GV Films - Outcome of Board Meeting

GV Films Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 24, 2009, inter alia, has decided the followings:

1. M/s. R. Ravindran & Associates have been appointed as Statutory Auditors of the Company to fill the casual vacancy caused due to the death of the Auditor of the Company Mr. G. Parthasarathy. The appointment is effective from October 18, 2009 and M/s. R. Ravindran & Associates hold office till the conclusion of the next Annual general meeting. As a consequential effect M/s. R. Ravindran & Associates cease to be the current Internal Auditor of the Company.

2. The Board, as per the Terms and conditions of the issue of the Bonds exercised the Mandatory conversion right and converted 900 Zero Coupon Unsecured Convertible Foreign Currency Bonds of Euro 10000 each due 2012 (34% paid up) issued as per the offering circular dated October 23, 2006 in to equity shares of the Company. As a result of the said conversion, 1,64,92,833 equity shares of Rs. 10 each at a price of Rs. 10.80 are allotted to the Peter Beck & Partner Vermogensverwaltung, Gmbh Alleenstrasse 126, (Postfach: 1105), D-73230 Kirchheim / Teck (D73219), Germany] who is the Bond holder and the Bonds stand extinguished.