Softpro Systems - Outcome Of Board Meeting

Softpro Systems Ltd has informed that the Board of Directors of the Company at its meeting held on April 07, 2008, inter alia, has considered and approved the below mentioned points:

1. Ratified of transfer of 24,97,870 fully paid equity shares constituting 41.64% in favour of M/s. Sahasra Investments (P) Ltd, Hyderabad as per the Share Purchase Agreement dated November 01, 2007 entered into between the erstwhile Promoters and the Incoming Management.

2. Approved the appointment of Shri. G Bala Reddy, Smt. G V Mary and Shri. G V Rao as Incoming Additional Directors of the Company.

3. Approved the resignation of following Directors, representing the erstwhile promoter group:
a) Shri. Krishna Chand Akkineni - Managing Director
b) Shri. Mallikarjuna Rao Akkineni - Executive Director
c) Dr. D Hanumanta Rao - Director
d) Dr. A G Rao - Director
e) Shri. A P Rao - Director

4. Approved the Change of Management in favour of Sahasra Investments Pvt Ltd and its Directors Shri. G Bala Reddy and Smt. G V Mary.

5. Appointed Shri. G Bala Reddy, the Representative Director of Sahasra Investments Pvt Ltd as the new Chairman of the Company.