resolution for pledging property

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Jisha

Jisha (Querist)
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31 August 2009 can u give me a resolution for pledging property?

Ankur Garg

Ankur Garg (Expert)
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31 August 2009 Hi,

Change it according to your need:

"RESOLVED THAT pursuant to section 293(1)(a) of the Companies Act, 1956 (including any statutory modification or re-enactment thereof for the time being in force) the consent of the Members be and is hereby accorded to the Board of Directors for mortgaging/charging the movable or immovable properties of the Company both present and future, of the whole or substantially the whole of the undertaking(s) of the Company in such form and manner as the Board of Directors may deem fit, for providing any securities or guarantees or for securing any loans and/ or advances obtained or that may be obtained from any financial institutions/ banks/ bodies corporate or persons together with interest, cost, charges, expenses and all other monies payable by the Company to the concerned lenders, up to a value of and within the overall limit of Rs. 50,000,000 (Rupees Five Crores only) of the company.

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.â€

Jisha

Jisha (Querist)
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31 August 2009 thank u.....hav a nice day

Ankur Garg

Ankur Garg (Expert)
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31 August 2009 Thanks & same to you...

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