A Board Resolution For Purchase Of Car By Company is a crucial corporate document required under Indian law when a company intends to acquire a vehicle for business purposes. This resolution is mandated by the Companies Act, 2013, and serves as formal evidence of the board's approval for the purchase. It should be used whenever a company plans to purchase a vehicle, whether for executive use, business operations, or company fleet. The document typically includes details about the vehicle specifications, cost considerations, authorized personnel for executing the purchase, and compliance statements. It's essential for corporate record-keeping, vehicle registration, insurance purposes, and may also be required by banks or financial institutions if the purchase involves financing. The resolution demonstrates proper corporate governance and ensures transparency in decision-making regarding significant asset purchases.

1. Title and Date: Specifies the type of resolution and date of the board meeting

2. Attendance and Quorum: Lists directors present and confirms meeting quorum requirements are met

3. Chairman: Names the chairman presiding over the meeting

4. Business Necessity: Explains the business requirement and justification for purchasing the vehicle

5. Vehicle Details: Specifies the make, model, and type of vehicle to be purchased

6. Financial Considerations: Details the purchase cost, source of funds, and budget allocation

7. Authorization: Names the authorized personnel who can execute the purchase and related documents

8. Compliance Statement: Confirms compliance with relevant provisions of Companies Act and other applicable laws

9. Concluding Statement: Standard closing statement and certification of the resolution

10. Signatures: Space for Chairman's signature and company seal