Information Given to Stock Exchanges

Outcome of Board Meeting on June 21, 2007

A meeting of the Board of Directors of the Company, held on June 21, 2007, considered and discussed on the following subjects:

1. Mrs. Usha Venkatramani (Promoter) 75,00,000 shares 2. Mr. A. Ganesan (Director) 25,00,000 shares 3. Mrs. Revathi 25,00,000 shares 4. Mr. Rajeev Agarwal 25,00,000 shares 5. M/s Real Fintech P Ltd., 50,00,000 shares 6. M/s Eyelights Events & Promotions (India) P Ltd., 2,00,00,000 shares

Further, the above said same allottees will be entitled to the Convertible Warrants issue (each warrant will be converted into one equity share of Re. 1/- each at the price of Rs. 4/- per share) for the amount of
Rs. 48 crores on the basis of 3 warrants for one share held by them.

Further on preferential basis, 25,00,000 warrants will be allotted to Ms. R. Annapurna and 1,25,00,000 warrants will be allotted to M/s Taib Securities Mauritius Ltd., (a Sub Account holder of Taib Bank BSC, Bahrain the Foreign Institutional Investor) at the face value of Re. 1/- each. Each warrant will be converted into one equity share of Re. 1/- each (at the price of Rs. 4/- per share).

Further the Company has also informed that the Board also considered and approved the necessary modification in the Notice convening Extra Ordinary General Meeting to obtain shareholders permission for the above said preferential allotment of equity shares and warrants. The Extra Ordinary General Meeting will be held on July 19, 2007.