Board Resolution to Purchase Vechile

[Rakesh]

Dear Members

One of our client wants to purchase car in the Name of the Company, but all the documents signing will be represented by one of the director.

Can somebody share the Board resolution for the same.

[CS Shainshad Aduvanni]

From whom the Company is purchasing the vehicle. If it is funded through Bankers or FI, they may provide you the Resolution.

Otherwise just draft the BR with the Vehicle Regn No.

Regards.

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CS Shainshad Aduvanni
Company Secretary
Coimbatore

08144014439

[RAKESH HULIHALLI]

It's from Bank.. But thy r asking to provide the resolution... If u hav the draft can u just share it 

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With Regards
Rakesh Hulihalli
Mob No. 9886547474

[Ramaswami Mohan]

1. NOW EVEN FOR PRIVATE COMPANIES U NEED TO PASS A SHAREHOLDERS RESOLUTION TO FIX BORROWING POWERS FOR THE COMPANY. This will include unsecured and unsecured borrowings. For this ur Co's AOA should be in tune with CA 2013, so have to amend the AOA .

2. within the said powers to borrow, the board of directors will exercise the powers to borrow.

3. For these - have to file MGT-14.

Draft Resolution can be as follows:

"Resolved to purchase a car whose cost on road is Rs. ............ as per the proforma invoice issued by the car dealer M/s. ............................ Further resolved to avail a vehicles loan of Rs .................. from ................. Bank for the said purchase which is within the borrowing powers / limits delegated by the shareholders upon the Board of Directors of the company . Further resolved to authorize any one of the Directors of the company to complete all legal formalities with the said Bank, with the Motor Car dealer and with the RTA for the said purchase of the Vehicle; and to register Charge in favor of the Bank for securing the vehicle loan. Further resolved to authorize any one of the Directors of the Company to issue a true copy of the foregoing resolution." 

regards,

Mohan

CS. R.  Mohan
Mobile: 9908814677

[CS Shainshad Aduvanni]

Whether we should create a charge  for vehicle loan