Paramount Communications: Outcome of Board Meeting

This is to inform you that a meeting of the Board of Directors of the Company was held today, and the directors of the Company, have, inter alia, approved the following:

i) Date and venue for holding the 23rd Annual General Meeting of the Company,

ii) Appointment of P. Bholusaria & Co., Chartered Accountants (Firm registration No.:000468N) as Statutory Auditors of the Company for a period of 5 years, from the conclusion of 23rd Annual General meeting to be held in the year 2017, till the conclusion of 28th Annual General Meeting of the Company to be held in the year 2022 (subject to ratification of their appointment at every Annual General Meeting), in place of Jagdish Chand & Co., Chartered Accountants (Firm Registration No.: 000129N), who will vacate their office at the conclusion of the 23rd Annual General Meeting of the company.

This is for your information and records please.