Adarsh Derivatives rights issue

Adarsh Derivatives Ltd has informed that the Board of Directors of the Company at its meeting held on January 19, 2008, inter alia, has decided the following:

1. Approval of issuance of equity shares on right basis: The Board has approved issuance of equity shares on rights basis in the ratio of two equity shares for every one share held (i.e. 2:1) on the record date to be finalize later. There will be two detachable warrants for every one equity share held on the said record date.

The Board has constituted a Committee of Directors for the proposed Rights Issue comprising of two non independent directors and one independent director. The Committee has been delegated powers for determining price of securities with respect to the proposed rights issue, appointment of market intermediaries and to do all other acts as may be required for the purpose of proposed issue.

2. The Board has decided to establish the corporate office of the Company at B 327-329, Agro Food Park, Udyog Vihar, Sri Ganaganagar (Rajasthan).

3. The Board has decided to appoint Intime Spectrum Registry Ltd as the Registrar and Transfer Agent (RTA) in place of Pinnacle Shares Registry Pvt Ltd. The change will be notified to the exchange as soon as the formalities for the same are completed.