Board resolution for issue of Sweat Equity Shares under Section 54 and Rule 8 with valuation, shareholder approval and compliance provisions.
“RESOLVED THAT pursuant to the provisions of Section 54 of the Companies Act, 2013 read with Rule 8 of the Companies (Share Capital and Debentures) Rules, 2014 and other applicable provisions, if any, including any statutory modification(s), amendment(s) or re-enactment(s) thereof for the time being in force and subject to the approval of the members of the Company by way of Special Resolution and such other approvals as may be required, consent of the Board be and is hereby accorded to propose and issue Sweat Equity Shares to eligible employees and/or directors of the Company in consideration of their know-how, intellectual property rights, value additions or other eligible contributions to the Company.
RESOLVED FURTHER THAT the draft scheme and terms of issue of Sweat Equity Shares as placed before the meeting be and are hereby approved in principle and recommended for approval of the members of the Company.
RESOLVED FURTHER THAT any Director and/or Company Secretary and/or Chief Financial Officer of the Company be and are hereby severally authorised to undertake all necessary actions for obtaining requisite approvals and implementing the proposed issue of Sweat Equity Shares.”