The required quorum being present, the Chairman - Mr. Brett D. Begemann called the meeting to order and informed the members about general economic conditions, the Company's progress and its future prospects etc. Then the following matters were taken on record:

1. The Balance Sheet and the Profit & Loss Account for the year ended on 31st March 2003 were approved and an ordinary resolution for the same was carried by majority.
   
   
2. A dividend at the rate of Rs.12.50 per equity share on 8631174 equity shares was declared and an ordinary resolution for the same was carried unanimously.
   
   
3. Mr. Brett D. Begemann, the retiring director was re-appointed as Director of the Company and an ordinary resolution for the same was carried by majority.
   
   
4. Dr.S.P.Adarkar the retiring director was re-appointed as Director of the Company and an ordinary resolution for the same was carried by majority.
   
   
5. M/s. Deloitte Haskins & Sells, Chartered Accountants were re-appointed as the Auditors of the Company for the year ended 2003-2004 and an ordinary resolution for the same was carried unanimously.
   
   
6. Delisting of Shares from the Delhi Stock Exchange Association Limited was approved by a special resolution, was carried unanimously.