Sub-division of Equity

Sub-Division of Equity Shares of Rs. 10/- Each to Rs. 2/- Each

The Board of Directors of the Company proposed sub-division of Equity Shares from Rs.10/- each to Rs.2/- each and the members of the Company approved the Sub-division of Equity Shares at its meeting held on 29th December,2005 and record date to ascertain eligible members to receive sub-divided Equity shares was 16th January,2006. Shareholders who were holding shares as on aforesaid record in physical form are required to send their old shares of Rs.10/- each of GAEL at the registered office of the Company for Exchange.