The Board of Directors noted that in terms of clause 8.1 of the Shareholders Agreement dated ............. funding has been received to the tune of Rs.36,000,000 from the shareholders towards equity capital of the company in the existing proportion. Necessary reporting to Reserve Bank of India in respect of FDI received from ....... has been done. Thereafter, the Board approved allotment of equity shares by passing the following resolutions :
“RESOLVED THAT the approval of the Board of Directors be and is hereby accorded for the allotment of 3,60,000 equity shares of Rs.100 each to the existing shareholders of the Company against amounts received from them, as per details below :
RESOLVED FURTHER THAT the excess amount of Rs. 5,40,492 (USD12,643) received from ........... be and is hereby retained by the Company and adjusted towards further allotment of equity shares, if such allotment can be done within 6 months of receipt of the amount from ............., failing which the same be and is hereby refunded to ................ in terms of applicable RBI provisions.
FURTHER RESOLVED THAT the share certificates be and are hereby issued to the allottees under the signatures of ..............................under the Common Seal of the Company affixed in their presence in terms of Article 44 of the Articles of Association of the Company.
RESOLVED FURTHER THAT .......................be and is hereby authorized to file Return of Allotment in e-Form 2 with the Registrar of Companies, Karnataka, Bangalore and make necessary entries in the Register of Members of the Company as well as comply with applicable RBI formalities in respect of the above.”
CAclubindia
