Greycells Entertainment Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 21, 2008, has considered the following:

1. Draft documentation for acquisition of 100% business alongwith assets of EMDI Institute of Event Management Pvt Ltd, a Company headquartered out of Mumbai with operations in Mumbai, Bangalore & Pune, imparting continuous education in areas including Event Management, Advertising, Public Relations, Communication etc for cash consideration.

2. Adopt the valuation report for business of EMDI - Mumbai received from Dalal & Shah.

3. Draft documentation for acquisition of trade mark “Event Management Development Institute” for cash consideration.

4. Draft documentation for acquisition of 100% equity stake in EMDI (Overseas) FZ LLC, a Company dedicated to providing world class event management and below the line marketing education in the Middle East region from Dubai for a combination of cash and share swap subject to requisite statutory approvals in one or more tranches.

5. Adopt the valuation report of EMDI (Overseas) FZ LLC received from M/s. Fortress Financial Services Ltd.

6. Authorize Directors of the Company to enter into Memorandum of Understanding and all relevant documents.

7. Adopt new set of Articles of Association subject to approval of the shareholders of the Company.

8. Further issue of 5,40,000 equity shares to Mr. Nowshir Engineer in lieu of his equity holding in EMDI (Overseas) FZ LLC subject to requisite statutory approvals.

9. Convene an Extra Ordinary General Meeting of the shareholders of the Company on March 25, 2008.