Paul denies his resignation from eSys

Says his job was terminated

Contrary to market rumors, GS Paul emphatically denied that he
had resigned as the CEO of eSys Distribution Ltd. "I have not resigned. I
have been given the termination notice," he stated categorically. According
to market reports, the reason for his termination is related to his bad
behavior. It is also said that some people too had left the organiza-tion prior
to his termination.

But when contacted, Neeraj Chauhan, Director, eSys World-wide,
who is now handling the India operations, confirmed his taking over of the
Indian operations until everything is stream-lined. Based out of Amsterdam
office, Chauhan has been taking care of India op-erations on and off.

About Paul, he said, "There is a certain clause in the
contract that restricts him from joining some other company for the time being.
But we would not like to enforce this on him." Paul’s original contract
was to get over by September 2004.

Terming their intentions as malicious, Paul remarked that no
such restriction clause is applicable legally on him. Adding further to this, he
said that there are lot of offers in the pipeline and he is evaluating them.

Not commenting much on Paul, Chauhan stated the company’s
intentions to expand its base further in the coming months. "Acquisitions
will happen in the coming months which have to be evaluated before I comment
further on it. We will also continue focusing on component business, which will
become one of our integral parts. And no downsizing will be followed." It
has also entered into some global tie-ups, which will now be implemented in
India soon.

Talking about its ePC, Chauhan remarked, "ePC will be
taken over in a big way and many new things will be introduced. In addition, we
have also identified 15 new cities to increase our penetration." Till the
organization is streamlined in India, Chauhan will look after the operations and
he hinted that someone might be appointed for the vacant post once the
stabilization process is complete.

Shweta Khanna and Karma Negi

New Delhi