HOV Services - Outcome Of AGM

HOV Services Ltd has informed that the shareholders at the 19th Annual General Meeting (AGM) of the Company held on July 21, 2007, inter alia, have taken the following decisions:

1. Adopted the Balance Sheet as at March 31, 2007 and Profit and Loss Account of the Company together with Schedules and Notes annexed thereto and the Cash Flow Statement for the year ended on that date and the Reports of the Directors and Auditors thereon.

2. Mr. Ajay Madan, who was to retire by rotation, at the 19th Annual General Meeting, has been re-appointed.

3. M/s. Lodha & Co., Chartered Accountants, the retiring Auditors have been re-appointed as Auditors of the Company to hold office from the conclusion of the 19th Annual General Meeting till conclusion of the next Annual General Meeting, on such remuneration as may he mutually agreed between the Board of Directors and the said Auditors.

4. Approved HOVS Stock Option Plan 2007 to subscribe to such number of equity shares of the Company which may give rise to the issue of equity shares of the Company not exceeding in aggregate:

i) 4,00,000 equity shares of the Company to eligible employees of the Company.

ii) 7,00,000 equity shares of the Company to eligible employees of subsidiaries Companies.