EGM Statement

India Capital Growth Fund Limited
04 June 2007


                                                                     4 June 2007

                       INDIA CAPITAL GROWTH FUND LIMITED

                    Result of Extraordinary General Meeting

At the Extraordinary General Meeting held on 4 June 2007, the following Special
Resolution was passed;

Special Resolution

IT WAS RESOLVED to renew the authority of the Company, in accordance with
Section 5 of The Companies (Purchase of Own Shares) Ordinance 1998 ('the
Ordinance'), to make market purchases (within the meaning of section 18 of the
Ordinance) of the Ordinary Shares of 1 penny each ('the Shares') provided that:
the maximum number of Ordinary Shares hereby authorized to be purchased shall be
14.99 per cent of the Company's issued share capital, and that such authority
will expire at the next Annual General Meeting unless renewed at that Meeting.



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