Mayuri Lal (officer CS) (748 Points)
13 May 2011Dear members,
Can anyone provide me the draft resolution under section 81(3) for giving rights to the lenders for converting the Loan to equity as per the terms and conditionss..
Will the reference of 81(1A) will come under teh above resolution.
I feel no , bkoz 81(1)(a) is valid for only 12 months.
Would be of great help if anybody can provid eme with the format u/s 81(3)
CS Bijoy
(Expert)
(6394 Points)
Replied 25 May 2011
Resolved that as per the companies act 1956 and the provision of the AOA of the company the member in this meeting decide to authorized the lenders of the loan to convert their advances in to equity as per their convinient after the passing of .......... year's of the loan.
Resolved further that the above matter is approved in the meeting by the majority of the member present in the meeting.
Resolved further that Mr................ company secretary of the company is hereby authorized to do the further requirement as soon as possible.
CAclubindia
