JIK Industries - Outcome Of Board Meeting

JIK Industries Ltd has informed that the Board of Directors of the Company at its meeting held on September 27, 2007, inter alia, has considered the following business:

1. Shri. S V Shah appointed as a Nominee Director on the board of the Company nominee director of Operating Agency (Bank of India).

2. Regarding cancellation and Re-Allotment of 8,54,941 equity shares to promoter. As per the order dated May 25, 2007 received from Honble BIFR, the Board decided to cancel & re-allot the same as per directives of Honble BIFR and / or by such other competent authority.

3. Promoter will be allotted 4,16,98,100 equity shares as partly paid shares of Rs 10/-, each at par, as per Honble BIFR order and on the following payment terms after obtaining necessary approvals.

i. 10% against allotment

ii. 90% in 6 installments payable within 24 months from May 25, 2007.

4. Taken on record that the Company has completed the One Time Settlement and exited from CDR.