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GENERAL MANAGER

MARKET REGULATION DEPARTMENT

MRD/POLICY/CIR-33/2004

September 30, 2004

Managing Directors/Executive Directors/ Administrators

Of all Stock Exchanges

Dear Sirs,

Sub: Restructuring of the Subsidiary Management.

This has reference to our circular SMD/Policy/Cir-4/2003 dated February 11, 2003 on the captioned subject.

Based on the queries/ suggestion received as regards clause (f) under “Reconstitution of Governing Board” of the above referred circular, it is hereby clarified that the Public Representative on the Boards of Subsidiary Companies will continue till the time new Public Representatives are appointed in their place.

Yours faithfully,

D RAVI KUMAR

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