Board resolution, borrowing monies

Certified true copy of the resolution passed at the meeting of the Board of Directors of [ABC Private Limited] held on [Date of the board meeting] at [Time of the board meeting] at the registered office of the Company

BORROWING OF MONIES

The Chairman informed the Board that the Company requires funds for [its working capital requirements / the expansion of its manufacturing facility at ____ / the acquisition of plant and machinery], and that it is proposed to borrow a sum of up to [Rs ____ (Rupees ____ only)] from [name of bank, financial institution or other lender]. He informed the Board that the proposed borrowing, together with the monies already borrowed by the Company (apart from temporary loans obtained from the Company's bankers in the ordinary course of business), amounts to [Rs ____] and is within the borrowing powers of the Board under the Articles of Association of the Company. He further informed the Board that Section 180 of the Companies Act, 2013 does not apply to a private company in terms of Notification G.S.R. 464(E) dated 05.06.2015, and that the Company is not in default in the filing of its financial statements or annual return, so that the said exemption is available. [For a public company, substitute: and that the proposed borrowing is within / exceeds the limit specified in Section 180(1)(c), in respect of which the Members have approved a limit of Rs ____ by a special resolution passed on DD.MM.YYYY.]