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Tuesday, May 20, 2014

Board Resolution for Company as the Applicant and Director as Guarantor






ANNEXURE 5(C):  Board Resolution for Company as the Applicant and Director as Guarantor

(TO BE OBTAINED ON THE LETTERHEAD OF THE APPLICANT COMPANY)

CERTIFIED TRUE COPY OF THE RESOLUTION PASSED BY THE BOARD OF DIRECTORS OF ___________________________ LIMITED  AT THE BOARD MEETING HELD ON _______________ at _____________________
The Chairman informed the Board that the Company had approached AXIS Bank ____________ Branch for availing financial assistance by way of ______________(facility)  . The Chairman further informed that the Bank has agreed to sanction the said ________________Facility  vide its sanction letter no. _______________________ _________________ . The Chairman placed before the Board the said sanction letter wherein  the following security is stipulated   for the ____________________  facility  sanctioned to the Company.
(i)…………………..
(ii) …………………
(iii) Personal Guarantee of Mr. …………… (Director)
(iv) Personal Guarantee of Mr. …………… (Director)
After discussions, the Board then passed the following resolution -
“RESOLVED THAT the approval of the Board be and is hereby given to the Company to avail financial assistance from AXIS Bank______________Branch as a Borrower for the amount not exceeding in the aggregate, Rupees _______________, in terms of the Bank’s sanction letter no. ____________________ dated _________________, as placed before the Board.”
“FURTHER RESOLVED THAT _______________  Director   and  _______________ Director , (give designation if a senior official other than a director) be and are hereby jointly and severally authorised to sign, execute and deliver all the documents as may be necessary for the proper availing of the said facility and as may be required by the Bank and further to furnish, sign, execute and deliver such indemnities and/or declarations and/or affidavits on behalf of the Company in favour of the Bank as may be required by the Bank in any matter related hereto and generally to do all such acts and deeds as may be necessary for  availing the said financial facility as a borrower.”
“FURTHER RESOLVED THAT the approval of the Board be and is hereby given to affix the common seal of the Company on any or all documents in terms of the Articles of Association of the Company, as may be required by the Bank.”
“FURTHER RESOLVED THAT to secure the said facility and/or to create mortgage over the assets as stipulated in the sanction letter of the Bank  _______________  Director   and  ____________________ Director be and are hereby requested to execute such documents including the deposit of Title Deeds as are required for creation of valid mortgage as provided in the terms of sanction.”
“FURTHER RESOLVED THAT a Certified True Copy Of this Resolution be furnished to the Bank and/or such persons/entities as may be deemed fit by _____________ , and/or ______________.

CERTIFIED TRUE COPY
For ________ Limited

Director/ Authorised Signatory / Company Secretary/ Chairman

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