Outcome of Board Meeting held on November 13, 2009

We wish to inform you that the Meeting of Board of Directors of the Company was held on Friday, November 13, 2009 at 11.00 A.M at the Registered Office of the Company. The Board discussed and approved the following:

1. Appointment of Auditor/s to fill the casual vacancy under Section 224(6) of the Companies Act, 1956

The Board discussed the appointment of M/s. R. Ravindran & Associates as Statutory Auditor of the Company to fill the casual vacancy caused due to the sudden death of Mr. G. Parthasarathy, the statutory auditor of the Company. The Board approved the appointment of M/s. R. Ravindran & Associates as the Statutory Auditor of the Company with effect from November 13, 2009 and M/s. R. Ravindran & Associates will hold the office till the conclusion of the Eleventh Annual General Meeting.

2. Approval of Notice of Eleventh Annual General Meeting

The Board discussed and approved the notice of the Eleventh Annual General Meeting of the Company to consider and adopt the following:

a.To consider, approve and adopt the Audited Balance Sheet as at March 31, 2009, Profit & Loss Account for the year ended March 31, 2009 and the Directors’ and Auditors’ Report thereon.

b.To elect directors in the place of directors retiring by rotation.

c.To appoint M/s. R. Ravindran & Associates, Chartered Accountant, as the Statutory Auditor of the Company to hold office from the conclusion of this meeting until the conclusion of the next annual general meeting and to authorise the board of directors to fix the remuneration payable to them.

d.To re-appoint Mr. A. Venkatramani as Managing Director of the Company and fix his remuneration.

e.To appoint Mr. S. Thiruvengadam as a Director of the Company.

3.Approval of Time, Date and Venue of the Eleventh Annual General Meeting

The Board decided to convene the Eleventh Annual General Meeting on December 7, 2009 at 12.30 Noon to enable shareholders’ approval of the items set forth in the notice as approved above.

4.Book Closure for the Eleventh Annual General Meeting

The Board decided that the Register of Members & Share Transfer Books of the Company will remain closed from December 4, 2009 to December 7, 2009 (both days inclusive) for the purpose of Eleventh Annual General Meeting (AGM) of the Company to be held on December 7, 2009