Board resolution format for annulling a forfeiture of shares before re-issue under Section 179(1) and Table F Regulation 31(ii), on payment of arrears.
“RESOLVED THAT pursuant to Article [●] of the Articles of Association of the Company (corresponding to Regulation 31(ii) of Table F in Schedule I to the Companies Act, 2013) and Section 179(1) of the Companies Act, 2013, the forfeiture of [●] Equity Shares of ₹[●] each, on which ₹[●] per share had been paid up, held by Mr./Ms. [●] (Folio No. [●]) and forfeited by resolution of the Board passed on [●], be and is hereby annulled, the said shares not having been sold, re-issued or otherwise disposed of, and the said person having paid on [●] the sum of ₹[●] (Rupees [●] only), being the call money in arrear together with interest and expenses.
RESOLVED FURTHER THAT upon such annulment, Mr./Ms. [●] shall be restored as the holder of the said shares, credited as paid up to the extent of ₹[●] per share, and the name of Mr./Ms. [●] be re-entered in the Register of Members in respect of those shares.
RESOLVED FURTHER THAT any Director and/or the Company Secretary of the Company be and is hereby severally authorised to make the necessary entries in the Register of Members and the books of account, issue a share certificate or complete the corporate action with the depositories, as applicable, inform the said person, and to do all such acts, deeds and things as may be necessary for giving effect to this resolution.”
No rules under this Section yet.