Board Resolution For Providing
Corporate Guarantee
(adsbygoogle = window.adsbygoogle || []).push({});
“RESOLVED THAT in consideration of the STATE BANK OF PATIALA (SBP) having agreed
to advance working capital facilities with an overall credit
limit of Rs.50,00,00,000/- (Rupees Fifty Crore only) (hereinafter referred to as “the credit facilities”) in the manner
and on the terms and conditions contained in the sanction
letter no……… dated …………………. to M/s ABC Pvt. Ltd.,
a company incorporated under companies Act, 2013 having
registered office at
…………………………………………….. (hereinafter referred to
as the borrower”), one of the subsidiaries of M/s XYZ Ltd. (the Company) and the company
do execute a corporate guarantee guaranteeing the repayment of the credit facilities along with interest in favour of SBP for and on behalf of M/s ABC Pvt. Ltd., the subsidiary company.
to advance working capital facilities with an overall credit
limit of Rs.50,00,00,000/- (Rupees Fifty Crore only) (hereinafter referred to as “the credit facilities”) in the manner
and on the terms and conditions contained in the sanction
letter no……… dated …………………. to M/s ABC Pvt. Ltd.,
a company incorporated under companies Act, 2013 having
registered office at
…………………………………………….. (hereinafter referred to
as the borrower”), one of the subsidiaries of M/s XYZ Ltd. (the Company) and the company
do execute a corporate guarantee guaranteeing the repayment of the credit facilities along with interest in favour of SBP for and on behalf of M/s ABC Pvt. Ltd., the subsidiary company.
FURTHER RESOLVED THAT the Board of
Directors of the company consider and declare the following:
Directors of the company consider and declare the following:
1. That
the terms and conditions for providing corporate guarantee as annexed to the
sanction letter no……….dated….communicated by the Bank to M/s ABC Pvt. Ltd. be and is hereby
accepted as these are not prejudice to the interest
of the company.
the terms and conditions for providing corporate guarantee as annexed to the
sanction letter no……….dated….communicated by the Bank to M/s ABC Pvt. Ltd. be and is hereby
accepted as these are not prejudice to the interest
of the company.
2. The Board considered that the corporate
guarantee is for an amount of Rs. 50 crore being approved
for tenure of 5 years subject to renewal by the Bank.
guarantee is for an amount of Rs. 50 crore being approved
for tenure of 5 years subject to renewal by the Bank.
3. The
Board confirm that the guarantee provided is not prejudicial to the interest of
the company.
Board confirm that the guarantee provided is not prejudicial to the interest of
the company.
4. The
Board further considered receiving counter guarantee from M/s ABC Pvt. Ltd. in
favour of the company M/s XYZ Ltd. to protect the interest of the company.
Board further considered receiving counter guarantee from M/s ABC Pvt. Ltd. in
favour of the company M/s XYZ Ltd. to protect the interest of the company.
RESOLVED FURTHER THAT the draft of the Guarantee Agreement received from SBP along with its sanction letter no…….dated…… (Copies whereof
duly authenticated by the chairman
of the Board have been circulated
to the members of the Board) be and is hereby approved
and the Mr. MD, Managing Director
of the company be and is hereby authorised to accept on behalf of the company
with such modification therein as may be acceptable to SBP.
duly authenticated by the chairman
of the Board have been circulated
to the members of the Board) be and is hereby approved
and the Mr. MD, Managing Director
of the company be and is hereby authorised to accept on behalf of the company
with such modification therein as may be acceptable to SBP.
RESOLVED
FURTHER THAT the
common seal of the company be affixed to the guarantee agreement (with such
modifications as may be agreed) in the presence of Mr. MD, Managing Director
who shall sign the same in token thereof, and Mr. ED, Executive Director who
shall counter sign the same in token thereof.
FURTHER THAT the
common seal of the company be affixed to the guarantee agreement (with such
modifications as may be agreed) in the presence of Mr. MD, Managing Director
who shall sign the same in token thereof, and Mr. ED, Executive Director who
shall counter sign the same in token thereof.
FURTHER
RESOLVED THAT
an undertaking to that effect that the company is willing to provide its
corporate guarantee and execution of the necessary guarantee agreement for the
above said purposes be furnished to SBP by Mr. MD, Managing Director and/or Mr.
ED, Executive Director for and on behalf of the company for providing corporate
guarantee.
RESOLVED THAT
an undertaking to that effect that the company is willing to provide its
corporate guarantee and execution of the necessary guarantee agreement for the
above said purposes be furnished to SBP by Mr. MD, Managing Director and/or Mr.
ED, Executive Director for and on behalf of the company for providing corporate
guarantee.
RESOLVED FURTHER THAT, a copy of the foregoing resolution duly certified as a true copy be submitted to the
Bank under signature of any one of the director of the company and the Bank do
act upon the same.”
Bank under signature of any one of the director of the company and the Bank do
act upon the same.”
Related Post :