NRC resolution format for recommending sweat equity shares and a sweat equity policy under Sections 54 and 178 and Rule 8, with valuation, limits and lock-in.
“RESOLVED THAT pursuant to Sections 54 and 178 of the Companies Act, 2013 read with Rule 8 of the Companies (Share Capital and Debentures) Rules, 2014, the Nomination and Remuneration Policy of the Company and the terms of reference of the Committee, the Committee hereby recommends to the Board the issue of up to [●] Equity Shares of ₹[●] each as sweat equity shares to the directors and/or employees named in the Annexure, for the know-how, intellectual property rights or value additions described against their names, at a price of ₹[●] per share based on the valuation report dated [●] of a registered valuer, subject to the approval of the members by a special resolution.
RESOLVED FURTHER THAT the Committee hereby recommends to the Board the adoption of the Sweat Equity Policy placed before the meeting, setting out the eligibility criteria, the basis of valuation, the limits and the three-year lock-in applicable to sweat equity shares.
RESOLVED FURTHER THAT the Chairperson of the Committee and/or the Company Secretary of the Company be and is hereby severally authorised to place this recommendation before the Board and to do all such acts, deeds and things as may be necessary for giving effect to this resolution.”