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board resolution for pvt co

Gayathri (company secretary) (83 Points)

16 November 2010

Hi,

A pvt co is borrowing from another finance co (which is also a pvt co). can anybody provide me with a format of Board resolution for the same.

Thanks in advance.

Regards

Gayathri Venkatesan

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2 Replies

Ankur Garg (Company Secretary and Compliance Officer) (114773 Points)
Replied 16 November 2010

INTER CORPORATE LOAN

“RESOLVED THAT pursuant to section 292 and other relevant provisions of the Companies Act, 1956, consent of the Board of Directors of the Company be and is hereby accorded to borrow money, subject to the limit of Rs. 50 Crores, at a rate of interest not lower than prevailing bank rate as specified by Reserve Bank of India, for the purpose of expansion of business and other related activities.

RESOLVED FURTHER THAT Ms. Shraddha Shukla, Managing Director of the Company be and is hereby authorised to settle the other terms and conditions of the loan including but not limited to fixation of repayment period and to sign all documents and to do all such acts and things as may be necessary on behalf of the company related to the above.”