APPROVAL OF TRUST DEED:
The Chairman placed before the Board the draft Trust Deed to be entered withthe Debenture Trustees of the Company for the issue of ___% __ debentures ofRs. ____/- each. The Board then after discussion
the Debenture Trust Deed as per the draft placed before thismeeting and initialed by the Chairman for the purpose of identification, be and ishereby approved and that Mr. __________ , Director and Mr. _________,Director be and are hereby authorized to execute the same on behalf of theCompany.
Since, the Company proposes to place the Debenture privately, it is suggested that aLetter of Offer is also made which would be circulated amongst the target buyers. Thedraft letter of offer is also required to be approved by the Board. The conditions relatingto the payment for subscription, the Security, the rate of interest on the Debentures andthe period by which the Debentures would be redeemed would have to be specified.On receipt of the application from the person(s) subscribing for the Debentures, theBoard needs to make the allotment.
SUGGESTED RESOLUTION FOR ALLOTMENT OF DEBENTURES:
The Chairman informed the Board that ____ has agreed to subscribe to theDebentures of the Company and has paid Rs. ___/- as specified in the Letter ofOffer. He also informed that as per the Letter of Offer the Debentures arerequired to be alloted on or before __th _____, 200_. After deliberation theBoard passed the following resolution:
the Board do and hereby constitute and allot to _____, __ non-convertible debentures of Rs. __/- each.
ESOLVED FURTHER THAT
the terms of issue of the aforesaid debentures allottedto _________ be and is hereby confirmed as follows: