Board Resolution For Opening Bank Account For Share Application Money

     

Board Resolution For Opening Bank Account For Share Application Money

“RESOLVED THAT pursuant to section 42 and other applicable provisions, if any, of the Companies Act, 2013, Approval of the Board of directors of the company be and is hereby accorded for the opening of a separate Bank account with ……………Bank(Scheduled Bank) at……………Branch………………..for the purpose of receiving securities/share application money, adjusting application received towards allotment of securities or otherwise for refund of share application money received from the applicants under Private Placement Offer of securities.

RESOLVED FURTHER THAT the monies received on applications shall be utilized only for the purpose of:

1.      Adjustment against allotment of securities; or

2.      The repayment of monies where the company is unable to allot securities.

RESOLVED THAT Mr. …………………,Director of the company be and is hereby authorized to make application to the ………….Bank for opening of aforesaid account and for the purpose to sign and execute necessary application forms and submit necessary documents and papers as may be required and specified by the Bank and to do all such acts, deeds, writings and things necessary in this regard to give effect to the above resolution.”

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Draft Board Resolution for Allotment of Shares for Cash

Key Points for Preferential Allotment of Shares by Unlisted Companies Under Section 62

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