Board resolution, downstream investment by a foreign-owned NBFC

Certified true copy of the resolution passed by the Board of Directors of [Name of the NBFC] at its meeting held on [Date of the board meeting]

"RESOLVED THAT, the Company being a company owned or controlled by persons resident outside India, and pursuant to rule 23 of the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019, section 186 of the Companies Act, 2013 [read with section 186(11)] and the directions of the Reserve Bank of India applicable to the Company, the Board hereby approves the investment of Rs [Investment amount (Rs)] in [number and class of equity instruments] of [Name of investee] (CIN [Investee's CIN]), engaged in [activity / NIC code], at a price of Rs [Price per instrument (Rs)] per instrument, being not less than the fair value certified by [valuer] on [Date of valuation certificate].

RESOLVED FURTHER THAT the Board records that: (a) the investee's activity is permitted for foreign investment under the [automatic route, within the sectoral cap of __%]; (b) the investment will be funded out of [funds brought from abroad / internal accruals] and not out of funds borrowed in the domestic market; (c) [the investment is / is not] in an entity undertaking financial services, and [the approval of the Reserve Bank dated ___ has been obtained / no approval is required]; and (d) the investment is in accordance with the shareholders' agreement dated [Date of shareholders' agreement] [if any].