Information Given to Stock Exchanges

Outcome of Board Meeting held on April 16, 2008 - Company's foray into healthcare

A meeting of Board of Directors of the Company was held on April 16, 2008, inters alia, and discussed the following:

The Board discussed about the business development opportunity if the Company enters into the foray of healthcare. The management presented a feasibility report on taking stake in Space Hospitals Ltd., engaged in the business of Telemedicine, Pharmaceutical, Running of Hospitals and Poly Clinics etc. The Board elaborately discussed and was in favour of investing in Space Hospitals Ltd., Chennai, through taking stake in the Company. The Management apprised the Board that the valuation of Space Hospitals Ltd. has been arrived at Rs. 17.5 crores by the auditors engaged for valuation. The Board approved the proposal to take substantial stake (51% to 100%) in Space Hospitals Ltd. partly by cash and partly by shares.

The Board also authorised Mr. R. Dakshinamurthy, Director and Mr. Sanjay Bhardwaj, CEO to negotiate with Space Hospitals Ltd., about the proportion of cash and shares to be taken stake in Space Hospitals Ltd and complete the process. The Board recommended and advised the management to start the business in telemedicine upon completion of the acquisition process.