Modern India - Outcome Of EGM

Modern India Ltd has informed that the members at the Extra-Ordinary General Meeting (EGM) of the Company held on April 05, 2007, inter alia, have accorded to the following: Authority to the Board to borrow in any manner from time to time any such sums of moneys at its discretion on such terms and conditions as the Board of Directors may deem fit, notwithstanding that the money to be borrowed by the Company together with the moneys already borrowed or to be borrowed (apart from temporary loans obtained from the Companys Bankers in the ordinary course of business), from the financial institutions, Companys bankers and / or from any persons, firms, bodies corporate whether by way of loans, advances, deposits, bill discounting, issue of debentures, bonds or any financial instruments or otherwise and whether secured or unsecured, which will or may exceed the aggregate of the paid up capital of the Company and its free reserves that is to say, reserves not set apart for any specific purposes, provided that the maximum amount of money so borrowed by the Board and outstanding at any one time shall not exceed the sum of Rs 500 Crores, subject to necessary provisions & approvals.