GHCL Ltd has informed BSE that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on March 19, 2008, inter alia, to transact the following:

i. To grant, offer and transfer, in one or more trenches and to take all actions that may be necessary to implement the Employees Stock Option Scheme (the ESOS) including the following actions:

1. To offer and grant at any time to such permanent employees of the Company whether working in India or outside India and Directors of the Company whether Wholetime Director or otherwise (”employees”) as may be decided to be eligible by “the Board” from time to time, stock options with each option being exercisable into one equity share of face value of Rs 10/- (rupees ten only) each fully paid-up, not exceeding in aggregate 5% of the paid-up Equity Share Capital of the Company from time to time, at such price and on such terms and conditions as may be fixed or determined by the Board in accordance with the provisions of the law or guidelines issued by the relevant authority prevailing at that time;

2. To provide necessary additional funds to the Trust to purchase adequate number of Equity Shares of the Company from time to time.

3. GHCL Employees Stock Option Trust (?the ESOS Trust?) constituted for the purpose of administration and service of Employees Stock Option Scheme of the Company be and is hereby authorized to purchase Equity Shares of the Company from secondary market and transfer them to eligible employee in accordance with terms and conditions of ESOS.

ii. To extend the benefits of the “Employees Stock Option Scheme (ESOS), referred to in the resolution under item no.1 in this notice and duly passed at this meeting, also to such permanent employees of the subsidiary Companies whether working in India or out of India and directors of the subsidiary Companies whether whole time directors or otherwise, as may be decided by the Board and / or such other persons, as may from time to time, be allowed under prevailing laws and regulations on such terms and conditions as may be decided by the Board, subject to necessary provisions & approvals.