Apr 4, 2008

Filmcity Media - Outcome of EGM

Filmcity Media Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 31, 2008, inter alia, have accorded to the following:

1. To increase the Authorised Share Capital of the Company from Rs 11,00,00,000/- (Rupees Eleven Crore Only) divided into 11,00,00,000/- (Eleven Crore) Equity shares of Re 1/- (Rupee One only) each to Rs 30,00,00,000/- (Rupees Thirty Crore Only) divided into 30,00,00,000 (Thirty Crore) Equity shares of Re 1/- (Rupee One Only) each and consequential amendments in the Memorandum & Articles of Association of the Company.

2. Authority to the Board of Directors to offer, issue and allot Global Depository Receipts (GDRs) / American Depository Receipts (ADRs) / Foreign Currency Convertible Bonds (FCCBs) / Equity shares / warrants and / or instruments convertible into Equity shares optionally, otherwise ("Securities") subscribed in foreign currency to permitted investors (whether institution and / or incorporated bodies and / or individual or otherwise, and whether or not such investors are members if the Company) for an aggregate sum up to US $ 10 million (United States Dollars Ten Millions) or equivalent in Indian and / or any other currency(ies) inclusive of such premium as may be permitted by the Ministry of Finance / such other authorities, to all eligible investors including Foreign / Resident / whether Institution, Incorporated Bodies, / Foreign Institutional Investors / QIBs / Banks and / or otherwise, whether or not such investors are members, promoters, directors or their relatives / associates, of the Company) through Public issue(s), Private Placement(s), preferential allotment(s), by way of cash or stock swap or towards acquisition of business or a combination thereof at such time of times in such tranche or tranches at such price or prices at a discount or premium to market price or prices in such manner and on such terms and conditions and other relevant factors, wherever necessary in consultation with the Lead Managers, Underwriters, advisors or including by way of Initial Public offer in US or other countries, so as to enable the Company to get listed at any Stock Exchange in India and / or Luxemburg / London / New York / Singapore / Hong Kong Stock Exchange and / or any of the Overseas Stock Exchange, subject to necessary provisions and approvals.

3. Authority to the Board of Directors to make any loan to any body corporate, give any guarantee, to provide security, in connection with a loan made by any other person to, or to any other person to, or any other person by, any body corporate; and acquire, by way of subscription, purchase or otherwise the securities of any other body corporate; in excess of the limits prescribed under Section 372A, as they may, in their absolute discretion deem beneficial and in the interest of the Company upto an aggregate amount of Rs 100 Crores, subject to necessary provisions & approvals.

4. Revision in the remuneration of Mr. Surendra Gupta & Ms. Ruchika Gupta from March 01, 2008, on terms & conditions.