The Scheme of Amalgamation of Saregama Films Limited, a wholly owned subsidiary, with the Company with effect from 31st March, 2007, has been approved by the Hon'ble High Court at Calcutta by its Order dated 28th November, 2007 and a certified copy of the said Order has been filed with the Registrar of Companies, West Bengal on 7th December, 2007.

The previous period's figures are not comparable as the figures for the quarter ended 30th June, 2007 (Unaudited) published earlier did not reflect the financial results of the amalgamated company since the Scheme of Amalgamation with effect from 31st March, 2007 was approved by the Hon'ble High Court at Calcutta by its Order dated 28th November, 2007.

Out of the 53,38,628 equity shares of Rs. 10/- each for cash at a premium of Rs.35/- (issue price - Rs.45/-) pursuant to the Rights Issue in 2005, allotment of 5490 equity shares (relating to cases under litigation / pending clearance from concerned authorities) are kept in abeyance till 30th June, 2008.

The Company has adopted the Intrinsic Value method in keeping with the applicable regulatory pronouncements for accounting the stock options granted by the Company during the financial year 2006-07, which had no impact on the financial results of the Company. Had the fair value method been used in keeping with the said pronouncements, net results and earnings per share (basic and diluted) for the quarter would have been lower by Rs.5.01 lacs and Re. 0.03 respectively.

An amount of Rs. 458 lacs has been paid during the twelve months ended 31st March, 2008 by the Company to its employees who retired under the Company's Voluntary Retirement Scheme-2007.This amount is being charged off over the remaining period of service of the related employees or three years whichever is lower and accordingly an amount of Rs 181 lacs and Rs.38 lacs has been charged off (included under exceptional items) during the year ended 31st March, 2008 and three months period ended 30th June, 2008 respectively.

The Company has entered into a Joint Venture Agreement with a body corporate, forming a new company for the purpose of setting up of a facility for manufacture of replicated (pre recorded) optical media in India. During the quarter ended 30th June, 2008, the Company has invested Rs. 41.97 Lacs (419684 Equity shares of Rs. 10/- each at par). Till date the Company has invested in aggregate Rs. 145.97 lacs (1459684 Equity shares of Rs. 10/- each at par) representing 26% of the paid-up Equity share capital of the Joint Venture Company.

The Company has acquired 10,000 equity shares of Rs. 10/- each in RPG Publications Pvt. Ltd. for a consideration of Rs. 1 lac on 15th May, 2008 whereby the said Company has become a wholly-owned subsidiary of the Company.

The number of investor complaints received, disposed off and lying unresolved at the quarter ended 30th June, 2008 are as under:

 Pending at the beginning of the quarter - 0

 Received during the quarter - 3

 Disposed off during the quarter - 3

 Lying unresolved at the end of quarter - 0

 Previous periods figures have been regrouped/rearranged where considered necessary.

 The above results were reviewed by the Audit Committee and subsequently taken on record by the  Committee of Directors at its meeting held on 31st July, 2008.