A Board Resolution For Renewal of Credit Facility is a crucial corporate document required when an Indian company needs to extend or renew its existing credit arrangements with a bank or financial institution. This resolution is mandated under the Companies Act 2013 and must comply with Indian banking regulations and RBI guidelines. It's typically used when an existing credit facility is approaching its expiry date or when terms need modification. The resolution must include specific details about the facility amount, tenure, security arrangements, and authorized signatories. It serves as evidence of proper corporate authorization for the renewal and is a key requirement for banks to process the renewal of credit facilities. The document demonstrates compliance with internal corporate governance requirements and external regulatory frameworks while protecting both the company's and lender's interests.
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1. Title and Date: Specifies the company name, meeting date, venue, and type of resolution
2. Attendance and Quorum: Lists directors present and confirms meeting quorum requirements are met
3. Chairman: Identifies the Chairman of the meeting
4. Previous Resolution Reference: References the original board resolution under which the credit facility was first obtained
5. Facility Details: Specifies the current credit facility details including amount, lender, and key terms
6. Renewal Terms: Details of the renewed facility including any modifications to terms, tenure, and interest rates
7. Board Review Statement: Statement confirming the board has reviewed the terms and conditions of renewal
8. Main Resolution: The core resolution approving the renewal of the credit facility
9. Authorization: Specific authorization to designated persons to execute documents
1. Security Details: Required when the credit facility is secured by company assets or guarantees
2. Additional Compliance Statements: Required for listed companies to confirm compliance with SEBI requirements
3. Related Party Disclosure: Required if any directors have interest in the transaction
4. Borrowing Limits Confirmation: Required when the facility amount is significant relative to company's borrowing limits
5. Special Conditions: Include when there are specific conditions or covenants attached to the renewal
1. Annexure A - Facility Details: Detailed breakdown of the credit facility terms, limits, and conditions
2. Annexure B - Security Details: List of security/collateral provided for the facility, if applicable
3. Annexure C - Authorized Signatories: List of persons authorized to execute documents with specimen signatures
4. Annexure D - Bank Details: Details of the lending bank/institution and account information
5. Annexure E - Previous Sanction Letter: Copy of the original or previous sanction letter from the bank
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Retail
Information Technology
Real Estate
Infrastructure
Healthcare
Hospitality
Agriculture
Telecommunications
Automotive
Energy
Mining
Financial Services
Education
Logistics
Relevant Teams
Legal
Finance
Corporate Secretarial
Treasury
Compliance
Risk Management
Corporate Governance
Banking Relations
Board Secretariat
Relevant Roles
Chief Financial Officer
Company Secretary
Finance Director
Managing Director
Chief Executive Officer
Finance Manager
Treasury Manager
Corporate Finance Head
Legal Counsel
Compliance Officer
Board Secretary
Director of Operations
Financial Controller
Risk Manager
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