Meaning of Blanket Resolution - URGENT

[Arun Kumar]

Dear Members

I want to know the exact meaning of blanket resolution.

If we pass a special resolution u/s 372A for making investment that company authorize board to make investment upto Rs 10,00,000 in aggregate over paid up capital & free reserve to any body corporate.

Is it to be considered as blanket resolution.

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Kind Regards,

 

Arun Kumar

 

csarun...@gmail.com

 

Management Trainee

[Ramaswami Mohan]

i think S. 372 A prohibits passing of blanket resolution and if u see the sec . u need to make certain facts clear and disclose the same.

There is no such concept of blanket resolution in CA, 1956. It is more with administrative convenience that certain powers are delegated upon MD or certain Directors / Officers like for example opening and closing of bank accounts from time to time, opening of branches and entering into rental agreements for such branches, applying for registration like VAT and all other Government approvals and registrations etc. it is always advisable for the person upon whom such powers are delegated makes a declaration to his higer authority on what he has acted upon and to make a recording of such report in the Board Minutes.

views of other members welcome.

regards,

Mohan

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