Format for Board Resolution for acquisition of Sole Proprietorship Business

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Company Name:_______

CIN: __________

Office Address:________

Email :________

CERTIFIED TRUE COPY OF THE BOARD RESOLUTION PASSED IN THE MEETING OF THE BOARD OF DIRECTORS OF THE COMPANY HELD ON ________(Date) AT ________(Time) AT THE REGISTERED OFFICE OF THE COMPANY ________(Address)

ACQUISITION OF SOLE PROPRIETORSHIP BUSINESS OF __________(Company Name)

The chairman placed before the Board the proposal to acquire/purchase the business of ___________(Company Name) on a going concern basis together with the assets, liabilities & goodwill thereof. The Board after discussion in detail gave its approval by passing the following resolution unanimously

“RESOLVED THATpursuant to the provisions of Section 188 of the Companies Act, 2013 read with corresponding rules made there under (including any statutory modifications, amendment thereto or re-enactment thereof for the time being in force) and/or under any other section of the Companies Act or any other Act, if applicable and subject to the approval of the members of the Company, Banks and/or any other authority as may be required under the Companies Act or any other Act, if applicable, Consent of the Board of the Company be and is hereby accorded to acquire/purchase the business of M/s. __________(Company Name) (a proprietorship firm having its office at __________________(Office Address)) on a going concern basis together with the assets, liabilities & goodwill thereof at a purchase consideration of Rs. ________________(Purchase Amount) (______________(in words)).”

“FURTHER RESOLVED THATdraft Acquisition agreement to be executed between the company and M/s ____________(Company Name) as placed before the Board be and is hereby approved.

“FURTHER RESOLVED THATany Director of the Company be and are hereby severally authorized to do and perform all such acts, including execution of such documents and certificates, as may be deemed necessary or advisable to carry out the purpose and intent of the foregoing resolution.”

For _________(Company Name)

Signature

Name: ________
Designation: ________
DIN: ________