GTL Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 22, 2009, inter alia, has considered the following:

1. The Board of Directors of the Company in its meeting held on January 15, 2009 recommended buyback of equity shares of the Company at a maximum price of Rs 260/- per share through open market route, subject to the approval of shareholders and lenders. With the improvement in the macro-economic conditions, the Sensex has moved up by about 40% in the last 3 months and the Companys shares price has been consistently trading above the maximum buyback price approved by the shareholders since May 07, 2009. In view of the above, the Company has decided not to act on the enabling approval received from the shareholders for buyback of equity shares. The Board has decided to consider utilization of the funds of the Company in the next Board Meeting as and when opportunities crystalise.

2. In order to achieve the corporate objective of common identity, the Board has decided to acquire Ada Cellworks Engineering Pvt. Ltd, a step down wholly owned subsidiary of the Company directly instead of its merger with the Company which was earlier announced in April 2009.