Board resolution format for reviewing business performance against budget under Section 179(1), with variance analysis, corrective actions and follow-up.
“RESOLVED THAT the Board, in exercise of its powers under Section 179(1) of the Companies Act, 2013, having reviewed the business performance report of the Company for the [quarter / period] ended [●], comparing actual performance with the approved budget for the financial year [●] and with the corresponding period of the previous year, hereby takes the same on record.
RESOLVED FURTHER THAT the corrective actions set out in the report in respect of the significant variances in [revenue / margins / working capital / [●]] be and are hereby approved, and the management of the Company be and is hereby directed to implement them and report their status at the next meeting of the Board.
RESOLVED FURTHER THAT the [Managing Director / Chief Executive Officer] and the Chief Financial Officer of the Company be and are hereby severally authorised to do all such acts, deeds and things as may be necessary for giving effect to this resolution.”
No rules under this Section yet.