Loan procedure

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Querist : Anonymous

Querist : Anonymous (Querist)

01 December 2012 Can anyone tell me Procedure to Apply Bank Loan for Pvt Ltd Company.

Ajay Mishra

Ajay Mishra (Expert)
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01 December 2012 Hi

The Bank will provide the same.

However, the company should pass a resolution under section 292 of the Companies Act, 1956 for taking loan.

Ajay Mishra

Ajay Mishra (Expert)
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01 December 2012 Board Resolution:

BORROWING UNDER SECTION 292

The Board was appraised that keeping in view the long term expansion plans of the company the requirement for additional finance has also increased. Hence, after due discussion the following resolution was passed unanimously:

"RESOLVED THAT pursuant to the Section 292 and/or other relevant provisions of the Companies Act, 1956, if any, the Board of Directors of the Company be and is hereby authorised to borrow from time to time such sums of money for the purpose of the business of the Company provided that the moneys to be borrowed together with the moneys already borrowed by the Company (apart form temporary loans obtained from the Company's bankers in the ordinary course of business) will not exceed the aggregate of the Company's paid-up capital and free reserves, that is to say, reserves not set apart for any specific purpose.

RESOLVED FURTHER THAT for the purpose of giving effect to this resolution, the Board be and is hereby authorized to do all such acts, deeds, matters and things as it may in its absolute discretion consider necessary, proper or desirable and to settle any question, difficulty or doubt that may arise in this regard.”

RESOLVED FURTHER THAT any Director of the Company be and is hereby authorized to execute, sign and issue for and on behalf of the company, the Loan Agreement, any other agreements, deeds, documents and writings as may be required in relation to the above facility and to do all such acts, deeds and things necessary for giving effect to this resolution.

RESOLVED FURTHER THAT the copies of the foregoing resolutions certified to be true copies by the Director of the Company be furnished to the Lender and they be requested to act thereon.

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