Information Given to Stock Exchanges

Outcome of Board Meeting on December 14, 2007

A meeting of the Board of Directors of the Company was held on 14th December, 2007, at the registered office of the company and discussed the following subjects:

• To consider the proposal of acquisition of US based SAP Centric/ Focus Company which has a turnover over 25 Million USD
• The Board accepted the recommendation of the Management to appoint Delloite & Touche for completing the acquisition related activity for the Company
• The Board also directed the management to submit a report within 40 - 45 days taking into consideration the report of Delloite & Touche
• The Board further discussed regarding funding the acquisition and authorized Ms. V. Vasumathy, Company Secretary & Compliance Officer of the company to file necessary papers with Reserve Bank of India for issue of Foreign Currency Convertible Bonds (FCCBs) in two tranches of 15 Million USD and 10 Million USD totaling to 25 Million USD to acquire the US based SAP centric and other related activities of the Company.