Outcome of the Board Meeting held on August 20, 2009

We wish to inform you that the Meeting of Board of Directors of the Company was held on Thursday, August 20, 2009 at 11.00 A.M at the Registered Office of the Company, and discussed the following.

The Board had already approved the Audited financials of the Company for the year and quarter ended March 31, 2009 in its meeting held on June 30, 2009, which has been published in BSE’s website also, complying with the listing requirements. The Board being aware that in order to comply with the conditions of holding an Annual General Meeting (AGM) before the due date, there is a requirement to hold an AGM to formally adopt the annual accounts by the shareholders of the Company.

In line with holding the AGM, the Board also took note that the directors of Logistics Solutions Inc, U.S.A (LSI), the Consulting Division of LSI which was acquired by our Company in 2007, had expressed their interest to the Board in attending the 11th Annual General Meeting (AGM) of the Company and requested to hold the said meeting in December 2009. The Board acknowledged the interest of the foreign directors of LSI and hence decided to hold the 11th AGM at a convenient later date, subject to the approval of Registrar of Companies, Chennai.

The Board hence decided to seek extension upto December 31, 2009 for holding the 11th Annual General Meeting from the Registrar of Companies, Chennai for enabling the investors of LSI also to attend the AGM along with the directors.