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Mahindra Lifespace Developers Ltd. Company History and Annual Growth Details

GESCO Corporation Limited ('the Company') was incorporated as a Private
Limited Company on March 16, 1999 and converted to a Public Limited
Company on August 18, 1999.

Pursuant to the Scheme of Arrangement between the Company, The Great
Eastern Shipping Co. Ltd., (the Demerged Company) and their respective
shareholders, as approved by the Hon'ble High Court at Bombay on August
26, 1999, the assets and liabilities pertaining to the business
activity of managing, developing and operating of commercial properties
of the property development division of The Great Eastern Shipping Co.
Ltd. (the demerged undertaking), were transferred to and vested on
demerger in the Company with retrospective effect from April 1, 1999.
During the transition period from the Appointed date to the Effective
date i.e. April 1, 1999 to February 9, 2000, The Great Eastern Shipping
Co. Ltd. carried on the aforesaid business activities of managing,
developing and operating commercial properties in 'trust': on behalf of
the Company. The Scheme has, accordingly, been given effect to in
these accounts.

Pursuant to the Scheme of Arrangement, 2,88,10,317 equity shares of Rs.
10/- each have been issued to the shareholders of The Great Eastern
Shipping Co. Ltd. in the ratio of one share of the Company for every
ten shares in the demerged Company and the assets, liabilities, and
reserves of the demerged undertaking as at April 1, 1999 have been
taken over at their book values.

Accordingly, Share Premium of Rs. 46,53,36,123 and General Reserve of
Rs. 75,83,93,057 representing the excess of the net book value of
assets of the demerged undertaking over the aggregate face value of the
share capital issued to the members of the Demerged Company have been
credited as reserves taken over.

In terms of the Scheme of Arrangement, the Company has taken over the
employees of the Demerged Company relatable to the business activity
taken over on the same terms and conditions on which they were engaged
in The Great Eastern Shipping Co. Ltd. The accumulated funds in respect
of Provident Fund, Gratuity, Pension and / or Superannuation pertaining
to the transferred employees will be transferred to the Company's Funds
on completion of the legal formalities for creation of such Funds.

The Company is in the process of transferring the documents,
agreements, title deeds for the properties etc. in the name of the

The Board of Gesco Corporation is meeting to consider a scheme of amalgamation
with Mahindra Realty & Infrastructure Developers.

2001- The company has informed that, Eastern Resin & Allied Products Ltd. (Sikkim) has acquired 17,75,185 (6.17%) shares of the company.

2001- The Sikkim-based Eastern Resin & Allied Products Ltd on Friday acquired 17,75,185 shares of GESCO Corporation Ltd.


-Mr Suvir Ahuja, Managing Director of the Mahindra Gesco Developers Ltd has expressed his desire to resign from the services of the Company with effect from August 27, 2003 and has tendered the required notice. The matter will be formally placed before the Board at its next proposed meeting to be held in the last week of July 2003.

-i) Mr. Sudhir Mulji, Non-Executive Chairman of the Company resigned as a Director with effect from October 17, 2003; ii) Mr. Sanjiv Kapoor has been appointed as an Additional Director at the Board Meeting held on October 31, 2003.


- Company name has been changed from Mahindra Gesco Developers Limited to Mahindra Lifespace Developers Ltd.