Directorate Change

This is to inform you that, at a meeting of the Board of Directors of the Company held today, the following changes in the Board of Directors of the Company were approved:

1. Mr. Cyrus P Mistry was appointed as an Additional Non Executive Non Independent Director on the Board of the Company with effect from 22nd June 2012.

2. Mr. Darius Pandole was appointed as an Additional Non Executive Independent Director on the Board of the Company with effect from 22nd June 2012.

3. Mr. P T Siganporia's current tenure as Managing Director of the Company is upto 30th June 2012 and consequently he will be retiring as Managing Director with effect from the close of business hours on 30th June 2012. He will also cease to be a Director on the Board with effect from the close of business hours on 30th June 2012.

4. Mr. Harish Bhat was appointed as a Director and Managing Director on the Board of the Company for a period of 5 years with effect from 1st July 2012. The appointment and remuneration payable to Mr. Bhat is subject to the approval of the Shareholders.