Modern Dairies - Outcome of Board Meeting

Modern Dairies Ltd has informed BSE that the Company has received a Letter of Approval dated March 24, 2009 from the Corporate Debt Restructuring (CDR) Cell approving the restructuring of debt of the Company. The Board of Directors in its meeting held on March 30, 2009 have approved and accepted the comprehensive debt restructuring package of the Company approved by the CDR Cell which among other reliefs provides for the restructuring of existing loans and sanction of additional financial assistance by the Lenders. The Company shall now be executing the necessary documents with the lenders in this regard.