STI India - Outcome Of Allotment Committee Meeting

STI India Ltd has informed that the meeting of the members of the allotment committee of the Company was held on March 23, 2007, has considered the outcome of EGM and took not that the share holders have approved both the resolution unanimously as proposed in the notice of EGM.The Board of Directors further took note that the allotment sub-committee shall meet again on March 26, 2007 to consider other issues relating to allotment of OCD Series-2 and OCD Series-4 and Warrants, execution of documents related to investment as above, creation of mortgage in favour of investors, one time settlement of existing secured lenders, satisfaction of old charges and creation of charge in favour of Debentures Trustees and all other matters in this regard.