This is for the information that a Meeting of the Board of Directors of the Company at their meeting held on May 28,2007 has approved the following.

1. Appointment of Mr. Hemant V. Shah as Cost Auditor of the Company for the Financial Year 2007-2008.

2. Delegation of authority to the Day to Day Affairs Committee to finalize Subscription Agreement and Debenture Trust Deed for Issuance and allotment of Non Convertible Debentures and Optionally Fully Convertible Debentures to be issued to the Banks and Financial Institutions of the Pharmaceutical Products of India Limited (PPIL) and to execute the same.

3. Delegation of authority to the Day to Day Affairs Committee for issuance and allotment of below-mentioned instruments, as per the Order of the Hon’ble High Court of Judicature at Bombay dated February 13, 2006 in the matter of the Scheme of Arrangement between the Pharmaceutical Products of India Limited (PPIL) its Secured Creditors and Wanbury Limited and also as per the Order of the Hon’ble Board for Industrial and Financial Reconstruction (BIFR) dated May 1, 2007 in the matter of the Pharmaceutical Products of India Limited:

(a)    Equity Shares of the Company.

(b)    Non Convertible Debentures; and

(c)    Optionally Fully Convertible Debentures.

4. Delegation of authority to the Day to Day Affairs committee for issuance and allotment of Equity Shares to the Equity Shareholders of Doctors Organic Chemicals Limited (DOCL) as per the Order of the Hon’ble Board for Industrial and Financial Reconstruction (BIFR) dated May 4, 2007 in the matter of Doctors Organic Chemicals Limited.

5. Delegation of authority to the Day to Day Affairs committee for issuance and allotment of Equity Shares to the Equity Shareholders of Doctors Organic Chemicals Limited (DOCL) as per the Order of the Hon’ble Board for Industrial and Financial Reconstruction (BIFR) dated May 4, 2007 in the matter of Doctors Organic Chemicals Limited.