1. The above audited financial results have been approved by the Board of Directors at the meeting held on May 20, 2009, after being approved by the Audit Committee.

2. The Buy-back of Equity Shares earlier approved by the Board of Directors at their meeting held on March 24, 2009, has been approved by the Members, through the Postal Ballot mechanism, on May 20, 2009. The Buy-back will commence at an appropriate time.

3. The Board of Directors at their Meeting held on March 24, 2009 has approved an investment of upto Rs 2270 million in equity shares of Rs 10 each of Avantha Power & Infrastructure Ltd at book value estimated at approximately Rs 11 per share. The investment of Rs. 2270 million, is well within the limits prescribed by Section 372A of the Companies Act, 1956 and therefore, approval of the shareholders is not required.

4. The Company has declared interim dividends totalling Rs 2.00 (Rupees Two only) per share of Rs 2 each, during the year.

5. Figures of the previous period, wherever necessary, have been regrouped and reclassified to conform to those of the current period.

S M Trehan
Managing Director