Can any one provide me the specimen board resolution for increase in the borrowing limit of the pvt ltd company
2 Replies
Jagruti (CS)
(Service)
(1953 Points)
Replied 30 July 2010
Below is the format of the same
“RESOLVED THAT Company do borrow monies, from time to time, up to an amount not exceeding Rs. 50,00,00,000/- (Rupees. Fifty Crores only) outstanding at any point of time.
RESOLVED FURTHER THAT pursuant to Section 292(1)(c) and other applicable provisions, if any, of the Companies Act, 1956 or any other law for the time being in force, the Directors of the Company, for the time being in office, be and hereby severally authorised to approve the borrowings as aforesaid on such terms and conditions of repayment, interest or otherwise as they may in their absolute discretion deem fit and proper for the purpose of the Company’s business and to do all such acts and things and deal with all such matters and take all such steps and execute all such instruments/ documents/ deeds/ agreements/ writings/ papers as may be necessary to give effect to this resolution provided that the outstanding amount in respect of the sums so borrowed would not, at any point of time, exceed Rs. Rs. 50,00,00,000/- (Rupees. Fifty Crores only) in the aggregate.
RESOLVED FURTHER THAT THE Common Seal of the Company, if required, be affixed in accordance with the Articles of Association of the Company.”
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