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Resolution (Joint Mortgage)

Resolution (Joint Mortgage)

Official corporate authorization for authorizing the creation or extension of a Joint Equitable Mortgage.

Document Overview

Authorize the creation or extension of a Joint Equitable Mortgage involving a Consortium of Lenders.

When to use

  • Multiple banks involved
  • Title deed deposit
  • Extending existing mortgage

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BOARD RESOLUTION

Authorization for Creation of Joint Equitable Mortgage

EXTRACTS FROM THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF ABC Cements Corp HELD AT ITS REGISTERED OFFICE ON 20-Feb-2026.

The Chairman informed the Board that the documents of title in respect of the company's immovable properties had already been deposited by the company on 20 February, 2026 in order to create security in favor of Overseas Bank for securing the sum of Rs 150 lacs.

The Chairman further informed the Board that the company has been sanctioned a new term loan for Rs 100 lacs by SIPCOM vide their letter No. 123 dated 20-Feb-2026.

"RESOLVED THAT the company do create a Joint Mortgage in favor of Overseas Bank and SIPCOM (the "Lenders") by deposit of the title deeds with Overseas Bank, acting for itself and as agent for SIPCOM, in order to secure the repayment of the Term Loans."

"RESOLVED FURTHER THAT Nia, Joy, and Nik, Directors of the Company, be and are hereby authorized to deliver the title deeds and execute all necessary agreements, deeds of hypothecation, and Inter-Se agreements as may be required by the Lenders."

CERTIFIED TRUE COPY

For ABC Cements Corp

______________________

Managing Director

Corporate Seal
Board Compliance

Ensure that the quorum requirements as per the Company's Articles of Association were met during the meeting where this resolution was passed.