Document:

WARRANT
        AGREEMENT

       

      This
        Warrant Agreement (this “Agreement”) made as of _________ __, 2006, by and
        between Phoenix India Acquisition Corp., a Delaware corporation with offices
        at
        ________________ (“Company”), and American Stock Transfer & Trust Company, a
        New York corporation with offices at 59 Maiden Lane, New York, New York 10038
        (“Warrant Agent”).

       

      WHEREAS,
        the Company has outstanding 1,562,500 warrants (“Insider Warrants”);
        and

       

      WHEREAS,
        the Company is engaged in a public offering (“Public Offering”) of Units
        (“Units”) and, in connection therewith, has determined to issue and deliver up
        to 7,187,500 Warrants (“Public Warrants”) to the public investors, and (ii)
        437,500 Warrants to Rodman & Renshaw, LLC. (“Rodman”) or its designees
        (“Representative’s Warrants”), each of such Public Warrants evidencing the right
        of the holder thereof to purchase one share of common stock, par value $.0001
        per share, of the Company’s Common Stock (“Common Stock”) (the Insider Warrants,
        the Public Warrants and the Representative’s Warrants being referred to herein
        collectively as the “Warrants”); and

       

      WHEREAS,
        the Company has filed with the Securities and Exchange Commission (the “SEC”) a
        Registration Statement, No. 333-128008 on Form S-1 (“Registration Statement”)
        for the registration under the Securities Act of 1933, as amended (“Act”) of,
        among other securities, the Warrants and the Common Stock issuable upon exercise
        of the Warrants; and

       

      WHEREAS,
        the Company desires the Warrant Agent to act on behalf of the Company, and
        the
        Warrant Agent is willing to so act, in connection with the issuance,
        registration, transfer, exchange, redemption and exercise of the Warrants;
        and

       

      WHEREAS,
        the Company desires to provide for the form and provisions of the Warrants,
        the
        terms upon which they shall be issued and exercised, and the respective rights,
        limitation of rights, and immunities of the Company, the Warrant Agent, and
        the
        holders of the Warrants; and

       

      WHEREAS,
        all acts and things have been done and performed which are necessary to make
        the
        Warrants, when executed on behalf of the Company and countersigned by or
        on
        behalf of the Warrant Agent, as provided herein, the valid, binding and legal
        obligations of the Company, and to authorize the execution and delivery of
        this
        Agreement.

       

      NOW,
        THEREFORE, in consideration of the mutual agreements herein contained, the
        parties hereto agree as follows:

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      1.  Appointment
        of Warrant Agent.
        The
        Company hereby appoints the Warrant Agent to act as agent for the Company
        for
        the Warrants, and the Warrant Agent hereby accepts such appointment and agrees
        to perform the same in accordance with the terms and conditions set forth
        in
        this Agreement.

       

      2.  Warrants.

       

      2.1  Form
        of Warrant.
        Each
        Warrant shall be issued in registered form only, shall be in substantially
        the
        form of Exhibit A hereto, the provisions of which are incorporated herein,
        and
        shall be signed by, or bear the facsimile signature of, the Chairman of the
        Board, President or Chief Executive Officer and Treasurer, Secretary or
        Assistant Secretary of the Company and shall bear a facsimile of the Company’s
        seal. In the event the person whose facsimile signature has been placed upon
        any
        Warrant shall have ceased to serve in the capacity in which such person signed
        the Warrant before such Warrant is issued, it may be issued with the same
        effect
        as if he or she had not ceased to be such at the date of issuance.

       

      2.2  Effect
        of Countersignature.
        Unless
        and until countersigned by the Warrant Agent pursuant to this Agreement,
        a
        Warrant shall be invalid and of no effect and may not be exercised by the
        holder
        thereof.

       

      2.3  Registration.
        

       

      2.3.1  Warrant
        Register.
        The
        Warrant Agent shall maintain books (“Warrant Register”) for the registration of
        original issuance and the registration of transfer of the Warrants. Upon
        the
        initial issuance of the Warrants, the Warrant Agent shall issue and register
        the
        Warrants in the names of the respective holders thereof in such denominations
        and otherwise in accordance with instructions delivered to the Warrant Agent
        by
        the Company.

       

      2.3.2  Registered
        Holder.
        Prior
        to due presentment for registration of transfer of any Warrant, the Company
        and
        the Warrant Agent may deem and treat the person in whose name such Warrant
        shall
        be registered upon the Warrant Register (“registered holder”), as the absolute
        owner of such Warrant and of each Warrant represented thereby (notwithstanding
        any notation of ownership or other writing on the Warrant Certificate made
        by
        anyone other than the Company or the Warrant Agent), for the purpose of any
        exercise thereof, and for all other purposes, and neither the Company nor
        the
        Warrant Agent shall be affected by any notice to the contrary.

       

      2.4  Detachability
        of Warrants.
        The
        securities comprising the Units will not be separately transferable until
        20
        trading days after the earlier to occur of the expiration of Rodman’s
        over-allotment option or its exercise unless Rodman informs the Company of
        its
        decision to allow earlier separate trading, but in no event will Rodman allow
        separate trading of the securities comprising the Units until the Company
        files
        a Current Report on Form 8-K, which includes an audited balance sheet reflecting
        the receipt by the Company of the gross proceeds of the Public Offering
        including the proceeds received by the Company from the exercise of the
        underwriters’ over-allotment option, if the over-allotment option is exercised
        prior to the filing of the Form 8-K.

       

      
        
          
          

        

        
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      2.5 Public
        Warrants, Insider Warrants and Representative’s Warrants.
        The
        Representative’s Warrants shall have the same terms and be in the same form as
        the Public Warrants and the Insider Warrants except with respect to the Warrant
        Price as set forth below in Section 3.1.

       

      3.  Terms
        and Exercise of Warrants

       

      3.1  Warrant
        Price.
        Each
        Public Warrant and Insider Warrant shall, when countersigned by the Warrant
        Agent, entitle the registered holder thereof, subject to the provisions of
        such
        Public Warrant and Insider Warrant, as applicable, and of this Warrant
        Agreement, to purchase from the Company the number of shares of Common Stock
        stated therein, at the price of $5.00 per whole share, subject to the
        adjustments provided in Section 4 hereof and in the last sentence of this
        Section 3.1. Each Representative’s Warrant shall, when countersigned by the
        Warrant Agent, entitle the registered holder thereof subject to the provisions
        of such Representative’s Warrant and of this Warrant Agreement, to purchase from
        the Company the number of shares of Common Stock stated therein, at the price
        of
        $5.50 per whole share, subject to the adjustments provided in Section 4 hereof
        and in the last sentence of this Section 3.1. The term “Warrant Price” as used
        in this Warrant Agreement refers to the price per share at which Common Stock
        may be purchased at the time a Warrant is exercised. The Company in its sole
        discretion may lower the Warrant Price at any time prior to the Expiration
        Date.

       

      3.2  Duration
        of Warrants.
        A
        Warrant may be exercised only during the period (“Exercise Period”) commencing
        on the later of the consummation by the Company of a merger, capital stock
        exchange, asset acquisition or other similar business combination (as described
        more fully in the Registration Statement, “Business Combination”) or __________,
        2007 and terminating at 5:00 p.m., New York City time on the earlier to occur
        of
        (i)__________, 2011 or (ii) the date fixed for redemption of the Warrants
        as
        provided in Section 6 of this Agreement (“Expiration Date”). Except with respect
        to the right to receive the Redemption Price (as set forth in Section 6
        hereunder), each Warrant not exercised on or before the Expiration Date shall
        become void, and all rights thereunder and all rights in respect thereof
        under
        this Agreement shall cease at the close of business on the Expiration Date.
        The
        Company in its sole discretion may extend the duration of the Warrants by
        delaying the Expiration Date. 

       

      3.3  Exercise
        of Warrants.

       

      3.3.1  Payment.
        Subject
        to the provisions of the Warrant and this Warrant Agreement, a Warrant, when
        countersigned by the Warrant Agent, may be exercised by the registered holder
        thereof by surrendering it, at the office of the Warrant Agent, or at the
        office
        of its successor as Warrant Agent, in the Borough of Manhattan, City and
        State
        of New York, with the subscription form, as set forth in the Warrant, duly
        executed, and (i) by paying in full, in lawful money of the United States,
        in
        cash, good certified check or good bank draft payable to the order of the
        Company, the Warrant Price for each full share of Common Stock as to which
        the
        Warrant is exercised and any and all applicable taxes due in connection with
        the
        exercise of the Warrant, the exchange of the Warrant for the Common Stock,
        and
        the issuance of the Common Stock or (ii) by surrendering his or her Warrant
        for
        that number of shares of Common Stock equal to the quotient obtained by dividing
        (x) the product of the number of shares of Common Stock underlying the Warrant,
        multiplied by the difference between the Warrant Price and the “Fair Market
        Value” (defined below) by (y) the Fair Market Value. The “Fair Market Value”
shall mean the average reported last sale price of the Common Stock Company,
        or
        in the event that the Company has given a notice of redemption to the holder
        of
        such Warrant, on the third business day prior to the date on which any notice
        of
        redemption is sent to holders of the Warrant pursuant to Section 6
        hereof.

       

      
        
          
          

        

        
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      3.3.2  Issuance
        of Certificates.
        As soon
        as practicable after the exercise of any Warrant and the clearance of the
        funds
        in payment of the Warrant Price, the Company shall issue to the registered
        holder of such Warrant a certificate or certificates for the number of full
        shares of Common Stock to which he, she or it is entitled, registered in
        such
        name or names as may be directed by him, her or it, and if such Warrant shall
        not have been exercised in full, a new countersigned Warrant for the number
        of
        shares as to which such Warrant shall not have been exercised. Notwithstanding
        the foregoing, the Company shall not be obligated to deliver any securities
        pursuant to the exercise of a Warrant unless (i) a registration statement
        under
        the Act with respect to the Common Stock issuable upon such exercise is
        effective, or (ii) in the opinion of counsel to the Company, the exercise
        of the
        Warrants is exempt from the registration requirements of the Act and such
        securities are qualified for sale or exempt from qualification under applicable
        securities laws of the states or other jurisdictions in which the registered
        holders reside. Warrants may not be exercised by, or securities issued to,
        any
        registered holder in any state in which such exercise or issuance would be
        unlawful. 

       

      3.3.3  Valid
        Issuance.
        All
        shares of Common Stock issued upon the proper exercise of a Warrant in
        conformity with this Agreement shall be validly issued, fully paid and
        nonassessable.

       

      3.3.4  Date
        of Issuance.
        Each
        person in whose name any such certificate for shares of Common Stock is issued
        shall for all purposes be deemed to have become the holder of record of such
        shares on the date on which the Warrant was surrendered and payment of the
        Warrant Price was made, irrespective of the date of delivery of such
        certificate, except that, if the date of such surrender and payment is a
        date
        when the stock transfer books of the Company are closed, such person shall
        be
        deemed to have become the holder of such shares at the close of business
        on the
        next succeeding date on which the stock transfer books are open.

       

      3.3.5  Warrant
        Solicitation and Warrant Solicitation Fee.

       

      (a)
        The
        Company has engaged Rodman, on a non-exclusive basis, as its agent for the
        solicitation of the exercise of the Warrants. The Company, at its cost, will
        (i)
        assist Rodman with respect to such solicitation, if requested by Rodman,
        and
        (ii) provide Rodman, and direct the Company’s transfer agent and the Warrant
        Agent to deliver to Rodman, lists of the record and, to the extent known,
        beneficial owners of the Company’s Warrants. The Company hereby instructs the
        Warrant Agent to fully cooperate with Rodman in every respect in connection
        with
        Rodman’s solicitation activities, including, but not limited to, providing to
        Rodman, at the Company’s cost, a list of record and beneficial holders of the
        Warrants and circulating a prospectus or offering circular disclosing the
        compensation arrangements referenced in Section 3.3.5(b) below to holders
        of the
        Warrants at the time of exercise of the Warrants. In addition to the conditions
        set forth in Section 3.3.5(b), Rodman shall accept payment of the warrant
        solicitation fee provided in Section 3.3.5(b) only if it has provided bona
        fide
        services to the Company in connection with the exercise of the Warrants and
        only
        to the extent that an investor who exercises his Warrants specifically
        designates, in writing, that Rodman solicited his, her or its exercise. In
        addition to soliciting, either orally or in writing, the exercise of Warrants
        by
        a Warrant holder, such services may also include disseminating information,
        either orally or in writing, to Warrant holders about the Company or the
        market
        for the Company’s securities, or assisting in the processing of the exercise of
        Warrants.

       

      
        
          
          

        

        
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      (b)
        In
        each instance in which a Warrant is exercised, the Warrant Agent shall promptly
        give written notice of such exercise to the Company and Rodman (“Warrant Agent’s
        Exercise Notice”). If, upon the exercise of any Warrant more than one year from
        the effective date of the Registration Statement, (i) the market price of
        the
        Company’s Common Stock is greater than the Warrant Price, (ii) disclosure of
        compensation arrangements between the Company and Rodman with respect to
        the
        solicitation of the exercise of the Warrants was made both at the time of
        the
        Public Offering and at the time of exercise (by delivery of the Prospectus
        or as
        otherwise required by applicable law, rule or regulation), (iii) the holder
        of
        the Warrant confirms in writing that the exercise of the Warrant was solicited
        by Rodman, (iv) the Warrant was not held in a discretionary account, and
        (v) the
        solicitation of the exercise of the Warrant was not in violation of Regulation
        M
        (as such rule or any successor rule may be in effect as of such time of
        exercise) promulgated under the Securities Exchange Act of 1934, as amended,
        then the Warrant Agent, simultaneously with the distribution of the Common
        Stock
        underlying the Warrants so exercised in accordance with the instructions
        from
        the Company following receipt of the proceeds to the Company received upon
        exercise of such Warrant(s), shall, on behalf of the Company, pay in the
        case of
        a cash exercise of the Warrant, a fee of 5% of the Warrant Price to Rodman;
        provided that Rodman delivers to the Warrant Agent within ten (10) business
        days
        from the date on which Rodman has received the Warrant Agent’s Exercise Notice,
        a certificate that the conditions set forth in the preceding clauses (iii),
        (iv)
        and (v) have been satisfied. Notwithstanding the foregoing, no fee will be
        paid
        to Rodman with respect to the exercise by the Underwriters or their affiliates
        or the Company’s officers or directors of Warrants purchased by it or them and
        still held by them for its or their own account. Rodman and the Company may
        at
        any time during business hours, examine the records of the Warrant Agent,
        including its ledger of original Warrant certificates returned to the Warrant
        Agent upon exercise of Warrants.

       

      (c)
        The
        provisions of this Section 3.3.5. may not be modified, amended or deleted
        without the prior written consent of Rodman.

       

      4.  Adjustments.

       

      4.1  Stock
        Dividends Split Ups.
        If
        after the date hereof, and subject to the provisions of Section 4.6 below,
        the
        number of outstanding shares of Common Stock is increased by a stock dividend
        payable in shares of Common Stock, or by a split up of shares of Common Stock,
        or other similar event, then, on the effective date of such stock dividend,
        split up or similar event, the number of shares of Common Stock issuable
        on
        exercise of each Warrant shall be increased in proportion to such increase
        in
        outstanding shares of Common Stock.

       

      4.2  Aggregation
        of Shares.
        If
        after the date hereof, and subject to the provisions of Section 4.6, the
        number
        of outstanding shares of Common Stock is decreased by a consolidation,
        combination, reverse stock split or reclassification of shares of Common
        Stock
        or other similar event, then, on the effective date of such consolidation,
        combination, reverse stock split, reclassification or similar event, the
        number
        of shares of Common Stock issuable on exercise of each Warrant shall be
        decreased in proportion to such decrease in outstanding shares of Common
        Stock.

       

      
        
          
          

        

        
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      4.3  Adjustments
        in Exercise Price.
        Whenever the number of shares of Common Stock purchasable upon the exercise
        of
        the Warrants is adjusted, as provided in Section 4.1 and 4.2 above, the Warrant
        Price shall be adjusted (to the nearest cent) by multiplying such Warrant
        Price
        immediately prior to such adjustment by a fraction (x) the numerator of which
        shall be the number of shares of Common Stock purchasable upon the exercise
        of
        the Warrants immediately prior to such adjustment, and (y) the denominator
        of
        which shall be the number of shares of Common Stock so purchasable immediately
        thereafter.

       

      4.4  Replacement
        of Securities upon Reorganization, etc.
        In case
        of any reclassification or reorganization of the outstanding shares of Common
        Stock (other than a change covered by Section 4.1 or 4.2 hereof or that solely
        affects the par value of such shares of Common Stock), or in the case of
        any
        merger or consolidation of the Company with or into another corporation (other
        than a consolidation or merger in which the Company is the continuing
        corporation and that does not result in any reclassification or reorganization
        of the outstanding shares of Common Stock), or in the case of any sale or
        conveyance to another corporation or entity of the assets or other property
        of
        the Company as an entirety or substantially as an entirety in connection
        with
        which the Company is dissolved, the Warrant holders shall thereafter have
        the
        right to purchase and receive, upon the basis and upon the terms and conditions
        specified in the Warrants and in lieu of the shares of Common Stock of the
        Company immediately theretofore purchasable and receivable upon the exercise
        of
        the rights represented thereby, the kind and amount of shares of stock or
        other
        securities or property (including cash) receivable upon such reclassification,
        reorganization, merger or consolidation, or upon a dissolution following
        any
        such sale or transfer, that the Warrant holder would have received if such
        Warrant holder had exercised his, her or its Warrant(s) immediately prior
        to
        such event; and if any reclassification also results in a change in shares
        of
        Common Stock covered by Section 4.1 or 4.2, then such adjustment shall be
        made
        pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of
        this
        Section 4.4 shall similarly apply to successive reclassifications,
        reorganizations, mergers or consolidations, sales or other
        transfers.

       

      4.5  Notices
        of Changes in Warrant.
        Upon
        every adjustment of the Warrant Price or the number of shares issuable on
        exercise of a Warrant, the Company shall give written notice thereof to the
        Warrant Agent, which notice shall state the Warrant Price resulting from
        such
        adjustment and the increase or decrease, if any, in the number of shares
        purchasable at such price upon the exercise of a Warrant, setting forth in
        reasonable detail the method of calculation and the facts upon which such
        calculation is based. Upon the occurrence of any event specified in Sections
        4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company shall give written
        notice to the Warrant holder, at the last address set forth for such holder
        in
        the Warrant Register, of the record date or the effective date of the event.
        Failure to give such notice, or any defect therein, shall not affect the
        legality or validity of such event.

       

      4.6  No
        Fractional Shares.
        Notwithstanding any provision contained in this Warrant Agreement to the
        contrary, the Company shall not issue fractional shares upon exercise of
        Warrants. If, by reason of any adjustment made pursuant to this Section 4,
        the
        holder of any Warrant would be entitled, upon the exercise of such Warrant,
        to
        receive a fractional interest in a share, the Company shall, upon such exercise,
        round up to the nearest whole number the number of the shares of Common Stock
        to
        be issued to the Warrant holder.

       

      
        
          
          

        

        
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      4.7  Form
        of Warrant.
        The
        form of Warrant need not be changed because of any adjustment pursuant to
        this
        Section 4, and Warrants issued after such adjustment may state the same Warrant
        Price and the same number of shares as is stated in the Warrants initially
        issued pursuant to this Agreement. However, the Company may at any time in
        its
        sole discretion make any change in the form of Warrant that the Company may
        deem
        appropriate and that does not affect the substance thereof, and any Warrant
        thereafter issued or countersigned, whether in exchange or substitution for
        an
        outstanding Warrant or otherwise, may be in the form as so changed.

       

      5.  Transfer
        and Exchange of Warrants.

       

      5.1  Registration
        of Transfer.
        The
        Warrant Agent shall register the transfer, from time to time, of any outstanding
        Warrant upon the Warrant Register, upon surrender of such Warrant for transfer,
        properly endorsed with signatures properly guaranteed and accompanied by
        appropriate instructions for transfer. Upon any such transfer, a new Warrant
        representing an equal aggregate number of Warrants shall be issued and the
        old
        Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled
        shall
        be delivered by the Warrant Agent to the Company from time to time upon
        request.

       

      5.2  Procedure
        for Surrender of Warrants.
        Warrants may be surrendered to the Warrant Agent, together with a written
        request for exchange or transfer, and thereupon the Warrant Agent shall issue
        in
        exchange therefor one or more new Warrants as requested by the registered
        holder
        of the Warrants so surrendered, representing an equal aggregate number of
        Warrants; provided, however, that in the event that a Warrant surrendered
        for
        transfer bears a restrictive legend, the Warrant Agent shall not cancel such
        Warrant and issue new Warrants in exchange therefor until the Warrant Agent
        has
        received an opinion of counsel for the Company stating that such transfer
        may be
        made and indicating whether the new Warrants must also bear a restrictive
        legend.

       

      5.3  Fractional
        Warrants.
        The
        Warrant Agent shall not be required to effect any registration of transfer
        or
        exchange which will result in the issuance of a warrant certificate for a
        fraction of a warrant.

       

      5.4  Service
        Charges.
        No
        service charge shall be made for any exchange or registration of transfer
        of
        Warrants.

       

      5.5  Warrant
        Execution and Countersignature.
        The
        Warrant Agent is hereby authorized to countersign and to deliver, in accordance
        with the terms of this Agreement, the Warrants required to be issued pursuant
        to
        the provisions of this Section 5, and the Company, whenever required by the
        Warrant Agent, will supply the Warrant Agent with Warrants duly executed
        on
        behalf of the Company for such purpose. 

       

      
        
          
          

        

        
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      6.  Redemption.

       

      6.1  Redemption.
        Subject
        to Section 6.4 hereof, not less than all of the outstanding Warrants may
        be
        redeemed, at the option of the Company, at any time after they become
        exercisable and prior to their expiration, at the office of the Warrant Agent,
        upon the notice referred to in Section 6.2, at the price of $.01 per Warrant
        (“Redemption Price”), provided that the last sales price of the Common Stock has
        been equal to or greater than $11.50 per share, on each of twenty (20) trading
        days within any thirty (30) trading day period ending on the third business
        day
        prior to the date on which notice of redemption is given. The provisions
        of this
        Section 6.1 may not be modified, amended or deleted without the prior written
        consent of Rodman.

       

      6.2  Date
        Fixed for, and Notice of, Redemption.
        In the
        event the Company shall elect to redeem all of the Warrants, the Company
        shall
        fix a date for the redemption. Notice of redemption shall be mailed by first
        class mail, postage prepaid, by the Company not less than 30 days prior to
        the
        date fixed for redemption to the registered holders of the Warrants to be
        redeemed at their last addresses as they shall appear on the Warrant Register.
        Any notice mailed in the manner herein provided shall be conclusively presumed
        to have been duly given whether or not the registered holder received such
        notice.

       

      6.3  Exercise
        After Notice of Redemption.
        The
        Warrants may be exercised in accordance with Section 3 of this Warrant Agreement
        at any time after notice of redemption shall have been given by the Company
        pursuant to Section 6.2 hereof and prior to the time and date fixed for
        redemption. On and after the redemption date, the record holder of the Warrants
        shall have no further rights except to receive, upon surrender of the Warrants,
        the Redemption Price.

       

      6.4  Outstanding
        Warrants Only.
        The
        Company understands that the redemption rights provided for by this Section
        6
        apply only to outstanding Warrants. To the extent a person holds rights to
        purchase Warrants, such purchase rights shall not be extinguished by redemption.
        However, once such purchase rights are exercised, the Company may redeem
        the
        Warrants issued upon such exercise provided that the criteria for redemption
        is
        met, including the opportunity of the Warrant holder to exercise prior to
        redemption pursuant to Section 6.3. The provisions of this Section 6.4 may
        not
        be modified, amended or deleted without the prior written consent of
        Rodman.

       

      7.  Other
        Provisions Relating to Rights of Holders of Warrants.

       

      7.1  No
        Rights as Stockholder.
        A
        Warrant does not entitle the registered holder thereof to any of the rights
        of a
        stockholder of the Company, including, without limitation, the right to receive
        dividends, or other distributions, exercise any preemptive rights to vote
        or to
        consent or to receive notice as stockholders in respect of the meetings of
        stockholders or the election of directors of the Company or any other
        matter.

       

      7.2  Lost,
        Stolen, Mutilated, or Destroyed Warrants.
        If any
        Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant
        Agent may on such terms as to indemnity or otherwise as they may in their
        discretion impose (which shall, in the case of a mutilated Warrant, include
        the
        surrender thereof), issue a new Warrant of like denomination, tenor, and
        date as
        the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant
        shall
        constitute a substitute contractual obligation of the Company, whether or
        not
        the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any
        time
        enforceable by anyone.

       

      
        
          
          

        

        
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      7.3  Reservation
        of Common Stock.
        The
        Company shall at all times reserve and keep available a number of its authorized
        but unissued shares of Common Stock that will be sufficient to permit the
        exercise in full of all outstanding Warrants issued pursuant to this Warrant
        Agreement.

       

      7.4  Registration
        of Common Stock.
        The
        Company agrees that prior to the commencement of the Exercise Period, it
        shall
        file with the SEC a post-effective amendment to the Registration Statement,
        or a
        new registration statement, for the registration, under the Act, of, and
        it
        shall take such action as is necessary to qualify for sale, in those states
        in
        which the Warrants were initially offered by the Company, the Common Stock
        issuable upon exercise of the Warrants. In either case, the Company will
        use its
        best efforts to cause the same to become effective on or prior to the
        commencement of the Exercise Period and to maintain the effectiveness of
        such
        registration statement until the expiration of the Warrants in accordance
        with
        the provisions of this Warrant Agreement. The provisions of this Section
        7.4 may
        not be modified, amended or deleted without the prior written consent of
        Rodman.

       

      8.  Concerning
        the Warrant Agent and Other Matters.

       

      8.1  Payment
        of Taxes.
        The
        Company will from time to time promptly pay all taxes and charges that may
        be
        imposed upon the Company or the Warrant Agent in respect of the issuance
        or
        delivery of shares of Common Stock upon the exercise of Warrants, but the
        Company shall not be obligated to pay any transfer taxes in respect of the
        Warrants or such shares.

       

      8.2  Resignation,
        Consolidation, or Merger of Warrant Agent.

       

      8.2.1  Appointment
        of Successor Warrant Agent.
        The
        Warrant Agent, or any successor to it hereafter appointed, may resign its
        duties
        and be discharged from all further duties and liabilities hereunder after
        giving
        sixty (60) days’ notice in writing to the Company. If the office of the Warrant
        Agent becomes vacant by resignation or incapacity to act or otherwise, the
        Company shall appoint in writing a successor Warrant Agent in place of the
        Warrant Agent. If the Company shall fail to make such appointment within
        a
        period of 30 days after it has been notified in writing of such resignation
        or
        incapacity by the Warrant Agent or by the holder of the Warrant (who shall,
        with
        such notice, submit his Warrant for inspection by the Company), then the
        holder
        of any Warrant may apply to the Supreme Court of the State of New York for
        the
        County of New York for the appointment of a successor Warrant Agent. Any
        successor Warrant Agent, whether appointed by the Company or by such court,
        shall be a corporation organized and existing under the laws of the State
        of New
        York, in good standing and having its principal office in the Borough of
        Manhattan, City and State of New York, and authorized under such laws to
        exercise corporate trust powers and subject to supervision or examination
        by
        federal or state authority. After appointment, any successor Warrant Agent
        shall
        be vested with all the authority, powers, rights, immunities, duties, and
        obligations of its predecessor Warrant Agent with like effect as if originally
        named as Warrant Agent hereunder, without any further act or deed; but if
        for
        any reason it becomes necessary or appropriate, the predecessor Warrant Agent
        shall execute and deliver, at the expense of the Company, an instrument
        transferring to such successor Warrant Agent all the authority, powers, and
        rights of such predecessor Warrant Agent hereunder; and upon request of any
        successor Warrant Agent the Company shall make, execute, acknowledge, and
        deliver any and all instruments in writing for more fully and effectually
        vesting in and confirming to such successor Warrant Agent all such authority,
        powers, rights, immunities, duties, and obligations.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      8.2.2  Notice
        of Successor Warrant Agent.
        In the
        event a successor Warrant Agent shall be appointed, the Company shall give
        notice thereof to the predecessor Warrant Agent and the transfer agent for
        the
        Common Stock not later than the effective date of any such
        appointment.

       

      8.2.3  Merger
        or Consolidation of Warrant Agent.
        Any
        corporation into which the Warrant Agent may be merged or with which it may
        be
        consolidated or any corporation resulting from any merger or consolidation
        to
        which the Warrant Agent shall be a party shall be the successor Warrant Agent
        under this Warrant Agreement without any further act.

       

      8.3  Fees
        and Expenses of Warrant Agent.

       

      8.3.1  Remuneration.
        The
        Company agrees to pay the Warrant Agent reasonable remuneration for its services
        as such Warrant Agent hereunder as set forth on Exhibit A hereto, and will
        reimburse the Warrant Agent upon demand for all expenditures that the Warrant
        Agent may reasonably incur in the execution of its duties
        hereunder.

       

      8.3.2  Further
        Assurances.
        The
        Company agrees to perform, execute, acknowledge, and deliver or cause to
        be
        performed, executed, acknowledged, and delivered all such further and other
        acts, instruments, and assurances as may reasonably be required by the Warrant
        Agent for the carrying out or performing of the provisions of this Warrant
        Agreement.

       

      8.4  Liability
        of Warrant Agent.

       

      8.4.1  Reliance
        on Company Statement.
        Whenever in the performance of its duties under this Warrant Agreement, the
        Warrant Agent shall deem it necessary or desirable that any fact or matter
        be
        proved or established by the Company prior to taking or suffering any action
        hereunder, such fact or matter (unless other evidence in respect thereof
        be
        herein specifically prescribed) may be deemed to be conclusively proved and
        established by a statement signed by the Chairman of the Board or President
        of
        the Company and delivered to the Warrant Agent. The Warrant Agent may rely
        upon
        such statement for any action taken or suffered in good faith by it pursuant
        to
        the provisions of this Warrant Agreement.

       

      8.4.2  Indemnity.
        The
        Warrant Agent shall be liable hereunder only for its own negligence, willful
        misconduct or bad faith. The Company agrees to indemnify the Warrant Agent
        and
        save it harmless against any and all liabilities, including judgments, costs
        and
        reasonable counsel fees, for anything done or omitted by the Warrant Agent
        in
        the execution of this Warrant Agreement except as a result of the Warrant
        Agent’s negligence, willful misconduct, or bad faith.

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      8.4.3  Exclusions.
        The
        Warrant Agent shall have no responsibility with respect to the validity of
        this
        Warrant Agreement or with respect to the validity or execution of any Warrant
        (except its countersignature thereof); nor shall it be responsible for any
        breach by the Company of any covenant or condition contained in this Warrant
        Agreement or in any Warrant; nor shall it be responsible to make any adjustments
        required under the provisions of Section 4 hereof or responsible for the
        manner,
        method, or amount of any such adjustment or the ascertaining of the existence
        of
        facts that would require any such adjustment; nor shall it by any act hereunder
        be deemed to make any representation or warranty as to the authorization
        or
        reservation of any shares of Common Stock to be issued pursuant to this Warrant
        Agreement or any Warrant or as to whether any shares of Common Stock will
        when
        issued be valid and fully paid and nonassessable. 

       

      8.5  Acceptance
        of Agency.
        The
        Warrant Agent hereby accepts the agency established by this Warrant Agreement
        and agrees to perform the same upon the terms and conditions herein set forth
        and among other things, shall account promptly to the Company with respect
        to
        Warrants exercised and concurrently account for, and pay to the Company,
        all
        moneys received by the Warrant Agent for the purchase of shares of the Company’s
        Common Stock through the exercise of Warrants.

       

      9.  Miscellaneous
        Provisions.

       

      9.1  Successors.
        All the
        covenants and provisions of this Warrant Agreement by or for the benefit
        of the
        Company or the Warrant Agent shall bind and inure to the benefit of their
        respective successors and assigns.

       

      9.2  Notices.
        Any
        notice or other communication required or which may be given hereunder shall
        be
        in writing and either be delivered personally or by private national courier
        service, or be mailed, certified or registered mail, return receipt requested,
        postage prepaid, and shall be deemed given when so delivered personally or,
        if
        sent by private national courier service, on the next business day after
        delivery to the courier, or, if mailed, two business days after the date
        of
        mailing, as follows:

       

      Phoenix
        India Acquisition Corp.

      645
        Madison Avenue, 12th Floor

      New
        York,
        NY 10022

      Attn: Ramesh
        S.
        Akella 

       

      Any
        notice, statement or demand authorized by this Warrant Agreement to be given
        or
        made by the holder of any Warrant or by the Company to or on the Warrant
        Agent
        shall be sufficiently given when so delivered if by hand or overnight delivery
        or if sent by certified mail or private courier service five days after deposit
        of such notice, postage prepaid, addressed (until another address is filed
        in
        writing by the Warrant Agent with the Company), as follows:

       

      American
        Stock Transfer & Trust Company

      59
        Maiden
        Lane

      New
        York,
        New York 10038

      Attn: Compliance
        Department

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      with
        a
        copy in each case to:

       

      Loeb
        & Loeb LLP

      345
        Park
        Avenue

      New
        York,
        New York 10154

      Attn: Mitchell
        S. Nussbaum, Esq

       

      and

       

      Rodman
        & Renshaw, LLC

      330
        Madison Avenue

      New
        York,
        New York 10017

      Attn: Thomas
        C.
        Pinou, CFO

       

      and

       

      Gersten,
        Savage LLP

      600
        Lexington Avenue, 9th
        Floor

      New
        York,
        New York 10022

      Attn:
        Arthur S. Marcus, Esq.

       

      9.3  Applicable
        law.
        The
        validity, interpretation, and performance of this Warrant Agreement and of
        the
        Warrants shall be governed in all respects by the laws of the State of New
        York,
        without giving effect to conflict of laws. The Company hereby agrees that
        any
        action, proceeding or claim against it arising out of or relating in any
        way to
        this Warrant Agreement shall be brought and enforced in the courts of the
        State
        of New York or the United States District Court for the Southern District
        of New
        York, and irrevocably submits to such jurisdiction, which jurisdiction shall
        be
        exclusive. The Company hereby waives any objection to such exclusive
        jurisdiction and that such courts represent an inconvenient forum. Any such
        process or summons to be served upon the Company may be served by transmitting
        a
        copy thereof by registered or certified mail, return receipt requested, postage
        prepaid, addressed to it at the address set forth in Section 9.2 hereof.
        Such
        mailing shall be deemed personal service and shall be legal and binding upon
        the
        Company in any action, proceeding or claim.

       

      9.4  Persons
        Having Rights under this Warrant Agreement.
        Nothing
        in this Warrant Agreement expressed and nothing that may be implied from
        any of
        the provisions hereof is intended, or shall be construed, to confer upon,
        or
        give to, any person or corporation other than the parties hereto and the
        registered holders of the Warrants and, for the purposes of Sections 3.3.5,
        6.1,
        6.4, 7.4, 9.2 and 9.8 hereof, Rodman, any right, remedy, or claim under or
        by
        reason of this Warrant Agreement or of any covenant, condition, stipulation,
        promise, or agreement hereof. Rodman shall be deemed to be a third-party
        beneficiary of this Warrant Agreement with respect to Sections 3.3.5, 6.1,
        6.4,
        7.4, 9.2 and 9.8 hereof. All covenants, conditions, stipulations, promises,
        and
        agreements contained in this Warrant Agreement shall be for the sole and
        exclusive benefit of the parties hereto (and Rodman with respect to the Sections
        3.3.5, 6.1, 6.4, 7.4, 9.2 and 9.8 hereof) and their successors and assigns
        and
        of the registered holders of the Warrants.

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      9.5  Examination
        of the Warrant Agreement.
        A copy
        of this Warrant Agreement shall be available at all reasonable times at the
        office of the Warrant Agent in the Borough of Manhattan, City and State of
        New
        York, for inspection by the registered holder of any Warrant. The Warrant
        Agent
        may require any such holder to submit his Warrant for inspection by
        it.

       

      9.6  Counterparts.
        This
        Warrant Agreement may be executed in any number of counterparts and each
        of such
        counterparts shall for all purposes be deemed to be an original, and all
        such
        counterparts shall together constitute but one and the same
        instrument.

       

      9.7  Effect
        of Headings.
        The
        Section headings herein are for convenience only and are not part of this
        Warrant Agreement and shall not affect the interpretation thereof.

       

      9.8  Amendments.
        This
        Warrant Agreement may be amended by the parties hereto without the consent
        of
        any registered holder for the purpose of curing any ambiguity, or of curing,
        correcting or supplementing any defective provision contained herein or adding
        or changing any other provisions with respect to matters or questions arising
        under this Warrant Agreement as the parties may deem necessary or desirable
        and
        that the parties deem shall not adversely affect the interest of the registered
        holders. All other modifications or amendments, including any amendment to
        increase the Warrant Price or shorten the Exercise Period, shall require
        the
        written consent of each of Rodman and the registered holders of a majority
        of
        the then outstanding Warrants. Notwithstanding the foregoing, the Company
        may
        lower the Warrant Price or extend the duration of the Exercise Period in
        accordance with Sections 3.1 and 3.2, respectively, without such
        consent.

       

      9.9  Severability.
        This
        Warrant Agreement shall be deemed severable, and the invalidity or
        unenforceability of any term or provision hereof shall not affect the validity
        or enforceability of this Warrant Agreement or of any other term or provision
        hereof. Furthermore, in lieu of any such invalid or unenforceable term or
        provision, the parties hereto intend that there shall be added as a part
        of this
        Warrant Agreement a provision as similar in terms to such invalid or
        unenforceable provision as may be possible and be valid and
        enforceable.

       

      Signature
        page immediately follows

      
 

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      
         

        IN
          WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties
          hereto as of the day and year first above written.

         

      

      
        	 	 	 	 
	Attest:
                	 	 	PHOENIX
                INDIA ACQUISITION CORP.
	 	 	 	 
	 	 	 	 
	 	 	 	By:
	
                

              	 	 	
                

              
	 	 	 	Name:
Title:

      

       

      
         

        
          	 	 	 	 
	Attest:
                  	 	 	AMERICAN STOCK
                  TRANSFER & TRUST COMPANY
	 	 	 	 
	 	 	 	 
	 	 	 	By:
	
                  

                	 	 	
                  

                
	 	 	 	Name:
Title:

        

         

      

       

      
        
          
          

        

        
          14EXHIBIT
      4.5

    THE
      REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE HEREOF,
      AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT
      AS
      HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT
      IT
      WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION
      FOR
      A PERIOD OF ONE YEAR FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE
      OTHER THAN (I) RODMAN & RENSHAW, LLC (“RODMAN”) OR AN UNDERWRITER OR A
      SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER
      OR
      PARTNER OF RODMAN OR OF ANY SUCH UNDERWRITER OR SELECTED
      DEALER.

    THIS
      PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF THE
      CONSUMMATION BY PHOENIX INDIA ACQUISITION CORP. OF A MERGER, CAPITAL STOCK
      EXCHANGE, ASSET ACQUISITION OR OTHER SIMILAR BUSINESS COMBINATION (“BUSINESS
      COMBINATION”) (AS DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT
      (DEFINED HEREIN) OR _____________, 2007. VOID AFTER 5:00 P.M. EASTERN TIME,
      _____________, 2011.

    UNIT
      PURCHASE OPTION

    For
      the Purchase of 

    437,500
      Units

    of

    PHOENIX
      INDIA ACQUISITION CORP.

    
      	
              1.

            	
              Purchase
                Option.

            

    

    THIS
      CERTIFIES THAT, in consideration of $100 duly paid by or on behalf
      of ____________________ (“Holder”), as registered owner of this Purchase Option,
      to Phoenix India Acquisition Corp. (“Company”), Holder is entitled, at any time
      or from time to time upon the later of the consummation of a Business
      Combination or _________, 2006 (“Commencement Date”), and at or before 5:00
      p.m., Eastern Time, ____________, 2011 (“Expiration Date”), but not thereafter,
      to subscribe for, purchase and receive, in whole or in part, up to Four
      Hundred 

     

    
      	
               

            	
               

            	
               

               

            

    

     

     

    

    
    

     

    Thirty-Seven
      Thousand Five Hundred (437,500) units (“Units”) of the
      Company, each Unit consisting of one share of common stock of the Company,
      par
      value $.0001 per share (“Common Stock”), and one warrant (“Warrant(s)”) expiring
      five years from the effective date (“Effective Date”) of the Company’s
      registration statement on Form S-1 (“Registration Statement”) pursuant to which
      Units are offered for sale to the public (“Offering”). Each Warrant is the
      same as the warrant included in the Units being registered for sale to the
      public by way of the Registration Statement (“Public Warrants”), except that the
      Warrants included in the Purchase Option have an exercise price of $5.50 per
      share, subject to adjustment as provided in Section 6 hereof. If the Expiration
      Date is a day on which banking institutions are authorized by law to close,
      then
      this Purchase Option may be exercised on the next succeeding day which is not
      such a day in accordance with the terms herein. During the period ending on
      the
      Expiration Date, the Company agrees not to take any action that would terminate
      the Purchase Option. This Purchase Option is initially exercisable at $8.80
      per
      Unit (110% of the price of the Units sold in the Offering) so purchased;
      provided, however, that upon the occurrence of any of the events specified
      in
      Section 6 hereof, the rights granted by this Purchase Option, including the
      exercise price per Unit and the number of Units (and shares of Common Stock
      and
      Warrant) to be received upon such exercise, shall be adjusted as therein
      specified. The term “Exercise Price” shall mean the initial exercise price or
      the adjusted exercise price, depending on the context.

    
      	
              2.

            	
              Exercise.

            

    

    2.1        Exercise
      Form. In order to exercise this Purchase
      Option, the exercise form attached hereto must be duly executed and completed
      and delivered to the Company, together with this Purchase Option and payment
      of
      the Exercise Price for the Units being purchased payable in cash or by certified
      check or official bank check. If the subscription rights represented hereby
      shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration
      Date this Purchase Option shall become and be void without further force or
      effect, and all rights represented hereby shall cease and expire.

    2.2        Legend.
      Each certificate for the securities
      purchased under this Purchase Option shall bear a legend as follows unless
      such
      securities have been registered under the Securities Act of 1933, as amended
      (“Act”):

    “The
      securities represented by this certificate have not been registered
      under the Securities Act of 1933, as amended (“Act”) or applicable state law.
      The securities may not be offered for sale, sold or otherwise transferred except
      pursuant to an effective registration statement under the Act, or pursuant
      to an
      exemption from registration under the Act and applicable state
      law.”

    
      	
              2.3

            	
              Cashless
                Exercise.

            

    

    2.3.1     Determination
      of Amount. In lieu of the payment of the Exercise Price
      multiplied by the number of Units for which this Purchase Option is exercisable
      (and in lieu of being entitled to receive Common Stock and Warrants) in the
      manner required by Section 2.1, the Holder shall have the right (but not the
      obligation) to convert any exercisable but unexercised portion of this Purchase
      Option into Units (“Conversion Right”) as follows: upon exercise of the
      Conversion Right, the Company shall deliver to the Holder (without payment
      by
      the Holder of any of the Exercise Price in cash) that number of Units equal
      to
      the quotient obtained by dividing (x) the “Value” (as defined below) of the
      portion of the Purchase Option being converted by (y) 

     

    
      	
               

            	
              2

            	
               

               

            

    

     

     

    

    
    

     

    the
      Current Market Value (as defined below). The “Value” of the portion
      of the Purchase Option being converted shall equal the remainder derived from
      subtracting (a) (i) the Exercise Price multiplied by (ii) the number of Units
      underlying the portion of this Purchase Option being converted from (b) the
      Current Market Value of a Unit multiplied by the number of Units underlying
      the
      portion of the Purchase Option being converted. As used herein, the term
“Current Market Value” per Unit at any date means the remainder derived from
      subtracting (x) the exercise price of the Warrants multiplied by the number
      of
      shares of Common Stock issuable upon exercise of the Warrants underlying one
      Unit from (y) the Current Market Price of the Common Stock multiplied by the
      number of shares of Common Stock underlying the Warrants and the Common Stock
      issuable upon exercise of one Unit. The “Current Market Price” of a share of
      Common Stock shall mean (i) if the Common Stock is listed on a national
      securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap
      Market or NASD OTC Bulletin Board (or successor such as the Bulletin Board
      Exchange), the last sale price of the Common Stock in the principal trading
      market for the Common Stock as reported by the exchange, Nasdaq or the NASD,
      as
      the case may be; (ii) if the Common Stock is not listed on a national securities
      exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or
      the
      NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange),
      but
      is traded in the residual over-the-counter market, the closing bid price for
      the
      Common Stock on the last trading day preceding the date in question for which
      such quotations are reported by the Pink Sheets, LLC or similar publisher of
      such quotations; and (iii) if the fair market value of the Common Stock cannot
      be determined pursuant to clause (i) or (ii) above, such price as the Board
      of
      Directors of the Company shall determine, in good faith.

    2.3.2     Mechanics
      of
      Cashless Exercise. The Cashless Exercise Right may be
      exercised by the Holder on any business day on or after the Commencement Date
      and not later than the Expiration Date by delivering the Purchase Option with
      a
      duly executed exercise form attached hereto with the cashless exercise section
      completed to the Company, exercising the Cashless Exercise Right and specifying
      the total number of Units the Holder will purchase pursuant to such Cashless
      Exercise Right.

    
      	
              3.

            	
              Transfer.
                

            

    

    3.1        General
      Restrictions. The registered Holder of
      this Purchase Option agrees that it will not sell, transfer, assign, pledge
      or
      hypothecate this Purchase Option for a period of one year following the
      Effective Date to anyone other than (i) Rodman or an underwriter or a selected
      dealer in connection with the Offering, or (ii) a bona fide officer or partner
      of Rodman or of any such underwriter or selected dealer. On and after the
      Effective Date, transfers to others may be made subject to compliance with
      or
      exemptions from applicable securities laws. In order to make any permitted
      assignment, the Holder must deliver to the Company the assignment form attached
      hereto duly executed and completed, together with the Purchase Option and
      payment of all transfer taxes, if any, payable in connection therewith. The
      Company shall within five business days transfer this Purchase Option on the
      books of the Company and shall execute and deliver a new Purchase Option or
      Purchase Options of like tenor to the appropriate assignee(s) expressly
      evidencing the right to purchase the aggregate number of Units purchasable
      hereunder or such portion of such number as shall be contemplated by any such
      assignment.

     

     

    
      	
               

            	
              3

            	
               

               

            

    

     

     

    

    
    

     

     

    3.2        Restrictions
      Imposed by the Act. The securities
      evidenced by this Purchase Option shall not be transferred unless and until
      (i)
      the Company has received the opinion of counsel for the Holder that the
      securities may be transferred pursuant to an exemption from registration under
      the Act and applicable state securities laws, the availability of which is
      established to the reasonable satisfaction of the Company (the Company hereby
      agreeing that the opinion of Gersten Savage LLP shall be deemed satisfactory
      evidence of the availability of an exemption), or (ii) a registration statement
      or a post-effective amendment to the Registration Statement relating to such
      securities has been filed by the Company and declared effective by the
      Securities and Exchange Commission and compliance with applicable state
      securities law has been established.

    
      	
              4.

            	
              New
                Purchase Options to be Issued.

            

    

    4.1        Partial
      Exercise or Transfer. Subject to the
      restrictions in Section 3 hereof, this Purchase Option may be exercised or
      assigned in whole or in part. In the event of the exercise or assignment hereof
      in part only, upon surrender of this Purchase Option for cancellation, together
      with the duly executed exercise or assignment form and funds sufficient to
      pay
      any Exercise Price and/or transfer tax if exercised pursuant to Section 2.1
      hereto, the Company shall cause to be delivered to the Holder without charge
      a
      new Purchase Option of like tenor to this Purchase Option in the name of the
      Holder evidencing the right of the Holder to purchase the number of Units
      purchasable hereunder as to which this Purchase Option has not been exercised
      or
      assigned.

    4.2        Lost
      Certificate. Upon receipt by the Company of
      evidence satisfactory to it of the loss, theft, destruction or mutilation of
      this Purchase Option and of reasonably satisfactory indemnification or the
      posting of a bond, the Company shall execute and deliver a new Purchase Option
      of like tenor and date. Any such new Purchase Option executed and delivered
      as a
      result of such loss, theft, mutilation or destruction shall constitute a
      substitute contractual obligation on the part of the Company.

    
      	
              5.

            	
              Registration
                Rights. 

            	
               

            
	
               

            	
              5.1

            	
              Demand
                Registration. 

            
	
            	
            	
            	
            

    

    5.1.1     Grant
      of
      Right. The Company, upon written demand (“Initial Demand
      Notice”) of the Holder(s) of at least 51% of the Purchase Options and/or the
      underlying Units and/or the underlying securities (“Majority Holders”), agrees
      to register on one occasion, all or any portion of the Purchase Options
      requested by the Majority Holders in the Initial Demand Notice and all of the
      securities underlying such Purchase Options, including the Units, Common Stock,
      the Warrants and the Common Stock underlying the Warrants (collectively, the
      “Registrable Securities”). On such occasion, the Company will file a
      registration statement or a post-effective amendment to the Registration
      Statement covering the Registrable Securities within sixty days after receipt
      of
      the Initial Demand Notice and use its best efforts to have such registration
      statement or post-effective amendment declared effective as soon as possible
      thereafter. The demand for registration may be made at any time during a period
      of five years beginning on the Effective Date. The Company covenants and agrees
      to give written notice of its receipt of any Initial Demand Notice by any
      Holder(s) to all other registered Holders of the 

     

    
      	
               

            	
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    Purchase
      Options and/or the Registerable Securities within ten days from
      the date of the receipt of any such Initial Demand Notice. 

    5.1.2     Terms.
      The Company shall bear all fees and
      expenses attendant to registering the Registrable Securities, including the
      reasonable expenses of any legal counsel selected by the Holders to represent
      them in connection with the sale of the Registrable Securities, but the Holders
      shall pay any and all underwriting commissions, if any. The Company agrees
      to
      use its reasonable best efforts to qualify or register the Registrable
      Securities in such States as are reasonably requested by the Majority Holder(s);
      provided, however, that in no event shall the Company be required to register
      the Registrable Securities in a State in which such registration would cause
      (i)
      the Company to be obligated to qualify to do business in such State, or would
      subject the Company to taxation as a foreign corporation doing business in
      such
      jurisdiction or (ii) the principal stockholders of the Company to be obligated
      to escrow their shares of capital stock of the Company. The Company shall cause
      any registration statement or post-effective amendment filed pursuant to the
      demand rights granted under Section 5.1.1 to remain effective for a period
      of
      twelve consecutive months from the effective date of such registration statement
      or post-effective amendment.

    
      	
              5.2

            	
              “Piggy-Back”
Registration.

            

    

    5.2.1     Grant
      of
      Right. In addition to the demand right of registration,
      the Holders of the Purchase Options shall have the right for a period of seven
      years commencing on the Effective Date, to include the Registrable Securities
      as
      part of any other registration of securities filed by the Company (other than
      in
      connection with a transaction contemplated by Rule 145(a) promulgated under
      the
      Act or pursuant to Form S-8); provided, however, that if, in the written opinion
      of the Company’s managing underwriter or underwriters, if any, for such
      offering, the inclusion of the Registrable Securities, when added to the
      securities being registered by the Company or the selling stockholder(s), will
      exceed the maximum amount of the Company’s securities which can be marketed (i)
      at a price reasonably related to their then current market value, and (ii)
      without materially and adversely affecting the entire offering, then the Company
      will still be required to include the Registrable Securities, but may require
      the Holders to agree, in writing, to delay the sale of all or any portion of
      the
      Registrable Securities for a period of 90 days from the effective date of the
      offering, provided, further, that if the sale of any Registrable Securities
      is
      so delayed, then the number of securities to be sold by all stockholders in
      such
      public offering shall be apportioned pro rata among all such selling
      stockholders, including all holders of the Registrable Securities, according
      to
      the total amount of securities of the Company owned by said selling
      stockholders, including all holders of the Registrable Securities, provided,
      further, that the number of securities to be sold by persons making a demand
      for
      registration in such public offering will not be required to reduce the number
      of shares being offered for sale on their behalf.

    5.2.2     Terms.
      The Company shall bear all fees and
      expenses attendant to registering the Registrable Securities, including the
      expenses of any legal counsel selected by the Holders to represent them in
      connection with the sale of the Registrable Securities but the Holders shall
      pay
      any and all underwriting commissions. In the event of such a proposed
      registration, the Company shall furnish the then Holders of outstanding
      Registrable Securities with not less than fifteen days written notice prior
      to
      the proposed date of filing of such 

     

    
      	
               

            	
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    registration
      statement. Such notice to the Holders shall continue to be
      given for each applicable registration statement filed (during the period in
      which the Purchase Option is exercisable) by the Company until such time as
      all
      of the Registrable Securities have been registered and sold. The holders of
      the
      Registrable Securities shall exercise the “piggy back” rights provided for
      herein by giving written notice, within ten business days of the receipt of
      the
      Company’s notice of its intention to file a registration statement. The Company
      shall cause any registration statement filed pursuant to the above “piggyback”
rights to remain effective for at least twelve months from the date that the
      Holders of the Registrable Securities are first given the opportunity to sell
      all of such securities.

    5.3        Damages.
      Should the registration or the
      effectiveness thereof required by Sections 5.1 and 5.2 hereof be delayed by
      the
      Company or the Company otherwise fails to comply with such provisions, the
      Company shall, in addition to any other equitable or other relief available
      to
      the Holder(s), be liable for any and all incidental, special and consequential
      damages sustained by the Holder(s), including, but not limited to, the loss
      of
      any profits that might have been received by the holder upon the sale of shares
      of Common Stock or Warrants (and shares of Common Stock underlying the Warrants)
      underlying this Purchase Option. 

    
      	
              5.4

            	
              General
                Terms.

            

    

    5.4.1     Indemnification.
      The Company shall indemnify the
      Holder(s) of the Registrable Securities to be sold pursuant to any registration
      statement hereunder and each person, if any, who controls such Holders within
      the meaning of Section 15 of the Act or Section 20(a) of the Securities Exchange
      Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage,
      expense or liability (including all reasonable attorneys’ fees and other
      expenses reasonably incurred in investigating, preparing or defending against
      litigation, commenced or threatened, or any claim whatsoever whether arising
      out
      of any action between the underwriters and the Company or between the
      underwriters and any third party or otherwise) to which any of them may become
      subject under the Act, the Exchange Act or otherwise, arising from such
      registration statement but only to the same extent and with the same effect
      as
      the provisions pursuant to which the Company has agreed to indemnify the
      underwriters contained in Section 5 of the Underwriting Agreement. The Holder(s)
      of the Registrable Securities to be sold pursuant to such registration
      statement, and their successors and assigns, shall severally, and not jointly,
      indemnify the Company, its officers and directors and each person, if any,
      who
      controls the Company within the meaning of Section 15 of the Act or Section
      20(a) of the Exchange Act, against all loss, claim, damage, expense or liability
      (including all reasonable attorneys’ fees and other expenses reasonably incurred
      in investigating, preparing or defending against any claim whatsoever) to which
      they may become subject under the Act, the Exchange Act or otherwise, arising
      from information furnished by or on behalf of such Holders, or their successors
      or assigns, in writing, for specific inclusion in such registration statement
      to
      the same extent and with the same effect as the provisions contained in Section
      5 of the Underwriting Agreement pursuant to which the underwriters have agreed
      to indemnify the Company.

    5.4.2     Exercise
      of
      Purchase Options. Nothing contained in this Purchase
      Option shall be construed as requiring the Holder(s) to exercise their Purchase
      Options or Warrants underlying such Purchase Options prior to or after the
      initial filing of any registration statement or the effectiveness
      thereof.

     

     

    
      	
               

            	
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    5.4.3     Exclusivity.
      Subject to the rights set forth in
      that certain Registration Rights Agreement attached to the Registration
      Statement on Form S-1 (File No.: 333-128008) as Exhibit 10.7 thereof in respect
      of holders of securities of the Company who are a party to such agreement,
      the
      Company shall not permit the inclusion of any securities other than the
      Registrable Securities to be included in any registration statement filed
      pursuant to Section 5.1 hereof without the prior written consent of the Majority
      Holders of the Registrable Securities. 

    5.4.4     Documents
      Delivered to Holders. The Company shall furnish Rodman,
      as representative of the Holders participating in any of the foregoing
      offerings, a signed counterpart, addressed to the participating Holders, of
      (i)
      an opinion of counsel to the Company, dated the effective date of such
      registration statement (and, if such registration includes an underwritten
      public offering, an opinion dated the date of the closing under any underwriting
      agreement related thereto), and (ii) a “cold comfort” letter dated the effective
      date of such registration statement (and, if such registration includes an
      underwritten public offering, a letter dated the date of the closing under
      the
      underwriting agreement) signed by the independent public accountants who have
      issued a report on the Company’s financial statements included in such
      registration statement, in each case covering substantially the same matters
      with respect to such registration statement (and the prospectus included
      therein) and, in the case of such accountants’ letter, with respect to events
      subsequent to the date of such financial statements, as are customarily covered
      in opinions of issuer’s counsel and in accountants’ letters delivered to
      underwriters in underwritten public offerings of securities. The Company shall
      also deliver promptly to Rodman, as representative of the Holders participating
      in the offering, the correspondence and memoranda described below and copies
      of
      all correspondence between the Commission and the Company, its counsel or
      auditors and all memoranda relating to discussions with the Commission or its
      staff with respect to the registration statement and permit Rodman, as
      representative of the Holders, to do such investigation, upon reasonable advance
      notice, with respect to information contained in or omitted from the
      registration statement as it deems reasonably necessary to comply with
      applicable securities laws or rules of the National Association of Securities
      Dealers, Inc. (“NASD”). Such investigation shall include access to books,
      records and properties and opportunities to discuss the business of the Company
      with its officers and independent auditors, all to such reasonable extent and
      at
      such reasonable times and as often as Rodman, as representative of the Holders,
      shall reasonably request. The Company shall not be required to disclose any
      confidential information or other records to Rodman, as representative of the
      Holders, or to any other person, until and unless such persons shall have
      entered into reasonable confidentiality agreements (in form and substance
      reasonably satisfactory to the Company), with the Company with respect
      thereto.

    5.4.5     Underwriting
      Agreement. The Company shall enter into an underwriting
      agreement with the managing underwriter(s), if any, selected by any Holders
      whose Registrable Securities are being registered pursuant to this Section
      5,
      which managing underwriter shall be reasonably acceptable to the Company. Such
      agreement shall be reasonably satisfactory in form and substance to the Company,
      each Holder and such managing underwriters, and shall contain such
      representations, warranties and covenants by the Company and such other terms
      as
      are customarily contained in agreements of that type used by the managing
      underwriter. The Holders shall be parties to any underwriting agreement relating
      to an underwritten sale of their Registrable Securities and may, at their
      option, require that any or all the representations, warranties and covenants
      of
      the Company to or for the benefit of such underwriters shall also be

     

    
      	
               

            	
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    made
      to and for the benefit of such Holders. Such Holders shall not be
      required to make any representations or warranties to or agreements with the
      Company or the underwriters except as they may relate to such Holders and their
      intended methods of distribution. Such Holders, however, shall agree to such
      covenants and indemnification and contribution obligations for selling
      stockholders as are customarily contained in agreements of that type used by
      the
      managing underwriter. Further, such Holders shall execute appropriate custody
      agreements and otherwise cooperate fully in the preparation of the registration
      statement and other documents relating to any offering in which they include
      securities pursuant to this Section 5. Each Holder shall also furnish to the
      Company such information regarding itself, the Registrable Securities held
      by
      it, and the intended method of disposition of such securities as shall be
      reasonably required to effect the registration of the Registrable
      Securities.

    5.4.6     Rule
      144
      Sale. Notwithstanding anything contained in this Section
      5 to the contrary, the Company shall have no obligation pursuant to Sections
      5.1
      or 5.2 for the registration of Registrable Securities held by any Holder (i)
      where such Holder would then be entitled to sell under Rule 144 within any
      three-month period (or such other period prescribed under Rule 144 as may be
      provided by amendment thereof) all of the Registrable Securities then held
      by
      such Holder, and (ii) where the number of Registrable Securities held by such
      Holder is within the volume limitations under paragraph (e) of Rule 144
      (calculated as if such Holder were an affiliate within the meaning of Rule
      144).

    5.4.7     Supplemental
      Prospectus. Each Holder agrees, that upon receipt of any
      notice from the Company of the happening of any event as a result of which
      the
      prospectus included in the Registration Statement, as then in effect, includes
      an untrue statement of a material fact or omits to state a material fact
      required to be stated therein or necessary to make the statements therein not
      misleading in light of the circumstances then existing, such Holder will
      immediately discontinue disposition of Registrable Securities pursuant to the
      Registration Statement covering such Registrable Securities until such Holder’s
      receipt of the copies of a supplemental or amended prospectus, and, if so
      desired by the Company, such Holder shall deliver to the Company (at the expense
      of the Company) or destroy (and deliver to the Company a certificate of such
      destruction) all copies, other than permanent file copies then in such Holder’s
      possession, of the prospectus covering such Registrable Securities current
      at
      the time of receipt of such notice.

    
      	
              6.

            	
              Adjustments.

            

    

    6.1        Adjustments
      to Exercise Price and Number of Securities. The Exercise Price and the number of Units underlying
      the Purchase
      Option shall be subject to adjustment from time to time as hereinafter set
      forth:

    6.1.1     Stock
      Dividends
      Split Ups. If after the date hereof, and subject to the
      provisions of Section 6.3 below, the number of outstanding shares of Common
      Stock is increased by a stock dividend payable in shares of Common Stock or
      by a
      split up of shares of Common Stock or other similar event, then, on the
      effective day thereof, the number of shares of Common Stock underlying each
      of
      the Units purchasable hereunder shall be increased in proportion to such
      increase in outstanding shares. In such case, the number of shares of Common
      Stock, and the exercise price applicable thereto, underlying the Warrants
      underlying each of the Units 

     

    
      	
               

            	
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    purchasable
      hereunder shall be adjusted in accordance with the terms of
      the Warrants. For example, if the Company declares a two-for-one stock dividend
      and at the time of such dividend this Purchase Option is for the purchase of
      one
      Unit at $8.80 per whole Unit (the Warrant underlying the Units is exercisable
      for $5.50 per share), upon effectiveness of the dividend, this Purchase Option
      will be adjusted to allow for the purchase of one Unit at $8.80 per Unit, each
      Unit entitling the holder to receive two shares of Common Stock and two Warrants
      (each Warrant exercisable for $2.75 per share).

    6.1.2     Aggregation
      of
      Shares. If after the date hereof, and subject to the
      provisions of Section 6.3, the number of outstanding shares of Common Stock
      is
      decreased by a consolidation, combination or reclassification of shares of
      Common Stock or other similar event, then, on the effective date thereof, the
      number of shares of Common Stock underlying each of the Units purchasable
      hereunder shall be decreased in proportion to such decrease in outstanding
      shares. In such case, the number of shares of Common Stock, and the exercise
      price applicable thereto, underlying the Warrants underlying each of the Units
      purchasable hereunder shall be adjusted in accordance with the terms of the
      Warrants. 

    6.1.3     Replacement
      of
      Securities upon Reorganization, etc. In case of any
      reclassification or reorganization of the outstanding shares of Common Stock
      other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely
      affects the par value of such shares of Common Stock, or in the case of any
      merger or consolidation of the Company with or into another corporation (other
      than a consolidation or merger in which the Company is the continuing
      corporation and that does not result in any reclassification or reorganization
      of the outstanding shares of Common Stock), or in the case of any sale or
      conveyance to another corporation or entity of the property of the Company
      as an
      entirety or substantially as an entirety in connection with which the Company
      is
      dissolved, the Holder of this Purchase Option shall have the right thereafter
      (until the expiration of the right of exercise of this Purchase Option) to
      receive upon the exercise hereof, for the same aggregate Exercise Price payable
      hereunder immediately prior to such event, the kind and amount of shares of
      stock or other securities or property (including cash) receivable upon such
      reclassification, reorganization, merger or consolidation, or upon a dissolution
      following any such sale or transfer, by a Holder of the number of shares of
      Common Stock of the Company obtainable upon exercise of this Purchase Option
      and
      the underlying Warrants immediately prior to such event; and if any
      reclassification also results in a change in shares of Common Stock covered
      by
      Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections
      6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall
      similarly apply to successive reclassifications, reorganizations, mergers or
      consolidations, sales or other transfers.

    6.1.4     Changes
      in Form
      of Purchase Option. This form of Purchase Option need
      not be changed because of any change pursuant to this Section, and Purchase
      Options issued after such change may state the same Exercise Price and the
      same
      number of Units as are stated in the Purchase Options initially issued pursuant
      to this Agreement. The acceptance by any Holder of the issuance of new Purchase
      Options reflecting a required or permissive change shall not be deemed to waive
      any rights to an adjustment occurring after the Commencement Date or the
      computation thereof.

     

     

    
      	
               

            	
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    6.2        Substitute
      Purchase Option. In case of any
      consolidation of the Company with, or merger of the Company with, or merger
      of
      the Company into, another corporation (other than a consolidation or merger
      which does not result in any reclassification or change of the outstanding
      Common Stock), the corporation formed by such consolidation or merger shall
      execute and deliver to the Holder a supplemental Purchase Option providing
      that
      the holder of each Purchase Option then outstanding or to be outstanding shall
      have the right thereafter (until the stated expiration of such Purchase Option)
      to receive, upon exercise of such Purchase Option, the kind and amount of shares
      of stock and other securities and property receivable upon such consolidation
      or
      merger, by a holder of the number of shares of Common Stock of the Company
      for
      which such Purchase Option might have been exercised immediately prior to such
      consolidation, merger, sale or transfer. Such supplemental Purchase Option
      shall
      provide for adjustments which shall be identical to the adjustments provided
      in
      Section 6. The above provision of this Section shall similarly apply to
      successive consolidations or mergers.

    6.3        Elimination
      of Fractional Interests. The Company
      shall not be required to issue certificates representing fractions of shares
      of
      Common Stock or Warrants upon the exercise of the Purchase Option, nor shall
      it
      be required to issue scrip or pay cash in lieu of any fractional interests,
      it
      being the intent of the parties that all fractional interests shall be
      eliminated by rounding any fraction up to the nearest whole number of Warrants,
      shares of Common Stock or other securities, properties or rights.

    7.          Reservation
      and Listing. The Company shall at all
      times reserve and keep available out of its authorized shares of Common Stock,
      solely for the purpose of issuance upon exercise of the Purchase Options or
      the
      Warrants underlying the Purchase Option, such number of shares of Common Stock
      or other securities, properties or rights as shall be issuable upon the exercise
      thereof. The Company covenants and agrees that, upon exercise of the Purchase
      Options and payment of the Exercise Price therefor, all shares of Common Stock
      and other securities issuable upon such exercise shall be duly and validly
      issued, fully paid and non-assessable and not subject to preemptive rights
      of
      any stockholder. The Company further covenants and agrees that upon exercise
      of
      the Warrants underlying the Purchase Options and payment of the respective
      Warrant exercise price therefor, all shares of Common Stock and other securities
      issuable upon such exercise shall be duly and validly issued, fully paid and
      non-assessable and not subject to preemptive rights of any stockholder. As
      long
      as the Purchase Options shall be outstanding, the Company shall use its best
      efforts to cause all (i) shares of Common Stock issuable upon exercise of the
      Purchase Options, (ii) Warrants issuable upon exercise of the Purchase Options
      and (iii) shares of Common Stock issuable upon exercise of the Warrants included
      in the Units issuable upon exercise of the Purchase Option to be listed (subject
      to official notice of issuance) on all securities exchanges (or, if applicable
      on the Nasdaq National Market, SmallCap Market, OTC Bulletin Board or any
      successor trading market) on which the Units, Common Stock or the Public
      Warrants issued to the public in connection herewith may then be listed and/or
      quoted.

    
      	
              8.

            	
              Certain
                Notice Requirements.

            

    

    8.1        Holder’s
      Right to Receive Notice. Nothing herein
      shall be construed as conferring upon the Holders the right to vote or consent
      or to receive notice as a stockholder for the election of directors or any
      other
      matter, or as having any rights whatsoever as a stockholder of the Company.
      If,
      however, at any time prior to the expiration of the Purchase Options and

     

    
      	
               

            	
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    their
      exercise, any of the events described in Section 8.2 shall occur,
      then, in one or more of said events, the Company shall give written notice
      of
      such event at least fifteen days prior to the date fixed as a record date or
      the
      date of closing the transfer books for the determination of the stockholders
      entitled to such dividend, distribution, conversion or exchange of securities
      or
      subscription rights, or entitled to vote on such proposed dissolution,
      liquidation, winding up or sale. Such notice shall specify such record date
      or
      the date of the closing of the transfer books, as the case may be.
      Notwithstanding the foregoing, the Company shall deliver to each Holder a copy
      of each notice given to the other stockholders of the Company at the same time
      and in the same manner that such notice is given to the
      stockholders.

    8.2        Events
      Requiring Notice. The Company shall be
      required to give the notice described in this Section 8 upon one or more of
      the
      following events: (i) if the Company shall take a record of the holders of
      its
      shares of Common Stock for the purpose of entitling them to receive a dividend
      or distribution payable otherwise than in cash, or a cash dividend or
      distribution payable otherwise than out of retained earnings, as indicated
      by
      the accounting treatment of such dividend or distribution on the books of the
      Company, or (ii) the Company shall offer to all the holders of its Common Stock
      any additional shares of capital stock of the Company or securities convertible
      into or exchangeable for shares of capital stock of the Company, or any option,
      right or warrant to subscribe therefor, or (iii) a dissolution, liquidation
      or
      winding up of the Company (other than in connection with a consolidation or
      merger) or a sale of all or substantially all of its property, assets and
      business shall be proposed.

    8.3        Notice
      of Change in Exercise Price. The Company
      shall, promptly after an event requiring a change in the Exercise Price pursuant
      to Section 6 hereof, send notice to the Holders of such event and change (“Price
      Notice”). The Price Notice shall describe the event causing the change and the
      method of calculating same and shall be certified as being true and accurate
      by
      the Company’s President and Chief Financial Officer.

    8.4        Transmittal
      of Notices. All notices, requests,
      consents and other communications under this Purchase Option shall be in writing
      and shall be deemed to have been duly made when hand delivered, or mailed by
      express mail or private courier service: (i) If to the registered Holder of
      the
      Purchase Option, to the address of such Holder as shown on the books of the
      Company, or (ii) if to the Company, to following address or to such other
      address as the Company may designate by notice to the Holders:
        

    Phoenix
      India Acquisition Corp.

    711
      Fifth Avenue, Suite 401

    
      	
              New
                York, NY 

            	
              10022

            

    

    Attn:
      Ramesh Akella, President and Chief Strategy Officer

     

    
      	
              9.

            	
              Miscellaneous.

            

    

    9.1        Amendments.
      The Company and Rodman may from time
      to time supplement or amend this Purchase Option without the approval of any
      of
      the Holders in order to cure any ambiguity, to correct or supplement any
      provision contained herein that may be defective or inconsistent with any other
      provisions herein, or to make any other provisions in regard to 

     

    
      	
               

            	
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    matters
      or questions arising hereunder that the Company and Rodman may
      deem necessary or desirable and that the Company and Rodman deem shall not
      adversely affect the interest of the Holders. All other modifications or
      amendments shall require the written consent of and be signed by the party
      against whom enforcement of the modification or amendment is
      sought.

    9.2        Headings.
      The headings contained herein are for
      the sole purpose of convenience of reference, and shall not in any way limit
      or
      affect the meaning or interpretation of any of the terms or provisions of this
      Purchase Option.

    10.        Entire
      Agreement. This Purchase Option (together
      with the other agreements and documents being delivered pursuant to or in
      connection with this Purchase Option) constitutes the entire agreement of the
      parties hereto with respect to the subject matter hereof, and supersedes all
      prior agreements and understandings of the parties, oral and written, with
      respect to the subject matter hereof.

    10.1      Binding
      Effect. This Purchase Option shall inure solely to the
      benefit of and shall be binding upon, the Holder and the Company and their
      permitted assignees, respective successors, legal representative and assigns,
      and no other person shall have or be construed to have any legal or equitable
      right, remedy or claim under or in respect of or by virtue of this Purchase
      Option or any provisions herein contained.

    10.2      Governing
      Law; Submission to Jurisdiction. This Purchase Option
      shall be governed by and construed and enforced in accordance with the laws
      of
      the State of New York, without giving effect to conflict of laws. The Company
      hereby agrees that any action, proceeding or claim against it arising out of,
      or
      relating in any way to this Purchase Option shall be brought and enforced in
      the
      courts of the State of New York or of the United States of America for the
      Southern District of New York, and irrevocably submits to such jurisdiction,
      which jurisdiction shall be exclusive. The Company hereby waives any objection
      to such exclusive jurisdiction and that such courts represent an inconvenient
      forum. Any process or summons to be served upon the Company may be served by
      transmitting a copy thereof by registered or certified mail, return receipt
      requested, postage prepaid, addressed to it at the address set forth in Section
      8 hereof. Such mailing shall be deemed personal service and shall be legal
      and
      binding upon the Company in any action, proceeding or claim. The Company and
      the
      Holder agree that the prevailing party(ies) in any such action shall be entitled
      to recover from the other party(ies) all of its reasonable attorneys’ fees and
      expenses relating to such action or proceeding and/or incurred in connection
      with the preparation therefor. 

    10.3      Waiver,
      Etc. The failure of the Company or the Holder to at
      any
      time enforce any of the provisions of this Purchase Option shall not be deemed
      or construed to be a waiver of any such provision, nor to in any way affect
      the
      validity of this Purchase Option or any provision hereof or the right of the
      Company or any Holder to thereafter enforce each and every provision of this
      Purchase Option. No waiver of any breach, non-compliance or non-fulfillment
      of
      any of the provisions of this Purchase Option shall be effective unless set
      forth in a written instrument executed by the party or parties against whom
      or
      which enforcement of such waiver is sought; and no waiver of any such breach,
      non-compliance or non-fulfillment shall be construed or deemed to be a waiver
      of
      any other or subsequent breach, non-compliance or non-fulfillment.

     

     

    
      	
               

            	
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    10.4      Execution
      in Counterparts. This Purchase Option may be executed in
      one or more counterparts, and by the different parties hereto in separate
      counterparts, each of which shall be deemed to be an original, but all of which
      taken together shall constitute one and the same agreement, and shall become
      effective when one or more counterparts has been signed by each of the parties
      hereto and delivered to each of the other parties hereto.

     

                   
      10.5      Exchange
      Agreement. As a condition of the Holder’s receipt and
      acceptance of this Purchase Option, Holder agrees that, at any time prior to
      the
      complete exercise of this Purchase Option by Holder, if the Company and Rodman
      enter into an agreement (“Exchange Agreement”) pursuant to which they agree that
      all outstanding Purchase Options will be exchanged for securities or cash or
      a
      combination of both, then Holder shall agree to such exchange and become a
      party
      to the Exchange Agreement. 

     

    
      	
               

            	
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    IN
      WITNESS WHEREOF, the Company has caused this Purchase Option to be
      signed by its duly authorized officer as of the ___ day of __________,
      2006.

    PHOENIX
      INDIA ACQUISITION CORP.

    By:_________________________________

    Name:
      Ramesh Akella

    Its:
      President and Chief Strategy Officer

    
    

     

    
      	
               

            	
              14

            	
               

               

            

    

     

     

    

    
    

     

     

    Form
      to be used to exercise Purchase Option:

    Phoenix
      India Acquisition Corp.

    711
      Fifth Avenue 

    Suite
      401

    
      	
              New
                York, NY 

            	
              10022

            

    

    Attn:
      Ramesh Akella

     

    Date:_________________,
      200__

    The
      undersigned hereby elects irrevocably to exercise the within Purchase
      Option and to purchase ____ Units of Phoenix India Acquisition Corp. and hereby
      makes payment of $____________ (at the rate of $_________ per Unit) in payment
      of the Exercise Price pursuant thereto. Please issue the Common Stock and
      Warrants as to which this Purchase Option is exercised in accordance with the
      instructions given below.

    or

    The
      undersigned hereby elects irrevocably to convert its right to
      purchase _________ Units purchasable under the within Purchase Option by
      surrender of the unexercised portion of the attached Purchase Option (with
      a
“Value” based of $_______ based on a “Market Price” of $_______). Please issue
      the securities comprising the Units as to which this Purchase Option is
      exercised in accordance with the instructions given below.

    ______________________________

    Signature

    ______________________________

    Signature
      Guaranteed

    INSTRUCTIONS
      FOR REGISTRATION OF SECURITIES

    Name_____________________________________________________________

    (Print
      in Block Letters)

    Address__________________________________________________________

    NOTICE:
      The signature to this form must correspond with the name as
      written upon the face of the within Purchase Option in every particular without
      alteration or enlargement or any change whatsoever, and must be guaranteed
      by a
      bank, other than a savings bank, or by a trust company or by a firm having
      membership on a registered national securities exchange.

     

     

     

    
      	
               

            	
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    Form
      to be used to assign Purchase Option:

    ASSIGNMENT

    (To
      be executed by the registered Holder to effect a transfer of the
      within Purchase Option):

    FOR
      VALUE RECEIVED,___________________________________________ does
      hereby sell, assign and transfer unto___________________________________________
      the right to purchase __________ Units of Phoenix India Acquisition Corp.
      (“Company”) evidenced by the within Purchase Option and does hereby authorize
      the Company to transfer such right on the books of the Company.

    Dated:___________________,
      200_

    ______________________________

    Signature

    ______________________________

    Signature
      Guaranteed

    NOTICE:
      The signature to this form must correspond with the name as
      written upon the face of the within Purchase Option in every particular without
      alteration or enlargement or any change whatsoever, and must be guaranteed
      by a
      bank, other than a savings bank, or by a trust company or by a firm having
      membership on a registered national securities exchange.

     

     

    
      	
               

            	
              16

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