Subject: Electronics Clearing Services (ECS) Regarding Dividend
 Payments
 
 SEBI has vide its circular no. DCC/FITTC/CIR-3/2001 dated 15th October
 2001, advised all Companies to mandatorily use Electronics Clearing
 Services (ECS) facility, wherever available, to distribute dividend or
 other cash benefits. In the absence of ECS facility, the Companies may
 use warrants, in the event of which SEBI has advised printing of the
 Bank Account details of the Investors on the warrants. In view of this
 the shareholders are requested to do the following :
 
 1. Shareholders holding shares in physical form would need to provide
 the ECS Mandate form (given below) duly filled in to the Companys
 Registrar & Share Transfer Agent, latest by August 4th 2003.
 
 2. Shareholders holding shares in electronic form who have not yet
 provided the information relating to ECS to their Depositories
 Participant (DP) should fill in the ECS Mandate form (given hereunder)
 and submit to their respective Depository Participant with whom their
 respective demat account has been maintained and request them to update
 his record latest by August 4th 2003. Shareholders whose Information
 relating to ECS has already been updated by their DP are not required
 to take any action in this matter.
 
 Thanking you,
                                                   By order of the Board
                                          For Valiant Communications Ltd
                                                                    Sd/-
                                                            Manish Kumar
                                                       Company Secretary