Nava Bharat Ventures - Allotment Committee Meeting On Mar 17, 2007

Nava Bharat Ventures Ltd has informed that a meeting of the Allotment Committee of the Company will be held on March 17, 2007, inter alia, for allotment of 9,12,000 equity shares on conversion of 9,12,000 warrants allotted to M/s. Malaxmi Dwellings Pvt Ltd.This is out of the 32,00,000 convertible warrants allotted to 3 companies (Promoters / Persons Acting in Concert with the Promoters) at Rs.95/- per warrant on preferential basis on June 09, 2006 with an option for conversion into equity shares within 18 months thereof i.e. on or before December 08, 2007.