Phoenix International - Outcome Of Board Meeting

Phoenix International Ltd has informed that the Directors of the Company at its meeting held on April 11, 2007, has approved the following ordinary / special resolution for passing by postal ballot process:i. Special Resolution for alteration the Object Clause IIIA of the Memorandum of Association of the Company by inserting the following sub clauses as clause no (7) to (13) after the sub clause (6)ii. For mortgaging / charging the movable or immovable properties of the Company both present and future, of the whole or substantially the whole of the undertaking(s) of Company in such form and manner as the Board of Directors may deem fit, for securing any loans and / or advances obtained or that may be obtained from any financial institutions / banks / bodies corporate or persons together with interest, cost, charges, expenses and all other monies payable by the Company to the concerned lenders. Up to a value of and within the overall borrowing limits of Rs 50 crores of the Company.iii. To borrow such sum of money as may be considered fit for the purpose of the business of the Company notwithstanding that the monies to be so borrowed together with the monies already borrowed by the Company (apart from temporary loans obtained from the Companys Bankers in the ordinary course of the business) may exceed the aggregate of the paid up share capital and free reserves of the Company, provided, however, that the total borrowings at any one time and outstanding shall not exceed Rs 50 Crores.