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Vishal Cotspin Ltd has informed BSE that the members at the 15th Annual General Meeting (AGM) of the Company held on May 22, 2008, inter alia, have accorded to the following:

1. Adoption of Audited Profit and Loss of the Company for the year ended March 31, 2008 and the Balance Sheet as at date together with the Auditors report thereon and the Report of the directors.

2. Re-appointment of Mr. Balkrishan Boob, Managing Director of the Company liable to retire by rotation.

3. Re-appointment of Mr. R P Shantakumar, Director of the Company liable to retire by rotation.

4. To appoint auditors to hold the office from this Annual General Meeting until the conclusion of the next Annual General Meeting.

5. Withdrawal of petition filed before BIFR for Amalgamation with Madanpalle Spinning Mills Ltd.

6. Since net worth of the Company has become positive, the members approved the decision to seek deregistration from BIFR.

Vishal Cotspin Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 22, 2008, inter alia, has transacted the following:

1. The Board has approved to file a petition with Honorable BIFR to come out of BIFR as the net-worth has turned positive.

2. The Board has approved to file petition with Honorable BIFR to withdraw the merger petition with Madanapalle Spinning Mills Ltd.

3. The Board has fixed the date of Annual General Meeting (AGM) on May 22, 2008.

With reference to the earlier announcement dated April 01, 2008 regarding Outcome of Board Meeting, Vishal Cotspin Ltd has now informed BSE that due to oversight, the Company has mentioned “75,00,000″ instead of “70,00,000″. The said should be read as follows:

“To call for Rs 7/- per share of 70,00,000 - 9% cumulative redeemable preference shares of face value of Rs 10/- each”.

Vishal Cotspin Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 31, 2008, has transacted the following:

- To call for Rs 7/- per share of 75,00,000 - 9% cumulative redeemable preference shares of face value of Rs 10/- each.

Vishal Cotspin Ltd has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 24, 2008, inter alia, have approved the following decisions:

1. To Increase and re-classify the authorized capital of the Company from the present Rs 9,00,00,000.00 (Nine Crore only) to Rs 11,00,00,000 (Eleven Crore only and it will consist of

a. 35,00,000 (Thirty Five Lacs) equity shares of Rs 10/- each amounting to Rs 3,50,00,000 (Three Crore Fifty lacs only).

b. 75,00,000 (Seventy Five lakhs) Cumulative Redeemable Preference Shares of Rs 10/- (Rupees Ten only) each amounting to Rs 7,50,00,000 (Seven Crore Fifty Lakhs only).

2. To issue and allot upto 70,00,000 (9%) cumulative redeemable preference shares of Rs 10/- each in one or more trenches upon such terms and conditions.

Vishal Cotspin Ltd has informed BSE that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on March 24, 2008, inter alia, to transact the following business:

I. To increase and re-classified the Authorized Share Capital of the Company from Rs 9,00,00,000/- (Rupees Nine Crore Only) divided into 90,00,000/-(Ninty Lakhs Only) Equity Shares of Rs 10/- (Rupees Ten) each to Rs 11,00,00,000/- (Rupees Eleven Crore Only) divided into 35,00,000 equity shares of Rs 10/- each amounting to Rs 3,50,00,000/- and 75,00,000/- Redeemable Preference shares of Rs 10/- each amounting to Rs 7,50,00,000/- and consequential amendments in the Memorandum of Association of the Company.

II. To issue and allot upto 70,00,000 9% cumulative redeemable Preference Shares of Rs 10/- each at par in one or mote trenches upon such terms and conditions as may be determined by the Board of Directors.

1. Face Value - the nominal or face value of each preference share be Rs 10/-

2. Premium value - No premium shall be paid on issue of the preference shares

3. Convertibility -The preference shares shall be non convertible in nature.

4. Fixed Dividend Rate - the fixed annual dividend rate for the preference shares will be 9% of the nominal value of the preference shares, payable on a fiscal-year basis in arrears on the 1st April of each year. Fixed dividends for partial years will be pro-rated.

5. Term - the term of the preference shares shall be 20 years from the date of issuance.

6. Redemption - Preference shares shall be redeemable at any time. In any event, however, preference shares must be redeemed before the end of their 20 years term.

7. Cumulative Rights - the preference shares will be cumulative in nature in as much that dividend not paid in any year shall be liable to be paid in future years on availability of sufficient profits.

8. Participation Right - the holders of the preference shares will not be entitled to (i) to receive dividends out of the profits of the Company in addition to the fixed dividends of 9% or (ii) to receive a share of any surplus assets as part of the winding up of the Company.

9. Voting Rights - the voting rights of the preference shares shall be as provided in Section 87 of the Companies Act, 1956. That is, holders of preference shares will generally not have a right to vote. The holders of preference shares, however, will be able to vote on shareholder resolutions that directly affect their rights under the preference shares, and in certain circumstances following the failure to pay fixed dividends, they will be able to vote on all shareholder resolutions.

Vishal Cotspin Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 27, 2008, inter alia, has conducted the following:

1. Increase and Re-classification of Authorized Share Capital

It has been proposed to infuse funds to meet the fund requirements of the Company. Therefore the Board of Directors has decided to increase and re-classify the authorized capital of the Company to accommodate fresh infusion of funds. The fresh infusion of funds will help the Company get a positive net worth which would enable it to come out of the BIFR procedures. The promoters of the Company have already infused funds by way of unsecured loans which is proposed to be converted into cumulative redeemable Preference shares. Therefore the Board recommends that the Authorised Capital of the Company be increased from the present Rs 9,00,00,000/- (Nine Crore Only) to Rs 11,00,00,000 (Eleven Crore Only) and the same be re-classified accordingly.

2. Approval for the allotment of Preference Shares

The Company is proposing to convert the unsecured loans of promoters into redeemable preference shares to help it get a positive net worth. The Board has approved to issue and allot upto 70,00,000 (9%) cumulative redeemable Preference Shares of Rs 10/- each at par in one or more trenches upon such terms and conditions as may be determined by the Board of Directors.

3. Conducting of Extra-Ordinary General Meeting

In order to implement the decisions as abovementioned the Company is required to take the approval of its members. Hence the Board has decided to conduct the Extra-Ordinary General Meeting on March 24, 2008 for the same. The Notice for the Extra-Ordinary General Meeting has been issued to the members of the Company.