Virtualsoft Systems Ltd has informed BSE regarding Outcome of Board Meeting held on June 09, 2012 has taken the following decisions: The Board approved the transfer of Undertaking of the company comprising of it's Telecom Business to it's subsidiary Roam1 Telecom Limited up to the value of assets of Rs. 5 Crore (referred to as sale consideration) for a value as per the valuation done by the Statutory Auditor of the Company and that such transfer shall be with effect from the close of the business hours of June 30, 2012 and that the consideration shall be received by way of allotment of such number of equity shares of Roam1 Telecom Limited of Rs. 10 each issued at Rs. 54 per share including a premium of Rs. 44 per share. This resolution is subject to the approval of shareholder by way of Special Resolution. Virtualsoft Systems Ltd has informed BSE that the Company's Board of Directors at their meeting held on February 14, 2013 and after consultation with the Statutory auditors to capitalize expenses pertaining to CRM product development for Roam 1 division of the Company. The Board of Directors has decided to transfer the assets of Roam 1 division under development to a subsidiary of the Company (formed in the current year). The justification for such capitalization and transfer has been that the Company needs and is able to raise resources for establishing its Telecom project in a subsidiary and the Investors in this business have insisted on formation of a subsidiary for their investment in the further development of the Telecom project. Hence the Board has agreed to capitalize all the expenses during the Quarter pertaining to the development of CRM for Telecom project. The expenses being capitalized aggregating to Rs. 11.92 Lacs which were earlier charged to the Profit and Loss account in the previous quarters and consequently the capitalization has resulted in a Loss of Rs. 95.84 Lacs during the quarter ended March 31, 2013. (As Per BSE Announcement Dated On 31.05.2013) Virtualsoft Systems Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 08, 2013, inter alia, has taken the following decisions: 1. The Board approved the transfer of Undertaking of the Company comprising of it's Telecom Business to Roam1 Telecom Limited up to the value of assets of Rs. 10 Crore (referred to as sale consideration) for a value as per the valuation done by the Statutory Auditor of the company and that such transfer shall be with effect from the close of the business hours of June 30, 2013 and that the consideration shall be received by way of allotment of such number of equity shares of Roam1 Telecom Limited of Rs. 10 each issued at price as decided mutually by the Board of Directors of VirtualSolt Systems Limited & Roam1 Telecom Limited through an agreement for the transfer of undertaking, 2. The Board decided that resolutions mentioned in Para 1 above shall be transacted through Postal Ballot Process as per the Companies (Passing of the Resolution by Postal Ballot) Rules 2011. 3. The Board approved the calendar of activities for the above mentioned Postal Ballot process. 4. The Board appointed Mr. Mukesh Manglik, Practicing Company Secretary as the Scrutinizer for the above mentioned Postal Ballot process. 5. The Board authorized Mr. Rajendra Virupaksha Kulkarni, Whole Time Director of the company, to take all necessary actions in this regard. (As Per BSE Announcement Dated on 08.08.2013)