KPIT Cummins gets money for allotment

Kpit Cummins Infosystems Ltd has informed that the Company has received US $ 5,000,000 towards the consideration for allotment of 1,510,877 equity shares. The exchange rate applied at time of computing the consideration INR equivalent was 39.31 (being the RBI reference rate as at October 16, 2007).

The exchange rate on conversion of the USD remittance to INR was 39.29 (prevailing rate as at November 19, 2007). The resultant difference in the INR amounts owing to these rates represents exchange loss and has been accounted for accordingly.

KPIT Cummins Infosystems EGM

Kpit Cummins Infosystems Ltd has informed that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on November 16, 2007, inter alia, to transact the following business:

1. Accorded to Mrs. Jayada Chinmay Pandit, a relative of Mr. S B (Ravi) Pandit, Chairman and Group CEO of the Company, to hold and continue to hold an office or place of profit as Senior Executive, or such other post as she may be promoted hereafter, in KPIT Infosystems Inc., USA (KPIT US), a wholly owned subsidiary of the Company with effect from July 07, 2007, on remuneration, terms & conditions.

2. Accorded to Mr. Chinmay Shashishekhar Pandit, a relative of Mr. S B (Ravi) Pandit, Chairman and Group CEO of the Company, to hold and continue to hold an office or place of profit as Account Manager, or such other post as he may promoted hereafter, in KPIT Infosystems Inc., USA (KPIT US), a wholly owned subsidiary of the Company with effect from July 16, 2007, on remuneration, terms & conditions.

3. To offer, issue and allot, in accordance with applicable guidelines / regulations, as may be permissible in law, now or at any time hereafter, on a preferential basis, upto 1,631,747 equity shares, at the price of Rs 130.09 each (calculated as per SEBI Guidelines on the basis of relevant date being "October 17, 2007"), as the Board at its sole discretion may at any time or times hereafter decide, which when issued or allotted would ultimately result in an increase in the paid up equity share capital of the Company by an amount not exceeding Rs 3,263,494 excluding premium, to the Cummins Inc., USA ("Investor") at such time and in one or more tranches, and on such terms and conditions, as may be deemed appropriate by the Board, subject to necessary provisions & approvals.

Kpit Cummins Infosystems

Kpit Cummins Infosystems Ltd has announced its latest initiative in community service to provide free technical support for NGOs and small schools in the city of Pune. The implementation of this initiative has already begun and the Company urges NGOs to come forth and avail the services offered.

In the year 2006, the Company along with Cummins Inc. and UnitedWay started NP-Connect (Not for Profit-connect) in Columbus is part of their Global Community Initiative. World over, a majority of NGOs face infrastructure problems such as, lack of updated software, basic hardware and under-utilization of available hardware which eventually affects their routine operations. The Company identified this growing need for technical help & decided to start the initiative with a view to support the NGOs.

NP-Conned was initiated with the basic objective to help organizations to use and Implement IT infrastructure & solution, educate the personnel at such organizations who lack IT knowledge and to improve operational routines at the agency. Volunteers who enable the support are employees of Company. The Company offers IT supports such as installing programs, anti-virus update, web support, data backup etc. NGOs from Bartholomew County and the Columbus such as-Just Friends, Love Chapel, Y-MED to name a few, benefited significantly from this program.

Encouraged by the positive feedback form the NGOs in USA, KPIT Cummins tested a similar project in the city of Pune, Here as well, the response indicated a vast need for such services and now the Company intends to implement it on a larger scale. A number of employees from the IT division of the Company have volunteered and are working actively to support this cause. The volunteers have been assisting NGOs and schools in the city, with technical support & imparting basic training to the staff of six different NGOs -Surajya Sarvangin Vikas Prakalpa, Mobile Creche, Hope Centre, Chapekar Trust, Hinjewadi High School and New English High School (in the Moan village).

Speaking on the subject, Mr. Ravi Pandit, Chairman a Group CEO, KPIT Cummins said, "Our mission is to use the power of IT for the benefit of society. We found that many NGOs and schools have hardware which is not utilized, due to problems related to hardware, software or training. We have found that this is one area where we can bring great benefit the NGO sector. We have done ft both in US and India and now we want to significantly grow it in Pune. I request the NGOs and schools to contact KPIT Cummins for any such assistance required Am confident that this program will have the desired impact and will provide value to the concerned agencies we help.

'Community Service' is one of KPIT Cummins fundamental Values, thus we wanted to find a way to help the community and also get our employees engaged."

The Company has always been actively involved in community services, especially in terms of technology support. More than 200 computers have been donated to various NGOs and schools in and around Pune. In addition to this the Company has been in the forefront to support causes like literacy, tree plantation, blood donation. Many of Company's employees voluntarily engage in most of these activities during weekends and holidays.

Kpit Cummins Infosystems

Kpit Cummins Infosystems Ltd has informed that the Company added yet another feather in its cap by winning the prestigious Golden Peacock Award for Excellence in Corporate Governance 2007 in the Information Technology category from India.

The Golden Peacock Award for Excellence in Corporate Governance, instituted by the 'World Council for Corporate Governance (WCFCG)and Institute of Directors (IOD), is highly respected in the industry, and has been awarded to Pfizer (USA), Coca-Cola (USA), Infosys Technologies (India) and Scottish Power (UK) in the past.

The winners were selected through an elaborate multilevel and transparent assessment process among the 136 applicants across India. The award was received by the Company's Chairman & Group CEO Ravi Pandit at a special function attended by business leaders, corporate governance experts and policy makers from 34 countries in London on September 20, 2007.

"As much as growth and financial performance, we at KPIT Cummins have valued corporate governance, Ethics, transparency in operations and social commitment are, in our opinion, critical for the growth of a society. We believe every company should contribute to it. it is indeed very satisfying to see that our efforts in this regard have been recognized" said Pandit, after receiving the award in London.

The global award jury was chaired by former Prime Minister of Sweden by Dr. Ola Ullsten. Jury members included former Chief Justice of India Justice P N Bhagwati, former Prime Minister of Netherlands Mr. Ruud Lubbers and founder Chairman of INSEAD Mr. Olivier Giscard d'Estaing. The first level assessment was carried out by a panel of international assessors under the guidance of the chief examiner Pradeep Chaturvedi.