eCierY

eCierx/SECD/SE/2019/77

April 30, 2019

BSE Limited National Stock Exchange of India Limited

Corporate Relationship Department, Exchange Plaza, Plot No. C/1,
Phiroze Jeejeebhoy T ewers, Block G, Sandra - Kurla Complex
251h Floor, Dalal Street, Sandra (East),
Fort, Mumbai - 400 001 Mumbai- 400 051

Dear Sirs,

Sub: Submission of the Certified true coov of the special resolution passed bv the
shareholders for Buy-Back of the equity shares of the Company

Stock Code: BSE - 532927

NSE- ECLERX

Further to our letter no. eCierx/SECD/SE/2019/71 dated April 26, 2019 with respect to outcome
of the Postal Ballot and in terms of Regulation 5 (v) of the SEBI (Buy-Back of Securities)
Regulations, 2018, please find enclosed the certified true copy of the special resolution passed
by the shareholders approving Buy-Back of equity shares of the company, the results of which
were declared on April 26, 2019.

This is for your information and records.

Thanking you,

Yours faithfully
For eCierx { kices Limited

~.~
Pratik Bhanushali
Company Secretary and Compliance Ofr~:.t::-;::;;-r

Encl.: As above

Corporate Office Registered Office

eCierx Services Limited eCierx Services Limited
4'" Floor, Express Towers, Sonawala Building , 1" Floor, 29 Bank Street, Fort,
Nariman Point, Mumbai- 400 021 Mumbai - 400 023, Maharashtra, India.
Ph : +91 (022) 6614 8301 1 Fax:+ 91 (022) 6614 8655 Ph : +91 (022) 6614 8301 I Fax: +91 (022) 6614 8655
www.eCierx.com E-maiiiD: [email protected] 1 www.eCierx.com
[GIN : L72200MH2000PLC125319]
 eCierY
CERTIFIED TRUE COPY OF THE RESOLUTION PASSED THROUGH POSTAL BALLOT BY THE
MEMBERS OF ECLERX SERVICES LIMITED ON APRIL 25,2019

Approval for Buy-Back of Equity Shares

"RESOLVED THAT pursuant to Article 61 of the Articles of Association of the Company and in
accordance with the provisions of Sections 68, 69, 70 and 110, and all other applicable provisions, if
any, of the Companies Act, 2013 ("Companies Act"), as amended, read with the Companies (Share
Capital and Debentures) Rules, 2014 (the "Share Capital Rules"), the Companies (Management and
Administration) Rules, 2014, each as amended from time to time, for the time being in force and in
compliance with the Securities and Exchange Board of India (Buy-Back of Securities) Regulations 2018,
as amended ("SEBI Buy-Back Regulations"), the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ("SEBI Listing Regulations") including any amendments, statutory
modifications or re-enactments, for the time being in force, and subject to such other approvals,
permissions, consents, sanctions and exemptions, as may be necessary, from the Securities and
Exchange Board of India ("SEBI"), Reserve Bank of India ("RBI"), the stock exchanges on which the
equity shares of the Company are listed ("Stock Exchanges") and subject to such conditions and
modifications, if any, as may be prescribed or imposed by the appropriate authorities while granting
such approvals, permissions, sanctions and exemptions, which may be agreed to by the Board of
Directors of the Company (hereinafter referred to as the "Board", which expression shall include any
Committee constituted by the Board to exercise its powers. including the powers conferred by this
Resolution), consent of the Members be and is hereby accorded to buy-back by the Company of fully
paid-up equity shares of face value of Rs.1 01- each (Rupees Ten each) ("Equity Shares"), at a price not
exceeding Rs.1,6001- (Rupees One Thousand Six Hundred only) per Equity Share ("Maximum Buy-
Back Price") payable in cash for a total consideration not exceeding Rs.2,620 Millions (Rupees Two
Thousand Six Hundred and Twenty Millions), excluding transaction costs incurred or to be incurred for
the Buy-Back viz. towards transaction costs for the Buy-Back brokerage, applicable taxes such as
securities transaction tax, goods and services tax, stamp duty, filing fees, advisor fees, public
announcement expenses, printing and dispatch expenses and other incidental and related expenses
etc. ("Maximum Buy-Back Size"), which is within 25% of the aggregate of the Company's paid-up equity
share capital and free reserves as per the latest audited standalone financial statements of the
Company as on March 31 , 2018, from the equity Members of the Company as on the Record Date, to
be announced by the Board I Buy-Back Committee ("Record Date"), on proportionate basis through the
'Tender Offer' route, as prescribed under the SEBI Buy-Back Regulations (hereinafter referred to as the
"Buy-Back").

RESOLVED FURTHER THAT in terms of Regulation 4 of the SEBI Buy-Back Regulations, the Buy-
Back may be made out of the Company's free reserves and I or such other sources as may be permitted
by applicable law through 'Tender Offer' route and as required by the SEBI Buy-Back Regulations and
the Companies Act based on the latest standalone audited standalone accounts of the Company for
the financial year ended March 31 , 2018 and that the payments shall be made out of the Company's
current surplus and I or cash balances and I or current investments and I or cash available from internal
resources of the Company (and not from any borrowed funds) and on such terms and conditions as the
Board may decide from time to time at its absolute discretion.

RESOLVED FURTHER THAT in terms of Regulation 6 of the SEBI Buy-Back Regulations, the
Company may buy-back Equity Shares from the existing equity shareholders I beneficial owners of the
Equity Shares of the Company as on Record Date ("Eligible Shareholders"), on proportionate basis,
provided that 15% (fifteen percent) of the number of Equity Shares which the Company proposes to
buy-back or number of Equity Shares entitled as per the shareholding of small shareholders, as defined
in the SEBI Buy-Back Regulations ("Small Shareholders") as on the Record Date, whichever is higher,
shall be reserved for the small shareholders as defined in the SEBI Buy-Back Regulations.

RESOLVED FURTHER THAT the total number of Equity Shares to be bought back would hence be
16,37,500 (Sixteen Lakhs Thirty Seven Thousand Five Hundred) Equity Shares (representing 4.24% of
outstanding number of fully paid-up equity shares of the Company as on March 31, 2018, which may
vary depending upon the final Buy-Back Price per equity share and final Buy-Back size as decided by
the Buy-Back Committee I Board .

Registered Office
Corporate Office
eCierx Services Lim1ted
eCierx Services Lim1ted
Sonawata Building. 1" Floor, 29 Bank Street. Fort.
4"' Floor, Express Towers ,
Mumbai - 400 023. Maharashtra. India.
Nariman Point Mumbai - 400 021
Ph: +91 (022) 6614 8301 I Fax: +91 (022) 6614 8655
Ph: +91 (022) 6614 8301 I Fax : + 91 (022) 6614 8655
E-mail 10: [email protected] I www.eCterx.com
www.eCiorx.com
[CI N: L72200MH2000PLC125319)
RESOLVED FURTHER THAT the Company shall earmark adequate resources of funds for the purpose
of Buy-Back and the amount required by the Company for the Buy-Back is intended to be met out of
the Company's cash balance and .internal accruals and on such terms and conditions as may be
decided by the Board at its absolute discretion.

RESOLVED FURTHER THAT the Company shall implement the Buy-Back using the "Mechanism for
acquisition of shares through Stock Exchange" notified by SEBI vide circular bearing
CIRICFDIPOLICYCELL/1 12015 dated April 13, 2015 and circular bearing CFDIDCR21CIRIPI20161131
dated December 9, 2016, including any amendments thereof.

RESOLVED FURTHER THAT the proposed Buy-Back be implemented from the existing equity
shareholders as on Record Date in a manner the Board may consider appropriate, out of the funds
available with the Company or such other source as may be permitted under SEBI Buy-Back
Regulations or the Companies Act and on such terms and conditions as the Board may decide from
time to time, and in the absolute discretion of the Board as it may deem fit

RESOLVED FURTHER THAT for the purpose of giving effect to this resolution, Mr. Priyadarshan
Mundhra, Executive Director, Mr. Anjan Malik, Non-Executive Director, Mr. Rohitash Gupta, Chief
Financial Officer and Mr. Pratik Bhanushali, the Company Secretary be and are hereby severally
authorized to make necessary applications to the statutory, regulatory or governmental authorities as
may be required under the applicable law; to sign, execute and deliver all such papers, deeds,
documents, agreements, undertakings, declarations and forms, which are necessary and incidental
thereto and to do all such acts, deeds, matters and things and execute and sign all documents as may
be required in connection with the above and to settle any questions or difficulties whatsoever may arise
in relation to the implementation of Buy-Back or for matters incidental thereto and to file the necessary
e-forms with the Registrar of Companies.

RESOLVED FURTHER THAT the Buy-Back from Eligible Shareholders who are non-resident members
holding Equity Shares of the Company, Overseas Corporate Bodies (OCBs), Foreign Institutional
Investors (Fils) I Foreign Portfolio Investors (FPis), Members of foreign nationality etc. shall be subject
to such approvals if and to the extent necessary or required from the concerned authorities including
approvals from the Reserve Bank of India under the Foreign Exchange Management Act, 1999, Foreign
Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations,
2017 as amended and the rules and regulations framed there under, if any.

RESOLVED FURTHER THAT the Board be and is hereby authorized to give effect to the aforesaid
resolutions and may delegate all or any of the power(s) conferred hereinabove as it may in its absolute
discretion deem fit, to any Director(s) I Officer(s) I Authorized Representative(s) I Buy-Back Committee
("Buy-Back Committee") of the Company in order to give effect to the aforesaid Resolutions, including
but not limited to finalizing the terms of the Buy-Back like record date, entitlement ratio, the timeframe
for completion of Buy-Back; appointment of intermediaries I agencies, as may be required, for the
implementation of the Buy-Back; preparation , signing and filing of the Public Announcement, the Draft
Letter of Offer I Letter of Offer with the SEBI , the stock exchanges and other appropriate authorities and
to make all necessary applications to the appropriate authorities for their necessary approvals, if any;
and to initiate all necessary actions for preparation and issue of various documents including letter of
offer, opening, operation and closure of necessary accounts including escrow account with a bank,
entering into agreements, release of public announcement, filing of declaration of solvency, obtaining
all necessary certificates and reports from statutory auditors and other third parties as required under
applicable law, extinguishment of dematerialized shares and physical destruction of share certificates
in respect of the Equity Shares bought back by the Company, and such other undertakings,
agreements, papers, documents and correspondence, under the Common Seal of the Company, as
may be required to be filed in connection with the Buy-Back with the SEBI , RBI , Stock Exchanges,
Registrar of Companies, Depositories and I or other regulators and statutory authorities as may be
required from time to time.

RESOLVED FURTHER THAT the Buy-Back Committee be and is hereby authorized to delegate all or
any of the authorities conferred upon it to any officer(s) I authorized signatory(ies) of the Company.
RESOLVED FURTHER THAT nothing contained herein shall confer any right on the part of any
Member to offer and I or any obligation on the part of Company or the Board or the Buy-Back Committee
to buyback any shares, and I or impair any power of the Company or the Board or the Buy-Back
Committee to terminate any process in relation to such Buy-Back, if so permissible by law.

RESOLVED FURTHER THAT for the purpose of giving effect to the aforesaid resolutions, the Board
and I or the Buy-Back Committee be and are hereby jointly and I or severally empowered and authorized
on behalf of the Company to accept and make any alteration(s) and I or modification(s) to the terms
and conditions as it may deem necessary, concerning any aspect of the Buy-Back, in accordance with
the statutory requirements as well as to give such directions as may be necessary or desirable, to settle
any questions, difficulties or doubts that may arise and generally, to do all acts, deeds, matters and
things as the Board and I or any person authorized by the Board of Directors may, in its absolute
discretion deem necessary, expedient, usual or proper in relation to or in connection with or for matters
consequential to the Buy-Back without seeking any further consent or approval of the Members or
otherwise to the end and intent that they shall be deemed to have given their approval thereto expressly
by the authority of this Resolution."

Certified True Copy

For eCierx sfrrvl~s Limited

1. ~
Prdtik Bhanushali
Company Secretary and Compliance Officer
F8538
 eCierY
CERTIFIED TRUE COPY OF THE EXPLANATORY STATEMENT OF THE SPECIAL RESOLUTION
PASSED THROUGH POSTAL BALLOT BY THE MEMBERS OF ECLERX SERVICES LIMITED ON
APRIL 25, 2019

Item No. 1 - Approval for Buv-Back of Eguitv Shares

With an objective to optimize returns to Members, enhance the overall shareholder's value and optimize
the capital structure of the Company through return of surplus cash , the Board at its meeting held on
March 14, 2019 has, subject to the approval of the Members of the Company by way of Special
Resolution through postal ballot and subject to approvals of statutory, regulatory or governmental
authorities as may be required under applicable laws, approved buy-back by the Company of its fully
paid-up equity shares of face value of Rs.10/- each (Rupees Ten each), not exceeding a maximum
price of Rs.1,6001- (Rupees One Thousand Six Hundred only) per Equity Share payable in cash for a
total consideration not exceeding Rs. 2,620 Millions (Rupees Two Thousand Six Hundred and Twenty
Millions), excluding transaction costs incurred or to be incurred for the Buy-Back (viz. brokerage,
applicable taxes such as securities transaction tax, goods and services tax, stamp duty, filing fees,
advisor fees, public announcement expenses, printing and dispatch expenses and other incidental and
related expenses etc.), which is within 25% of the aggregate of the Company's paid-up equity share
capital and free reserves as per the latest audited standalone financial statements of the Company as
on March 31 , 2018 from all the equity shareholders I beneficial owners of the Equity Shares of the
Company as on the record date, to be announced by the Board I Buy-Back Committee, on proportionate
basis through the 'tender offer' route, as prescribed under the SEBI Buy-Back Regulations.

In accordance with the applicable provisions of the Companies Act, the Share Capital Rules and SEBI
Buy-Back Regulations, this Explanatory Statement contains relevant and material information to enable
the Members holding Equity Shares of the Company to consider and approve the Special Resolution
for the Buy-Back of the Company's Equity Shares.

Requisite details relating to the Buy-Back are given below:

(a) Necessity for the Buy-Back:

The Buy-Back is being proposed by the Company to return surplus funds to the Members, which are
over and above its ordinary capital requirements and in excess of any current investment plans, in an
expedient, efficient and cost effective manner. Buy-Back would increase the shareholder's value and
would also help the company in fulfilling the following objectives:

(i) The Buy-Back will help the Company to return surplus cash to its Members holding Equity Shares
broadly in proportion to their shareholding, thereby, enhancing the overall return to the Members;

(ii) The Buy-Back, which is being implemented through the 'Tender Offer' as prescribed under the SEBI
Buy-Back Regulations, would involve allocation of 15% of the outlay to Small Shareholders. The
Company believes that this reservation of 15% for Small Shareholders would benefit a large number of
public shareholders, who would get classified as "Small Shareholder'';

(iii) The Buy-Back may help in improving return on equity due to reduction in the equity base, thereby
leading to long term increase in shareholders' value;

(iv) The Buy-Back will help in achieving an optimal capital structure.

The Buy-Back gives an option to the Members holding Equity Shares of the Company, to either
(i) choose to participate and get cash in lieu of Equity Shares to be accepted under the Buy-Back Offer
or (ii) choose to not participate and enjoy a resultant increase in their percentage shareholding, post
the Buy-Back Offer, without additional investment.

Corporate Office Reg istered Office

eCierx Servtces Limited eCierx Services limttod
4"' Floor. Express Towers. Sonawala Building. 1" Floor, 29 Bank Street, Fort,
Nariman Point. Mumbai - 400 021 Mumbai- 400 023. Maharashtra. India.
Ph: +91 (022) 6614 8301 I Fax : + 91 (022) 6614 8655 Ph: +91 (022) 6614 8301 1 Fax: +91 (022) 6614 8655
www oCierx.com E-mail 10: [email protected] 1www.eCicrx.com
[CIN: L72200MH2000PLC1253191
(b) Maximum amount required for Buy-Back, its percentage of the total paid up capital and free
reserves and source of funds from which Buy-Back would be financed:

The maximum amount required for Buy-Back will not exceed Rs. 2,620 Millions (Rupees Two Thousand
Six Hundred and Twenty Millions) excluding transaction costs incurred or to be incurred for the Buy-
Back, which is within 25% of the aggregate of the Company's paid-up equity share capital and free
reserves as per the latest audited standalone financial statements of the Company as on March 31,
2018 and the same has been confirmed by the statutory auditors of the Company.

The proposed Buy-Back will be made out of its Securities Premium Account in the first instance and
thereafter, if required, out of its Company's free reserves and I or such other sources as may be
permitted by applicable law, through 'Tender Offer' route and as required by the SEBI Buy-Back
Regulations, 2018 and the Companies Act, 2013 based on the latest audited standalone accounts of
the Company for the financial year ended March 31 , 2018 and that the payments shall be made out of
the Company's current surplus and I or cash balances and I or current investments and I or cash
available from internal resources of the Company (and not from any borrowed funds) and on such terms
and conditions as the Board may decide from time to time at its absolute discretion . The Company
confirms that it has got sufficient source to pay-off the consideration towards the Buy-Back and would
not borrow funds for the said purpose.

The Company shall transfer a sum equal to the nominal value of the Equity Shares bought back through
the Buy-Back to the Capital Redemption Reserve Account and details of such transfer shall be disclosed
in its subsequent audited standalone financial statement.

(c) Maximum price at which shares are proposed to be bought back and basis of determining
the Buy-Back price:

The Equity Shares of the Company are proposed to be bought back at a maximum price of Rs. 1,6001-
(Rupees One Thousand Six Hundred only) per share. The Maximum Buy-Back Price has been arrived
at after considering various factors including but not limited to the volume weighted average prices of
the Equity Shares traded on the BSE Limited ("BSE") and the National Stock Exchange of India Limited
("NSE") where the Equity Shares are listed , the net worth of the Company, price earnings ratio, impact
on other financial parameters and the possible impact of Buy-Back on the earnings per Share. However,
the Board is authorized to determine the specific price, the number of shares and other related
particulars at which the Buy-Back will be made at the time of the Public Announcement for Buy-Back to
the eligible Members.

The Maximum Buy-Back Price represents:

(i) Premium of 52.45% and 50.64% over the volume weighted average market price of the Equity Shares
on SSE and on NSE, respectively, during the three months preceding the date of intimation to the Stock
Exchanges for the Board Meeting to consider the proposal of the Buy-Back.

(ii) Premium of 60.07% and 58.11% over the volume weighted average market price of the Equity
Shares on BSE and on NSE, respectively, for two weeks preceding the date of intimation to the Stock
Exchanges for the Board Meeting to consider the proposal of the Buy-Back.

(d) Number of shares that the Company proposes to Buy-Back:

The Company proposes to Buy-Back 16,37,500 (Sixteen Lakhs Thirty Seven Thousand Five Hundred)
number of fully paidup equity shares of face value of Rs.10/- each (Rupees Ten each) which is within
25% of total number of equity shares of the Company, representing 4.24% of outstanding number of
fully paid-up equity shares of th Company as on March 31 , 2018, at a maximum price of Rs. 1,6001-
(Rupees One Thousand Six Hundred only) per Equity Share payable in cash for a total consideration
not exceeding Rs.2,620 Millions (Rupees Two Thousand Six Hundred and Twenty Millions) excluding
transaction costs, which is within 25% of the aggregate of the Company's paid-up equity share capital
and free reserve as per the latest audited standalone financial statements of the Company as on
March 31 , 2018.
The indicative number of shares to be bought back may vary depending upon the final Buy-Back size
and the final Buy-Back price per equity share as may be decided by the Board or the Buy-Back
Committee.

(e) Method to be adopted for the Buy-Back:

The Buy-Back shall be on a proportionate basis from all the Members holding Equity Shares of the
Company through the "Tender Offer" route, as prescribed under the SEBI Buy-Back Regulations, to the
extent permissible, as per the Mechanism for acquisition of shares through Stock Exchange as
prescribed by SEBI from time to time. The Buy-Back will be implemented in accordance with the
Companies Act and the Share Capital Rules to the extent applicable, and the Buy-Back Regulations
and on such terms and conditions as may be deemed fit by the Company.

As required under the SEBI Buy-Back Regulations, the Company will announce a record date (the
"Record Date") for determining the names of the Members holding Equity Shares of the Company who
will be eligible to participate in the Buy-Back.

The Equity Shares to be bought back as a part of the Buy-Back is divided in two categories:

(i) Reserved category for small shareholders; and

(ii) General category for all other shareholders.

As defined in Regulation 2(i)(n) of the SEBI Buy-Back Regulations, a "small shareholder" is a

shareholder who holds Equity Shares having market value, on the basis of closing price on Stock
Exchanges having highest trading volume as on Record Date, of not more than Rs. 200,000/- (Rupees
Two Hundred Thousand Only).

In accordance with the proviso to Regulation 6 of the SEBI Buy-Back Regulations, 15% (fifteen percent)
of the number of Equity Shares which the Company proposes to Buy-Back or number of Equity Shares
entitled as per the shareholding of small shareholders as on the Record Date. whichever is higher, shall
be reserved for the small shareholders as part of this Buy-Back.

Based on the holding on the Record Date, the Company will determine the entitlement of each Member
to tender their shares in the Buy-Back. This entitlement for each Member will be calculated based on
the number of Equity Shares held by the respective Member as on the Record Date and the ratio of
Buy-Back applicable in the category to which such Member belongs.

Members' participation in Buy-Back will be voluntary. Members holding Equity Shares of the Company
also have the option of tendering additional shares (over and above their entitlement) and participate in
the shortfall created due to non-participation of some other Members, if any.

The maximum tender under the Buy-Back by any Member cannot exceed the number of Equity Shares
he ld by the Member as on the Record Date.

The Equity Shares tendered by the Members as per their entitlement as well as additional shares
tendered, if any, will be accepted as per the procedure laid down in SEBI Buy-Back Regulations. The
settlement of the tenders under the Buy-Back is expected to be done using the "Mechanism for
acquisition of shares through Stock Exchange" notified by SEBI vide circular
CIR/CFD/POLICYCELU1/2015 dated April13, 2015 and circular bearing CFD/DCR2/CIR/P/2016/131
dated December 9, 2016, including any amendments thereof.

Detailed instructions for participation in the Buy-Back (tender of Equity Shares in the Buy-Back) as well
as the relevant time table will be included in the Letter of Offer which will be sent in due course to the
Members holding Equity Shares of the Company as on the Record Date.

The Buy-Back from Members who are residents outside India, including Foreign Corporate Bodies
(including erstwhile Overseas Corporate Bodies) and Foreign Portfolio Investors, shall be subject to
such approvals, if any and to the extent required from the concerned authorities including approvals
from the Reserve Bank of India under Foreign Exchange Management Act, 1999 and the Foreign
Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Re~ulations ,
2017 and the rules and regulations framed there under, and such approvals shall be requ1red to be
taken by such non-resident Eligible Shareholders

(f)Time limit for completing the Buy-Back:

The Buy-Back, subject to regulatory consents and approvals, if any, is proposed to be completed within
one year from the date of the special resolution approving the Buy-Back.

(g) Details of shareholding:

The aggregate shareholding of the Promoter and Promoter Group, Person in Control of the Company,
Directors and Key Managerial Personnel of the Company as on date of this notice is as follows:

Shareholding of Promoter and Promoter Group and Person in Control of the Company:

No. of Shares
Sr. No Name Category %Holding
held
1. Mr. Priyadarshan Mundhra Promoter 9,763,430 25.22

2. Mr. Anjan Malik Promoter 9,759,430 25.21

3. Mr. V K Mundhra Promoter Group 20,779 0.05

4. Mr. Shweta Mundhra Promoter Group 292 0.00

5. Mr. Supriya Modi Promoter Group 17,761 0.05

6. Mr. Pawan Malik Promoter Group Nil Nil

Shareholding of Directors and Key Managerial Personnel:

Sr. No. of
Name Category %Holding
No Shares held
1. Mr. Anish Ghoshal Non-Executive Independent Director 2 0.00

2. Mr. Siren Gabhawala Non-Executive Independent Director 6,231 0.02

3. Mr. Pradeep Kapoor Chairman & Non-Executive 7,336 0.02

Independent Director

4. Mr. Rohitash Gupta Chief Financial Officer 10,165 0.03

5. Mr. Pratik Bhanushali Company Secretary & Compliance 41 0.00

Officer

Except as stated above, none of the D1rectors or Key Managenal Personnel of the Company hold any
Equity Shares in the Company.

(h) Aggregate number of shares or other specified securities purchased or sold by the (i)
Promoter and Promoter Group, (ii) Person in Control of the Company during the 6 (six) months
preceding the date of the Board meeting at which the proposal for Buy-Back was approved, i.e.
March 14, 2019 (date of this Postal Ballot Notice) together with the details of the maximum and
minimum price for such transaction are as follows:

No Equity Shares of the Company have been purchased or sold or transferred by Promoter and
Promoter Group and Persons in Control of the Company, during the period of 6 (six) months preceding
the date of the Board Meeting at which the proposal for Buyback was approved i.e. March 14, 2019
(date of this Postal Ballot Notice).
(i) Intention of Promoter and Promoter Group to participate in the Buy-Back indicating the
number of shares, details of acquisition with date and price:

In terms of the SEBI Buy-Back Regulations, under the Tender Offer route, the Promoter and Promoter
Group of the Company have an option to participate in the Buy-Back. Except Mr. Vijay Kumar Mundhra,
Ms. Shweta Mundhra and Mr. Pawan Malik, all the persons belonging to the Promoter and Promoter
Group of the Company, have vide their letters dated March 12, 2019 and March 13, 2019 as applicable,
expressed their intention to tender their Equity Shares in the Buy-Back upto maximum of such number
of shares which is equal to their respective entitlement under the Buy-Back.

Details of the date and price of acquisition of the Equity Shares held by the persons belonging to the
Promoter and Promoter Group, who are participating in the Buy-Back are given below:

A. Priyadarshan Mundhra

Date of Acquisition/ No of Shares Nature of Nature of Consideration (in

Disposal Transaction Consideration Rs.)

Subscription to
March 24, 2000 10 Cash 100.00
Memorandum

May 30,2000 4,980 Further Allotment Cash 49,800.00

July 29, 2005 154,690 Bonus Issue Nil Nil

September 16, 2005 244,510 Bonus Issue Nil Nil

June 20 , 2007 (625) Gift Nil Nil

June 20, 2007 (625) Gift Nil Nil

June 20, 2007 (625) Gift Nil Nil

June 20, 2007 (10) Gift Nil Nil

August 31 , 2007 5,632,270 Bonus Issue Nil Nil

Offer for sale at

December 20, 2007 (356,000) Initial Public Offer Cash 112,140,000.00
{'IPO')

July 28, 201 0 2,839,287 Bonus Issue Nil Nil

June 3, 2011 (600,000) Sale Cash 462,294,165.57

November 5, 2015 (250,000) Sale Cash 435' 832,589.98

December 21 , 2015 2,555,954 Bonus Issue Nil Nil

December 19, 2016 (254,819) Buy-Back Cash 509,638 ,000.00

March 13, 2018 (284,618) Buy-Back Cash 569,236,000.00

May 28, 2018 (22,949) Open Market Sale Cash 29,374,720.00

Gift of shares from

June 5, 2018 20,000 Vijay Kumar Nil Nil
Mundhra

lnter-se transfer of 10,246,400.00

June 6, 2018 (8,000} shares to Anjan Cash
Malik
 Open Market
June 11 , 2018 90,000 Cash 117,965,700.00
Purchase

Total Shareholding 9,763,430

B. Anjan Malik

Date of Acquisition/ No of Nature of Nature of Consideration (in

Disposal Shares Transaction Consideration Rs.)

May 30, 2000 5,000 Allotment Cash 50,000.00

July 29, 2005 155,000 Bonus Issue Nil Nil

September 16, 2005 245,000 Bonus Issue Nil Nil

August 11, 2007 (1,250) Gift Nil Nil

August 11 , 2007 (625) Gift Nil Nil

August 11, 2007 (625) Gift Nil Nil

August 31 , 2007 5,635,000 Bonus Issue Nil Nil

December 20, 2007 (356,000) Offer for sale at IPO Cash 112,140,000.00

July 28, 2010 2,840,750 Bonus Issue Nil Nil

June 3, 2011 (600,000) Sale Cash 462,242,653.10

November 5, 2015 (250,000) Sale Cash 435,912,128.22

December 21 , 2015 2,557,416 Bonus Issue Nil Nil

December 19, 2016 (254,965) Buy-Back Cash 509,930,000.00

March 13, 2018 (284,781) Buy-Back Cash 569,562,000.00

May 28, 2018 (28,490) Open Market sale Cash 36,467,200.00

June 6, 2018 8,000 lnter-se transfer of Cash 10,246,400.00

shares from
Priyadarshan
Mundhra

June 11, 2018 90,000 Open Market Cash 117,990,000.00

Purchase

Total Shareholding 9,759,430

C. Supriya Modi

Date of Acquisition/ No of Nature of Nature of Consideration (in

Disposal Shares Transaction Consideration Rs.)

June 20, 2007 625 Gift Nil Nil

August 31, 2007 8,750 Bonus Issue Nil Nil

 July 28, 201 0 4,687 Bonus Issue Nil Nil

December 21 , 2015 4,687 Bonus Issue Nil Nil

December 19, 2016 (467) Buy-Back Cash 934,000.00

March 13, 2018 (521) Buy-Back Cash 1,042,000.00

Total Shareholding 17,761

(j) No Defaults :

The Company hereby confirms that there are no defaults subsisting in the repayment of deposits,
interest payment thereon , redemption of debentures or interest payment thereon or redemption of
preference shares or payment of dividend due to any shareholder, or repayment of any term loans or
interest payable thereon to any financial institution or banking company.

(k) Confirmation from the Board:

The Board of Directors of the Company has confirmed that it has made a full enquiry into the affairs and
prospects of the Company and has formed the opinion that:

(i) Immediately following the date of the Board meeting, and the date on which the results of Members'
resolution passed by way of Postal Ballot/ E-voting ("Postal Ballot Resolution") will be declared,
approving the Buy-Back, there will be no grounds on which the Company could be found unable to
pay its debts;

(ii) As regards the Company's prospects for the year immediately following the date of the Board
meeting approving the Buy-Back as well as for the year immediately following the date of Postal
Ballot Resolution, and having regard to the Board's intention with respect to the management of the
Company's business during that year and to the amount and character of the financial resources
which will in the Board's view be available to the Company during that year, the Company will be
able to meet its liabilities as and when they fall due and will not be rendered insolvent within a period
of one year from the date of the Board meeting as also from the date Postal Ballot Resolution; and

(iii) In forming an opinion as aforesaid, the Board has taken into account the liabilities (including
prospective and contingent liabilities), as if the Company was being wound up under the provisions
of the Companies Act, 2013 or the Insolvency and Bankruptcy Code 2016.

(I) Report addressed to the Board of Directors by the Company's Auditors on the permissible
capital payment and the opinion formed by Directors regarding insolvency:

The text of the Report dated March 14, 2019 received from S.R. Batliboi & Associates, Chartered
Accountants, the Statutory Auditors of the Company, addressed to the Board of Directors of the
Company is reproduced below:

Independent Auditor's Report on buy back of shares pursuant to the requirement of clause (xi)
of Schedule I under Regulation 5(iv)(b) of Securities and Exchange Board of India (Buyback of
Securities) Regulations, 2018, as amended

The Board of Directors

eCierx Services Limited
1st Floor, Sonawala Building, 29 Bank Street, Fort, Mumbai- 400 023
1. This Report is issued in accordance with the terms of our service scope letter dated March 8, 2019
and master engagement agreement dated April 18, 2015 with eCierx Services Limited (hereinafter the
"Company").

2. In connection with the proposal of the Company to buy back its equity shares in pursuance of the
provisions of Section 68 and 70 of the Companies Act, 2013 (the "Act") and Securities and Exchange
Board of India (Buy-Back of Securities) Regulations, 2018, as amended (the "Regulations"), and in
terms ofthe resolution passed by the directors of the Company in their meeting held on March 14, 2019,
which is subject to the approval of the shareholders of the Company, we have been engaged by the
Company to perform a reasonable assurance engagement on the Statement of permissible capital
payment towards buyback of equity shares (the "Statement"), which we have initialed for identification
purposes only.

Board of Directors Responsibility for the Statement

3. The preparation of the Statement is the responsibility of the Board of Directors of the Company,
including the preparation and maintenance of all accounting and other relevant supporting records and
documents. This responsibility includes the design , implementation and maintenance of internal control
relevant to the preparation and presentation of the Statement and applying an appropriate basis of
preparation; and making estimates that are reasonable in the circumstances.

4. The Board of Directors are responsible to make a full inquiry into the affairs and prospectus I offer
document of the Company and to form an opinion that the Company will not be rendered insolvent
within a period of one year from the date of meeting.

Auditor's Responsibility

5. Pursuant to the requirements of the Regulations, it is our responsibility to provide reasonable

assurance on the following "Reporting Criteria":

(i) Whether the amount of capital payment for the buyback is within the permissible limit and computed
in accordance with the provisions of Section 68 of the Act;

(ii) Whether the Board of Directors has formed the opinion, as specified in Clause (x) of Schedule I to
the Regulations, on a reasonable grounds that the Company having regard to its state of affairs will not
be rendered insolvent within a period of one year from the date of meeting;

(iii) Whether we are aware of anything to indicate that the opinion expressed by the Directors in the
declaration as to any of the matters mentioned in the declaration is unreasonable in circumstances as
at the date of declaration.

6. The standalone financial statements referred to in paragraph 5 above, have been audited by us, on
which we issued an unmodified audit opinion vide our report dated May 23, 2018. Our audit of the
standalone financial statements was conducted in accordance with the Standards on Auditing , as
specified under Section 143(10) of the Act and other applicable authoritative pronouncements issued
by the Institute of Chartered Accountants of India ("ICAI"). Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the standalone financial statements
are free of material misstatement.

7. We conducted our examination of the Statement in accordance with the Guidance Note on Reports
or Certificates for Special Purposes issued by the ICAI. The Guidance Note requires that we comply
with the ethical requirements of the Code of Ethics issued by the ICAl.

8. We have complied with the relevant applicable requirements of the Standard on Quality Control
(SOC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information,
and Other Assurance and Related Services Engagements.

9. A reasonable assurance engagement involves performing procedures to obtain sufficient appropriate

evidence on the Reporting criteria mention in paragraph 5 above. The procedures selected depend on
the auditor's judgement, including the assessment of the risks associated with the Reporting Criteria.
We have performed the following procedures in relation to the Statement:

(i) We have inquired into the state of affairs of the Company in relation to its audited standalone financial
statements for the year ended March 31, 20 18;

(ii) Examined authorization for buyback from the Articles of Association of the Company;

(iii) Examined that the amount of capital payment for the buy-back as detailed in Annexure A is within
permissible limit computed in accordance with section 68 of the Act;

(iv) Examined that the ratio of debt owned by the Company, if any, is not more than twice the capital
and its free reserve after such buy-back;

(v) Examined that all shares for buy-back are fully paid-up;

(vi) Examined resolutions passed in the meetings of the Board of Directors;

(vii) Examined Director's declarations for the purpose of buy back and solvency of the Company;

(viii) Obtained necessary representations from the management of the Company.

Opinion

10. Based on our examination as above, and the information and explanations given to us, in our
opinion,

(i) the Statement of permissible capital payment towards buyback of equity shares, as stated in
Annexure A, is in our view properly determined in accordance with section 68 of the Act; and

(ii) the Board of Directors, in their meeting held on March 14, 2019, have formed the opinion, as
specified in clause (x) of Schedule I of the Regulations, on reasonable grounds, that the Company will
not, having regard to its state of affairs, be rendered insolvent within a period of one year from the date
of the meeting and we are not aware of anything to indicate that the opinion expressed by the Directors
in the declaration as to any of the matters mentioned in the declaration is unreasonable in
circumstances as at the date of the declaration.

Restriction on Use

11 . The certificate is addressed to and provided to the Board of Directors of the Company pursuant to
the requirements of the Regulations solely to enable them to include it (a) in the explanatory statement
to be included in the postal ballot notice to be circulated to the shareholders, (b) in the public
announcement to be made to the Shareholders of the Company, (c) in the draft letter of offer and letter
of offer to be filed with the Securities and Exchange Board of India, the stock exchanges, the Registrar
of Companies as required by the Regulations, the National Securities Depository Limited and the
Central Depository Securities (India) Limited, and should not be used by any other person or for any
other purpose. Accordingly, we do not accept or assume any liability or any duty of care for any other
purpose or to any other person to whom this report is shown or into whose hands it may come without
our prior consent in writing. We have no responsibility to update this report for events and circumstances
occurring after the date of this report.

For S.R. Batliboi & Associates LLP

Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004

per Amit Majmudar

Partner
Membership Number: 36656
Unique Document Identification Number: 19036656AAAAAE7588
Place of Signature: Mumbai
Date: March 14, 2019

Annexure A

Statement of permissible capital payment towards buy back of equity shares in accordance with
section 68(2)(c) of the Act and Regulation 4(i) of the Regulations based on the audited
standalone financial statements for the year ended March 31, 2018

Amount Amount
Particulars as on March 31,2018 (Rs. In (Rs. In
million) million)

Paid-up Equity Share capital A 386.29

Free reserves as ~er section 68
Securities Premium B 114.80
Retained earnings c 10,057.01
Less: Adjustments as per definition of free reserves as 0 (56.82)
per section 2(43) of the Act
- Unrealized foreign exchange gain (60.81)
- Change in carrying amount of an asset or a liability 3.99
measured at fair value
Total paid up capital and free reserves (A+B+C-0) 10,201 .28
Permissible capital payment in accordance with 2625.32
section 68(2)(c) of the Act (25% of the total paid-up
equity capital and free reserves)

Unquote

(m) Confirmations from Company as per the provisions of SEBI Buy-Back Regulations and
Companies Act:

(i) All the Equity shares are fully paid-up;

(ii) The Company will not Buy-Back its shares so as to delist its shares from the Stock Exchange;

(iii) That the Company will not Buy-Back its shares from any person through negotiated deals whether
on or off the stock Exchanges or through spot transactions or through any private arrangement in the
implementation of the Buy-Back;

(iv) There is no pendency of any scheme of amalgamation or compromise or arrangement pursuant to

the provisions of the Companies Act;

(v) The Company has been in compliance with Sections 92, 123, 127 and 129 of the Companies Act. ;

(vi) The Company shall not issue any Equity Shares or other securities (including by way of bonus) till
the date of closure of the Buy-Back;

(vii) The Company shall not raise further capital for a period of one year from the expiry I closure of the
Buy-Back offer, except in discharge of subsisting obligations;

(viii) The Company shall not withdraw the Buy-Back after the draft letter of offer is filed with SEBI or the
public announcement of the offer to Buy-Back is made;
(x) The special resolution approving the Buy-Back will be valid for a maximum period of one year from
the date of passing the said special resolution (or such extended period as may be permitted under the
Companies Act or the SEBI Buy-Back Regulations or by the appropriate authorities). The exact time
table for the Buy-Back shall be decided by the Board (or its duly constituted Committee) within the
above time limits;

(xi) The equity shares bought back by the Company will be compulsorily cancelled in the manner
prescribed under the SEBI Buy-Back Regulations and the Companies Act and will not be held for re-
issuance;

(xii) The ratio of the aggregate of secured and unsecured debts owed by the company after buy-back
shall not be more than twice the paid-up capital and its free reserves;

(xiii) The company shall not directly or indirectly purchase its own shares or other specified securities -
(a) through any subsidiary company including its own subsidiary companies, (b) through any investment
company or group of investment companies;

(xiv) The equity shares bought back by the Company will be extinguished and physically destroyed in
the manner prescribed under the SEBI Buy-back Regulations and the Companies Act within 7 (seven)
days of the last date of completion of the Buy-back.

For any clarifications related to the Buy-Back process, Members holding Equity Share of the Company
may contact any one of the following:

(i) Company: eCierx Services Limited

Contact Person: Mr. Pratik Bhanushali, Company Secretary
Sonawala Building, 1st Floor, 29 Bank Street, Fort, Mumbai- 400 023, India,
Ph. +91 (22) 6614 8301, Fax: +91 (22) 6614 8655, E-mailld: [email protected].

(ii) Manager to the Buy-Back: Emkay Global Financial Services Limited

7th Floor, The Ruby, Senapati Bapat Marg, Dadar (West), Mumbai- 400 028, Maharashtra
Email ld: [email protected]

All the material documents referred to in the Notice and Explanatory Statement such as the
Memorandum and Articles of Association of the Company, relevant Board resolution for the Buy-Back,
the Auditors Report dated March 14, 2019 and the audited standalone financial statements for period
ending March 31, 2018 are available for inspection without any fees by the Members at the Company's
registered office during normal business hours on any working day (except Saturday and Sunday) till
5.00 p.m. (1ST), Thursday, April25, 2019.

None of the Director, Key Managerial Personnel or their relatives are in any way interested in or
concerned with the resolution in Item no. 1, except to the extent of their shareholding in the Company,
if any.

In the opinion of the Board, the proposal for Buy-Back is in the interest of the Company and its Members
holding Equity Shares of the Company. The Directors of the Company, therefore, recommend passing
of the Special Resolution as set out at Item no. 1 of the accompanying Postal Ballot Notice.

Certified True Copy

For eCierx Services Limited

kJ:•
pi~;
Company Secretary and Compliance Officer
F8538