Annual Reports
June 17' 2011

The Company has today entered into a Term Sheet with Peninsula Mega City Development Pvt. Ltd. for development of approximately 62.25 Acres of the Company’s Leasehold land at TTC Industrial Area, Thane Belapur Road, Ghansoli, Navi Mumbai.

This is pursuant to the authority granted at the Board Meeting held on 16th June, 2011. The material terms are as under:-
  1. The Company will receive an aggregate sum of Rs.130 Crores spread over a period of 5 years; and
  2. 20% constructed IT space/area in the development.
June 16' 2011

  1. Draft of the Notice containing the Ordinary Resolution along with Postal Ballot Form for the purpose of obtaining the approval of the Shareholders on the said Resolution through voting by Postal Ballot.

    The item proposed to be passed through the Postal Ballot is as under:-

    Ordinary Resolution under Section 293(1)(a) of the Companies Act, 1956, authorizing the Board of Directors of the Company to sell, lease, transfer, assign, develop or otherwise dispose of in any manner, the whole or substantially the whole of the Undertaking of the Company comprising the land situated at Village Naugama, Taluka Zagadia, District Bharuch, Gujarat, to one or more parties in one or more tranches.

    The cut off date for determining the Shareholders to whom Postal Ballot Forms are to be sent has been fixed as 17th June, 2011.

  2. The proposed arrangement to be entered into with Peninsula Mega City Development Pvt. Ltd. in respect of development of approximately 62.25 acres of leasehold land at Village Ghansoli, Navi Mumbai.
June 3' 2011

Mr. K. J. Pardiwalla, Managing Director of the Company has expressed his desire not to continue as Managing Director after expiry of his present term of office on 1st August 2011.

The Board of Directors in their meeting held on 3rd June 2011 have resolved as under:-

  1. To appoint Mr. K. J. Pardiwalla as an Additional Director with effect from 2nd August 2011.
  2. To appoint Mr. D. H. Parekh as an Additional Director with effect from 3rd June 2011.
  3. To appoint Mr. D. H. Parekh as Whole Time Director of the Company designated as Executive Director with effect from 2nd August 2011, subject to approval of the shareholders.
May 30' 2011

At the meeting of the Board of Directors of the Company held on 3oth May, 2011, the Directors have recommended to the Members the declaration of Dividend of Re.0.75 on 6,43,28,941 Equity Shares of Rs.5/- each of the Company for the Financial Year ended 31st March, 2011. (Previous Financial Year at Re.0.75 per equity share).
May 26' 2010

The Board of Directors of the Company at its meeting held on 26th May, 2010 have recommended a dividend of Re.0.75 per Eqyuity Share of Rs.5/- each for the financial year 1.4.2009 to 31.3.2010. [Total dividend for the previous accounting period 1st October, 2007 to 31st March, 2009 (18 months) was Re.1/- per Equity Share].
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