Vishal Retail - Outcome of Board Meeting

Vishal Retail Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 30, 2009, inter alia, has reviewed and approved the following:

1. The Board of Directors has given their consent for allotment of 39,10,000 warrants convertible into Equity shares to Mr. Ram Chandra Agarwal, Chairman & managing Director of the Company.

2. The Board of Directors has considered and approved to sign the debtor-creditor agreement under the scheme of corporate Debt Restructuring. The Board also noted to forward the proposal to CDR forum.