Board resolution format for proposing a loan scheme for Directors and KMP under Sections 185 and 186, with members' special resolution and statutory safeguards.
“RESOLVED THAT pursuant to the applicable provisions of the Companies Act, 2013 read with the rules made thereunder, including any statutory modification(s), amendment(s) or re-enactment(s) thereof for the time being in force and subject to such approvals as may be necessary, consent of the Board be and is hereby accorded to propose and formulate a scheme/policy for granting loans to eligible Directors and/or Key Managerial Personnel (“KMP”) of the Company in accordance with applicable law and the terms and conditions to be approved by the Board from time to time.
RESOLVED FURTHER THAT the proposed scheme shall be implemented subject to compliance with the provisions of the Companies Act, 2013, applicable rules, policies of the Company and such regulatory approvals, consents or permissions as may be required.
RESOLVED FURTHER THAT any Director and/or Company Secretary and/or Chief Financial Officer of the Company be and are hereby severally authorised to finalise the terms of the scheme, prepare related documentation and do all such acts, deeds and things as may be necessary for giving effect to this resolution.”
No rules under this Section yet.