Note: You can download the format of board resolution for removal / satisfaction of charge on asset by bank / financial institution in word file from the link provided at the end of this post.
On Company Letterhead
Board Resolution for Release or Satisfaction of Charge by Bank or Financial Institutions
CERTIFIED TRUE COPY OF THE RESOLUTION PASSED AT THE MEETING OF THE BOARD OF DIRECTORS OF [Name of Company], HELD ON [Date], AT [Address].
The Director Mr./Mrs. [Name of Existing Director], informs to the board that Company had fully and satisfactorily repaid the loan amount as per terms and conditions of the loan agreement with [Name of Bank/Financial Institution] and had received the Non Objection Certificate / Loan Satisfaction Letter from the [Name of Bank/Financial Institution].
RESOLVED THAT consent of the board of directors be and is hereby provided to remove the charge against [Name of Assets] created with the Registrar of Companies vide Charge ID [XXXXXX] for an amount of [Rs. XXXXXXXXX] by [Name of Bank/Financial Institution].
FURTHER RESOLVED THAT Mr./Mrs. [Name of Existing Director], Director of the company be and are hereby authorized to sign and file all the necessary papers and forms with the Registrar of Companies, in connection with the satisfaction / removal of the above charge and also authorised to do all acts, things and deeds necessary to give effect to the said resolution.
FURTHER RESOLVED THAT Mr./Ms. [Name of Professional], Company Secretaries / Chartered Accountants / Cost Accountants, be and is hereby authorised to certify and file necessary forms and return with the Registrar of Companies through MCA portal.
CERTIFIED TRUE COPY
For [Name of Company]
[Name of Director]
Director
DIN: [XXXXXXXX]
Date: [XX/XX/20XX]
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