Interworld Digital - Outcome Of Board Meeting

Interworld Digital Ltd has informed that the Board of Directors of the Company at its meeting held on March 22, 2007, inter alia, has concluded the following:1. To issue / offer and allot 45,50,000 Equity Shares of Re 1 each on Preferential Basis to following promoters / directors at a price not less than Rs 2.20/- per share in pursuance to the provisions of Sec-81(1A) of Indian Companies Act, 1956 and subject to due compliance of the SEBI Guidelines & other applicable laws and provisions:a. Mr. Man Mohan Gupta: 22,75,000 sharesb. Mr. Peeyush Kumar Aggarwal: 22,75,000 sharesThe Board further decided to convene the Extra Ordinary General Meeting (EGM) of the members of the Company on April 28, 2007, to seek the approval of members of the Company in respect of the aforesaid matter.2. The matter relating to preferential allotment of shares by way of issue of warrants to person acting in concert of the Company including their relatives, friends and associates as also the associated Companies was discussed at length and it was decided to defer the said matter at this point of time.3. The matter relating to issue of warrants with the option of conversion of each warrant into one equity share to persons other than Promoters was discussed at length and it was decided to defer the said matter at this point of time.4. Considered the matter relating to setting up Wholly Owned Subsidiary (WOS) within India either at Mumbai, Goa or Uttaranchal for the purpose of looking at acquisition and Media related activities and authorised Mr. Man Mohan Gupta, Chairman and Managing Director and Mr. Peeyush Kumar Aggarwal, Director of the Company to take necessary decisions and steps for incorporating the aforesaid Wholly Owned Subsidiary (WOS).