Yash Papers - Outcome of Board Meeting

Yash Papers Ltd has informed that the Board of Directors of the Company at its meeting held on December 22, 2007, has passed the following resolutions:

1. The Financial Year of the Company be changed from December 31, 2007 to March 31, 2008 and accounts of the Company be prepared for the period ending December 31, 2007 be extended to March 31, 2008, subject to necessary provisions and approvals.

The subsequent financial year of the Company be commenced from April 01, 2008 and end on March 31, 2009.

2. Authority to Board to create mortgage and / charge / hypothecation of all or any of the immovable and / or movable properties of the Company wheresover situate, present and future of the Company in favour of Financial Institutions, Banks and or / others to secure the present and future term loans for an aggregate of Rs 100 crores (Rupees one hundred crores), subject to necessary provisions and approvals.