A Board Resolution For Loan From Shareholder is a crucial corporate document required under Indian law when a company seeks to borrow funds from its shareholders. This type of resolution is commonly used when companies need additional working capital, expansion funds, or emergency financing, and prefer to obtain it from existing shareholders rather than external lenders. The document must comply with the Companies Act, 2013, particularly sections relating to related party transactions and board powers. It typically includes details about the loan amount, terms, interest rate, repayment schedule, and specific authorizations for executing the loan documentation. This resolution is particularly important for maintaining corporate governance standards and ensuring transparency in related party transactions. It serves as evidence of proper board approval and helps protect the interests of both the company and its stakeholders.
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1. Title and Date: Specifies that this is a Board Resolution along with the date, time, and place of the meeting
2. Attendance: Lists the directors present at the meeting and confirms the quorum
3. Chairman: Identifies the Chairman of the meeting
4. Purpose: States the purpose of considering and approving the shareholder loan
5. Background: Brief context about the company's funding requirements and the shareholder's offer to provide the loan
6. Key Terms of Loan: Details of the loan amount, interest rate, tenure, and repayment terms
7. Board Consideration: Records the Board's discussion and consideration of the loan proposal
8. Declaration of Interest: Directors' declarations of any interest in the transaction
9. Resolution: The formal resolution text approving the loan and authorizing specific actions
10. Authorization: Names and designates authorized persons to execute loan documents and complete formalities
11. Closing: Certification of the resolution and signatures
1. Related Party Disclosure: Required when the lending shareholder is a related party under Companies Act definitions
2. FEMA Compliance: Required when the lending shareholder is a non-resident
3. Tax Implications: Section discussing tax considerations when relevant to the loan structure
4. Security Details: Required when the loan is to be secured against company assets
5. Existing Lender Consent: Required when existing loan agreements require consent for additional borrowing
1. Loan Term Sheet: Detailed terms and conditions of the proposed loan
2. Shareholder Details: Information about the lending shareholder including shareholding percentage
3. Draft Loan Agreement: Copy of the proposed loan agreement to be executed
4. Financial Statements: Relevant financial statements demonstrating the company's borrowing requirement
5. Existing Borrowing Schedule: List of current loans and borrowings of the company
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