BOARD RESOLUTIONS FOR NON-DEPOSIT TAKING NBFC TO BE TAKE ON NOTE IN EVERY FIRST BOARD MEETING OF FINANCIAL YEAR

 

BOARD RESOLUTIONS FOR NON-DEPOSIT TAKING NBFC TO BE TAKE ON NOTE IN EVERY FIRST BOARD MEETING OF FINANCIAL YEAR

1. NON-ACCEPTANCE OF PUBLIC DEPOSIT

The Chairman informed to the board that to comply with the NBFCs Acceptance of Public Deposits Directions, 2016; we have to confirm that whether we are going to accept Public Deposit or not. Chairman further clarified that the finalization of the above matter is also necessary for availing the certain exemption provided under these directions. The Board discussed the matter and passes the following resolution unanimously:

 

“Resolved That it be and is herby noted that the company has not accepted any public deposits as defined under Sub-Clause (iv) of Clause (1) of paragraph 2 of Non Banking Financial Companies Acceptance of Public  Deposits (Reserve Bank) Directions, 2016, as amended from time to time, during the financial year ended on Last Date of Financial Year”

 

“Further Resolved That in future the company will not accept any public deposits as defined under Sub-Clause (iv) of Clause (1) of paragraph 2 of Non Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016, without obtaining written prior approval of Reserve Bank of India.”


“Further Resolved That Mr./Ms. Name of Person/Director to be Authorized, Director of the company, be and is hereby authorized, severally or jointly, to comply with the entire requirement in the above said matter.”

 “Further Resolved That the certified copy of this resolution be send to Reserve Bank of India as and when required”

2.  APPROVAL AND ADOPTION OF FPC AND KYC-AML AND PMLA GUIDELINES

The Chairman informed the Board that as per the Circular No. DNBR (PD).CC No. 054/03.10.119/2015-16 dated July 1, 2015 & DNBR (PD) CC No. 051/03.10.119/2015-16 dated July 1, 2015 issued by the Reserve Bank of India, all NBFCs are required to introduce and put in place Fair Practices Code and KYC norms and to take all such measures as are necessary to comply with the FPC Guidelines and KYC-AML and PMLA guidelines. The Board after discussion passed the following resolution: - 

“RESOLVED THAT Pursuant to the provisions of Master Circular – ‘Know Your Customer’ Guidelines- Anti Money Laundering Standards (AML) – Prevention of Money Laundering Act, 2002 – Obligations of NBFC’s in terms of Rules notified there under’ dated 1st July, 2015 and Master Circular – Fair Practices Code dated 1st July, 2015 as issued by RBI, the Board of Directors do hereby approve, adopt and put in place the draft of Know Your Customer and Anti Money Laundering Policy and Fair Practices Code of the Company as placed before the Board with immediate effect.”

“RESOLVED FURTHER that the necessary actions and steps be taken to implement and give effect to such policies and to comply with the KYC-AML guidelines and Fair Practices code guidelines as issued by RBI from time to time and to do all such acts, deeds and things as may be necessary to give effect to this resolution.”

“Further Resolved that the certified copy of this resolution be send to Reserve Bank of India as and when required”

3.  APPROVAL OF LOAN AND INTEREST POLICY

The Chairman informs the Board that in accordance with Reserve Bank of India regulations, Company has to comply with the obligations in terms of Rules notified in Loan and Interest policy (LIP). The Board discussed the matter, takes note on it, and passed the following resolution:

“RESOLVED THAT the draft policy formulated on Loan and Interest procedures, placed before the Board, be and is hereby approved.

“RESOLVED FURTHER THAT any of the Director of the Company be and is hereby authorized to personally monitor for implementation of policy formulated on Loan and Interest Policy at all operational levels.

“RESOLVED FURTHER THAT Mr./Ms. Name of Person/Director to be Authorized, Director of the company be and is hereby appointed as Principal Officer for reporting. 

4. APPOINTMENT OF REPRESENTATIVE FOR ATTENDING GENERAL MEETING          

The Chairman presented before the board the following resolution for authorizing the person to attend the General Meeting on behalf of the Company. The Board after discussion passed the following resolution unanimously:

“RESOLVED THAT pursuant to provisions of Section 113 of the Companies Act, 2013 and other relevant provisions of the said Act and the Rules made there under (including any statutory modification(s) or reenactment(s) thereof), unless specific authorization given to any person, Mr./Ms. Name of Person/Director to be Authorized or failing him Mr./Ms. Name of Person/Director to be Authorized, Director of the Company be and is hereby authorized to act as the authorized representative of the Company at any meeting of the class of members, of the  companies  of which  Name of the Company is a Shareholder.

RESOLVED FURTHER THAT Mr./Ms. Name of Person/Director to be Authorized or failing him Mr./Ms. Name of Person/Director to be Authorized, Director of the Company be and is hereby authorized, on behalf of Name of the Company to give consent for holding of General Meeting on Shorter notice pursuant to Section 101 of the companies Act, 2013, of the companies of which Name of the Company is a Shareholder.” 

5. APPROVAL OF GRIEVANCE REDRESSAL POLICY

The Chairman informs the Board that in accordance with Reserve Bank of India regulations, Company has to comply with the obligations in terms of Rules notified for Grievance Redressal Policy. The Board discussed the matter, takes note on it, and passed the following resolution:

“RESOLVED THAT the draft policy formulated on Grievance Redressal, placed before the Board, be and is hereby approved.

“RESOLVED FURTHER THAT any of the Director be and is hereby authorized to personally monitor for implementation of policy formulated on Grievance Redressal Policy at all operational levels.

“RESOLVED FURTHER THAT Mr./Ms. Name of Person/Director to be Authorized, Director of the company be and is hereby appointed as Principal Officer for reporting.”


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