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External Risk Factors 45.A general backlash against outsourcing, as well as a climate of political protectionism in the United States, may adversely impact our business. Some organizations have expressed publicly their concerns about a perceived association between offshore outsourcing to India and the loss of jobs in the United States. For example, since January 2003, legislation has been introduced in several generic tramadol online states as well as by the United States federal government that would restrict government agencies from outsourcing the manufacture of products or the provision of services to companies located outside the United States, or would cut state subsidies to private companies which engage in such outsourcing. Any changes to existing laws or the enactment of new legislation restricting offshore outsourcing may adversely impact our ability to do business in the United States, particularly if these changes are widespread. 46.Our ability to freely raise foreign capital may be constrained by Indian law. As an existing brownfield pharmaceutical company we are classified under the government approval route by the Indian government for receipt of hydrocodone content in vicodin foreign direct equity investment. Further, we require regulatory approvals to raise more than US$500 million of foreign currency denominated indebtedness outside India in a financial year. The need to obtain such regulatory approvals could constrain our ability to raise the most cost effective funding, which may adversely affect our future growth. We cannot assure you that any required approvals will be given when needed or at all or that such approvals if given generic tramadol online will not have onerous conditions.

Current Indian government policy allows 100% foreign ownership of Indian companies in the pharmaceutical sector. However, the Indian government may change this policy in the future, and restrict the shareholding of foreign investors. If such change restricted our ability to issue and foreign investors' ability to hold shares above a specified limit, we may be restricted in our ability to raise additional funding through equity issuances in the future. 47.A significant change in the central and state governments' economic liberalization and deregulation policies could hydrocodone m357 motrin disrupt our business. Our performance and growth are dependent on the health of the Indian economy and more generally the global economy. The economy could be adversely affected by various factors com tra order tramadol such as political or regulatory action, including adverse changes in generic tramadol online liberalization policies, social disturbances, terrorist attacks and other acts of violence or war, natural calamities, interest rates, commodity and energy prices and various other factors. In recent years, India has been following a course of economic liberalization and our business could be significantly influenced by economic policies adopted by the Government. Since 1991, successive Indian Governments have pursued policies of economic liberalization and financial sector reforms. The Government has at various times announced its general intention to continue India's current economic and financial liberalization and deregulation policies. However, protests against privatizations and other factors could slow the pace of liberalization and deregulation. The rate of economic liberalization could change, and specific laws and policies affecting foreign investment, currency exchange rates and other matters affecting investment in India could change as well. The generic tramadol online Government has traditionally exercised and continues to exercise influence over many aspects of the economy. Our business and the market price and liquidity of the Equity Shares may be affected by interest rates, changes in Government policy, taxation, social and generic tramadol online civil unrest and political, economic or other developments in or affecting India.



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