1. The above standalone results of the Company for the year ended March 31, 2009 which have been audited by the statutory auditors and reviewed by the audit committee have been approved by the Board of Directors at their meeting held on May 26, 2009.

2. The Board of Directors of the Company at its meeting held on December 04, 2007 approved the merger of the Company´s wholly owned subsidiary, VSNL Broadband Ltd with the Company effective March 1, 2007. Consequent to the filing of the final certified order dated April 3, 2009 of the Hon´ble Bombay High Court with the Registrar of the Companies, Maharashtra the Scheme of Amalgamation between VSNL Broadband Ltd with the Company has become effective from the appointed date of March 1, 2007. The results for the above reported periods have been recast to reflect the effect of the merger.

3. On August 27, 2008, the arbitration tribunal (the "Tribunal") of the International Chamber of Commerce, Hague handed down a final award in the arbitration proceedings brought by Reliance Globalcom Ltd ("Reliance"), formerly known as ´FLAG Telecom´, against the Company relating to the FEA cable (Flag Europe Asia Cable System). The Arbitration proceedings have been ongoing since 2004. The Tribunal directed the Company to pay Rs 9,560 lakhs (US$ 21.45 million) as final settlement against the claimed amount of US$ 385 million. The payment had been accounted for in the quarter ended September 30, 2008.

4. During the year the Company has sold 36,542,378 shares in Tata Teleservices Ltd for Rs.42,422 lakhs at a profit of Rs.34,665 lakhs.

5. The Board of Directors at its meeting held on May 26, 2009, proposed a dividend of Rs 4.50 per equity share.

6. The previous period´s figures have been regrouped and reclassified wherever necessary to make them comparable with the current year´s figures.

N Srinath
Managing Director & Chief Executive Director