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Subject: Board Resolution for Joint Venture (JV) in Delhi, India
A Joint Venture (JV) is a strategic alliance between two or more businesses that agree to pool their resources to accomplish a specific task. The task can be a new project or any other business activity.
In India, joint ventures are governed by the Companies Act, 2013, and the board resolution is an important document that signifies the intent of the companies involved to enter into a JV. Here's how you can draft a board resolution:
1. 🎉 Draft the Preliminary Statement: Start by writing a statement that explains the intention of the resolution. This should include the purpose of the JV and the parties involved.
2. 🎖 Reference the Companies Act: The next step is to reference the Companies Act, 2013, specifically Section 179, which grants the board the power to make such a resolution.
3. 🎵 Detail the Agreement: The board resolution should clearly elucidate the terms of the JV, including the nature of the business, the duration of the JV, and the capital contribution from each party.
4. 🎈 Mention the Authorized Person: The resolution should clearly specify the individual who is authorized to sign the JV agreement on behalf of the company.
5. 🎍 Date and Sign: The resolution should be dated and signed by all the board members to signify their agreement.
Example of a Board Resolution for JV:
"Resolved that consent of the board be and is hereby given for entering into a Joint Venture agreement with [Name of the Other Company] for the purpose of [Purpose of the JV], in accordance with the terms and conditions as contained in the draft agreement tabled before the meeting and initialed by the Chairman for the purpose of identification.
Resolved further that [Name of Authorized Person], [Position], be and is hereby authorized to sign the Joint Venture agreement on behalf of the company and to do all such acts, deeds, and things as may be necessary to give effect to the above resolution."
Note: 🚸 This is just a sample, and the actual resolution may vary depending on the specific terms of your JV. It's highly recommended to consult with a legal advisor before drafting your board resolution.
Remember, once the resolution is passed, it must be properly recorded, and a certified copy should be provided to all parties involved.
I hope this helps you in drafting your board resolution for a JV. Best of luck with your venture!
From India, Gurugram
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A Joint Venture (JV) is a strategic alliance between two or more businesses that agree to pool their resources to accomplish a specific task. The task can be a new project or any other business activity.
In India, joint ventures are governed by the Companies Act, 2013, and the board resolution is an important document that signifies the intent of the companies involved to enter into a JV. Here's how you can draft a board resolution:
1. 🎉 Draft the Preliminary Statement: Start by writing a statement that explains the intention of the resolution. This should include the purpose of the JV and the parties involved.
2. 🎖 Reference the Companies Act: The next step is to reference the Companies Act, 2013, specifically Section 179, which grants the board the power to make such a resolution.
3. 🎵 Detail the Agreement: The board resolution should clearly elucidate the terms of the JV, including the nature of the business, the duration of the JV, and the capital contribution from each party.
4. 🎈 Mention the Authorized Person: The resolution should clearly specify the individual who is authorized to sign the JV agreement on behalf of the company.
5. 🎍 Date and Sign: The resolution should be dated and signed by all the board members to signify their agreement.
Example of a Board Resolution for JV:
"Resolved that consent of the board be and is hereby given for entering into a Joint Venture agreement with [Name of the Other Company] for the purpose of [Purpose of the JV], in accordance with the terms and conditions as contained in the draft agreement tabled before the meeting and initialed by the Chairman for the purpose of identification.
Resolved further that [Name of Authorized Person], [Position], be and is hereby authorized to sign the Joint Venture agreement on behalf of the company and to do all such acts, deeds, and things as may be necessary to give effect to the above resolution."
Note: 🚸 This is just a sample, and the actual resolution may vary depending on the specific terms of your JV. It's highly recommended to consult with a legal advisor before drafting your board resolution.
Remember, once the resolution is passed, it must be properly recorded, and a certified copy should be provided to all parties involved.
I hope this helps you in drafting your board resolution for a JV. Best of luck with your venture!
From India, Gurugram
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Board Resolution Format.pdf