Regulator

The Company operates in a regulated industry and requires regulatory approvals in relation to various operating issues including the adjustment of the Company's tariff levels in order to cover any changes in the Company's costs and permitted returns under the applicable statutes.

The Company's tariff is determined by "The West Bengal Electricity Regulatory Commission" (WBERC) under the provisions of the Electricity Act and the associated regulations. The WBERC was constituted in January 1999.