Board resolution format for availing term loan and working capital facilities from banks under Section 179(3)(d), with security and CHG-1 within 30 days.
“RESOLVED THAT pursuant to the provisions of Section 179(3)(d) and other applicable provisions, if any, of the Companies Act, 2013 and the rules made thereunder and the Articles of Association of the Company [and within the borrowing limit approved by the members under Section 180(1)(c) of the said Act (applicable to a public company)], consent of the Board be and is hereby accorded to avail [term loan / cash credit / working capital demand loan / overdraft / letter of credit / bank guarantee] facilities aggregating ₹[●] (Rupees [●] only) from [●] [Bank / Financial Institution] (the “Lender”) on the terms and conditions contained in the sanction letter dated [●], which are hereby accepted.
RESOLVED FURTHER THAT consent of the Board be and is hereby accorded to secure the said facilities by [hypothecation of the current assets of the Company / mortgage of the property of the Company situated at [●] / [●]] in favour of the Lender.
RESOLVED FURTHER THAT any Director and/or the Company Secretary of the Company be and is hereby severally authorised to sign and execute the loan agreement, security documents and other documents required by the Lender, file e-Form CHG-1 with the Registrar of Companies within thirty days of the creation of the charge, 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.