CRISIL Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 27, 2007, has transacted the following: 1. After due evaluation and assessment of the merits of restructuring the Indian operations, and with a view to streamline the operations, approved the proposal for merger of CRISIL Research and Information Services Ltd, CRISIL Properties Ltd and Global Data Services of India Ltd, all wholly owned subsidiaries of the Company with the Company. The Board also approved the scheme incorporating the proposed arrangement for merger of the subsidiaries with effect from April 01, 2007 subject to the requisite approvals. No shares will be issued pursuant to the scheme since the entire share capital of the all three subsidiary Companies is held by the Company. 2. Approved the transfer Advisory Business of the Company to CRISIL Market Wire Ltd (a wholly owned subsidiary of the Company) with effect from April 01, 2007, subject to the shareholders approval through postal ballot. The Company's Advisory Business Division is a leading provider of advisory services in the areas of infrastructure, investment, and risk management in India and abroad. The transfer of the Advisory business into a separate legal entity will be to achieve best practice in firewalling the Ratings and Research activity from the Advisory business. The proposed transfer would be at a consideration, which will be not lower than the net book value of the Business on the date of transfer. With reference to the earlier announcement dated February 27, 2007 regarding the Board of Directors of Company at its meeting held on February 27, 2007, had approved merger of CRISIL Research and Information Services Ltd, CRISIL Properties Ltd and Global Data Services of India Ltd, all wholly owned subsidiaries of the Company with the Company ('Scheme of Amalgamation'), CRISIL Ltd has informed BSE that on March 22, 2007, the Board of Directors of the Company has approved the proposal for merger of Irevna Research Services Ltd ('Irevna'), a wholly owned subsidiary of the Company with the Company. The Board has also approved the merger of Irevna to form part of the above Scheme of Amalgamation approved by the Board as on February 27, 2007. The Board also approved the scheme incorporating the proposed arrangement for merger of the subsidiaries with effect from April 01, 2007 subject to the requisite approvals. No shares will be issued pursuant to the scheme since the entire share capital of the subsidiaries is held by the Company. (As Per BSE Announcement Website Dated on 22/03/2007) CRISIL Ltd has informed BSE that the Hon'ble High Courts of Bombay and Madras have approved the merger of CRISIL Research and Information Services Ltd, CRISIL Properties Ltd, Global Data Services of India Ltd and Irevna Research Services Ltd (all wholly owned subsidiary Companies of the Company) with the Company. In compliance with the provisions of the Companies Act, 1956, the copies of order passed by the Bombay High Court has been submitted to the Registrar of Companies, Maharashtra on August 24, 2007. In view of the above, the merger of the above named wholly owned subsidiary Companies of the Company with the Company become effective from August 24, 2007. (As Per BSE Announcement Website Dated on 24/08/2007)