DIL Limited

(Formerly known as Duphar- Interfran Ltd.) Regd. Office: F/5, Shivsagar Estate, Dr. A.B.Road, Worli, Mumbai - 400 018 Administrative Office: dil Complex, S.V. Road, Majiwada, Thane (W) 400 607.

PUBLIC ANNOUNCEMENT

For the attention of the shareholders/beneficial owners of the equity shares of DIL Limited

This Public Announcement is made pursuant to the provisions of Regulation 8(1) read with Regulation 15(c) of the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998, as amended and contains disclosures as specified in Schedule II to these Regulations.
Offer for Buy Back of Equity Shares from Open Market through Stock Exchange(s). 1. THE OFFER & BUY BACK PRICE : 1.1 DIL Limited (DIL or the Company) hereby announces the Buy Back of its fully paid-up equity shares of face value Rs. 10 each (Equity Shares) from the existing shareholders / beneficial owners of the equity shares of DIL (Buy Back) through the open market using the nationwide electronic trading facilities of the Stock Exchange, Mumbai (BSE) pursuant to Article 7A of the Articles of Association of the Company and in accordance with Sections 77A, 77AA and 77B of the Companies Act, 1956 (the Companies Act) and the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998 (the Buy Back Regulations) at a price not exceeding Rs. 250 per equity share (Maximum Offer Price) payable in cash, for an aggregate amount not exceeding Rs. 592.36 lacs (Offer Size) which represents 10% of the Companys total paid up equity capital and free reserves as on March 31, 2004 (the date of the last audited accounts). 1.2 The number of equity shares bought back would depend upon the average price paid for the equity shares bought back and the aggregate consideration paid for such equity shares bought back, subject to the maximum limit of 10% of the total paid up equity capital and free reserves of the Company, in accordance with the resolution passed by the Board of Directors of the Company (hereinafter referred to as the Board), at its meeting held on March 17, 2005 .This is subject to a further limit of 25% of the total paid-up equity capital of the Company in a financial year as stipulated in the Companies Act. Hence, there is no fixed minimum or maximum number of equity shares that the Company proposes to Buy Back. As an illustration, at the proposed maximum offer price of Rs.250 per equity share and for an aggregate consideration amount of Rs. 592.36 lacs, the maximum number of equity shares that can be bought back would be 2,36,946 equity shares, amounting to approximately 9.38 % of the total paid up equity capital of the Company as on March 17, 2005. Should the average purchase price be lower than Maximum Offer Price, the number of equity shares that can be bought back would be greater, assuming the payment of an aggregate consideration amount of Rs. 592.36 lacs. 1.3 The Buy Back will be implemented by the Company by way of open market purchases through the BSE using their nationwide electronic trading facilities. The Company shall not Buy Back its equity shares from any person through negotiated deals, whether on or off the Stock Exchange(s) or through spot transactions or through any private arrangement in the implementation of the Buy Back. 1.4 The maximum amount required by the Company for the said Buy Back aggregating to Rs. 592.36 lacs will be met out of the free reserves and / or the securities / share premium account of the Company. 2. AUTHORITY FOR THE OFFER OF BUY BACK: The Board of Directors of the Company at its meeting held on March 17, 2005, approved the proposal for Buy Back of the Companys fully paid up equity shares of Rs 10/- each in accordance with the provisions contained in Article 7A of the Articles of Association of the Company and Sections 77A, 77AA, 77B and all other applicable provisions, if any, of the Companies Act and the provisions contained in the Buy Back Regulations. 3. BRIEF INFORMATION ABOUT THE COMPANY: 3.1 DIL Limited was established in 1951 by Late Dr. D. V. K. Raju in the name of International Franchises Private Limited. After incorporation, the Company was mainly engaged in the business of Toll manufacturing for the pharmaceutical and cosmetics industries. In 1963, the Company established a Joint Venture with Philips Duphar & Crookes Laboratories for the manufacture and marketing of pharmaceutical products in India. The name of the Company was then changed to Crookes Interfran Limited and then in 1971 the name was changed to Duphar Interfran Ltd.. In the year 1976, the Companys equity shares were listed on the Stock Exchange of Bombay (BSE). In 2000, the company demerged its Pharmaceutical Business into a new company called Duphar Pharma India Ltd. (currently known as Solvay Pharma India Ltd.) who issued to the shareholders of Duphar Interfran Ltd., 2 equity shares of Duphar Pharma India Ltd. for every 1 share held in Duphar Interfran Ltd. by the shareholders at that time, while retaining their original share in Duphar Interfran Ltd. The name of the company was then changed to DIL Limited. Currently, DIL is engaged in the business of Research Support Services through its subsidiary Research Support International Ltd. (RSIL), manufacture and marketing of enzymes and chemicals through its subsidiary Fermenta Biotech Ltd. (FBL), entertainment through its subsidiary White Stripes Entertainment Ltd. (WSEL) and manufacture and marketing of levitation technology and wheel chairs through its Joint Venture company, being set up in the Czech Republic. 3.2 The brief audited financial information of the Company for the last three financial years and unaudited financial information of the Company for the nine months ended December 31, 2004 is given below: Rs. in lakhs
Particulars As on 31/3/2002 (Audited) As on 31/3/2003 (Audited) As on 31/3/2004 (Audited) 9 Months ended 31/12/2004 (Unaudited)

5.

The Company proposes to implement the Buyback by way of open market purchases through the Stock Exchange, Mumbai (BSE) using their electronic trading facilities. The Company shall not Buyback its equity shares from any person through negotiated deal whether on or off the Stock Exchanges or through spot transactions or through any private arrangement in the implementation of the Buyback. The amount required to be invested by the Company for the Buyback of the equity shares, subject to a maximum amount of Rs.592.367 lakhs, will be invested from the share premium account and / or other free reserves of the Company. The Company has adequate funds for this Buyback. The maximum price of Rs.250/- per share has been arrived at taking into consideration factors inter alia the market price of the equity shares of the Company and other financial parameters. The equity shares of the Company are listed on the Stock Exchange, Mumbai (BSE). The aggregate shareholding of the Promoters Group and other Persons Acting in Concert with them, as on the date of the Board Meeting (i.e. 17th March 2005) is 14,90,055 equity shares constituting 59.02% of the issued, subscribed and paid-up share capital of the Company. During the period of six months preceding the date of the Board Meeting at which the Buyback was approved, i.e. 17th March 2005, no shares were purchased / sold by the Promoters Group.

Preceding three years Period High Date of Volume (Rs.) High on date of high

Low (Rs.)

Date of Volume Yearly Low on date Average of low Price (Rs.)

Years Volume

6.

2002 2003 2004

164.00 8/Jul/02 282.00 16/Dec/03 254.00 6/Jan/04

1,245 4,914 2,670

105.00 110.50 110.50 142.65

Low (Rs.)

20/Aug/02 9/May/03 12/May/03 14/Jun/04

2,267 277 1,091 2,836

134.50 93,106 196.25 458,973 198.33 402,811

Months Trades Volume

7. 8. 9.

Preceding six months Period High Date of Volume (Rs.) High on date of high

Date of Volume Monthly Low on date Average of low Price (Rs.)

10. The Company shall not purchase equity shares under the Buyback from the Promoters or persons in control of the Company. 11. The Company confirms that there are no defaults subsisting in the repayment of deposits, redemption of debentures or preference shares or repayment of term loans to any financial institutions or banks. 12. The debt-equity ratio of the Company after the Buyback will be well within the limit of 2:1 as prescribed under the Act. 13. The Board confirms : (i) that it has made the necessary and fully enquiry into the affairs and prospects of the Company and has formed the opinion : (a) that immediately following the date of convening of the Board Meeting i.e. 17th March 2005, there will be no grounds on which the Company could be found unable to pay its debts; and (b) as regards its prospects for the year immediately following the date of the Board Meeting i.e. 17th March 2005, that having regard to its intentions with respect to the management of the Companys business during that year and to the amount and character of the financial resources which will, in the view of the Board, be available to the Company during that year, the Company will be able to meet its liabilities as and when they fall due and will not be rendered insolvent within a period of one year from the aforesaid date of the meeting; and (ii) that in forming its opinion for the above purposes, the Board has taken into account the liabilities as if the Company was being wound up under the provisions of the Companies Act, 1956 (including prospective and contingent liabilities). 14. The text of the Report dated 17th March, 2005 received from M/s. S. R. Batliboi & Associates, Chartered Accountants, the Statutory Auditors of the Company, addressed to the Board of Directors is reproduced below : In connection with the proposed Buyback of equity shares approved by the Board of Directors of DIL Limited (the Company) in terms of the resolution passed at the Board of Directors meeting held on March 17, 2005 and in terms of the requirements of Clause 24 of Chapter III of the Securities and Exchange Board of India (Buy back of Securities) Regulations, 1998, and based on the information and explanations provided to us, we report as follows : i) ii) We have enquired into the Companys state of affairs in relation to its audited accounts as at March 31, 2004. The amount of permissible capital payment towards Buyback of equity shares (including share premium), as determined below, is in accordance with first provision to Section 77A(2)(b) of the Companies Act, 1956 : Amount (Rs. in lakhs) 252.48 243.76 3,756.54 1,670.89 Total Maximum amount permitted for Buyback under section 77A(2)(b) of the Companies Act, 1956 (i.e., 10% of the total paid up capital and free reserves) 5,923.67 592.37

Balance as on March 31, 2004 Paid up Equity Share Capital (25,24,803 equity shares of Rs.10 each) Share Premium General Reserve Profit and Loss account

Gross Turnover Net Turnover Total Income Earnings before Interest, Depreciation and Tax Profit after Tax Equity Dividend Paid-up Equity Share Capital Reserves & Surplus Net Worth Key Ratios Earnings per Share (Rs.) Book Value per share (Rs.) Debt: Equity Ratio RONW (%) 4. NECESSITY FOR BUY BACK :

1,602.24 1,432.40 2,636.15 1,145.73 801.28 151.49 252.48 6,240.91 6,493.39 31.74 257.18 0.28 : 1 12.34%

1,474.97 1,362.13 1,892.63 421.05 221.00 151.49 252.48 6,291.01 6,543.49 8.75 259.17 0.007 : 1 3.38%

2,085.00 1,931.78 3,015.89 923.78 691.08 151.49 252.48 6,811.19 7,063.67 27.37 279.77 0:1 9.78%

1,526.55 1,450.22 1,890.37 351.58 184.13 252.48 6,995.32 7,247.80 7.29 287.06 0.13 : 1 2.54%

We are not aware of anything to indicate that the Board of Directors has formed their opinion on unreasonable grounds and also nothing has come to our notice to make us believe that the Company, having regard to its state of affairs, will be rendered insolvent within a period of one year from the date of such opinion. 15. The Buyback is expected to be completed within the statutory validity period of the resolution dated 17th March 2005 passed by the Board which at present is twelve months from the date of passing of the said resolution. 16. The Board of Directors of the Company accepts responsibility for the information contained in this notice. For and on behalf of Board of Directors of DIL Limited Place : Mumbai Date : 17th March, 2005 D. Vasant Kumar Chairman and Managing Director Satish Varma Executive Director

Considering the changes in the business model of the Company over the years, the Board of Directors of the Company, at its meeting held on March 17, 2005 considered and approved the 6. PRESENT CAPITAL STRUCTURE AND SHAREHOLDING PATTERN: proposal for a Buyback of Equity Shares to give an opportunity to the Shareholders to exit, if they 6.1 The Share Capital of the Company as on March 17, 2005 (being the date of Board meeting) is as so desire. The amount required to be invested by the Company for the Buyback of the equity follows: shares, subject to a maximum amount of Rs.592.36 lakhs, will be invested from the share premium Authorised : account and / or other free reserves of the Company. The Company has adequate funds for this Buyback of equity shares. 49,20,000 Equity shares of Rs.10 each 5. DISCLOSURES CONTAINED IN THE PUBLIC NOTICE ISSUED AFTER THE BOARD MEETING HELD ON MARCH 17, 2005 (Date of Publication 19th March, 2005) : 80,000 Unclassified shares of Rs.10 each Issued, Subscribed & Paid-up : Rs. 500 lacs

PUBLIC NOTICE CONTAINING DISCLOSURES AS SPECIFIED IN SCHEDULE I UNDER 25,24,803 Equity shares of Rs.10 each Rs. 252.48 lacs SECURITIES & EXCHANGE BOARD OF INDIA (BUY-BACK OF SECURITIES) REGULATIONS, 1998. Notes : Of the above, 13,70,000 Equity shares are allotted as fully paid-up bonus shares by capitalization This public notice is being issued by the Board of Directors of DIL Limited in compliance with the of general reserve of Rs.132 lacs and capitalization of share premium of Rs.5 lacs. Securities and Exchange Board of India (Buy-back of Securities) Regulations, 1998 (hereinafter 6.2 The present shareholding pattern of the Company at opening of business hours on March 18, 2005 is referred to as the Buy Back Regulations) and subsequent amendments thereto and the as shown below : Companies Act, 1956 as amended from time to time (hereinafter referred to as the Act). The contents of the explanatory statement discussed in the Board Meeting is as follows : Particulars No. of Equity % of existing No. of shares % of post 1. The first provision to Section 77A(2)(b) of the Companies Act, 1956 read with the Buyback Regulations, permits Buyback of equity shares of a Company up to 10% of the paid-up equity share capital and free reserves by means of a resolution passed by its Board of Directors.
Shares equity capital post buyback* buyback equity capital*

2.

Promoters 1490055 59.02 1490055 65.13 Financial Institutions 174 0.01 174 0.01 The Board of Directors of DIL Limited (hereinafter referred to as the Company) at its meeting held on 17th March 2005, approved the proposal for buyback of the Companys own fully paidPublic 1034574 40.97 797628 34.86 up equity shares of Rs.10/- each to the extent of or less than 10% of the paid-up equity capital Total 2524803 100 2287857 100 and free reserves of the Company, however not exceeding 25% of the paid-up share capital of * Assuming that 2,36,946 Equity Shares are bought back at the Maximum Offer Price of Rs. 250/- for the Company, at a price not exceeding Rs.250/- per equity share and the total amount of an aggregate amount of Rs. 592.36 lacs. The shareholding post buyback may differ depending upon consideration not exceeding Rs.592.367 lakhs (hereinafter referred to as the Buyback), from the actual number of equity shares being bought back under the Buyback. the open market in accordance with the provisions contained in Article 7A of the Articles of Association of the Company and Sections 77A, 77B and all other applicable provisions of the 6.3 There are no partly paid up shares or ou tstanding convertible instruments. Act and the provisions contained in the Buyback Regulations. 6.4 (a) The aggregate shareholding of the promoters, and of the directors of the promoters, and of the The number of equity shares bought back would depend upon the average price paid for the persons who are in the control of the Company and of persons who are acting in concert with equity shares bought back and the aggregate consideration paid for such equity shares bought them (hereinafter collectively referred to as the Promoters) at the opening of business hours as back. As an illustration, at the proposed maximum offer price of Rs.250/- per equity share and on March 18, 2005 is 14,90,055 equity shares constituting 59.02% of the paid-up share capital of for an aggregate consideration amount of Rs.592.367 lakhs, the maximum number of equity the Company. shares bought back would be 2,36,946 equity shares, amounting to approximately 9.39% of th (b) The aggregate number of equity shares purchased and sold by the Promoters during a period of the paid-up equity capital as on 17 March, 2005. Should the average purchase price be lower twelve months preceding the date of this Public Announcement is nil. than Rs.250/- per equity share, the number of equity shares bought back would be greater, assuming the payment of an aggregate consideration amount of Rs.592.367 lakhs. Hence, (c) With reference to (b) above, the maximum purchase price was Rs. nil on (date, month & year) there is no fixed minimum or maximum number of equity shares that the Company proposes to and minimum purchase price was Rs. nil on (date, month & year). The maximum sales price was buyback, subject to the maximum limit of 10% of the total paid-up share capital and reserves of Rs. nil on (date, month & year) and minimum sale price was Rs. nil on (date, month & year). the Company, in accordance with the resolution of the Board of Directors of the Company passed on 17th March, 2005. This is subject to a further limit of 25% of the total paid-up equity 7. SOURCES OF FUNDS: share capital in a financial year as per the Act. The amount required to be invested by the Company for the Buyback of the equity shares, subject to

3.

4.

a maximum amount of Rs.592.36 lakhs, will be invested from the share premium account and / or The issued and subscribed capital of the Company as at 17th March, 2005 is Rs.252.48 lakhs other free reserves of the Company. The Company has adequate funds for this Buyback of equity divided into 25,24,803 fully paid-up equity shares of Rs.10/- each. Free reserves as on 31st shares. March, 2004 amounted to Rs.5671.19 lakhs. The Company has duly filed appropriate returns with the Registrar of Companies, Maharashtra in respect of the entire issued and subscribed 8. LISTING DETAILS AND STOCK MARKET DATA: equity share capital. Considering the changes in the business model of the Company over the years, the Board of 8.1 The equity shares of the Company are listed on BSE Directors of the Company, at its meeting held on 17th March, 2005 considered and approved 8.2 The High, Low and Average market prices for the preceding three calendar years and monthly high, the proposal for a Buyback of Equity Shares to give an opportunity to the Shareholders to exit, low and average market prices for the six months preceding the date of this Public Announcement if they so desire. and their corresponding volumes on BSE are as follows:

175.00 25/Oct/04 345 187.45 16,234 586 175.00 29/Oct/04 1,977 Nov/04 195.00 19/Nov/04 2,772 171.05 1/Nov/04 3,112 183.03 38,454 1,203 Dec/04 232.00 27/Dec/04 13,636 177.20 6/Dec/04 1,675 204.60 75,480 2,736 177.20 7/Dec/04 880 Jan/05 236.45 20/Jan/05 446 190.00 25/Jan/05 430 213.23 42,224 1,491 Feb/05 205.00 10/Feb/05 709 184.00 25/Feb/05 1,045 194.50 19,812 703 Mar/05 229.90 17/Mar/05 8,910 165.00 2/Mar/05 1,140 197.45 79,550 2,120 (Source: BSE website www.bseindia.com) 8.3 The closing market price immediately after the date of the resolution of the Board of Directors approving the Buy Back, that is, March 18, 2005, was Rs.210.10 per equity share on BSE (Source: www.bseindia.com) 9. MANAGEMENT DISCUSSION AND ANALYSIS ON THE LIKELY IMPACT OF THE BUY BACK ON THE COMPANY: 9.1 The Buy Back is not likely to cause any material impact on the profitability of the Company, except of a reduction in the treasury income, which the Company could have otherwise earned on the funds deployed in liquid assets. 9.2 Pursuant to Regulation 15(b) of the Buy Back Regulations, the Promoters and persons in control are not entitled to offer Equity Shares held by them under the Buy Back. The holding of the Promoters and persons in control as a result of the Buy Back would be 65.13% of the total equity capital assuming that the entire amount of Rs. 592.36 lacs is utilised for the Buy Back at a price of Rs. 250 per Equity Share. The Buy Back of Equity Shares will not result in any change in control or otherwise affect the existing management structure. 9.3 Presently the company has marginal debt. The ratio of the debt owed by the Company will not be more than twice the capital and free reserves of the Company after the Buy Back. 10. STATUTORY APPROVALS: The Board of the Company has approved the Buy Back at its meeting held on March 17, 2005 as statutorily required by the Companies Act. No other statutory approvals are required to be obtained for the Buy Back. 11. PROPOSED TIMETABLE : Activity Date Board Meeting approving Buy Back March 17, 2005 Date of opening the Buy Back April 13, 2005 Acceptance of Equity Shares Within 15 days of the relevant payout days of the Stock Exchange(s) Extinguishment of equity shares Within 7 days of acceptance as above. Last Date for the Buy Back March 16, 2006 or when DIL has completed Buy Back to the extent of Rs. 592.36 lacs under the Buy Back or such other date as may be determined by DIL at anytime even if the maximum limit of Buy Back of shares has not been reached (by giving appropriate notice for such earlier date, if any), whichever is earlier. 12. PROCESS AND METHODOLOGY TO BE ADOPTED FOR BUY BACK: 12.1 The Buy Back is open to all equity shareholders of the Company both registered and unregistered holding shares either in physical and / or electronic form, except Promoters as indicated in this Public Announcement. 12.2 As per the Buy Back Regulations, a company intending to purchase its shares from the open market, shall do so only on the Stock Exchange(s) having nationwide trading terminals. Accordingly, the Buy Back will be implemented by the Company by way of open market purchases through BSE using their nationwide electronic trading terminals. 12.3 For the aforesaid Buy Back of equity shares, the Company has appointed the following registered broker (Brokers to the Offer) through whom the purchases and settlement on account of Buy Back would be made: Fortune Financial Services (I) Ltd. K K Chambers, 2nd floor, Sir P T Marg, Fort, Mumbai 400 001. Tel : +91 22 2207 7931. 12.4 The Buy Back of equity shares will be made only through the order matching mechanism except all or none order matching system. 12.5 The Company, may, from time to time commencing from April 13, 2005 place buy orders on the BSE to buy back Equity Shares through the Brokers to the Offer, in such quantity and at such prices, not exceeding Rs. 250 per Equity Share, as it may deem fit, depending upon the prevailing market price of the Equity Shares of the Company in the secondary market. The identity of the Company as a purchaser shall appear on the electronic screen when the order is placed by the Company. 12.6 The Equity Shares of the Company are traded in the compulsory demat mode under the trading code 506414 at BSE. Shareholders holding Equity Shares in physical form can sell their Equity Shares in the odd lot trading segment on BSE, if and when the Company places an order in that segment. 12.7 Beneficial owners, that is, persons who hold Equity Shares in electronic form and who desire to offer their Equity Shares under the Buy Back, would have to do so through their stock broker, who is a member of BSE, whenever, the Company has placed a buy order for Buy Back of Equity Shares, by indicating to their broker the number of Equity Shares they intend to sell at the price at which the Company has placed the order. The price at which the order matches the trade would be executed and that price would be the Buy Back price for that offeror. It may be noted that a uniform price would not be paid to all the offerors under the Buy Back and the same would depend on the price at which the trade with that offeror was executed. 12.8 The Company is under no obligation to place a buy order on a daily basis, nor is the Company under any obligation to place an order on both odd lots as well as normal trading segment of the Stock Exchange, as applicable. 12.9 Nothing contained herein shall confer any right to any shareholder to offer, or any obligation on the part of the Company or the Board to Buy Back, any Equity Shares, and/ or to impair any power of the Company or the Board or the Committee authorized by the Board to terminate any process in relation to such Buy Back, if so permissible by law. 13. METHOD OF SETTLEMENT: 13.1 The Company will pay the Buy Back consideration to the respective Brokers to the Offer on or before every pay-in date for each settlement, as applicable to BSE. 13.2 The beneficial owners, that is, persons who hold shares in electronic form would be required to transfer the number of shares sold, in favour of the broker through whom the trade was executed, by tendering the delivery instruction to their respective depository participant (DP) for debiting their beneficiary account maintained with the DP and crediting the same to the brokers pool account. Shareholders holding shares in physical form may present the share certificate(s) to their respective brokers through whom the trade was executed. 13.3 The Company has opened a depository account styled DIL Limited - Buyback of equity shares 2005. The shares bought back in electronic form would be transferred into the aforesaid account by the Brokers to the Offer, on receipt of the shares and after the completion of the clearing and settlement mechanism of BSE. 13.4 The Equity Shares lying in credit in the aforesaid depository account will be periodically extinguished within the stipulated days (which currently is within 7 days from the date of acceptance of the Equity Shares) in the manner specified in the Buy Back Regulations. In respect of Equity Shares bought back in the physical form, the Shares would be extinguished and the share certificates physically destroyed within the stipulated days (which currently is within 7 days from the date of acceptance) in the manner specified in the Buy Back Regulations. The details of the equity shares extinguished would be notified to all the stock exchanges on which the equity shares are listed and to the Securities and Exchange Board of India as per the provisions of the Buy Back Regulations. 14. COMPLIANCE OFFICER: Srikant N. Sharma, Company Secretary, DIL Limited, dil Complex. S.V. Road, Majiwada, Thane (West) 400 607, Maharashtra. Phone : (022) 5598 0888 Fax: (022) 5598 0999. E Mail: srikant.sharma@dil.net 15. INVESTOR SERVICE CENTRE : In case of any queries, the Shareholders/Beneficial owners may contact at the following address on any working day (except Saturdays, Sundays & Public Holidays) between 11 a.m. and 3 p.m.: Intime Spectrum Registry Limited, C-13, Pannalal Silk Mills Compound, LBS Marg, Bhandup (West) Mumbai 400 078. Contact Person: Ms. Ashwini Mondkar, Dy. Head Share Registry. Phone: (022) 5555 5454; Fax No.: (022) 5555 5353. E mail: dil@intimespectrum.com 16. MANAGER / ADVISOR TO THE BUY BACK : The Company has appointed Fortune Financial Services (I) Ltd. as Manager to the Buy Back. Fortune Financial Services (I) Ltd. K. K. Chambers, 2nd floor, Sir P. T. Marg, Fort, Mumbai 400 001. Phone : + 91 22 22077931 Fax : + 91 22 2207 1776. Email : mbd@fortunefinancialindia.com DIRECTORS RESPONSIBILITY The Board of Directors of the Company accepts responsibility for the information contained in this Public Announcement. For and on behalf of Board of Directors of DIL Limited sd/sd/Place : Mumbai D Vasant Kumar Satish Verma Date : April 4, 2005 Chairman & Managing Director Executive Director

Oct/04

199.90

4/Oct/04

1,489