25th October 2006

We Vmoksha Technologies shareholders and local directors confirm that we did not open any account with the State Bank of Mauritius - Mauritius and no Board Meeting was ever held by us on 28th June 2005.

The alleged “Fraudulent Account “ Opened and loan granted for an amount of US$ 13.5 Million (Approximately Rs. 62 Crores) by State Bank of Mauritius – Mumbai/Mauritius is also without shareholders and local directors knowledge as confirmed above by the then our Company Secretary and Administrator M/S International Financial Services Mauritius. A legal action is contemplated against the State Bank of Mauritius and others. We are also contemplating for a request for inspection of documents held with the State Bank of Mauritius as the loan applied for was with the alleged forged resolution document reading inter alia as under:

It was resolved that:

(a) the company avails itself from State Bank of Mauritius Ltd. of Port Louis, a short term Loan of USD 13.5 m against:

• Personal Guarantee of Mr. V. Ramachandiran (chairman) and Mr. GK Muralisrishna, MD of Helios and Matheson Information Technology Ltd.
• Lien letter for pledge of proceeds by Helios and Matheson Information Technology Ltd.

The account was opened :

Without – Any – Account Opening Form Duly Signed by all directors and
authorized Signatories

Without – Any - Signature Card – Duly Signed by all Directors and Authorised
Signatories

Without – Any - Duly Signed and certified Memorandum and Articles of
Association

Without – Any – Board Approval

Without – Any - Board Resolution Duly Signed by all directors/Company
Secretary

Without– Any- Knowledge of the Company Secretary / Administrator of the
Company

Without – Any – Passport copies and Photographs – Duly signed and certified by /and of all the directors / authorized signatory

Without – Any – Knowledge about our company / Vmoksha’s Financials ie:-
Last three years Balance Sheets duly signed and certified by all
the Directors /Authorised Signatory.

Without – Any – Address Proof of the Company and its Directors and
Authorised Signatory.

Without – Any- Copy of Incorporation and commencement Certificate- Duly
signed and certified by all directories / Authorised Signatories.

Without - Any - Introduction from our existing banker of Vmoksha which is HSBC Mauritius

Without - Any - Initial / Minimum Deposit

Without - Any - Signature Verification of all the Authorised Signatories from Vmoksha's existing bankers HSBC Mauritius.

NO "KNOW YOUR CUSTOMER" as well as NO "DUE DILIGENCE" norms were followed.