Board Resolution for investing in Mutual Funds.
Deepesh Nayak
Kindly provide me format of Board Resolutions for investment in Mutual Fund by a Listed Public Company.
Yours prompt reply will be highly appreciated.
Big thanks in advance.
Regards,
CS Deepesh
Parul Kadia
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Dear Deepesh, Please find following for your reference. Board Resolution - [To make investment in Mutual Funds] |  |
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CERTIFIED TRUE COPY OF THE RESOLUTION PASSED AT THE MEETING OF THE BOARD OF DIRECTORS OF (NAME OF THE COMPANY) HELD AT THE REGISTERED OFFICE OF THE COMPANY AT (ADDRESS) ON (DATE) AT (TIME) The Chairman informed the board, as you are aware, your Company is continuously exploring various opportunities for its all round growth and in view of emerging opportunities in the health management sector, your Company plans to provide an integrated facility for health management segment consisting of ultra modern facilities. He further informed that the funds of the Company will be utilized for the aforesaid purpose for different activities in trenches as the requirement from time to time. So, it is proposed to invest the funds of the Company not immediately required upon in units of existing / new mutual fund schemes, whether open ended or close ended, managed by one or more renowned fund house(es).The Board discussed the matter and recommend the following resolution for shareholders approval in their general meeting: - “RESOLVED THAT pursuant to the provisions of Section 372A and all other applicable provisions, if any, of the Companies Act, 1956 (including any statutory modification, amendment or re-enactment thereof for the time being in force and as may be enacted from time to time) and subject to the approval of shareholders in general meeting, the consent of the company be and are hereby accorded to the Board of Directors of the Company for making of investment in mutual fund(s) not exceeding to Rs.__________ (Amount in words) in aggregate as mentioned against them, in one or more tranches, in units of existing/new mutual fund schemes, whether open ended or close ended, managed by one or more renowned fund house(es), notwithstanding that the aggregate of investment in units so far acquired or to be acquired by the Company may exceed the limits prescribed under the said section as mentioned below in the best interest of the company.
"RESOLVED FURTHER THAT the Board of Directors of the Company be and are hereby authorized to take such steps as may be necessary for obtaining approvals , statutory, contractual or otherwise, in relation to the above and to settle all matters arising out of and incidental thereto, and to sign and execute all deeds, applications, documents and writings that may be required, on behalf of the company and generally to do all acts, deeds and things that may be necessary, proper, expedient or incidental for the purpose of giving effect to the aforesaid Resolution.” |