A Board Resolution For Sale of Assets is a critical corporate document required under Indian law when a company intends to sell or dispose of its assets. It demonstrates compliance with the Companies Act, 2013, and other applicable regulations while documenting the Board's informed decision-making process. This document is necessary when significant assets are being sold, requiring formal board approval and potentially shareholder consent if the sale exceeds certain thresholds under Section 180 of the Companies Act. The resolution includes details about the assets, sale terms, consideration, and authorization for execution. It serves multiple purposes: corporate governance compliance, authorization for company officials to act, and documentation for various stakeholders including regulators, auditors, and potential purchasers.
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1. Title and Date: Specifies that this is a Board Resolution with the date of the meeting
2. Meeting Details: Information about the meeting, including venue, time, and directors present
3. Background: Context explaining the need for asset sale and business rationale
4. Quorum Confirmation: Confirmation that the required quorum is present for a valid meeting
5. Proposal Details: Detailed explanation of the proposed asset sale, including key terms and conditions
6. Statutory Compliance Statement: Statement confirming compliance with relevant sections of Companies Act and other applicable laws
7. Main Resolution: The formal resolution text approving the sale of assets
8. Authorization: Empowerment of specific officers to execute documents and take necessary actions
9. Closing: Signature block for Chairman/Company Secretary and date of signing
1. Shareholder Approval Reference: Required when the asset sale exceeds threshold requiring shareholder approval under Section 180 of Companies Act
2. Valuation Statement: Include when independent valuation has been conducted for the assets
3. Interested Directors' Disclosure: Required when any directors have interest in the transaction
4. Special Conditions: Any specific conditions or requirements for the sale
5. Risk Factors: Include when there are significant risks associated with the asset sale that the Board has considered
6. Stock Exchange Notification: Required for listed companies when the sale is material
1. Schedule A - Asset Description: Detailed description of assets being sold, including identification numbers, locations, and specifications
2. Schedule B - Consideration Details: Complete breakdown of the sale consideration, payment terms, and conditions
3. Schedule C - Key Terms of Sale: Major terms and conditions of the sale agreement
4. Appendix 1 - Valuation Report Summary: Summary of independent valuation report if applicable
5. Appendix 2 - Compliance Checklist: Checklist confirming compliance with all regulatory requirements
6. Appendix 3 - Power of Attorney: Format of Power of Attorney for authorized signatories if required
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Legal
Finance
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Corporate Secretarial
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Board Secretariat
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Chief Executive Officer
Managing Director
Company Secretary
Chief Financial Officer
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Board Director
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