Board resolution, creation of the Capital Redemption Reserve

Extract from the minutes of the meeting of the Board of Directors of [Company Name] Private Limited held on [Date of board meeting creating Capital Redemption Reserve]

TRANSFER TO THE CAPITAL REDEMPTION RESERVE ACCOUNT

The Chairman informed the Board that [Number of preference shares to be redeemed] Redeemable Preference Shares of the face value of Rs [Face value of each preference share (Rs)] each, aggregating a nominal amount of Rs [amount], had been redeemed on [Date of redemption] out of the profits of the Company which would otherwise have been available for dividend, and that Section 55(3) of the Companies Act, 2013 accordingly required a sum equal to the nominal amount of the shares so redeemed to be transferred to a reserve to be called the Capital Redemption Reserve Account.