Glenmark

agreement which every listed company enters into with the relevant stock exchange, certain information
needs to be disclosed to the stock exchange which is then made available to the general public. SEBI has
issued regulations and guidelines on disclosure requirements, insider trading and other matters. There may
be less publicly available information about Indian public companies, including us, than is regularly
disclosed by public companies in other countries with more mature securities markets. For example, we
are not required to and do not publish consolidated financial information other than on an annual basis for
our fiscal year ending March 31. As a result you may have access to less information about our business,
results of operations and financial conditions, and those of our competitors that are listed on the Indian
Stock Exchanges and other stock exchanges in India, on an ongoing basis than you may have in the case of
companies subject to reporting requirements of other more developed countries.
There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect
a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
We are subject to a daily circuit breaker imposed by all stock exchanges in India which does not allow
transactions beyond certain volatility in the price of the Equity Shares. This circuit breaker operates
independently of the index-based market-wide circuit breakers generally imposed by SEBI on Indian stock
exchanges. The percentage limit on our circuit breaker is set by the stock exchanges based on the historical
volatility in the price and trading volume of the Equity Shares.
The stock exchanges do not inform us of the percentage limit of the circuit breaker from time to time, and
may change it without our knowledge. This circuit breaker effectively limits the upward and downward
movements in the price of the Equity Shares. As a result of this circuit breaker, there can be no assurance
regarding the ability of shareholders to sell the Equity Shares or the price at which shareholders may be
able to sell their Equity Shares.
Financial instability and volatility in securities markets in other countries, could disrupt our business
and adversely affect the price of our Equity Shares
Although economic conditions are different in each country, the Indian market and Indian economy are
influenced by economic and market conditions in other countries and investors' reactions to developments
in one country may have an adverse effect on the securities of companies in other countries, including
India. A loss of investor confidence in the financial systems of other emerging markets may cause
increased volatility in Indian financial markets and the Indian economy in general. Any worldwide
financial instability could also have a negative impact on the Indian economy, including the movement of
exchange rates and interest rates in India, which could adversely affect the Indian financial sector in
particular. Any financial disruption could have an adverse effect on our business, future financial
performance, shareholders' equity and the price of our Equity Shares.
Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.
The Company’s Articles of Association, regulation of its Board of Directors and Indian law govern the
Company’s corporate affairs. Legal principles relating to these matters and the validity of corporate
procedures, Directors’ fiduciary duties and liabilities, and shareholders’ rights may differ from those that
would apply to a company in another jurisdiction. Shareholders’ rights under Indian law may not be as
extensive as shareholders’ rights under the laws of other countries or jurisdictions. Investors may have
more difficulty in asserting their rights as a shareholder than as a shareholder of a corporation in another
jurisdiction.
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