Scrip Code : 532475
ISIN No. : INE266F01018

Sub: Allotment of 36,00,000 equity shares of face value Rs. 10/- each to the promoters, M/s. Aptech Investments , arising out of conversion of the Convertible warrants allotted to them.

At the Meeting of the Board of Directors held today, the Board has considered and approved the allotment of 36,00,000 fully paid up equity shares (“Equity Shares”) of the Company of face value Rs. 10/- each to the existing promoters, M/s Aptech Investments arising out of their conversion of 36,00,000 convertible warrants (“Warrants”) , which warrants were allotted on a preferential basis, on August 24th 2005 . It is further informed that the entire allotment proceeds towards allotment of the aforesaid equity shares have been received by the Company.

The necessary in-principle approvals from the Bombay Stock Exchange and the National Stock Exchange of India Limited (hereinafter “the Stock Exchanges”) have been received at the time of allotment of warrants, and therefore upon the aforesaid conversion, the Company has proceeded to allot the said equity shares.

Please note that the Equity Shares allotted as above upon the Conversion of the Warrants shall rank pari-passu in all respects with the Existing Equity Shares of the Company. The said Equity Shares shall be subject to a lock-in as per the provisions of the SEBI (Disclosure and Investor Protection) Guidelines, 2000 and shall not be sold, transferred, hypothecated or encumbered in any manner during the period of lock-in except to the extent and in the manner permitted under the SEBI (Disclosure and Investor Protection) Guidelines, 2000.

Further, please note that only upon receipt of the necessary post-allotment in-principle approval from the Stock Exchanges, the Company will proceed to make an electronic credit of the allotted equity shares to the aforesaid allottee account through the depository viz. National Securities Depository Ltd (NSDL) .

With the aforesaid allotment, the promoters shareholding in the Company has gone up to 1,05,44,403 equity shares of face value Rs. 10/- each which constitutes 25.44% of the present paid up capital of the Company.