Status of Investor Complaints for the year ended March 31, 2009

Complaints Pending at the beginning of the year Nil

Complaints Received during the year 62

Complaints disposed off during the year 62

Complaints unresolved at the end of the year Nil

1. The above audited financial results of the company have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 30, 2009.

2. On May 28, 2008 Alkaloida Chemical Company Exclusive Group Ltd (Alkaloida), a subsidiary of the Company which has made a strategic investment in Taro Pharmaceutical Industries Ltd (Taro) a pharmaceutical company incorporated in Israel received a notice from Taro regarding purported termination at the merger agreement between Taro and Aditya Acquisition Company Ltd, an Israeli incorporated subsidiary of Alkaloida. On the same date, Taro and some of its directors had filed for a declaratory judgment in an Israeli court seeking Alkaloida/Sun Pharma to conduct a special tender offer which has been rejected by the Tel Aviv District Court The plaintiffs have appealed this decision in the Supreme Court of Israel which has temporarily prohibited closing of the Tender offer until it issues a decision on the appeal. Alkaloida does not foresee any adverse impact on its investment.

3. The Board has recommended payment of dividend of Rs 13.75 per equity share of Rs 5 each for the year ended March 31, 2009, subject to approval of members at ensuing Annual General Meeting.

4. The Company has only one reportable business segment namely Pharmaceuticals.

5. Tax Expense includes Current Tax, Deferred Tax and Fringe Benefit Tax.

6. Figures for the previous year have been regrouped / reclassified, wherever considered necessary.

Dilip S Shanghvi
Chairman & Managing Director