Saarc Net - Corrigendum to Open Offer

Ashika Capital Ltd ("Manager to the Offer") on behalf of Mr. Govind Sharda alias Govind Lal Sarda ("Acquirer") and Mr. Ashish Agarwal (Person Acting in Concert/"PAC") has issued this Corrigendum to the Public Announcement to the equity shareholders of Saarc Net Ltd ("Target Company"), which is in continuation of and should be read in conjunction with the Original Public Announcement ("PA") dated September 30, 2006, pursuant to and in compliance with Regulation 10 & 12 of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and Subsequent amendments thereto ("Regulations"). The Shareholders of the Target Company are requested to kindly note the following:

1. Option in terms of the Regulation 21:

In the event pursuant to this Offer, the Public Shareholding in the Target Company falls below 25% of its outstanding equity share capital, the Acquirer and PAC will, in accordance with Regulation 21(2) of the SEBI (SAST) Regulations, 1997, facilitate the Target Company to raise the level of Public Shareholding to the level specified for continuous Listing in the Listing Agreement with the stock exchanges within the specified time and in accordance with the prescribed procedure under amended clause 40A(viii) of the Listing Agreement and in compliance with SEBI (SAST) Regulations 1997.

2. Revised schedule of Activities:

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Activity				Original Schedule		Revised Schedule
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Specified Date			October 06, 2006		October 06, 2006
Date of Opening of the Offer	November 22, 2006		November 30, 2006
Date of Closing of the Offer	December 11, 2006		December 19, 2006
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All other terms and conditions of the Offer remain unchanged.

Source : Equity Bulls

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