Information Given to Stock Exchanges

Outcome of Board Meeting on February 22, 2008

A meeting of the Board of Directors of the Company was held on February 22, 2008, and discussed the following:

• Acquisition of Logic Bytes Inc., the Board considered the report submitted by the management and approved the same. As per the report Logic Bytes Inc., is also in possession of healthcare Software and the take over will enable the Company to make foray into the healthcare Business in the near future. The Board further authorised the Chairman or any one Director to negotiate and finalize the consideration not exceeding 4 million USD. The Chairman or any one Director has been authorised to sign the necessary documents to complete the transactions.
• New Venture - In order to diversify into the business of Unique Content Transformation providing Newspaper Publishers, Broadcasters, Content Aggregators, Media Monitoring Companies, Telecos, STM Publishers and Government Organizations with Real Time and Project based BPO/ CPO/ KPO Services the Board has formed a committee to look into the business. The committee has been requested to submit a detailed report on the potential market along with other details like competitors etc.
• IP TV - The Board also considered the option of its venture into IP TV business at length. The Board decided to take a decision on the Agenda 2 and Agenda 3 at the Board meeting slated for February 29th for issue of Bonus dividend/ bonus warrants/ rights to the shareholders.