I had a meeting today with Milind Laad (Financial Controller), Anand S. 
(Manager - Accounts) and Heidi Hellman (commercial associate & person 
responsible for setting up the mid & back office functions) from the Indian 
office in regards to their expected Coal, Power, liquid fuels, and gas 
transactions.  We based the discussion around the checklist (copy attached 
below).  The following is a summary of the meeting.

India is in the process of looking at potential deals but has not signed any 
contracts yet.  Heidi and Milind believe that in the near term India will 
only be doing a few structured deals and no trading. 

Heidi, Milind and I went over the checklist together and the results indicate 
that there is still a lot to do before India commences activities.  They have 
talked to a number of people about their plans but have not formalized 
anything as of yet.  Also, I'm not sure they yet appreciate the number of 
processes and procedures that must be established before any transactions 
have commenced. 

I politely told Milind that the Enron way is to have systems, processes, 
procedures and controls established before any deals have commenced and that 
we have to make sure this happens.  Lastly, there are certain things that 
they told me that I'm a bit worried about (the first is that a commercial 
person is responsible for setting up controls and processes).  I would like 
to talk to each about some of these as well as about what involvement you 
have had with India to date and what involvement you may have on an ongoing 
basis.

Regards

Shona