1. The above Audited Financial Results were reviewed by the Audit Committee. The Board of Directors at its meeting held on May 25, 2009 had approved the above results and its release.

2. The Board of Directors have recommended dividend @ Rs. 2.5 per equity share of Rs. 10 each and Rs. 0.60 per preference share of Rs. 10 each for the year 2008-09, subject to approval of shareholders.

3. During the year, Bhaskarpara Coal Company Ltd. And ET Elec-Trans Ltd. have become subsidiaries of the Company.

4. The company had taken foreign currency loan for expansion projects. The difference in the loan received in equivalent rupee term and current value of outstanding loan at the present exchange rate amounting to Rs. 264.75 Millions has been capitalized to fixed assets as per MCA notification No. G.S.R. 225 (E) dated March 31, 2009.

5. The Board at its meeting held on April 13, 2009 approved a ´Scheme of Arrangement´ (Scheme) for utilization of Share Premium Account against the expenses as provided in the scheme. The proposed scheme also provide for recording of immovable assets at their respective fair value.

The scheme will be subject to necessary permissions, sanctions and approvals. A meeting of the equity shareholders of the company as directed by the Hon´ble High Court of Gujarat at Ahmedabad is being convened on June 16, 2009. Pending approval of the scheme by the shareholders, Hon´ble High Court of Gujarat & completion of other statutory formalities, no effect thereof has been given in the above said results for the quarter and year ended March 31, 2009.

6. Figures have been regrouped/reclassified wherever necessary.

Shailesh Bhandari
Managing Director