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Greycells Entertainment Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 27, 2008, inter alia, has transacted the following:

1. Appointment of Mr. Nowshir Engineer as an Additional Director of the Company w.e.f. July 01, 2008. He shall hold the position of Managing Director (International Operations) of the Company.

2. Appointment of Mr. Deepak Choudhary as an Additional Director of the Company w.e.f. July 01, 2008. He shall hold the position of Managing Director (Indian Operations) of the Company.

3. Appointment of Dr. Anil Naik as an Additional Director of the Company w.e.f. July 01, 2008. He shall hold position as Non-executive Independent Director of the Company.

Greycells Entertainment Ltd has informed BSE that pursuant to the resolution passed by the shareholders of the Company at the EGM held on March 25, 2008 for acquisition of 100% shareholding in EMDI (Overseas) FZ-LLC by way of combination of equity share and cash consideration and approval from Government of India, Ministry of Finance, Department of Economic Affairs, FIPB Unit vide their letter dated May 28, 2008, the Company’s Board has at its meeting held on June 09, 2008 has allotted 5,40,000 Equity Shares to Mr. Nowshir Engineer jointly with Mrs. Mridula Engineer and Mrs. Piroja Engineer on preferential allotment basis.

Satra Properties India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 14, 2008, inter alia, has transacted the following business:

1. The Board of Directors has approved the Investment in the Company, to be incorporated in Dubai, in the field of Real Estate Business.

2. The Board of Directors has approved the Investment in Satra Property Development Pvt Ltd, a Real Estate Company, in excess of the limits prescribed under Section 372A of the Companies Act, 1956.

3. The Board of Directors has approved the Calendar of Events for Postal Ballot.

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.

Greycells Entertainment Ltd has informed BSE that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on March 25, 2008, inter alia, to transact the following Special Business:

1. Approved and adopted as the Articles of Association of the Company in substitution for and to exclusion of the existing Articles of Association.

2. To create, offer, issue and allot up to 5,40,000 Equity Shares of Rs 10/- each at a price of Rs 250/- (including premium of Rs 240/- per share) credited as fully paid up to Mr. Nowshir Engineer jointly with Mrs. Mridula Engineer and Mrs. Piroja Engineer on a preferential allotment basis pursuant to and subject to the terms and conditions of the scheme of acquisition between EMDI (Overseas) FZ-LLC and the Company in one or more tranches, subject to provisions & approvals.

Greycells Entertainment 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. The Company has not formulated any policy for amortisation of the amount spent on the acquisition of perpetual rights in film & serials. No amortisation has been provided on such perpetual rights including perpetual rights which are already being commercially exploited by the Company. The amount of such amortization has not been ascertained.

2. No provision has been made by the Company for possible impairment in the carrying value of perpetual rights in films and serials as required by the Accounting Standard No 28 - ‘Impairment of Assets’. The amount of such possible impairment has not been ascertained.”

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.