Tata Sponge - Outcome Of AGM

Tata Sponge Iron Ltd has informed that the members at the 24th Annual General Meeting (AGM) of the Company held on June 25, 2007, inter alia, have accorded to the following:

1. Adoption of Directors Report to the Shareholders dated May 03, 2007, Profit and loss Account for the year ended March 31, 2007 and the Balance Sheet as at that date, the Cash Flow Statement for the year ended March 31, 2007 together with the Auditors Report theron.

2. Declaration of Dividend at the rate of 40% on the fully paid equity share capital of Rs l5,40,00,000 of the Company, by appropriating Rs 6,16,00,000 from the profit for the year 2006-07 available for appropriation for the year ended March 31, 2007.

3. Re-appointment of Mr. N P Sinha, Mr. P K Lahiri and Mr. A D Baijal as Directors of the Company.

4.Re-appointment of Messers S B Billimoria & Co., the retiring auditors to hold office from the conclusion of this meeting up to the conclusion of the next Annual General Meeting (AGM) and to audit the accounts of the Company for the financial year ending March 31, 2008, or any extension thereof, on remuneration and terms and conditions.