Hi,
Pls anyone can me provide a copy of resolution for exclude a director from giving collateral security to bank.
C.J. Sreedevi
CS Jithesh (ACS,)
(COMPANY SECRETARY )
(485 Points)
Replied 19 April 2010
While giving the collateral Security you will be making one board resolution, in that you don't add the excluded directors name. You neednot have to provide any resolution were director is not providing anything. The resolution is required only on the instances where the Directors will give their guarantee, securiy and others.
This is my view. Kindly rectify if I am wrong :)
sreedevi
(Trainee)
(118 Points)
Replied 19 April 2010
Hi,
At the time of creating a charge on 2005, 3 directors gave collateral security. Now, one of the director wants to relieve from such risk. shall we give resolution to bank and also file form 8 for modification.
Pls confirm.
Regards
C.J. Sreedevi
Yes, You tell the same to the Bank. The Bank will modify the Terms & Conditions of the Charge accordingly.
and on the Modified Documents you file form 8 for the Charge Modification.
-------------------------------------------
If you need further clarification than contact me
CS Ankur Shah (Practicing Company Secretary)
“Guru Gautam” Bungalow, Inside Parshwa Tower,
Nr. Shyamal Cross Road, 132ft. Ring Road,
Satellite, Ahmedabad – 15
Contact: + 91-9427633901
E-mail: ankur @ csankur.com, ankurjewel @ gmail.com
Blog: csankur.blogspot.com
Website: www.csankur.com
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
