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GE Capital Transportation Financial Services Ltd has informed BSE that the Company received a letter on June 27, 2008 from its promoter, GE Capital (Mauritius) Investment Company Ltd (”GECMIC”) dated June 27, 2008 wherein GECMIC has proposed to make a delisting offer in accordance with the SEBI (Delisting of Securities) Guidelines, 2003, to acquire the remaining public shareholding in the Company and to delist the equity shores of the Company from the Bombay Stock Exchange Ltd, provided the price payable per equity share does not exceed Rs 110.

GECMIC currently holds approximately 77.33% of the total issued and subscribed share capital of the Company.

Further, GECMIC has requested the Board of Directors of the Company that a meeting of the shareholders of the Company be convened to seek approval of the shareholders of the Company for the proposed delisting offer.

GE Capital Transportation Financial Services Ltd has informed BSE that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations :

“Without qualifying Auditor’s opinion, attention is drawn to Note 2 of Unaudited Financial Results on bilateral assignment of standard loan portfolios. The Company has upfront recognised a net gain of Rs 553 lakh during the current quarter (Rs 794 lakh during the nine months ended December 31, 2007) on bilateral assignment of standard loan portfolio in accordance with its accounting policy on assignment / sale of standard asset portfolio. The Company has sought a clarification from the Reserve Bank of India (’RBI’) on applicability of ‘Guidelines on Securitisation of Standard Assets’, issued by RBI vide circular numbered DBOD. NO BPBC 60/21.04.048/2005-06, dated February 01, 2006 to bilateral assignment of standard loan portfolio.”