Draft Board Resolution for Modification of Charge


As per the provisions of  section 77 of the Companies Act, 2013 It shall be the duty of every company creating a charge within or outside India, on its property or assets or any of its undertakings, whether tangible or otherwise, and situated in or outside India, to register the particulars of the charge signed by the company and the charge-holder together with the instruments, if any, creating such charge in such form, on payment of such fees and in such manner as may be prescribed, with the Registrar within thirty days of its creation.

Draft Board Resolution for Modification of Charge

RESOLVED THAT pursuant to the provisions of section 77, 79 and other applicable provisions, if any, of the Companies Act, 2013 (Act) read with rule no. 3 & 6 of Companies (Registration of charges) Rules, 2014 (including any statutory modification(s) or re-enactment thereof for the time being in force), the consent of the Board be and is hereby accorded to modify the charge which was created/registered on _________ by way of enhancement of the sum so borrowed from __________ [Name of Financial Institution] from Rs.___________(existing amount of loan) to Rs._________ (new amount of loan) with interest rate (new rate of interest) against the mortgage of (detail of property where charge is created) and (detail of other property charged, if any).

RESOLVED FURTHER THAT pursuant to section 77 , 85 & 117 of the Companies Act 2013 (as amended or re-enacted from time to time) read with rule no 3 & 10 of the Companies (Registration of Charges) Rules 2014 and rule no 24 of the Companies (Management and Administration) Rules 2014, Mr./Ms. ……………….. [Name of person], ________________ of the Company be and is hereby authorized to sign the supplemental agreement and other such agreements, documents, paper, applications, forms as may be required and to do all the acts, deeds and things which are necessary to give effect to the above said resolution and to file form no CHG-1, MGT-14 with the Registrar of Companies within the prescribed time and fees and to do relevant entries in the Register of Charges”


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