Resolution Regarding Term loan

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Saurabh Jindal (Querist)
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25 January 2010 Respected Ankur Sir,

Sir, it will very kind of you, if youy can provide me with a resolution at the board meeting considering the proposal for making a request to a Credit agency for the disbursement of term loan AND a resolution for the agreement between a credit agency & Company AND a resolution for a Directors' Guarantee for the Said Term Loan?

Ankur Garg

Ankur Garg (Expert)
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27 January 2010 RESOLVED THAT the company obtain Credit Limits to the tune of Rs. 23.80 Crore by way of Term Loan [TL-I (Rent Sec) for Rs. 5.10 Crore and TL-I (Cons Loan) for Rs. 38 Crore], vide Sanction Letter No. __________, dated ________ secured by exclusive first charge on the Companyâ€™s all fixed assets, present and future, other than immovable properties and further secured by deposit of title deeds of the property of the Company, located at _______________________, with intent to create a security in favour of the Bank by extension of the equitable mortgage.

FURTHER RESOLVED THAT Mr. Ratan Kumar, Managing director of the Company be and is hereby authorised to appear at the Bank and deposit all the title deeds of the Companyâ€™s immovable properties and to make declaration on behalf of the company that the said deposit has been made with intent to create security by way of mortgage thereon in favour of the Bank.
FURTHER RESOLVED THAT the enclosed security documents, received under cover of the Bankâ€™s aforementioned letter and which have been placed before the meeting be and are hereby approved for execution by the Company in accordance with the Articles of association of the Company.
FURTHER RESOLVED THAT Mr. Ratan Kumar, Managing director of the Company be and is hereby authorised to execute the necessary security documents, balance confirmation, Revival letters, etc, required by the Bank in this connection and that the common seal of the company be affixed wherever necessary in the presence of Mr. Nikhil Somani a director of the Company in terms of Article of Association of the company.
FURTHER RESOLVED THAT any director or Company Secretary of the Company be and is hereby authorized to sign & execute the necessary documents, Form 8, etc, for registration of charge with Registrar of Company.
FURTHER RESOLVED THAT a certified copy of this resolution be forwarded to the Bank of India, ______________address, for their record.

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