Greycells Entertainment Ltd has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 25, 2008, have approved the following:

1. Adoption of new set of Articles of Association.

2. Allotment of 5,40,000 Equity Shares on preferential allotment basis to Mr. Nowshir Engineer jointly with Mrs. Mridula Engineer and Mrs. Piroja Engineer in lieu of his shareholding in EMDI (Overseas) FZ-LLC subject to statutory approvals including Foreign Investment Promotion Board.