Information Given to Stock Exchanges

Outcome of Board Meeting on February 29, 2008

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

The Board was apprised with the initiatives of the Company and the management along with the strong support of the shareholders over the past five years to revive the business which has been very successful.

The Board appreciated the support of the shareholders of the Company in the course of re-structuring of the Company through capital reduction by reducing the face value from Rs. 10/- to Re. 1/-, raising of fresh funds and collaborating with companies abroad to take the Company on the growth phase. The Board hence was convinced to reward the supporting shareholders of the Company by recommending issue of bonus shares/ dividend/ bonus warrants/ rights to the shareholders of the Company.

Further, the Board discussed that since the financial results for the quarter ending March 31, 2008 are fast approaching, which is crucial to decide on the ratio of bonus shares to the shares held in the Company, since the same will give a clear picture for the complete financial 2007 - 08, the Board decided to draw down the financial results for the quarter ending March 31, 2008 by adopting the same and then decide with clarity, the ratio of bonus issue. Hence, the Board will decide on issue of bonus shares/ dividend/ bonus warrants/ rights to the shareholders of the Company after adoption of results ending March 31, 2008.

Further, the agenda items on new venture of Unique Content Transformation and IP TV, which were earlier discussed by the Board in its meeting held on February 22, 2008 pending decisions to be taken, were decided to be discussed along with detailed reports on the acquisition/ new ventures in its forthcoming Board Meeting.