Board Resolution for Exercise of Lien on Shares

     

Board Resolution for Exercise of Lien on Shares

"RESOLVED THAT pursuant to article .............. of the Articles of Association of the Company, the right of lien on ................ equity shares held by ............... shareholders as per list tabled before the Board be exercised by the Company in view of the non-payment of allotment money of Rs.............. per share payable on or before ........................"

"RESOLVED FURTHER THAT until the amount outstanding on account of allotment money is paid, the dividend payable on such shares be retained by the Company and applied towards the amount so outstanding and that ................., be and is hereby authorized to give notice of such lien to the holders of such shares and secure possession of the aforesaid share certificate to be retained in the custody of the Company."

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