Board resolution format for borrowing an inter-corporate loan under Section 179(3)(d) and Rule 2(1)(c)(vi), with the lender's Section 186 approval and DPT-3.
“RESOLVED THAT pursuant to the provisions of Sections 73 and 179(3)(d) and other applicable provisions, if any, of the Companies Act, 2013 read with Rule 2(1)(c)(vi) of the Companies (Acceptance of Deposits) Rules, 2014 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 borrow by way of an inter-corporate loan up to ₹[●] (Rupees [●] only) from [name of the lender company] (CIN: [●]), at interest of [●]% per annum, repayable [within [●] months / on demand], [unsecured / secured by [●]], for [●].
RESOLVED FURTHER THAT the loan shall be drawn only after receipt of a certified copy of the resolution of the board of directors of the lender approving the loan [and, where required, of the special resolution of its members under Section 186(3) of the said Act].
RESOLVED FURTHER THAT any Director and/or the Company Secretary of the Company be and is hereby severally authorised to execute the loan agreement and other documents, create the security and file e-Form CHG-1 where the loan is secured, and to do all such acts, deeds and things as may be necessary for giving effect to this resolution.”