Cubex Tubings’ board of directors, at its meeting held on 7 October 2005, inter alia, has passed the following proposals:

1. Issue of share warrants convertible into equity shares to employees, not exceeding 10% of the paid up capital of the company, under Employees Stock Option Scheme (ESOS).

2. Convening of the 26th Annual General Meeting (AGM) of the company, instead of the earlier decided date of 25 October 2005, in order to hold the same on 12 November 2005.

3. Approval of the draft notice for convening the 26th Annual General Meeting.

Further, the company has informed that the above decisions have been arrived at after reviewing the earlier resolutions passed in the board meeting dated 15 September 2005 and the decisions regarding equity to promoters, others and through GDRs/FCCB sstand cancelled for the time being.