Special resolution format for creating charges on the whole or substantially the whole of the undertaking under Section 180(1)(a), with MGT-14 and CHG-1.
To consider and, if thought fit, to pass, with or without modification(s), the following resolution as a Special Resolution:
“RESOLVED THAT pursuant to the provisions of Section 180(1)(a) and other applicable provisions, if any, of the Companies Act, 2013 and the rules made thereunder, consent of the members of the Company be and is hereby accorded to the Board of Directors of the Company (the “Board”) to create mortgages, charges and hypothecations, in such form and manner and with such ranking as the Board may determine, on all or any of the movable and immovable properties of the Company, present and future, including the whole or substantially the whole of the undertaking(s) of the Company, in favour of banks, financial institutions, debenture trustees and other lenders, to secure borrowings of the Company of an aggregate principal amount not exceeding ₹[●] (Rupees [●] only), together with interest, costs, charges and other monies payable in respect thereof.
RESOLVED FURTHER THAT the Board be and is hereby authorised to finalise and execute the security documents with the lenders 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.