Please forward me a board resolution for refund of excess money in case of of shares issued to foreing company. I need to submit the same to RBI for refund.Thanks in advance.
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Board resolution for refund
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Resolved That pursuant to the provisiomn of Companies Act 1956 and the article of association of the Company that excess application money received by the company is refunded to the applicable allottees within ....... days of the Resolution.
Resolved Further that Mr... Director of the company is authorized to do the formalities to refund the application money to the unsuccessful allottees as soon as possible..
Resolved Further That none of the Director is interested.
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