29th September 2006

In view of M/s Helios & Matheson claim before the arbitration tribunal which appeared in the press, all the stakeholders are informed that:

• We have filed an elaborate counter claim before the Arbitral Tribunal consisting of the Sole Arbitrator Mr. Justice K.Venkataswami, Retired Judge of the Supreme Court, bringing the element of the alleged fraud in respect of consideration of 62 Crores which M/s. Helios and Matheson Information Technology Limited claims has been paid. The highlight of the element of the alleged fraud and the involvement of State Bank of Mauritius, which appears to have acted at the behest of M/s. Helios and Matheson Information Technology Limited.

• The deal was not completed in the stipulated time of 120 days as per Sales Purchase Agreement dated 11 May 2005.

• Vmoksha has claimed compensation of Rs. 50 Crores, as M/S Helios and Matheson had not fulfilled its obligation.

• Vmoksha has also claimed compensation of Rs. 200 Crores towards loss, hardship and mental agony suffered on account of acts of omission and commission by M/s. Helios and Matheson Information Technology Limited.

----- Original Message -----
From: IFS
To: Rajeev Sawhney
Cc: Pawan Kumar ; Venkateshd@Vmoksha.com ; Srikrishna ; puneet.kinra@in.pwc.com ; arunkumar.bs@in.com ; S.Ishwar@uk.akzonobe.com ; suresh.talwar@crawfordbayley.com ; n.v.sivakumar@in.pwc.com ; balakrishnan@crawfordbayley.com

Sent: Wednesday, July 06, 2005 10:54 AM

Subject: Vmoksha Technologies Ltd (the "Company")

Dear Mr Sawhney

As requested, please find attached the advice slip received from State Bank of Mauritius Ltd for the funds transfer to Helios & Matheson Information. As mentioned we are completely unaware how this transaction went through and when did the Company opened a bank account with State Bank of Mauritius Ltd, without a Board resolution.

We are actually in process of quering same with State Bank and upon receipt of a clarification, we shall advise you accordingly.

Best regards
Akshar Maherally / Prema Joysuree
For International Financial Services Limited
Secretary & Administrator
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International Financial Services Limited
3rd Floor, Les Cascades, Edith Cavell Street, Port Louis, Mauritius
Telephone: (230) 211 2000 Facsimile: (230) 211 1000
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