Pall Of Gloom

Service Providers

Bharti Tele-Ventures

08-05-2006: Bharti Tele-Ventures has informed the exchange that
pursuant to the terms and conditions of the offering circular dated May 12, 2004
the committee of directors of the board of the company in its meeting held on
May 08, 2006, has issued 392,314 equity shares of the company upon conversion of
$2.10 mn FCCBs as per the following schedule: 1) UBS AG London has been allotted
298,906 shares (2) Merrill Lynch Capital Markets Espana S.A.SV has been allotted
93,408 shares. With the allotment of the above shares, the equity base of the
company shall increase from the present level of 1,894,419,574 (No) to
1,894,8121,888 (No) Equity shares of Rs 10 each.

28-04-2006: Bharti Tele-Ventures has informed the Exchange that (1) The name
of the Company has been changed from Bharti Tele-Venture to Bharti Airtel. (2)
Vijaya Sampath has been appointed as the company secretary and the compliance
officer with effect from April 27, 2006. (3) The following changes effected in
the composition of the board in the nominee category wef April 27, 2006: (a)
William Thomas Morrow has resigned from the directorship of the company, (b)
Paul Donovan has been appointed as an additional director.

Mahanagar Telephone Nigam

10-05-2006: Mahanagar Telephone Nigam has been awarded license for
National Long Distance Service (NLD) and an agreement to this effect has been
signed between Department of Telecom and MTNL on May 10, 2006.

02-05-2006: Mahanagar Telephone Nigam has informed that AC Padhi has ceased
to be the government director wef. April 25, 2006 and has been replaced by Annie
Moraes wef. April 25, 2006.

18-04-2006: Mahanagar Telephone Nigam has informed that in an effort to
right-size the organization, it has embarked on operating VRS for its employees.
Having been encouraged by the response on the previous occasions, MTNL in its
third round of VRS opened for non-executives (Group C&D employees), around
1,300 employees have already sought voluntary retirement. These employees, whose
cases are approved by the management, will be relieved from the rolls of the
Company wef June 01, 2006.

Reliance Communication Ventures

10-05-2006: Reliance Communication Ventures has informed that by an
order made on April 28, 2006, in the Reliance Communication Ventures Limited
Application, the Hon'ble High Court of Judicature at Bombay directed that a
meeting of the Equity Shareholders of the Applicant Company be convened and held
on June 03, 2006, for the purpose of considering and, if thought fit, approving
with or without modification(s), the scheme of Amalgamation and Arrangement
between Reliance Infocom Limited and Reliance Communications Infrastructure
Limited and Reliance Communications Solutions Private Limited and Reliance
Software Solutions Private Limited and Reliance Communications Technologies
Limited and Ambani Enterprises Private Limited and Reliance Business Management
Private Limited and Formax Commercial Private Limited and Panther Consultants
Private Limited with Reliance Communication Ventures Limited, the Applicant
Company and their respective shareholder and creditors (''the Scheme'').

05-05-2006: Reliance Communication Ventures Limited has informed the Exchange
that the board of directors of the company has on May 05, 2006 approved a
proposal to sponsor a secondary market offering of Global/American Depository
Receipts (GDR/ADRs), to enable Shareholders of the Company to offer their
existing shareholdings to financial/strategic international Investor(s) and/or
through a targeted offering to retail/institutional investors in Japan, at a
premium to the market price, for an amount upto $1 bn (approx Rs 4,500 crore),
in one or more branches, as may be appropriate.

02-05-2006: Reliance Communication Ventures Limited has informed the Exchange
regarding the Consolidated Financial Results, for the year ended March 31, 2006
on the basis of the proposed scheme of reorganization, considering the same is
already in force and had been in force throughout the year April 01, 2005 to
March 31, 2006.

02-05-2006: Reliance Communication Ventures Limited has informed the Exchange
that the board of directors in its meeting held on April 30, 2006 has approved
the following: (1) The board of directors of the company has appointed Shri
Deepak Shourie as independent director of the company. Shri Deepak Shourie has
more than 37 years' exposure with an emphasis on media, consumer goods, and
corporate affairs. He is presently holding the position of EVP and managing
director of Discovery Communication india. (2) The board of directors also
approved the reclassification of Authorized Share Capital by reclassifying 100
crore unclassified shares of Rs 5 each into equity shares of Rs 5 each. The
Authorized Share Capital of the Company now is Rs 1500 crore consisting of 300
crore equity shares of Rs 5 each.

Videsh Sanchar Nigam

08-05-2006: Videsh Sanchar Nigam has informed the exchange that on
May 8, 2006 they have signed a Share Purchase Agreement (SPA) to acquire Direct
Internet Limited (DIL) and its wholly-owned subsidiary, Primus
Telecommunications India Limited (PTIL) for an enterprise valuation of Rs 75
crore (about $16.7 mn). PTIL provides fixed broadband wireless Internet services
to Small and Medium Enterprises (SME) in several cities in India. Completion of
the transaction is subject to a number of conditions and is expected to be over
in the next few weeks.

Equipment Vendors

Aksh Optifibre

02-05-2006: Aksh Optifibre has informed the board of directors at
their meeting held on May 01, 2006 that they have decided to acquire all the
undertakings of Aksh Broadband by amalgamating Aksh Broadband into Aksh
Optifibre with effect from April 1, 2006, subject to approval of the Hon'ble
High Court of Delhi, at New Delhi, and the Hon'ble High Court of Rajasthan at
Jaipur. The Board of Directors of the company have adopted a fair exchange ratio
of 2:7 ie, for every two equity shares of Aksh Broadband held by the
shareholders they shall be allotted 7 equity shares of Aksh Optifibre.

21-04-2006: Aksh Optifibre Limited informed the board of directors at their
meeting held on April 20, 2006, that it has considered the in-principle proposal
of amalgamation of Aksh Broadband, an Associate Company with Aksh Optifibre. The
board has requested Dr Kailash S Choudhari, the managing director of the company
to prepare a detailed scheme of amalgamation along with a valuation report.

20-04-2006: Aksh Optifibre Limited has informed that a dividend of Rs 1.75
per share ie, 35% of the face value is being proposed by the board of directors
of the company for the year subject to approval of the shareholders.

Astra Microwave Products

21-04-2006: Astra Microwave Products has informed that the board of
directors at its meeting held on April 21, 2006, have recommended for members
approval payment of equity dividend @ Rs 1 per share (Face Value Rs 2)

Avaya Global Connect

12-05-2006: Avaya Global Connect has informed that the board of
directors at the meeting held on May 11, 2006 have approved the following:
change of financial year of the company: Subject to the requisite
approvals/consents, the board has decided to change the financial year of the
company from April-March to October-September and has thus decided that the FY
2006-07 of the company be for a period of 18 months from April 1, 2006-September
30, 2007.

12-05-2006: Avaya Global Connect has informed that the board has recommended
payment of dividend of Rs 4.50 per share (45%) on equity shares of Rs 10 each
for the year ended March 31, 2006, subject to the sanction of the shareholders
in the ensuing AGM.

Birla Ericsson Optical

26-04-2006: Birla Ericsson Optical has informed that normal
production activities at the company's plant have been affected to some extent
by disruptive action and illegal strike by a section of the workers. The company
has already initiated appropriate legal proceedings against the erring workers
without loss of time.

Finolex Cables

02-05-2006: Finolex Cables has recommended dividend @ 60% (Rs 6 per
equity share) for the financial year ended March 31, 2006.

GTL

28-04-2006: GTL has informed the exchange that the board of directors
of the company at its meeting held on April 28, 2006 has considered and approved
the change of the accounting year from March 31, 2006 to June 30, 2006 in view
of the current restructuring process.

Himachal Futuristic Communication

17-05-2006: Himachal Futuristic Communication has informed that
Goldman Sachs Investments, Mauritius (GSIMI) has sold 7,693,000 shares
aggregating to 2.19% of the total share capital of Himachal Futuristic
Communication during the period from May 06, 2006 to May 10, 2006. The mode of
sale is through market disposal of shares and the shareholding of GSIMI after
the said sale is 11,194,500 shares aggregating to 3.20% of the share capital of
Himachal Futuristic Communication.

Himachal Futuristic Communication has appointed VR Jain, vice president
(finance) & company secretary as the compliance officer.

ITI

10-05-2006: ITI has appointed Mathew George as director (finance),
ITI with effect from May 08, 2006.

MRO-Tek

03-05-2006: Mro-Tek has informed that in addition to interim dividend
of 25% (Rs 1.25 per share) disbursed in February 2006, the board, at its meeting
held on May 03, 2006 has now recommended a final dividend of 20% (Rs 1 per
share) on paid-up equity, for approval of the members at their AGM to be held on
June 28, 2006; the total dividend for the year thereby, totaling 45% (Rs 2.25
per share).

03-05-2006: Mro-Tek has informed the exchange of the following: on-going
development in mobile telephony, railway network, banks and financial
institutions would drive the market, in future, for the company's products;
products recently released out of in-house R&D section are delivering
satisfactory results; at the behest of discerning prospective customers, certain
units have been sent for evaluation to a few overseas countries. With the above,
the guidance for future would be 15-20% y-o-y growth.

Sasken Communication Technologies

08-05-2006: Sasken Communication Technologies has informed that the
board of directors of the company has, by a resolution dated May 05, 2006,
decided to place before the shareholders, at the Annual General Meeting to be
held on June 17, 2006, a proposal to issue/offer of equity shares, debentures,
bonds whether non convertible or partly/ optionally/fully convertible and/or
securities linked to equity shares including but not limited to depository
receipts/Foreign Currency Convertible Bonds (FCCB), etc, in the course of
domestic/international offerings in the aggregate amount not exceeding $50 mn or
its Indian rupee equivalent. The issue proceeds will enable the company inter
alia finance acquisitions, other strategic initiatives and/or other general
corporate purposes.

Shyam Telecom

16-05-2006: Shyam Telecom has informed that a company's subsidiary
ie Shyam Telecom, UKhas been
awarded wireless telegraphy license for the 1,781.7-1,785 MHz paired with
1,876.7-1,880 MHz band by OFCOM for operating GSM services in UK. License
enables the licensee to provide coverage in office buildings and campuses so as
to provide seamless coverage. The license is for the initial term of 10 years
and extendable at the discretion of OFCOM.

15-05-2006: Shyam Telecom has informed that the company has received orders
from the Hon'ble High Court of Rajasthan approving the scheme of arrangement
filed earlier by the company without any modification. The main highlights of
the scheme are: a) Shyam Telecom Manufacturing, a wholly owned subsidiary of the
company involved in manufacturing of telecom/transmission equipments amalgamates
with Shyam Telecom (the amalgamated company) b) Transfer of liabilities of the
amalgamated company to the tune of Rs 200 crore and in lieu their of, transfer
of investments in equity shares of Shyam Telelink to Shyam Basic Infrastructure
Projects c) Distribution of residual investment of amalgamated company in equity
share of Shyam Telelink to the shareholders of the company, in terms of the
scheme approved by the Hon'ble High Court d) Reduction of share capital and
reserves of the company and reorganization of Shyam Telecom (amalgamated
company) e) Listing of Shyam Telelink.

Sterlite Optical Technologies

28-04-2006: Sterlite Optical Technologies has informed the Exchange
that the board of directors in its meeting held on April 28, 2006 has
recommended a dividend at the rate of 10 percent for the year subject to the
approval of the shareholders.

Pravin Prashant

pravinp@cybermedia.co.in