The Hindu Business Line : Sakthi Auto-Bonomi Belgium Ventiel

Negotiations about a takeover of the company have indeed been going on and a certain down payment has been carried out, but the share transfer is not completed yet.

The company has not been officially taken over.

The share certificates and the share transfer register are still in Europe.

Besides there is not one single valid official document which declares a takeover of the company by SACL.

Bonomi Belgium Ventiel India is still an independent company and not a subsidiary of Sakthi Auto Components Limited.

Robert Van Keilegom,

General Director,

Belgium Ventiel NV,

Mechelen, Belgium

* * * * *

All legal formalities, as required by the Companies Act and the Articles of Association of the Company have been duly complied with in the matter of transfer of shares and reconstitution of the Board.

The share transfers have been recorded in the Register of Members.

The resignation is expressly recorded in the agreement between the parties, which is duly signed.

No claim is being agitated by Mr Robert Van Keilegom and other foreign shareholders/directors in any legal forum on the question of transfer of shares involved.

M. Manickam

CMD, Sakthi Auto Components Ltd

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Sakthi Auto-Bonomi Belgium Ventiel