Board resolution format for ratification of non-budgeted expenditure under Section 179(1), excluding prior-approval matters, with budget revision.
“RESOLVED THAT pursuant to Section 179(1) and other applicable provisions, if any, of the Companies Act, 2013 and the Articles of Association of the Company, the expenditure aggregating ₹[●] (Rupees [●] only) incurred by the Company during the period from [●] to [●] on items not provided for in the budget approved by the Board for the financial year [●], as detailed in the statement placed before the Board, be and is hereby ratified, confirmed and approved.
RESOLVED FURTHER THAT the Board records that the said expenditure was incurred for the purposes of the business of the Company for the reasons stated against each item, that none of the items is a matter requiring the prior approval of the members or of the Board under the Act or falling under Section 179(3) of the Companies Act, 2013, and that the budget for the financial year [●] stands revised accordingly.
RESOLVED FURTHER THAT the Chief Financial Officer of the Company be and is hereby authorised to make the necessary adjustments in the budget and accounting records 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.