Vishal Exports - Outcome of Board Meeting

Vishal Exports Overseas Ltd has informed that the Board of Directors of the Company at its meeting held on June 14, 2007, inter alia, has decided the following: To extend the current Financial Year of the Company for a period of 6 months i.e. upto September 30, 2007 and hence the Current Financial Year of the Company shall be April 01, 2006 to September 30, 2007.The Company proposes to sell / transfer its Wind Farm Project situated in the States of Rajasthan and Tamilnadu, on a going concern basis, in accordance with the provisions of the Companies Act, 1956 and the members of the Company have approved the proposal by way of an Ordinary Resolution passed through Postal Ballot.The Profit or Loss, as the case may be, arising from the said sale / transfer would have a wide spread impact on the accounts of the Company and therefore, the Board of Directors of the Company has decided to extend the Financial Year (Accounting Year) of the Company for a period of 6 months i.e. upto September 30, 2007, so as to reflect the Profit & Loss, as the case may, be arising from the said sale / transfer.