IOL Broadband changes name to IOL Netcom

IOL Broadband Ltd has informed that the Board of Directors of the Company through circular resolution passed on December 01, 2007 has approved the following:

1. To make a preferential issue of 20,00,000 warrants to specified Investors (Non-promoters), carrying an entitlement to apply for the equivalent number of equity shares of Rs 10/- each at a price of Rs 576/- (including premium of Rs 566/- per share), in accordance with chapter XIII of SEBI (Disclosure & Investor Protection) Guidelines, 2000.

2. Alteration of the Articles of Association of the Company.

3. Subject to the requisite approval, to Change the name of the Company from "IOL Broadband Ltd" to "IOL Netcom Ltd".

IOL Broadband - VOIP deal with MTNL

IOL Broadband Ltd has announced that it has signed a VOIP service providers agreement with MTNL last week. MTNL has taken a bold step in introducing VOIP services in keeping with the Global trend of Telcos to enhance their ARPU's. This agreement will allow the Company to interconnect with millions of MTNL subscribers with local / STD / International calls at very low rates. The Company's spokesperson said that in the first year, the Company is planning a capacity of 100 million minutes going upto 1 billion minutes in two years time and expecting huge increase in VOIP and Broadband connections in the near future.

The Company announces availability of videophones to all its Broadband subscribers along with VOIP phone and teleconferencing services.

With this agreement the Company is now able to offer bundled voice - video - data - triple play services in addition to IPTV Services.

IOL Broadband

IOL Broadband Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the Auditors of the Company have made the following observations:

1. Non-recognition of Foreign exchange gain / loss as required by AS 11 - "The effect of changes in Foreign Exchange Rates".

2. Non-recognition of Deferred Tax (Assets / Liability) as required by AS 22 - "Accounting for Taxes on Income".

3. Non-recognition of employee benefits as required by revised AS-15 "Employees' Benefits".

4. The variances in with published un-audited financial results :

Particulars: Operational Cost (including opening stock & purchases)
Published Figures: 21.62 lacs
Limited Review figures: 155.08 lacs

Particulars: Administration & General Cost
Published Figures: 54.91 lacs
Limited Review figures: 91.72 lacs

Particulars: Depreciation
Published Figures: 30.05 lacs
Limited Review figures: 41.98 lacs

Particulars: Fringe Benefit Tax
Published Figures: 2.50 lacs
Limited Review figures: 4.39 lacs

Particulars: Earning Per Share (Basic & Diluted)
Published Figures: 0.04 lacs
Limited Review figures: (0.07) lacs"

IOL Broadband Limited

Iol Broadband Limited has informed the Exchange vide its letter dated August 31, 2007, that: "At the Court Convened meeting of the shareholders of the company held today, the shareholders of the company have approved the Scheme of Amalgamation of Exatt Technologies Pvt. Ltd. with IOL Broadband Ltd.".