Dear Shareholders,
 
 As you all are aware that as per directives of the SEBI, shares of the
 Company are compulsorily traded only in dematerialised form.
 
 In the said facility buying, holding and selling of shares are very
 easy and convenient and it reduces botheration of sending physical
 share certificates for transfer, problems emanating from forged
 transfers, loss of certificates, mismatching of signature of sellers
 and holding / custody of shares.
 
 Following procedure can be followed to dematerialize shares :
 
 01.  Open a Demat Account with the nearest Depository Participant (DP),
 generally leading banks and share broking Companies are providing
 depository services at nominal charges.
 
 02.  Surrender Share Certificates to the DP, which would generate a
 Demat Request No. (DRN) and send the same with share certificates to
 the Company / Registrar and Transfer Agent, within 7 days for
 processing.
 
 03.  The Company would verify the certificates and give credit of your
 shares in your demat account held with DP within 21 days upon due
 satisfaction of ownership.
 
 04.  Any shareholder, on receipt of credit of shares in the Demat
 Account, can easily purchase, hold and / or sale and also transfer
 physically held or bought shares in demat form.
 
 Demating of your shares will provide easy liquidity with no loss of
 time and no payment of stamp duty.
 
 The Company requests all the shareholders for their utmost betterment
 to avail the facility of demat at the earliest.
 
 Following are the some required details which will help you in demating
 the shares of the Company.  ISIN of Tonira Pharma Ltd.  : INE844F01012
 
 Address at which the DRN be sent : 301, Yogi Complex, 44, Sampatrao
 Colony,
 
 Alkapuri, Baroda - 390 005.
 
 In case of any problem or query, shareholders can approach the
 Secretarial Dept. at Corporate Office, through mail or telephone.
 
 Thanking You,
 
 For Tonira Pharma Limited
 
 Mahesh N. Shah
 Vice Chairman and Managing Director