A Board Resolution For Pledge of Shares is a critical corporate governance document required under Indian law when a company intends to pledge its shares as security, typically for securing loans or other financial obligations. This document must comply with the Companies Act, 2013, SEBI regulations (for listed companies), and other relevant Indian securities laws. It is used when companies need to create a security interest over their shareholdings, whether in subsidiaries or other companies, and requires formal board approval. The resolution typically includes details about the pledge arrangement, the number and type of shares being pledged, the beneficiary of the pledge, and specific authorizations for executing the pledge documents. This document is particularly important as it demonstrates proper corporate authorization and helps protect the interests of all stakeholders while ensuring regulatory compliance.
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1. Title and Date: Specifies the type of resolution and date of the board meeting
2. Attendance and Quorum: Lists directors present, confirms quorum requirements are met
3. Chairman: Names the chairman of the meeting
4. Background: Explains the purpose and context of pledging shares, including the business rationale
5. Details of Shares to be Pledged: Specific information about the shares being pledged including number, class, and face value
6. Terms of Pledge: Key terms and conditions of the pledge arrangement
7. Authorization: Specific powers granted to authorized representatives to execute pledge-related documents
8. Regulatory Compliance: Statement confirming compliance with relevant laws and regulations
9. Certification: Signature block for company secretary or authorized director to certify the resolution
1. Leave of Absence: Include when any directors have formally requested to be excused from the meeting
2. Previous Resolution Reference: Include when this resolution is connected to or modifies a previous board resolution
3. Disclosure of Interest: Include when any directors have declared interest in the pledge transaction
4. Security Trustee Appointment: Include when a security trustee is being appointed for the pledge arrangement
5. Additional Undertakings: Include when specific additional commitments or undertakings are required by the pledge agreement
1. Schedule A - Share Details: Detailed list of shares being pledged including certificate numbers, distinctive numbers, and folio numbers
2. Schedule B - Pledge Agreement: Draft or final version of the pledge agreement to be executed
3. Appendix 1 - Board Meeting Notice: Copy of the notice calling the board meeting
4. Appendix 2 - Authorised Signatories: List of authorized signatories with specimen signatures
5. Appendix 3 - Regulatory Approvals: Copies of any required regulatory approvals or notifications
Relevant legal definitions
Act
Board of Directors
Company
Pledgor
Pledgee
Pledge Agreement
Shares
Securities
Depository
Depository Participant
SEBI
Applicable Laws
Authorized Representatives
Security Interest
Pledge Period
Register of Members
Articles of Association
Memorandum of Association
Charge
Beneficial Owner
Corporate Action
Voting Rights
Share Certificate
Security Trustee
Registrar and Transfer Agent
Board Resolution
Material Adverse Effect
Business Day
Encumbrance
Board of Directors
Company
Pledgor
Pledgee
Pledge Agreement
Shares
Securities
Depository
Depository Participant
SEBI
Applicable Laws
Authorized Representatives
Security Interest
Pledge Period
Register of Members
Articles of Association
Memorandum of Association
Charge
Beneficial Owner
Corporate Action
Voting Rights
Share Certificate
Security Trustee
Registrar and Transfer Agent
Board Resolution
Material Adverse Effect
Business Day
Encumbrance
Clauses
Meeting Details
Quorum Confirmation
Purpose of Pledge
Share Details
Authorization
Powers Granted
Regulatory Compliance
Documentation Authority
Execution Authority
Consideration
Declaration of Interest
Securities Depository Instructions
Covenant Compliance
Record Keeping
Further Assurance
Certification
Quorum Confirmation
Purpose of Pledge
Share Details
Authorization
Powers Granted
Regulatory Compliance
Documentation Authority
Execution Authority
Consideration
Declaration of Interest
Securities Depository Instructions
Covenant Compliance
Record Keeping
Further Assurance
Certification
Relevant Industries
Banking and Financial Services
Corporate Services
Manufacturing
Information Technology
Real Estate
Infrastructure
Telecommunications
Healthcare
Energy and Utilities
Retail and Consumer Goods
Relevant Teams
Legal
Corporate Secretarial
Finance
Compliance
Corporate Governance
Treasury
Risk Management
Board Secretariat
Relevant Roles
Company Secretary
Chief Financial Officer
Legal Counsel
Corporate Lawyer
Compliance Officer
Board Director
Managing Director
Company Director
Corporate Finance Manager
Treasury Manager
Legal Manager
Corporate Governance Officer
Risk Manager
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