Common seal

This query is : Resolved

Sreevidya P M (Querist)
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01 September 2011 Our Company is making arrangement with HDFC Bank Limited for availing Vehicle loan by entering into a composite loan cum guarantee agreement after passing resolution at the board meeting . We have affixed common seal in the loan documents as prescribed by the bank and provided to the bank along with certified true copy of Extract of Board resolution .Now, they require to affix the common seal in the extract of board minutes also.We have clarified that it is not necessary to affix the common seal in the minutes. But the Bank stick on this condition and not releasing the loan .
I would like to discuss this matter with my caclubindia friends and expect a valuable advice/ confirmation regarding the legal aspects of affixing common seal in the extract of minutes of the board meeting as per Companies Act, 1956 to provide clarification to HDFC Bank Ltd for releasing vehicle loan for our company.
Thanks………….