Intimation that while considering the offer made by Dr. A. Velumani, Chairman, MD & CEO to acquire the Company’s shareholding in NHL, both the Audit Committee and the Board of Directors have unanimously decided that the Company has to determine whether it would be beneficial for the Company to hive off the subsidiary or retain it, and for this purpose, it would be advisable to obtain one more valuation report to ensure that the valuation of the subsidiary has been correctly ascertained. The Committee decided to appoint a SEBI approved merchant banker to submit a valuation report, within the shortest possible time, and then take a decision. None of the Promoter-directors were present during the discussions.