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Gillanders Arbuthnot & Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 14, 2008, inter alia, has recommended a dividend @ 40% on the Ordinary Shares of the Company including the 2848818 Ordinary Shares of Rs 10/- each to be allotted to the Equity Shareholders of GIS Cotton Mill Ltd (GCML) pursuant to the Amalgamation as aforesaid. The Board has also recommended Dividend @ 8% on the Preference Shares to be allotted to the Preference Shareholders of GCML pursuant to the Amalgamation of aforesaid for the year ended March 31, 2008 as well as arrear dividend on the said Shares for the years ended on March 31, 2006 and March 31, 2007 not paid by the said GCML. The above recommendations are subject to approval of the Members at the Annual General Meeting.

Gillanders Arbuthnot & Company Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 14, 2008, inter alia, to consider the following business:

1. To consider and approve the Accounts for the year ended March 31, 2008.

2. To consider recommendation of the Dividend for the year ended March 31, 2008.

3. To take on record the Audited Financial Results of the Company for the year ended March 31, 2008.

Gillanders Arbuthnot & Company Ltd has informed BSE that the meeting of the Board of Directors of the Company scheduled to be held on June 30, 2008 for approval of accounts, audited results and declaration of dividend for the financial year ended March 31, 2008, as intimated vide the earlier letter dated June 17, 2008, has been cancelled due to unforeseen circumstances. The revised date of the meeting would be intimated in due course.

Gillanders Arbuthnot & Company Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 30, 2008, inter alia, to consider the following business:

1. To consider and approve the Accounts for the year ended March 31, 2008.

2. To consider recommendation of Dividend for the year ended March 31, 2008.

3. To take on record the Audited Financial Results of the Company for the year ended March 31, 2008.

Gillanders Arbuthnot & Company Ltd has informed BSE about the following change in the Directorship of the Company.

1. Name of Director : Mr. G D Kothari
Date of Change : With effect from April 28, 2008.
Remarks : Resigned

2. Name of Director : Mr. S K Lakhotia
Date of Change : April 30, 2008.
Remarks : Appointed as an Additional Director and also as Executive Director

3. Name of Director : Mr. Sevantialal Shah
Date of Change : With effect from May 08, 2008.
Remarks : Resigned.

Gillanders Arbuthnot & Company Ltd has informed BSE that pursuant to an order made on February 26, 2008, the Hon’ble High Court at Calcutta has directed that separate meetings of the Equity Shareholders of GIS Cotton Mill Ltd, being the Applicant Company No. 1 (”the Transferor Company”), Preference Shareholders of the Transferor Company and Ordinary Shareholders of Gillanders Arbuthnot & Company Ltd being the Applicant Company No 2 (the Transferee Company”) will be held on March 28, 2008 for the purpose of considering and if thought fit, approving, with or without modification, the proposed Scheme of Amalgamation of the Transferor Company with the Transferee Company.

Gillanders Arbuthnot & Company 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:

“1. As indicated in Note 4 of the statement of Unaudited Financial Results, no provision has been considered in respect of loans amounting to Rs 1345.62 lacs as at December 31, 2007 in a Company, the extent of recoverability of which together with its effect on the period’s results and period end net assets is currently not ascertainable in view of the reasons set out in the said note.

2. As indicated in Note 8 of statement of the Unaudited Financial Results, current tax and deferred tax charge / release, if any, for the period under review has neither been ascertained by the management nor recognised for the purpose of compilation of the aforesaid Unaudited Financial Results. Also Provision for Fringe Benefit Tax has been made on an estimated basis, resulting difference, if any, on actual calculation will be adjusted at the time of finalisation of the accounts for the year ending March 31, 2008.

3. As indicated, in Note 7 of accompanying statement of the Unaudited Financial Results, impact, if any, of revised Accounting Standard 15 issued by the Institute of Chartered Accountants of India has not been ascertained and accounted for by the management for the purpose of compilation of the aforesaid Unaudited Financial Results.

4. As indicated in Note 5 of accompanying statement of the Unaudited Financial Results, no effect of the proposed amalgamation of GIS Cotton Mills Ltd with the Company has been given in the aforesaid results.”