Siel - outcome of EGM

Siel Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on December 12, 2007, inter alia, have accorded the following:

1. Increase the Authorised Share Capital of the Company from Rs 100,00,00,000/- (Rupees One Hundred Crores) divided into 7,00,00,000 Equity Shares of Rs 10/- each, 5,00,000 - 13.5% Redeemable Cumulative Preference Shares of Rs 100/- each and 25,00,000 - 0.01% Redeemable Cumulative Preference Shares of Rs 100/- each to Rs 175,00,00,000 (Rupees One Hundred Seventy Five Crores) divided into 17,50,00,000 Equity Shares of Rs 10/- each and consequential amendments in the Memorandum & Articles of Association of the Company.

2. Re-appointment of Mr. Siddharth Shriram as Managing Director of the Company for a period of 5 years w.e.f. October 15, 2007, on remuneration, terms & conditions.

3. Appointment of Mr. A K Mehra as Whole Time Director of the Company for a period of 5 years w.e.f. October 15, 2007, on remuneration, terms & conditions.

4. Authority to the Board to create, offer, issue and allot, from time to time in one or more tranches, Equity Shares to be subscribed by the Promoters, whether or not such Promoters are Members of the Company, under a preferential issue through an offer letter and / or circular and / or information memorandum and / or such other documents / writings, in such a manner and on such terms and conditions as may be determined by the Board its absolute discretion; provided that the price of the Equity Shares issued shall not be less than Rs 25.35 (including a premium of Rs 15.35) per Equity Share of Rs 10 each being the price with respect to the Relevant Date i.e. September 26, 2007, as prescribed under the Guidelines for Preferential Issues contained in Chapter XIII of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 and further provided that the aggregate amount of the Equity so issued including premium shall not exceed Rs 15 crores (Rupees Fifteen crores only), subject to necessary provisions & approvals.

5. Authority to the Board of Directors of the Company to borrow such sums of monies as it may think fit notwithstanding that the monies so borrowed may exceed the aggregate of the paid up capital and free reserves of the Company subject to an overall limit of Rs 1000,00,00,000/- (Rupees One Thousand Crores), subject to necessary provisions & approvals.

6. Authority to the Board of Directors of the Company for mortgaging and / or charging all or any assets including moveable or immoveable properties of the Company both present and that may be acquired in future, in favour of the Banks, Financial Institutions and other bodies for securing any loans or other banking / credit facilities obtained or as may be obtained from time to time upto a maximum amount of Rs 1000,00,00,000/- (Rupees One Thousand Crores), subject to necessary provisions & approvals.

7. In terms of Scheme of Arrangement for Amalgamation approved by the Hon'ble High Court of Delhi vide its order dated September 11, 2007 and subject to the approval of Central Government / Registrar of Companies and such other approvals as may be required in this regard, the name of the Company be changed to "Mawana Sugars Ltd".