Draft

CERTIFIED TRUE COPY OF THE RESOLUTION PASSED BY THE BOARD

OF DIRECTORS OF THE COMPANY AT ITS MEETING HELD ON
17th FEBRUARY, 2011, AT THE REGISTERED OFFICE OF THE COMPANY
AT JEEVAN UDYOG BUILDING, 3rd FLOOR, Dr. D. N. ROAD, FORT,
MUMBAI – 400001

Shri Rajiv Gandhi, Chief Financial Officer (CFO) informed the Board of Directors
that the Company is in need of urgent funds for carrying out its operational activities
and suggested a few sources of raising funds apart from Bank Finance.

The Board of Directors discussed on various norms & risks attached to such alternate
sources of funding and suggested that Shri Chetan Shah, Managing Director of the
Company be authorised to deal, settle and finalise various formalities including
providing of security in for availing funds through alternate sources.

The following resolution was passed:

“RESOLVED THAT Shri Chetan Shah, Managing Director of the Company, be and
is hereby authorised to decide, deal, settle, finalise and execute deeds, documents,
agreements in respect of accepting short term loan, finance, funds in form of ICD’s.
PFD’s and/or other form of finance and is further authorised to hypothecate,
mortgage, pledge, charge and/or create such other type of encumbrances on the assets
of the Company more specifically on the office premises situated at Venkatesh
Chamber Bldg., Venkatesh Bhavan CHSL, 1st Floor, Unit No. 104, Prescot Road,
Fort, Mumbai – 400 001, by deposit of title deeds, etc., as it may deem fit in the best
interest of the Company.

RESOLVED FURTHER THAT Shri Chetan Shah, Managing Director and/or Shri
Ajay Phalod, General Manager – Finance, be and are hereby jointly and/or severally
authorised to finalise the terms & conditions of the borrowings and the documents for
creation of encumbrances including making any alterations, changes, variations to or
in the terms & conditions and to do all such acts, deeds, matters and things and to
execute all such documents and writings as it may consider necessary, for the purpose
of giving effect to this resolution.”

Certified True Copy

For Ashapura Minechem Limited

NAVNITLAL SHAH
EXECUTIVE CHAIRMAN