Dhani Services Ltd - Update On ARC Business

The Board of Directors, in view of prevailing economic & business scenario and to enable Co. management to focus full time on new sunrise sector of healthcare & telemedicine, through Co's proprietary Dhani Technology platform, to cater to domestic, NRIs & other offshore customers, by providing end to end mobile application based technology solutions for Co's e-commerce business through 'Dhani' app, has authorised that the existing asset reconstruction business carried out by Co. through its subsidiary i.e. Indiabulls Asset Reconstruction Co. Ltd (IBARC) be transferred / sold either by way of sale and / or transfer of such business by IBARC and / or sale and transfer of Co's stake in IBARC to prospective buyer(s) at a consideration, which shall not be less than the fair value of equity shares of IBARC or fair value of its investment in SRs & consequently surrender of certificate of regn. of existing asset reconstruction business by IBARC. For complete details, pls refer attachment.