Intimation of Board Meeting on July 18, 2008

KTL to acquire two U.S. based companies with revenues of 10 Million USD and potential revenues more than 25 Million USD – Board to meet on July 28, 2008

We wish to inform you that, in continuation of corporate goals and objectives set towards reaching 100 Million USD revenue, the Company is looking forward to acquire two companies engaged in providing IT staffing/ consulting services in USA.

At this juncture, it is worthwhile to mention that KTL has recently made 100% investment in Space Hospitals Ltd., Chennai which caters end-to-end solutions for all healthcare segments including Telemedicine, partially by issue of equity shares for Rs. 9 Crores by allotting equity shares of Kaashyap Technologies Ltd. (KTL) to the shareholders of Space Hospitals Ltd. and for the balance through cash consideration of Rs. 8.5 crores. The listing of equity shares so allotted to the shareholders of Space Hospitals Ltd. is in the process and will be listed soon in BSE and MSE, thereby widening the arena of operations into telemedicine.

Now, we wish to inform you that the Meeting of the Board of Directors of the Company will be held on July 28, 2008 at 4.00 P. M at the Registered Office of the Company to consider and discuss the following agenda:

• To consider acquisition of NexAge Technologies USA, Inc:
  The Management has identified an U. S. based company, NexAge which has effectively implemented a hybrid business strategy consisting of Strategic IT Staffing services in high growth industry verticals; and project based Consulting Services. Over the past 5 years, they have successfully designed and deployed a strategy to create distinct strategic advantages in our IT staffing operations and have earned a stellar reputation in the IT staffing industry in USA as a highly reliable organization.
• NexAge has declared revenues of 6.8 Million USD for the calendar year 2007 and expects revenues to increase to 10 Million USD and 16Million USD in 2008 and 2009 respectively.
• KTL looks forward to adding to its strength in the IT consulting services in U.S. through acquisition of NexAge.
• To consider acquisition of Enterprise Consulting Services Inc., USA:
  The Management of KTL has identified Enterprise Consulting, a U.S. based company engaged in the project based consulting services and has achieved revenues of 1.48 Million USD for the calendar year 2007 and expects revenues to increase to 2.2 Million USD and 4 Million USD in 2008 and 2009 respectively.
• The Management being definite of the growth in the consulting business that will result through the acquisition of this company, shall place before the board the feasibility study for acquisition of the company.
• To consider the Un-audited Financial Results of the Company for the quarter ended June 30, 2008.