Board Resolution for Approval of Availing Bank Guarantee

RESOLVED THAT the Company do hereby obtain and avail financial assistances (the “Facilities”) from [•],[•][Name and address of the Bank] by way of a Bank Guarantee for an amount not exceeding Rs [•] ( Rupees [•] [in words] only) against the security of the [•] as detailed below, on such terms and conditions as may be stipulated by [•] Bank:

[•][Details of the Security]

RESOLVED FURTHER THAT the consent of the Board of Directors of the Company be and is hereby accorded to the Company securing the dues of the Bank in respect of the Facility, including all interest, charges, costs and as required by the Bank, including without limitation, by marking a charge, lien and/or set-o setting-off on fixed deposits and other deposits placed and/or as may be hereafter placed by the Company with the Bank such that such charge, lien and/or set off at all times is equivalent to level/percentage as may be prescribed by the Bank of the amount of the Facility availed or being availed by the Company;

RESOLVED FURTHER THAT Mr./ Ms. [•] [Name and Designation of the authorized person] of the Company be and are hereby severally authorized in relation to the said Facility –

1. to negotiate and finalise the terms and conditions;

2. to execute all letters of request from time to time including all declarations, if any, required under the Export-Import Policy and Foreign Exchange Management Act,1999 or rules made thereunder or under any other applicable law;

3. to execute such agreements, deeds, documents, declarations, undertakings, securities, indemnities and writings as the Bank may require; and

4. to issue a certified true copy of this resolution and to do all acts, deeds and things on behalf of the Company which are necessary and expedient to give effect to this resolution.

RESOLVED FURTHER THAT wherever required the Common Seal [Delete if not applicable] of the Company be affixed on the agreements, schedules, annexes, amendments, modifications, supplements, memorandums, writings, deeds, papers, letters and documents in terms of the Articles of Association of the Company.”


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