1. The Board of Directors has recommended a dividend of Rs.8/- per share on equity shares of Rs.2/- each for the Financial Year 2008-09.

2.(a) 352 FCCBs aggregating to JPY 3520 million (Rs. 139.95 Crores) are pending for conversion into Equity Shares.
(b) 3,96,500 Employees Stock Options are pending for conversion into Equity Shares.

3. Pursuant to the Buy-back offer made by the Company for the purchase of Equity Shares, the Company so far bought back 19,32,500 Equity Shares of Rs.2/-each for Rs.2326.93 lakhs and extinguished equal number of Equity Shares as on date. The Paid-up Capital has come down to 7,59,72,728 Equity Shares of Rs.2/-each after the aforesaid extinguishment.

4. The figures for the previous year / period have been restated / regrouped wherever necessary to make them comparable.

5. The above results are reviewed by the Audit Committee and approved by the Board at its meeting held on May 30, 2009.

D Ashok
Chairman