Phoenix International Ltd has informed that the Board of Directors of the Company at its meeting held on September 19, 2007, has considered and approved the following:
1. To provide corporate guarantee to Oriental Bank of Commerce and / or Syndicate Bank against the additional financial facilities being provided / sanctioned to M/s. Focus Energy Ltd.
2. To provide second charge on property at A- 37, Sector - 60, Noida against the additional financial facilities being provided / sanctioned to M/s. Focus Energy Ltd.
The above said decision taken by the board are subject the approval of the members of the Company and in terms of Section 192A of the Companies Act, 1956 read with Companies (Passing of Resolution by Postal Ballot) Rules 2001 read with listing agreement, the consent of the members of the company are required to be obtained through Postal Ballot process.
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