Wearology - sale of Gopi Resorts investment

Wearology Ltd has informed that the Board of Directors of the Company at its meeting held on December 06, 2007, has approved the sale of whole of its Investment in Gopi Resorts Pvt Ltd for a consideration of Rs 34.55 crores. The said Sale is however subject to various legal formalities which include completion of the due diligence and is also subject to Gopi Resorts Pvt Ltd having valid title to the land owned by it and obtaining all the Government and Town Planning approvals for the land owned by it. The Company will receive an Advance of Rs 8 crores prior to commencement of the due diligence, returnable in the event the Sale is not completed.