Jai Corp EGM Outcome

Jai Corp Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on November 17, 2007, inter alia, have approved the following:

1. Amendments to the 'Capital clause' of the Memorandum and Articles of Association reclassifying 1% 15,000 non-cumulative, non-participating redeemable preference shares of face value Rs 100/- each to 15,00,000 non-cumulative, non-participating redeemable preference shares of face value Re 1/- each; 1,35,000 unclassified shares of face value Rs 100/- each into 1,35,00,000 non-cumulative, non-participating redeemable preference shares of face value Re 1/- each; and changed the face value of the balance unclassified shares; 1,50,000 shares of face value Rs 100/- each to 1,50,00,000 shares of face value Re 1/- each.

2. Issue of 59,10,610 fully paid-up equity shares of face value Re 1/- each at a premium of Rs 1,034/- each on a preferential / private placement basis under Chapter XIII of SEBI (Disclosure & Investor Protection) Guidelines 2000.

3. Issue of 1,50,00,000 fully paid—up Preference Shares of face value of Re 1/- each at a premium of Rs 999/— each on preferential basis to promoter group.

Jai Corp Board Meeting Update

Jai Corp Ltd has informed that the Board of Directors of the Company at its meeting held on October 19, 2007, inter alia, has decided the following:

1. To call an Extraordinary General Meeting of the Members of the Company on November 17, 2007.

2. Out of 4,85,000 un-classified shares, to classify 1,35,000 un-classified and un-issued shares of face value Rs 100/- into 1,35,00,000 redeemable preference shares of face value of Re 1/- each; and to re-classify and change face value of the un-issued 1% 15,000 non-cumulative non-participating redeemable preference shares of Rs 100/- each to 15,00,000 redeemable preference shares of Re 1/- each; and to alter the Capital clause of the Memorandum and Articles of Association of the Company to give effect to this re-classification.

3. To issue equity shares of aggregate value of approximately Rs 612 crores on a preferential / private placement basis under Chapter XIII of SEBI (Disclosure & Investor Protection) Guidelines, 2000.

4. To issue redeemable preference shares of aggregate value of upto Rs 1500 crores to the promoters on preferential basis.

The above decisions of the Board are subject to shareholders' approval and such other permissions, sanctions and approvals as may be required under applicable laws.

Jai Corp

Jai Corp Ltd has informed that the Board of Directors of the Company at its meeting held on September 24, 2007, has appointed Shri. Anand Jain as an Additional Director of the Company.

Jai Corp

Jai Corp Ltd has informed BSE that with effect from September 20, 2007, Urban Infrastructure Venture Capital Pvt Ltd and Urban Infrastructure Trustee Pvt Ltd have become wholly- owned subsidiaries of the Company on account of the Company acquiring shares in these Companies.