Nuchem - Outcome Of Board Meeting

Nuchem Ltd has informed that the Board of Directors of the Company at its meeting held on November 22, 2007, has approved certain organisatinal changes as follows:

1. Sh. Romesh C Barar, Managing Director of the Company, having decided to pass on the reins of the Company to the next generation in the Promoters family, the Board has approved his relinquishment of office of the Managing Director w.e.f. close of working hours on November 30, 2007.

2. However, as desired by the Board, Sh. Romesh C Barar, Managing Director has agreed to remain associated with the Company as an Advisor for a period of five years on existing terms and conditions as to the remuneration.

3. As proposed by Sh. Romesh C Barar, Managing Director, the Board has elevated Sh. Arun Barar, the present Joint Managing Director to the position of the Managing Director of the Company for a period of five years w.e.f. December 01, 2007 on such remuneration as may be decided by the Remuneration Committee. This will be subject to the requisite approvals.