Powers to Board for borrowing - SR

Special Resolution under Section 180(3)(c) authorising the Board to borrow for Company’s business upto a limit beyond paid-up capital and free reserves

“RESOLVED THAT pursuant to the provisions of Section 180(3)(c) and other applicable provisions, if any, of the Companies Act, 2013, and subject to such approval as may be necessary, consent of the company be and is hereby accorded to the Board of directors of the company for borrowing, from time to time, such sum of money as may not exceed Rs. ____________ (Rupees _____________), for the purpose of the business of the company, notwithstanding that the moneys to be borrowed together with the monies already borrowed (apart from temporary loans obtained from the company’s bankers in the ordinary course of business) will exceed the aggregate of the paid-up capital of the company and its free reserves, that is to say, the reserves not set apart for any specific purpose, provided that the total amount upto which the monies may be borrowed by the Board of directors of the company shall not exceed the aggregate of the paid-up capital and free reserves of the company by more than the sum of ‘_______________ (Rupees ______________) at any one time. Resolved further that the Board be and is hereby authorized to do all the acts, deemed and things as it may in its absolute discretion deem necessary and appropriate to give effect to the above resolution”

Explanatory Statement:

The shareholders of the company had, at the extraordinary general meeting of the company held on ___________, passed a special resolution under Section 180 (3) (c) for borrowing the maximum amount of Rupees __________, up to which the Board of directors of the company could borrow funds from financial institutions and banks in excess of the company’s paid-up capital and free reserves. However, in view of the increased business activities of the company, the said ceiling of Rupees (____________) has been found to be inadequate. Your directors are of the opinion that the ceiling of borrowings by the Board be raised to rupees ____________.

Hence the Board is proposing a resolution for consideration and approval of the members of the company. None of the directors is concerned or interested in the proposed resolution.

Granite and Granite Product Business

Main Object Clause of an entity having business of Granite and granite Products

1. To carry on the business of manufacture, process, export, import, trade, purchase, sell, distribute or otherwise deal in all stones, granite blocks and granite products and granite materials.

2. To carry on the business of win quarry, dress, polish, purchase, sell and prepare for market, export, import, distribute or otherwise deal in marble stones for all types of use for building materials.

3. To carry on the business of manufacture, export, import, purchase, sell, distribute or otherwise deal in all types of granite products and in particular granite slabs, granite monuments, granite tiles.

Dry-Cleaners and Laundaries Business

Main Object Clause of an entity having business of Dry-Cleaners and Laundries

1. To carry on all the business usually carried on by dry cleaners, dyers and laundries of man made fibres woollen, silken and cotton wearing apparels and clothing or cloths of every and all kinds and description.

2. To carry on the business of control, manage on payment of commission or otherwise dry-cleaning and washing plants and to undertake replacements, repairs and maintenance contracts, and provide services of all kinds which may be deemed necessary or convenient for the running of business of dry cleaners, dyers and laundry man.

3. To carry on the business of construct, erect, work, maintain, improve, alter or assist in the erection, construction, working, maintenance, improvements or alteration of any building, dry cleaning plants or machinery or shops and factories, plants, works, cars, wagons, lorries, carts and other works and to contribute to the expenses of constructing, improving, maintaining, working and repairing any of the same.

4. To carry on the business of purchase, sell, manufacture, import, export or otherwise deal in dry-cleaning plants, dryers, steam presses and household and industrial washing machines and to undertake repair and maintenance contract for dry cleaners, dyers and laundry man.

Credit Rating Business

Main Object Clause for an entity having business of providing Credit Rating services

To carry on the business to provide investment information and credit rating services including credit rating equity grading and mandated studies spanning diverse industrial sectors providing services to the corporate and financial sectors, both in India and overseas, by offering Rating Services, Information Services and also Advisory Services

Astrological Services Business

Main Object Clause of an entity having business of Astrological Services

To carry on business to provide astrological consultation and guidance based on the study of horoscope, palm,face reading, graphology and other ancient sciences and provide assistance in conducting rituals according to the faith of the customer.

Merchant Banking Business

Main Object Clause of an entity having business of Merchant Banking

1. To carry on business as a Merchant Bankers, Portfolio Managers, Underwriters, Sub-Underwriters, Consultants for Capital Issues, Advisors to Capital Issues, Registrars to the issue, Share Transfer Agents, Investment Consultants, Consultants and Management Advisors to Corporate Bodies, Individuals and Promoters in commercial, industrial management and policy matters and to make project evaluation, feasibility studies, project report, and surveys and to give expert advice and suggest ways and means for improving efficiency  in business  organization and concerns and industries of all kinds and/or to act as lead managers, co-managers to issue of shares, stocks, bonds, debentures, commercial paper or other securities of bodies corporate or industrial undertaking and/or shares ,stocks, bonds, debentures, commercial paper or other securities issued to any government or semi-government authority or public authority of government under taking or stocks, bonds, debentures or of the securities.

2. To carry on business of investment and to undertake and transact and deal in bills of exchange, hundies, promissory notes and other negotiable instruments and securities and also to issue on commission, to subscribe for, underwrite, take, acquire and hold, sell and exchange and deal in shares, stocks, bonds or debentures or securities of any government or public authority and/or to acquire any such shares, stocks, debentures, bonds by original subscriptions, exchange or otherwise and to subscribe for the same either conditionally or otherwise and to guarantee the subscription thereof. 

Petrol Extraction Business

Main Object Clause of an entity having business of Petrol Extraction

To establish, start, operate, Propagate, Produce, manufacture, grow, cultivate, process, collaborate, import, export, sell, purchase or otherwise deal in and marketing of Jatropha, medicinal and aromatic plants, usual and unusual herbs, economic and spices plants, plantation and tuber crops, ready to use potted plants, nuclear seedlings, anther/Pollen culture, Protoplasm fusion, genetical engineering, DNAIRNA antisence, RNA rescue, embryo transfer technology, integrated projects related to hybrid seeds/cut flowers, disease indexing of clean plants, oleoresins/spice extracts, encapsulated spices, euro vegetables / fruits, mushroom, dry / fresh fruits / nuts, fresh / canned / dehydrated / frozen fruits / vegetables, cold storages / cold chains, natural colours / dyes / gums / Pigments / enzymes / base oils / isolates / alkaloids, botanicals/ herbal extracts, essential oils, solvent / field / cryo / hydro / steam distillation, research and development in Jatropha and its processing technologies including Cultivation, transesterification of Jatropha oils into bio diesel and to establish its distribution network across the country, agro and allied fields, establishment of agro processing complexes, green/Polygreen houses, solar green houses, Protected cultivation, Post harvest infrastructure development, Processing technologies, wasteland Promotion and development, land use planning, biofertilizers, bactrim, herbal medicines / cosmetics, new generation activated series of agro / biochemicals, polymers, biofungicide / biopesticides, IPM (Integrated pest Management), Cogeneration, recycling of organic waste, fermentation and membrane Process technologies, fast foods, marine and Sea foods, energy foods, meat and meat products, Oshtrich / EMU’s dairy / Poultry / Pig farming and processing technologies, beekeeping, honey and its processing, sericulture and its processing technologies and to operate farming under satellite contractual buy-back schemes including cultivation & processing of medicinal and aromatic plants, usual & unusual rare herbs.