Speech of Mr. Annand Sarnaaik, Chairman and Managing Director of Glodyne Technoserve Limited, at the 12th Annual General Meeting of the Company held on August 24, 2009.

Ladies and Gentlemen,

“A dream is not what you see when you sleep... a dream is something that doesn't let you sleep”.

On behalf of the Board of Directors, I extend to each and every one of you a very warm welcome at this Twelfth Annual General Meeting of your Company. At the outset, I sincerely thank you for the support and the faith shown by you in your Company and its Management.

During the previous financial year, Businesses across the globe have witnessed a challenging environment. The Technology Infrastructure Management Segment that Glodyne operates is in a stronger position in weathering the recession. The global economic downturn has compelled a growing number of companies to search for ways to reduce Technology costs and outsourcing of management of Technology assets is becoming a need. Our ability to demonstrate real value and deliver cost savings to our customers enabled us to achieve significant new milestones during the year. Glodyne has been able to grow in these times and we look back with satisfaction at what we have achieved in the last year.

Glodyne received the prestigious ‘Deloitte Technology Fast 50 India Program 2008’ and ‘Deloitte Technology Fast 500 Asia-Pacific Program 2008’. We have won these awards consistently, which is a testimonial of our growth story. The Company was also super ranked 32 among the Top 1000 Corporate Giants in India, by Business Standard. It has always been the intent and efforts of the Management  of the Company  to  enhance shareholders value and therefore, all strategies and actions at Glodyne are aimed to ensure Company’s Growth.

We create value to share it with its stakeholders. To share the value creation with the shareholders, the Board has recommended for the approval of the shareholders a final dividend of 42% for the year 2008-09. Also pursuant recommendation of the Board, the shareholders have already approved a bonus issue of in the ratio of 1:1. We would continue our efforts to aid, facilitate and support initiatives which will enhance shareholders value and help us maintain highest standards of corporate governance.

We at Glodyne are looking at the Technology IMS space positively. We were one of the first movers to visualize Remote Infrastructure space in the IT Segment independently and look forward to grow further. Whereas the fundamentals of growth and business model remain same, any planning or business strategy needs to be flexible to continuous change management. Considering this and keeping in view the long term view for the organization, we had outlined various growth paths during last 2 years. We believe that the same has been working for our Company. Accordingly, we are looking forward to various e governance initiatives on the BOOT / Public Private Partnership ( PPP) to be one of the major growth factors for Glodyne’s Technology Managed Services business.

We at Glodyne are looking to provide to our Clients an ability to leverage on Glodyne’s expertise to manage their Technology Infrastructure and at the same time reduce the Total Cost of Ownership of IT infrastructure for the Client. Towards this end, Glodyne’s comprehensive service offerings backed by the by strong onsite- remote delivery capabilities, help achieve its objectives.

I look forward to this year with lot of added enthusiasm. We are looking at Opportunities in the form of business growth from multiple streams – there are huge spends on IT Services coming from e-Governance, value added services offerings, leveraging remote management for other geographies, managed application services space etc.

While opportunities are galore, we also need to look at measures to achieve and sustain this growth, which to my mind, amongst others includes - increasing management bandwidth, adopting to technology and business flow changes positively and making requisite investments for growth. We are and will be taking measures towards these factors. I believe that inorganic growth path, if it adds value to the Company’s business and moves it to a different orbit, shall be explored on continuous basis.

I would like to express my sincere appreciation to our employees who deliver the value experience to our customers and stakeholders each day. Their dedication and hard work are invaluable contribution to your company’s performance. I would also like to thank our management team, who will continue to play critical roles in executing Glodyne’s comprehensive growth strategy. I would like to thank our Board of Directors for their strategic support and continuous inputs.

The fundamentals of our Company have grown stronger. We are confident that year 2009-10 will be another year of growth and a time for Glodyne to demonstrate its unique advantages and show its potential. We are excited about what lies ahead for us in the coming years.

While we look at the opportunities of growth with confidence, we are aware - success calls for toil and hard work. We at Glodyne are always open and willing to take those extra efforts and I am sure, with your support, we will achieve what we desire.

Thank you.
Yours,

Annand Sarnaaik