Crest Animation Studios Ltd has informed BSE that the members at the 16th Annual General Meeting (AGM) of the Company held on September 29, 2006, inter alia, have accorded to the following:

1. Adoption of Annual Report and Annual Accounts for the year ended March 31, 2006.

2. Re-appointment of Mr. Shyam Ramanna, Mr. Gurcharan Das & Mr. Divya Shah as a Directors of the Company.

3. Re-appointment of M/s. Deloitte Haskins & Sells, as Auditors of the Company.

4. Appointment of Mr. Vallabh Bhanshali as a Director of the Company.

5. Offer, issue and allotment on a preferential basis upto 33,85,518 equity shares of face of Rs 10/- each or other securities convertible into or exchangeable with equity shares to D E Shaw Composite Fund, L L C and / or D E Shaw Composite Holdings, L L C and / or or more of their wholly-owned affiliates, at a price of Rs 120/- per equity share.