Gontermann Peipers India Ltd has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 07, 2008, inter alia, have unanimously approved the following:

1. To issue, offer and allot, in course of one or more public and / or private offerings in domestic and / or one or more International markets any securities including Global Depository Receipts (”GDRs”) and / or American Depository. Receipts (”ADRs”), Foreign Currency Convertible Bonds (”FCCBs”), Secured Premium Notes (”SPNs”) and / or any other financial instruments convertible into equity shares or linked to equity shares, preference shares whether Cumulative / Redeemable / Convertible the option of the Company and / or the option of the holders of such securities and / or securities linked to equity shares / preference shares and / or any instrument or securities representing convertible securities such as convertible debentures, bonds or warrants or such similar instruments convertible into Depository Receipts with underlying equity shares & equity shares / preference shares, (”Securities”) to be subscribed by foreign / domestic investors / institutions / Non-resident Indians and / or companies / corporate bodies / entities whether incorporated in India or abroad including mutual funds, banks, insurance companies, pension funds and / or individuals or otherwise whether or not such persons /entities / investors are Members of the Company as may be deemed appropriate by the Board and permitted under applicable laws and regulations up to an aggregate amount not exceeding US$ 50 Million (US Dollars Fifty Million) or equivalent with Green Shoe Option, as may be applicable, whether in Indian currency or foreign currency inclusive of such premium as may be fixed on such securities by offering such securities in one or more countries through public offer and / or offer letter and / or circular and / or information memorandum and / or such other documents / writings and such issue and allotment to be made at such time or times in one or more tranches, at such price or prices and on such terms and conditions and in such manner as the Board may in its absolute discretion think fit in consultation with the Lead Managers Underwriters, Advisors or other intermediates, subject to necessary provisions & approvals.

2. Variation in the terms of remuneration paid/payable to Mr. L K Poddar, Managing Director of the Company with effect from April 01, 2007, for the residual period of his appointment.

3. Appointment of Mr. Jaydeb Barman as Executive Director of the Company with effect from October 16, 2007 to July 31, 2011.

4. Powers to the Board of Directors to borrow and mortgage upto a limit of Rs 1000 Crores under section 293(1)(d) and Section 293(1)(a) of the Companies Act, 1956 respectively.