Draft Board Resolution for Forfeiture of Shares


Draft Board Resolution for Forfeiture of Shares

"RESOLVED THAT pursuant to Article No ____ of the Articles of Association of the company and other applicable provisions, if any, of the Companies Act, 2013, Listing Regulations and the Listing Agreement, consent of the Board of directors of the company be and is hereby accorded for forfeiture of _______ partly paid up Equity Share of Rs.10 each on which total Rs._________ remains unpaid on account of Share Capital & Share Premium Account due to failure to pay the balance amount of allotment money due thereon as per list of partly paid up shares placed before the Board, duly initialed by the Chairman for the purpose of identification."

         Folio No.                       No of Shares                  Name of Shareholder

RESOLVED FURTHER THAT ___________________ be and is hereby authorised to make entries in the register of members for giving effect to forfeiture of all the partly paid up Shares.

RESOLVED FURTHER THAT Shri _________ and Shri __________ of the Company be and are hereby severally and / or jointly authorised to inform to defaulting shareholders and all the concerned authorities about the decision of the Board for forfeiture of partly paid up equity shares of the company and to do all such acts, deeds and things as may be necessary, expedient and desirable to give effect to the above resolution.”

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