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Section 292(1)(c)

Deepanshu Aggarwal (NA) (115 Points)

28 April 2010

Hi friends

Please send me the specimen of Board Resolution passed under section 292(1)(c) of the Companies Act, 1956

Regards

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5 Replies

Ankur Garg (Company Secretary and Compliance Officer) (114773 Points)
Replied 28 April 2010

"RESOLVED THAT pursuant to the Section 292 and/or other relevant provisions of the Companies Act, 1956, if any, the Board of Directors of the Company be and is hereby authorized to borrow from time to time such sums of money for the purpose of the business of the Company provided that the moneys to be borrowed together with the moneys already borrowed by the Company (apart form temporary loans obtained from the Company's bankers in the ordinary course of business) will not exceed the aggregate of the Company's paid-up capital and free reserves, that is to say, reserves not set apart for any specific purpose.”

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.”

RESOLVED FURTHER THAT any Director of the Company be and is hereby authorized to execute, sign and issue for and on behalf of the company, the Loan Agreement, any other agreements, deeds, documents and writings as may be required in relation to the above facility and to do all such acts, deeds and things necessary for giving effect to this resolution.

S. Satheesh Kumar (Assistant Company Secretary) (84 Points)
Replied 28 April 2010

Hi Deepansu,

“RESOLVED THAT pursuant to Section 292 (1)(c) & (2) and other applicable provisions, if any, of the Companies Act, 1956 or subject to such modification and re-enactment thereof, consent of the Board of directors of the Company be and is hereby accorded for obtaining Secured or unsecured loan not exceeding Rs._________(Amount in words) from (Name of the Company or bank), in one or more tranches, and on such other terms and conditions as may be mutually agreed between the both parties".

"RESOLVED FURTHER THAT (Name of the person(s) authorized) be and is hereby authorized to do all such acts, deeds and things and to sign all such documents and writings as may be necessary, expedient and incidental thereto to give effect to this resolution and for matter connected therewith or incidental thereto.”

“RESOLVED FURTHER THAT a certified copy of the resolution be given to any one concerned or interested in the matter.”

Deepanshu Aggarwal (NA) (115 Points)
Replied 28 April 2010

Sir,

The Company has given Corporate gaurantee to the firm for the Cash Credit limits santioned to the firm by the Bank

Please sned me the specimen resolution of corporate gaurantee to be passed by the company u/s 292(1)(c)

Ankur Garg (Company Secretary and Compliance Officer) (114773 Points)
Replied 28 April 2010

Modify the language of above resolution according to your need.

Thanks

Ajender Singh Bisht (Accounts Manager) (39 Points)
Replied 20 January 2012

Hello Sir

We have recevied Sanction letter Cash Credit limits against Working Capital agaisnt Book debts

Please provide me Board resolution for availing for fresh crdit faciliteis and execution of security document for the sanctiond credit facilities.

Regards,

Ajender Singh Bisht