Board resolution format for forfeiting partly paid-up shares for unpaid calls under Section 179(1) and the Articles, with 14-day notice and register entries.
“RESOLVED THAT pursuant to Article [●] of the Articles of Association of the Company (corresponding to Regulations 28 to 30 of Table F in Schedule I to the Companies Act, 2013) and Section 179(1) of the Companies Act, 2013, the [●] partly paid-up Equity Shares of ₹[●] each, on which ₹[●] per share has been paid up, held by the members listed in the statement placed before the meeting, in respect of which the [●] call of ₹[●] per share made on [●] remains unpaid despite the notice dated [●] requiring payment on or before [●] and warning of forfeiture, be and are hereby forfeited.
RESOLVED FURTHER THAT the said members shall cease to be members in respect of the forfeited shares but shall remain liable to pay to the Company all monies presently payable by them on those shares at the date of forfeiture, and the forfeited shares may be sold, re-issued or otherwise disposed of, or the forfeiture cancelled, on such terms as the Board may decide.
RESOLVED FURTHER THAT any Director and/or the Company Secretary of the Company be and is hereby severally authorised to send notice of forfeiture to the persons concerned, make the necessary entries in the Register of Members and the books of account, cancel the share certificates or complete the corporate action with the depositories, 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.