Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) Notification 2017

to the lenders mentioned in the first column of the following table;

in respect of the respective loan amounts mentioned in the second column of the table; and

that accrued during the respective periods mentioned in the third column of the table,under a syndicated loan agreement dated 4 June 2007 for the purposes of financing the purchase of the vessels “Garv Prem”, “Gaurav Prem”, “Sri Prem Veena” and “Garima Prem”, is exempt from tax:LenderLoan Amount US$Period (both dates inclusive)Broad Peak Master Fund II, Ltd9,102,56412 June 2015 to 31 October 2015Deutsche Bank Trust AG3,641,0258 June 2015 to 31 October 2015EOC Lux Securities Sarl, (Carval)3,641,02517 June 2015 to 31 October 2015SC Lowy Primary Investments, Ltd5,097,43518 May 2015 to 31 October 2015SC Lowy Primary Investments, Ltd7,646,15410 June 2015 to 31 October 2015SSG Capital Partners I, LP12,743,58911 May 2015 to 31 October 2015SSG Capital Partners III, LP12,743,58910 June 2015 to 31 October 2015

that was originally payable to DVB Group Merchant Bank (Asia) Ltd under a loan agreement dated 9 February 2009; and

that became payable to SSG Capital Partners III, LP by reason of an instrument entitled “Transfer Certificate” dated 16 July 2015,for the purpose of acquiring the vessel “Kesari Prem”, is exempt from tax.

is the interest that accrued during the period from 16 July 2015 to 31 October 2015 (both dates inclusive); and

excludes interest payable on the amount of US$251,500 that was due and payable to DVB Group Merchant Bank (Asia) Ltd on 13 May 2015 under the loan agreement but became payable to SSG Capital Partners III, LP by reason of the instrument entitled “Transfer Certificate”.