Outcome of Annual General Meeting

Following decisions were taken by the Shareholders at the 19th Annual General Meeting (AGM) of the Company held on July 21, 2007:

1. Adopted the Balance Sheet as at March 31, 2007 and Profit and Loss Account of the Company together with Schedules and Notes annexed thereto and the Cash Flow Statement for the year ended on that date and the Reports of the Directors and Auditors thereon.
   
   
2. Mr. Ajay Madan, who was to retire by rotation, at the 19th Annual General Meeting, has been re-appointed.


3. M/s. Lodha & Co., Chartered Accountants, the retiring Auditors have been re-appointed as Auditors of the Company to hold office from the conclusion of the 19th Annual General Meeting till conclusion of the next Annual General Meeting, on such remuneration as may he mutually agreed between the Board of Directors and the said Auditors.
   
   
4. Approved HOVS Stock Option Plan 2007" to subscribe to such number of equity shares of the Company which may give rise to the issue of equity shares of the Company not exceeding in aggregate:
   
   • 4,00,000 equity shares of the Company to eligible employees of the Company.
   • 7,00,000 equity shares of the Company to eligible employees of subsidiaries Companies.
   
   
5. Approved, to the Board to create offer, issue and allot in one or more tranches, whether rupee denominated or denominated in foreign currency, in the course of international and / or domestic offering(s) in one or more foreign markets, up to 15,000,000 Global Depository Receipts (GDRs), American Depository Receipts (ADRs), Foreign Currency Convertible Bonds (FCCBs), Warrants and / or Equity Shares through Depository Receipt Mechanism and / or any Other Financial Instruments (OFIs).
   
   
6. Approved to increase the Authorized Share Capital of Company from existing Rupees 15 Crores to Rupees 30 Crores and approved clause V of the Memorandum of Association of Company be substituted by the following:     



"The authorised share capital of the Company is Rs 30,00,00,000/- dividend into 3,00,00,000 equity shares of Rs 10/- each"

7. Approved to alter, the existing article number 3 of the Articles of Association of the Company and be substituted by the following: