When should the board resolution shoul be passed in the following situations:
A company got sanction letter of loan on 28th march.
7 Replies
Ankit
(CA, CS)
(3064 Points)
Replied 04 October 2012
BEFORE THE DATE OF APPLICATION FOR THE LOADN, AUTHORISING THE OFFICERS TO APPLY FOR THE LOAN AND SIGN ON BEHALF OF THE COMPANY
Smriti Dhawan
(Company Secretary )
(347 Points)
Replied 04 October 2012
Agree with Mr. Ankit, before making an application for Term Loan or CC limit , Board of Directors must discuss the matter and authorise director to sign in the documents with Bank for the purpose of loan.
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 04 October 2012
Agree with the learned members, on the basis of such board resolution, the application shall be forwarded to the Bank, the bank process the loan request and even documents will be executed (a separate Board Resolution may be requied at the time of execution of documents). Furthermore, The date of Board Resolution is required to mentioned on the documents executed with the Bank.
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