Facor Steels

Facor Steels Ltd has informed that the members of the Company by way of Postal Ballot, have passed the following ordinary / special resolutions, with requisite majority:

1. For Mortgaging and / or charging the whole or substantially the whole of the Company's any one or more undertaking(s) to or in favour of all or any of the Financial Institution(s) or Bank(s) for securing Loans or Financial Assistance / Working Capital Facilities granted or to be granted.

2. For alteration of the Objects Clause of Memorandum of Association of the Company by adding new sub-clauses 37(A), 37(B), 37(C), 37(D), 37(E) & 37(F) after the existing sub-clause 37 of other objects.

3. For giving guarantees and / or to continue the guarantees already given to the consortium banks for Term Loans and other fund based and non-fund based Working Capital Facilities availed / to be availed by Ferro Alloys Corporation Ltd (FACOR) and Facor Alloys Ltd (FAL) other group Companies subject to a maximum limit of Rs 150 crores in respect of FACOR and Rs 100 crores in respect of FAL respectively.