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| Exchange Disseminated Time | At the meeting of the Board of Directors of SRG Infotec Ltd held on July 16, 2002 the following decisions were taken.
Regarding order dated June 04, 02 by SEBI
The Board discussed the order in detail and unanimously admitted that the company had complied with the provisions of SEBI 1997 in toto. Board of Directors concluded that SEBI has passed the order disallowing the exemption from Regulation 10 of SEBI that was available for preferential allotment under its regulation 3, whereas there was no default as far as SRG Infotec Ltd was concerned.
Board resolved to offer full co-operation to the erstwhile owners of Silicon Valley Information Corporation which they may require in future course of action pursuant to the order passed by Securities Exchange Board of India.
The Board resolved to enter into the business of General Insurance, Housing Finance and Lottery (any kind) and authorised Mr Sandeep Bansal whole time director to do the needful in this connection at the earliest.
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