Punjab Tractors announces board-level changes

New Delhi July 14, 2007: Board of Directors of Punjab Tractors Ltd. met today and has taken following decisions.

Shri Anjanikumar Choudhari, has been appointed as Chairman of the Company. He is currently the President of Mahindra & Mahindra Ltd. - Farm Equipment Sector.

Shri Bishwambhar Mishra has been appointed as Managing Director and Chief Executive Officer of the Company. Before joining the PTL Board in May 2007 as nominee of M&M, Shri Mishra was President of Mahindra & Mahindra Ltd. - China Operations.

Shri A.M.Sawhney, associated with PTL since 1972 and presently Director-Marketing, has been elevated as Deputy Managing Director.

Shri K.Sahay, Executive Director (Personnel), LIC, has been appointed as Additional Director of the Company in place of Shri N.Mohanraj, as nominee of LIC of India.

Shri Chandra Mohan has been appointed as Additional Director of the Company as Independent Director.

Shri S. Durgashankar has been appointed as Additional Director of the Company, as nominee of Mahindra & Mahindra Ltd.

In the context of his decision to pursue other aspirations, Shri P.Sivaram has stepped down as Chief Operating Officer and Wholetime Director, which has been accepted.

The Board also took note of the resignations of Shri P.D.Narang, Donald Peck and Steven Enderby.

With the above changes, the Company's total board strength reaches 9 Directors, out of which 3 are the nominees of Mahindra & Mahindra Ltd. and Mahindra Holdings & Finance Ltd. and 2 are 'wholetime' Directors.