Board resolution format for proposing an increase in borrowing limits under Section 180(1)(c), with the special resolution notice and MGT-14 filing.
“RESOLVED THAT pursuant to the provisions of Sections 102 and 180(1)(c) and other applicable provisions, if any, of the Companies Act, 2013 and the rules made thereunder, the Board hereby approves, and recommends to the members of the Company for approval by special resolution, the proposal to authorise the Board to borrow monies from time to time, notwithstanding that the monies to be borrowed together with the monies already borrowed by the Company (apart from temporary loans obtained from the Company’s bankers in the ordinary course of business) may exceed the aggregate of its paid-up share capital, free reserves and securities premium, provided that the total amount so borrowed and outstanding at any time shall not exceed ₹[●] (Rupees [●] only).
RESOLVED FURTHER THAT the draft notice of the [Extraordinary General Meeting / Annual General Meeting / postal ballot] containing the proposed special resolution and the explanatory statement under Section 102 of the said Act, as placed before the Board, be and is hereby approved.
RESOLVED FURTHER THAT the Company Secretary [or any Director] of the Company be and is hereby authorised to issue the notice to the members, Directors and auditors of the Company, file e-Form MGT-14 after the special resolution is passed, 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.