On October 3, 2013, the existing directors of the Millennium India Acquisition Company Inc. (Gul Asrani, Thomas Mathew, C.P. Krishnan Nair, F. Jacob Cherian and Suhel Kanuga) were replaced in their entirety by a new set of directors (David H. Lesser, Arun Mittal, Habib Yunus, Dionisio D'Aguilar and Jesse Derris) (the HBP Nominees) pursuant to the delivery to the Company of written consents publicly solicited by shareholder Hudson Bay Partners, LP (HBP) in which shareholders owning more than 50% of the Company's shares consented to the removal without cause of the existing directors and their replacement by the HBP Nominees. Also on October 3, 2013, the Company's new Board of Directors appointed Mr. David H. Lesser as its Chairman, and appointed Mr. Mittal, Mr. Yunus and Mr. D'Aguilar to the Audit Committee. The new Board also removed from their positions the existing officers of the Company, whose compensation terminated immediately, and appointed Mr. Lesser as the Company's Chief Executive Officer, Secretary and Treasurer.

The new Board also determined that in, furtherance of a smooth transition from the old Board and management to the new and continuity of company operations, it is in the best interests of the Company and its shareholders to appoint previous directors and officers F. Jacob Cherian and Suhel Kanuga to the new Board.