Board Resolution for term loan

FORMAT FOR REFERENCE

 

The Chairman informed the Board about the proposal to avail credit facilities / loan / advances / over draft facility (“Facility”) for meeting the Company's requirements of car under the Hypothecation from   BANK  LTD. on such terms and conditions as specified in the draft of the loan agreement, loan sanction letter, security documents and any other documents (“Transaction Documents”) placed before the Board. The Board after discussion passed following resolution:

"RESOLVED THAT consent of the Board be and is hereby given to avail the Facility for meeting the aforesaid requirements of the Company' from   BANK LTD (hereinafter referred to as "   ") on such terms and conditions, as contained in the Transaction Documents which are placed before the Committee and initialled by the Chairman for the purpose of identification.

RESOLVED FURTHER THAT the draft of the Transaction Documents placed before the Board be and is hereby approved and confirmed.

X

RESOLVED FURTHER THAT the consent of the Board  be and is hereby given to borrow such sums, in a lump sum / from time to time under the Facility, provided that the aggregate amount of    Rupees   Fifty Lakhs only outstanding under the Facility at any time shall not exceed Rs. 5,000,000/- (Rupees Fifty Lakhs Only).

RESOLVED FURTHER THAT Mr. , Director of the Company, authorised to execute for and on behalf of the Company the loan Agreement, demand promissory note, letter of continuity, request letters and any other agreements, deeds, documents and writings as may be required by  BANK LTD and to do all such acts, deeds and things necessary for the availing the aforesaid Facility and giving effect to this resolution."

   

RESOLVED FURTHER THAT  Mr. , Director  is  authorised to create such security as may be required by  BANK LTD Band to execute any agreements, deeds, documents and writings and do all acts, deeds, matters and things as may be required by  BANK LTD including without limitation registering any charges or admitting execution of documents with the offices of registrar of companies or with any other regulatory authority as required under the applicable law and to do all such acts, deeds and things necessary for giving effect to this resolution.

RESOLVED FURTHER THAT Mr. , Director   of the   Company shall be the authorized signatory of the Company, for all other purposes in relation to availing of the aforesaid Facility.

RESOLVED FURTHER THAT wherever necessary the common seal of the Company be affixed on all necessary documents for availing the Facility in accordance with the Articles of Association of the Company

CLSS, 2011 ANNUAL FILING 25% additional fees only So you Get 75% Discount

It gives me immense pleasure to share that the MCA vide its circular 59/2011 dated 05.08.2011 has introduced CLSS, 2011 where companies can file belated annual filing documents with only 25% additional fees.  The scheme will be in effect from 12.08.2011 to 31.10.2011.

General Circular No.59 /2011, Dated the 05^th Aug, 2011

Subject: Company Law SettlementScheme, 2011

It has been observed that a large number ofcompanies are not filing their due statutory documents (i.e. Balance Sheets and Annual Returns) timely with the Registrar ofCompanies. Due to this, the records available in the electronic registry are not updated and thereby are not available to the stakeholders for inspection. Further, due to not filing the documents on time, companies are burdened with additional fee, facing the prosecutions and being debarred from filing other documents electronically as provided in Circular No. 33/2011 dated 01.06.2011 also.

2. In order to give an opportunity to the defaulting companies to enable them to make their default good by filing such belated documents and to become a regular compliant in future, the Ministry, in exercise of the powers under Section 611(2) and 637B (b) of the Companies Act, 1956 has decided to introduce a Scheme namely, “Company Law Settlement Scheme, 2011,” condoning the delay in filing documents with the Registrar, granting immunity from prosecution and charging additional fee of 25 percent of actual additional fee payable for filing belated documents under the Companies Act, 1956 and the rules made there under. The details of the Scheme are as under:-

(i)     The scheme shall come into force on the 12^th Aug, 2011 and shall remain in force up to 31st  Oct, 2011.

(ii) Definitions – In this Scheme, unless the context otherwise requires, -

(a)       “Act” means the Companies Act, 1956 (1 of 1956);

(b)           “company” means a company registered under the Companies Act, 1956 and a foreign company falling under section 591 of the Act;

(c)         “defaulting company” means a company registered under the Companies Act, 1956 and a foreign company falling under section 591 of the Act, which has made a default in filing of documents on the due date(s) specified under the Companies Act, 1956 and rules made there under;

(d)        “designated authority” means the Registrar of Companies having jurisdiction over the registered office of the company.

(iii) Applicability: – Any “defaulting company” is permitted to file belated documents, which were due for filing till 30.06.2011, in accordance with the provisions of this Scheme:

(iv)    Manner of payment of fees and additional fee on filing belated document for seeking immunity under the Scheme – The defaulting company shall pay statutory filing fees as prescribed under the Companies Act and rules made there under along with an additional fee of 25 percent of the actual additional fee standardised under sub­section (2) of Section 611 of theCompanies Act, 1956, payable on the date of filing of each belated document;

(v)      Withdrawal of appeal against prosecution launched for the offences- If the defaulting company has filed any appeal against any notice issued or complaint filed before the competent court for violation of the provisions under the Act in respect of which application is made under this Scheme, the applicant shall before filing an application for issue of immunity certificate, withdraw the appeal and furnish the proof of such withdrawal along with the application;

(vi)    Application for issue of immunity in respect of document(s) filed under the scheme - The application for seeking immunity in respect of belated documents filed under the Scheme may be made electronically in the Form annexed, after closure of Scheme and after the document(s) are taken on file, or on record or approved by the Registrar of Companies as the case may be, but not after the expiry of six months from the date of closure of the Scheme. There shall not be any fee payable on this Form;

(vii)      Order by designated authority granting immunity from the penalty and prosecution - The designated authority shall consider the application and upon being satisfied shall grant the immunity certificate in respect of documents filed in the Scheme;

(viii) Scheme not to apply to certain documents –

(a)    This Scheme shall not apply to the filing of documents other that following documents:-

Form 20 B - Form of filing annual return by a company having a share capital

Form 21 A – Particulars of annual return for the company not having share capital

Form 23AC & 23ACA – Form for filing Balance Sheet and Profit & Loss account

Form 66 - Form for submission of Compliance Certificate with the Registrar

(b)      This Scheme shall not apply to companies against which action under sub-section (5) of section 560 of the Act has been initiated by the Registrar of Companies;

(ix) After granting the immunity, the Registrar concerned shall withdraw the prosecution(s) pending if any before the concerned Court(s);

3. At the conclusion of the Scheme, the Registrar shall take necessary action under the Companies Act, 1956 against the companies who have not availed this Scheme and are in default in filing of documents in a timely manner.

Yours faithfully,

(Kamna Sharma) Assistant Director

Encl: As above

Download General Circular No.59 /2011