Outcome of Board Meeting

November 25, 2016

London Stock Exchange,

London

Dear Sirs/Madam,

Sub: Outcome of Board Meeting

This is to inform you that the Board of Directors of the Company at its meeting held today, decided to convene an Extraordinary General Meeting (EGM) pursuant to the Special Notice & Requisition dated November 10, 2016 received from Tata Sons Limited, promoter and principal shareholder of the Company, holding 29.75% of the paid-up Ordinary share capital of the Company, to consider and if thought fit, to pass the following resolutions:

1) Removal of Mr. C. P. Mistry as Director of the Company

2) Removal of Mr. Nusli N. Wadia as Director of the Company

The EGM will be held on Wednesday, December 21, 2016 at 3.00 p.m. (IST) at the Birla Matushri Sabhagar, 19, Sir Vithaldas Thackersey Marg, Mumbai - 400 020.

The disclosure is being made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 (the "Regulations").

This is for your information and records.