Information Given to Stock Exchanges

Outcome of Board Meeting on December 27, 2007

A meeting of the Board of Directors of the Company was held on 27th December, 2007 and decided the following subject:

"It was presented to the Board that the main products of Logic Bytes Inc USA are to provide consulting and offshore services on IT Security, Risk Management, Risk compliance and optimization. Since the Company is into diversification in these areas, the Board approved the acquisition of Logic Bytes Inc., USA, which would result in the growth of the business.

The Board recommended and requested Delloite & Touche to complete the takeover formalities as per all statutory local and international guidelines, subject to the final negotiation of price.

The price and the terms of acquisition will be submitted by the Management in consultation with Delloite & Touche to the Board shortly for approval."