sec 292

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Priyanka Mahajan (Querist)
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13 September 2010 is sec 292 is also applicable on loans make to directors. cn v pass a resolution on the same date wen v r gigving the loan to director. hw much amt shud v fill for max amt to be allowed

Ankur Garg

Ankur Garg (Expert)
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13 September 2010 Loan to director is governed by section 295 in case of a public company. You have to obtain prior approval of CG before giving loan to director.

However this section 295 is not applicable to a private company.

Regards

Priyanka Mahajan

Priyanka Mahajan (Querist)
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13 September 2010 thnx ankur
is board resolution requuired if a pvt co is giving loan to director or co taking loan frm its directors

Ankur Garg

Ankur Garg (Expert)
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13 September 2010 Yes simply pass a board resolution for loan assistance to director. Also mention relevant terms in the board resolution i.e. rate of interest, term of loan etc.

Thanks

Priyanka Mahajan

Priyanka Mahajan (Querist)
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13 September 2010 thnx
cn u send me a draft copy of resolution

Ankur Garg

Ankur Garg (Expert)
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13 September 2010 Find below a sample resolution. Modify the same accordingly as per your need.

RESOLVED THAT pursuant to the provisions of section 292 and other relevant provisions of the companies act, 1956, consent of the board of directors of the company (hereinafter referred to as “the Board” and which term shall be deemed to include any Committee of the Board constituted to exercise its powers, including the powers conferred by this resolution), be and is hereby accorded to provide loan assistance to Mr. Jayant Singh, Directors of the company for an amount not exceeding Rs. _______for a period not exceeding _____.

RESOLVED FURTHER THAT the Board of Directors of the Company (hereinafter referred to as “the Board” and which term shall be deemed to include any Committee of the Board constituted to exercise its powers, including the powers conferred by this resolution) be and is hereby authorised to alter or vary or revise any or all of the terms and conditions of loan assistance to Mr. Jayant Singh, Directors of the company.

Ankur Garg

Ankur Garg (Expert)
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13 September 2010 SAMPLE BOARD RESOLUTIONS:

For some more sample board resolutions kindly visit the link below:

1. https://www.caclubindia.com/forum/download-corporate-law-professional-files-70021.asp

2. https://www.caclubindia.com/articles/ca-articleship-some-useful-corporate-board-resolutions-ii-5874.asp

3. https://www.caclubindia.com/articles/ca-articleship-some-useful-corporate-board-resolutions-i-3911.asp

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