 15,452 0.00 1,897,370 0.20
30-Oct-2018 Buy 47,446 0.00 1,944,816 0.20
02-Nov-2018 Buy 131,629 0.01 2,076,445 0.22
09-Nov-2018 Sell (1,070) 0.00 2,075,375 0.22
16-Nov-2018 Buy 399,779 0.04 2,475,154 0.26
23-Nov-2018 Buy 111,200 0.01 2,586,354 0.27
30-Nov-2018 Buy 148,570 0.02 2,734,924 0.29
07-Dec-2018 Buy 1,886 0.00 2,736,810 0.29
14-Dec-2018 Buy 194,314 0.02 2,931,124 0.31
21-Dec-2018 Buy 47,910 0.00 2,979,034 0.31
28-Dec-2018 Sell (75,726) (0.01) 2,903,308 0.30
31-Dec-2018 Sell (1,043) 0.00 2,902,265 0.30
04-Jan-2019 Buy 60,640 0.01 2,962,905 0.31
11-Jan-2019 Buy 372,413 0.04 3,335,318 0.35
18-Jan-2019 Buy 21,138 0.00 3,356,456 0.35
25-Jan-2019 Buy 56,996 0.01 3,413,452 0.36
01-Feb-2019 Buy 79,119 0.01 3,492,571 0.36

10
Sr. Shareholder’s Name Shareholding Cumulative shareholding
No. during the year
No. of shares % of total shares of No. of shares % of total shares of
the Company the Company
08-Feb-2019 Buy 30,168 0.00 3,522,739 0.37
15-Feb-2019 Buy 407 0.00 3,523,146 0.37
22-Feb-2019 Sell (10,819) 0.00 3,512,327 0.37
01-Mar-2019 Buy 23,048 0.00 3,535,375 0.37
08-Mar-2019 Sell (16,757) 0.00 3,518,618 0.37
15-Mar-2019 Buy 22,317 0.00 3,540,935 0.37
22-Mar-2019 Buy 211,590 0.02 3,752,525 0.39
31-Mar-2019 Sell (6,887) 0.00 3,745,638 0.39
c. At the end of the year 3,745,638 0.39 3,745,638 0.39
12. Aberdeen Global Indian Equity Limited
a. At the beginning of the year 4,547,000 0.47 4,547,000 0.47
b. Changes during the year
11-May-2018 Sell (165,000) (0.02) 4,382,000 0.46
18-May-2018 Sell (230,000) (0.02) 4,152,000 0.43
01-Jun-2018 Sell (247,000) (0.03) 3,905,000 0.41
27-Jul-2018 Sell (220,000) (0.02) 3,685,000 0.38
c. At the end of the year 3,685,000 0.38 3,685,000 0.38
13 Norges Bank on Account of Government Pension Fund Global
a. At the beginning of the year 0 0.00 0 0.00
b. Changes during the year
26-Oct-2018 Buy 434,837 0.05 434,837 0.05
30-Oct-2018 Buy 232,828 0.02 667,665 0.07
02-Nov-2018 Buy 189,059 0.02 856,724 0.09
09-Nov-2018 Buy 135,613 0.01 992,337 0.10
16-Nov-2018 Buy 280,495 0.03 1,272,832 0.13
23-Nov-2018 Buy 51,610 0.01 1,324,442 0.14
30-Nov-2018 Sell (81,235) (0.01) 1,243,207 0.13
07-Dec-2018 Buy 239,584 0.02 1,482,791 0.15
14-Dec-2018 Buy 512,329 0.05 1,995,120 0.21
21-Dec-2018 Buy 164,390 0.02 2,159,510 0.23
28-Dec-2018 Buy 524 0.00 2,160,034 0.23
31-Dec-2018 Buy 60,809 0.01 2,220,843 0.23
04-Jan-2019 Buy 70,000 0.01 2,290,843 0.24
11-Jan-2019 Buy 169,364 0.02 2,460,207 0.26
18-Jan-2019 Buy 73,548 0.01 2,533,755 0.26
25-Jan-2019 Buy 92,723 0.01 2,626,478 0.27
01-Feb-2019 Buy 204,346 0.02 2,830,824 0.30
15-Feb-2019 Buy 85,150 0.01 2,915,974 0.30
29-Mar-2019 Buy 149,243 0.02 3,065,217 0.32
c. At the end of the year 3,065,217 0.32 3,065,217 0.32

11
Sr. Shareholder’s Name Shareholding Cumulative shareholding
No. during the year
No. of shares % of total shares of No. of shares % of total shares of
the Company the Company
14 Max Life Insurance Company Limited
a. At the beginning of the year 115,409 0.01 115,409 0.01
b. Changes during the year
06-Apr-2018 Sell (45,764) 0.00 69,645 0.01
18-May-2018 Buy 355,810 0.04 425,455 0.04
01-Jun-2018 Buy 76,923 0.01 502,378 0.05
15-Jun-2018 Buy 23,310 0.00 525,688 0.05
19-Jun-2018 Buy 54,193 0.01 579,881 0.06
22-Jun-2018 Buy 46,495 0.00 626,376 0.07
29-Jun-2018 Buy 449,012 0.05 1,075,388 0.11
06-Jul-2018 Buy 483,854 0.05 1,559,242 0.16
13-Jul-2018 Buy 142,766 0.01 1,702,008 0.18
27-Jul-2018 Buy 91,200 0.01 1,793,208 0.19
03-Aug-2018 Sell (107,192) (0.01) 1,686,016 0.18
10-Aug-2018 Buy 42,135 0.00 1,728,151 0.18
17-Aug-2018 Buy 8,821 0.00 1,736,972 0.18
24-Aug-2018 Buy 73,389 0.01 1,810,361 0.19
07-Sep-2018 Sell (352,204) (0.04) 1,458,157 0.15
14-Sep-2018 Sell (336,866) (0.04) 1,121,291 0.12
21-Sep-2018 Sell (140,831) (0.01) 980,460 0.10
28-Sep-2018 Sell (47,175) 0.00 933,285 0.10
19-Oct-2018 Buy 41,030 0.00 974,315 0.10
26-Oct-2018 Sell (550,977) (0.06) 423,338 0.04
30-Oct-2018 Sell (10,800) 0.00 412,538 0.04
09-Nov-2018 Buy 39,620 0.00 452,158 0.05
30-Nov-2018 Buy 232,950 0.02 685,108 0.07
21-Dec-2018 Buy 146,523 0.02 831,631 0.09
28-Dec-2018 Buy 57,325 0.01 888,956 0.09
04-Jan-2019 Buy 339,651 0.04 1,228,607 0.13
11-Jan-2019 Buy 185,987 0.02 1,414,594 0.15
25-Jan-2019 Buy 628,437 0.07 2,043,031 0.21
01-Feb-2019 Buy 533,848 0.06 2,576,879 0.27
08-Feb-2019 Buy 153,235 0.02 2,730,114 0.28
15-Feb-2019 Buy 163 0.00 2,730,277 0.28
01-Mar-2019 Buy 36,000 0.00 2,766,277 0.29
08-Mar-2019 Buy 192,546 0.02 2,958,823 0.31
15-Mar-2019 Buy 111,670 0.01 3,070,493 0.32
31-Mar-2019 Sell (7,876) 0.00 3,062,617 0.32
c. At the end of the year 3,062,617 0.32 3,062,617 0.32

12
Sr. Shareholder’s Name Shareholding Cumulative shareholding
No. during the year
No. of shares % of total shares of No. of shares % of total shares of
the Company the Company
15. HDFC Life Insurance Company Limited
a. At the beginning of the year 1,789,259 0.19 1,789,259 0.19
b. Changes during the year
06-Apr-2018 Sell (19,784) 0.00 1,769,475 0.18
13-Apr-2018 Buy 166 0.00 1,769,641 0.18
20-Apr-2018 Buy 28,654 0.00 1,798,295 0.19
27-Apr-2018 Sell (8,119) 0.00 1,790,176 0.19
04-May-2018 Sell (1,667) 0.00 1,788,509 0.19
11-May-2018 Sell (298) 0.00 1,788,211 0.19
18-May-2018 Buy 116,262 0.01 1,904,473 0.20
25-May-2018 Sell (2,032) 0.00 1,902,441 0.20
01-Jun-2018 Sell (244) 0.00 1,902,197 0.20
08-Jun-2018 Buy 74,026 0.01 1,976,223 0.21
15-Jun-2018 Buy 39,500 0.00 2,015,723 0.21
19-Jun-2018 Buy 54,232 0.01 2,069,955 0.22
26-Jun-2018 Buy 15,000 0.00 2,084,955 0.22
29-Jun-2018 Buy 225,000 0.02 2,309,955 0.24
06-Jul-2018 Buy 13,583 0.00 2,323,538 0.24
13-Jul-2018 Sell (14,316) 0.00 2,309,222 0.24
20-Jul-2018 Sell (1,763) 0.00 2,307,459 0.24
27-Jul-2018 Sell (91,906) (0.01) 2,215,553 0.23
03-Aug-2018 Sell (1,032) 0.00 2,214,521 0.23
10-Aug-2018 Buy 13,554 0.00 2,228,075 0.23
17-Aug-2018 Buy 39,310 0.00 2,267,385 0.24
24-Aug-2018 Buy 116,869 0.01 2,384,254 0.25
31-Aug-2018 Buy 46,844 0.00 2,431,098 0.25
07-Sep-2018 Buy 53,562 0.01 2,484,660 0.26
14-Sep-2018 Sell (1,130) 0.00 2,483,530 0.26
21-Sep-2018 Buy 52,450 0.01 2,535,980 0.26
28-Sep-2018 Buy 12,690 0.00 2,548,670 0.27
05-Oct-2018 Buy 436 0.00 2,549,106 0.27
12-Oct-2018 Buy 8,540 0.00 2,557,646 0.27
19-Oct-2018 Sell (2,484) 0.00 2,555,162 0.27
26-Oct-2018 Sell (45,607) 0.00 2,509,555 0.26
02-Nov-2018 Sell (119) 0.00 2,509,436 0.26
09-Nov-2018 Sell (9,348) 0.00 2,500,088 0.26
16-Nov-2018 Sell (17,438) 0.00 2,482,650 0.26
23-Nov-2018 Buy 3,043 0.00 2,485,693 0.26
30-Nov-2018 Sell (2,284) 0.00 2,483,409 0.26
07-Dec-2018 Buy 6,651 0.00 2,490,060 0.26
14-Dec-2018 Buy 38,860 0.00 2,528,920 0.26
21-Dec-2018 Buy 69,824 0.01 2,598,744 0.27
28-Dec-2018 Buy 48,000 0.01 2,646,744 0.28
31-Dec-2018 Buy 91,170 0.01 2,737,914 0.29
04-Jan-2019 Buy 25,000 0.00 2,762,914 0.29

13
Sr. Shareholder’s Name Shareholding Cumulative shareholding
No. during the year
No. of shares % of total shares of No. of shares % of total shares of
the Company the Company
11-Jan-2019 Buy 43,810 0.00 2,806,724 0.29
18-Jan-2019 Sell (4,216) 0.00 2,802,508 0.29
25-Jan-2019 Buy 1,100 0.00 2,803,608 0.29
01-Feb-2019 Buy 5,472 0.00 2,809,080 0.29
08-Feb-2019 Buy 6,056 0.00 2,815,136 0.29
15-Feb-2019 Sell (12,032) 0.00 2,803,104 0.29
22-Feb-2019 Sell (13,174) 0.00 2,789,930 0.29
01-Mar-2019 Buy 29,988 0.00 2,819,918 0.29
08-Mar-2019 Sell (100) 0.00 2,819,818 0.29
15-Mar-2019 Buy 127,089 0.01 2,946,907 0.31
22-Mar-2019 Buy 61,626 0.01 3,008,533 0.31
31-Mar-2019 Buy 5,493 0.00 3,014,026 0.31
c. At the end of the year 3,014,026 0.31 3,014,026 0.31
16. Ishares India Index Mauritius Company
a. At the beginning of the year 3,337,605 0.35 3,337,605 0.35
b. Changes during the year
27-Apr-2018 Sell (25,101) 0.00 3,312,504 0.35
11-May-2018 Sell (6,492) 0.00 3,306,012 0.34
18-May-2018 Sell (19,476) 0.00 3,286,536 0.34
25-May-2018 Sell (70,330) (0.01) 3,216,206 0.34
01-Jun-2018 Sell (116,421) (0.01) 3,099,785 0.32
08-Jun-2018 Sell (17,713) 0.00 3,082,072 0.32
15-Jun-2018 Sell (5,796) 0.00 3,076,276 0.32
22-Jun-2018 Sell (9,880) 0.00 3,066,396 0.32
29-Jun-2018 Sell (21,100) 0.00 3,045,296 0.32
06-Jul-2018 Sell (6,330) 0.00 3,038,966 0.32
27-Jul-2018 Buy 12,574 0.00 3,051,540 0.32
31-Aug-2018 Sell (22,260) 0.00 3,029,280 0.32
07-Sep-2018 Sell (52,148) (0.01) 2,977,132 0.31
14-Sep-2018 Buy 6,282 0.00 2,983,414 0.31
21-Sep-2018 Buy 24,257 0.00 3,007,671 0.31
05-Oct-2018 Buy 1,806 0.00 3,009,477 0.31
12-Oct-2018 Sell (32,498) 0.00 2,976,979 0.31
19-Oct-2018 Buy 5,010 0.00 2,981,989 0.31
26-Oct-2018 Buy 3,172 0.00 2,985,161 0.31
30-Oct-2018 Buy 6,876 0.00 2,992,037 0.31
02-Nov-2018 Sell (6,384) 0.00 2,985,653 0.31
16-Nov-2018 Buy 5,320 0.00 2,990,973 0.31
07-Dec-2018 Sell (3,807) 0.00 2,987,166 0.31
28-Dec-2018 Buy 10,540 0.00 2,997,706 0.31
31-Dec-2018 Buy 6,266 0.00 3,003,972 0.31
04-Jan-2019 Sell (1,273) 0.00 3,002,699 0.31
25-Jan-2019 Sell (2,930) 0.00 2,999,769 0.31
01-Mar-2019 Sell (22,973) 0.00 2,976,796 0.31

14
Sr. Shareholder’s Name Shareholding Cumulative shareholding
No. during the year
No. of shares % of total shares of No. of shares % of total shares of
the Company the Company
08-Mar-2019 Buy 6,282 0.00 2,983,078 0.31
22-Mar-2019 Buy 9,423 0.00 2,992,501 0.31
31-Mar-2019 At the end of the year (2,629) 0.00 2,989,872 0.31
c. At the end of the year 2,989,872 0.31 2,989,872 0.31
17. Ishares Core Emerging Markets Mauritius Co.
a. At the beginning of the year 2,365,783 0.25 2,365,783 0.25
b. Changes during the year
06-Apr-2018 Buy 23,198 0.00 2,388,981 0.25
13-Apr-2018 Buy 19,884 0.00 2,408,865 0.25
20-Apr-2018 Buy 28,169 0.00 2,437,034 0.25
27-Apr-2018 Buy 16,570 0.00 2,453,604 0.26
01-Jun-2018 Sell (42,227) 0.00 2,411,377 0.25
20-Jul-2018 Buy 6,516 0.00 2,417,893 0.25
27-Jul-2018 Buy 16,290 0.00 2,434,183 0.25
03-Aug-2018 Buy 76,563 0.01 2,510,746 0.26
10-Aug-2018 Buy 14,661 0.00 2,525,407 0.26
31-Aug-2018 Buy 17,919 0.00 2,543,326 0.26
07-Sep-2018 Sell (56,070) (0.01) 2,487,256 0.26
28-Sep-2018 Buy 7,945 0.00 2,495,201 0.26
05-Oct-2018 Buy 12,712 0.00 2,507,913 0.26
09-Nov-2018 Buy 13,625 0.00 2,521,538 0.26
16-Nov-2018 Buy 37,223 0.00 2,558,761 0.27
23-Nov-2018 Buy 52,437 0.01 2,611,198 0.27
30-Nov-2018 Buy 27,013 0.00 2,638,211 0.27
07-Dec-2018 Buy 73,974 0.01 2,712,185 0.28
14-Dec-2018 Buy 4,776 0.00 2,716,961 0.28
21-Dec-2018 Buy 3,184 0.00 2,720,145 0.28
11-Jan-2019 Buy 50,112 0.01 2,770,257 0.29
18-Jan-2019 Buy 31,320 0.00 2,801,577 0.29
25-Jan-2019 Buy 70,470 0.01 2,872,047 0.30
01-Feb-2019 Buy 54,810 0.01 2,926,857 0.30
08-Feb-2019 Buy 40,263 0.00 2,967,120 0.31
15-Feb-2019 Buy 3,585 0.00 2,970,705 0.31
22-Feb-2019 Buy 4,698 0.00 2,975,403 0.31
01-Mar-2019 Sell (14,955) 0.00 2,960,448 0.31
22-Mar-2019 Buy 3,106 0.00 2,963,554 0.31
31-Mar-2019 Buy 4,659 0.00 2,968,213 0.31
c. At the end of the year 2,968,213 0.31 2,968,213 0.31

15