13 August 2013
I want a format of Board Resolution in relation with Private Company has taken overdraft of Rs. 10 Lacs from the Bank and the period is expiring therefore it is required to be extended for one year. it is urgent.
13 August 2013
RESOLVED FURTHER THAT, the board be and is hereby authorised to mark a lien on six fixed deposits aggregating Rs. 5 Crore (Five Crore only) bearing FD No........ held by the company with Central Bank of India, .....Delhi-110027, as a security towards issuance of Overdraft (OD) facility of up to Rs. 4.5 Crores (Four Crore Fifty Lakhs only) to be extended by the said bank to XYX Network Limited.
RESOLVED FURTHER THAT Ms Priya Dutt, Director of the company be and is hereby authorised to execute, sign and issue for and on behalf of the Company the Loan Agreement, Demand Promissory Note, Letter of Continuity, Request Letters and any other agreements, deeds, documents and writings as may be required by the Bank in relation to the availment of the Overdraft (OD) facility and the creation of security, if any therefore in favour of the Bank and to do all such acts, deeds and things necessary for giving effect to this resolution.
RESOLVED FURTHER THAT the common seal of the Company be affixed to the engrossment of all the above documents, deeds, writings and instruments and all renewals/ amendments thereof wherever required in conformity and in accordance with the relevant provisions of the Memorandum and Article of Association of the Company”
13 August 2013
Thanks a lot sir for your reply, but I want a Board Resolution in which the Overdraft has already been taken and all the documents already has been executed earlier but the period for which OD Limit has been provided is expiring on 17th August, 2013 and we have not yet fully utilized the OD Limit therefore we want to enhance the period for say one year to fully utilized over OD Limit.
CAclubindia
