Board resolution for opening escrow account

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 July 2013 Hello Friends,

Can some plz forward me the Board Resolution authorizing director to operate the Escrow account. The Account will be consortium account i.e, 3 banks are giving loan, once the company needs the money it will contact the lead bank then the remaining bank will be deposit the amount in the lead bank.

Plz plz its very much urgent.

Ajay Mishra

Ajay Mishra (Expert)
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10 July 2013
AUTHORISATION FOR DEALING AND EXECUTING AGREEMENT WITH MARCHANT BANKAR AND AND OPENING OF ESCROW ACCOUNT

The Board discussed and felt the need to authorise Mr. ......, Managing Director or Mr. ...... V.P. Accounts and Finance to complete all necessary formalities related to the preferential issue of equity shares or other securities approved by the Board of Directors of the Company including dealing with the Merchant Bankers/Lead Managers Escrow Agent. Hence the following resolution was passed unanimously:

“Resolved that Mr. ......., Managing Director or Mr. ......., V.P. Accounts and Finance be and is hereby authorized to complete all necessary formalities related to the preferential issue of equity shares or other securities approved by the Board of Directors of the Company including dealing with the Merchant Bankers/Lead Managers Escrow Agent, Brokers and/or various related agencies and authorities, and opening of Escrow Account and for the signing, executing, making any alterations, modifications or amendments to, any agreement, documents, papers as may be necessary and required in this regard and further to do all such acts and execute all such writings and instruments in connection with the above as is deem ed necessary or desirable.”

Rajat Poddar

Rajat Poddar (Expert)
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10 July 2013 The Chairman requested members to pass the necessary resolution for accepting the secured term loan and execution of the documents. After discussion following resolution was passed:
“RESOLVED THAT the Company do borrow from Bank, situated at, by way of Term Loan of ì 100.00 Crores ( ì One Hundred Crores Only) as per bank sanction letter no. _________dated _________________ and that Mr. __________, Executive Chairman and Mr._____________-of the Company be and are hereby severally authorized to discuss and finalise the terms and conditions subject to which the said facility being sanctioned by the Bank.
RESOLVED FURTHER THAT Mr________ Executive Chairman and/or Mr. _____________, Vice Chairman and Managing Director of the Company and / or Mr._________, Vice President - Banking, be and are hereby severally authorized to sign and deliver on behalf of the Company all agreements, documents, deeds and forms relating to the above Secured loan including creation and / or modification of mortgage / security for the said facility and to do all such acts as may be required for the aforesaid purpose.
RESOLVED FURTHER THAT Company do hereby accord its approval to open a Escrow Account _______ Bank, situated at ___________ in the name of the Company for the term loan of ì. 100 Crores already sanctioned by the bank vide their sanction letter dated _______ and Mr. __________ Executive Chairman and/or Mr. _________ Vice Chairman and Managing Director of the Company be and are hereby severally authorised to operate the said Escrow account for the aforesaid loan.
RESOLVED FURTHER THAT the Common Seal of the Company if required be affixed to the fair stamped engrossment of the Indenture of Mortgage, deeds, documents, agreements and instruments relating to the mortgage/security in the presence of any one of Mr. _______, Executive Chairman, Mr. _______, Vice Chairman and Managing Director, Mr. ________, Chief Financial Officer, Mr.– Banking, or Mr._______Manager – Finance, of the Company who do sign the same in token thereof.”

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