Intimation of the Outcome of Board Meeting held on November 13, 2008 for calling GDR

A Extra-ordinary General Meeting of shareholders of the Company was held at Shri Rajasthani Jain Samaj, “Dr. C.L. Metha Hall”, New No. 131 (Old No. 66), Sir Thyagaraya Road, T. Nagar, Chennai - 600 017 at 12.15 P.M on Monday, December 8, 2008 The shareholders discussed and approved the offer, issue, and allotment of Global Depository Receipts (GDRs) / American Depository Receipts (ADRs) / Foreign Currency Convertible Bonds (FCCBs) for an aggregate sum up to US $30 Million subject to approval of statutory and other authorities through Public Issue(s), Private Placement(s), by way of cash or stock swap or towards acquisition of business on a back-to-back basis or a combination thereof at such time or times in such tranche or tranches at such price or prices at a discount or premium to market price or prices in such manner and on such terms and conditions as may be deemed appropriate by the Board at the time of such issue or allotment considering the prevailing market conditions and other relevant factors and adopted the resolution for the same unanimously.