The All-India Financial Institution while granting term loans to companies insist on certain formalities to be completed by a company availing such loan. These include furnishing of certificates by the Company Secretarie

The All-India Financial Institutions while granting term loans to companies insist on certain formalities to be completed by a company availing such loans. In this regards the practicing company secretaries are required to furnish the following certificates- Necessary power of a company and its directors to enter into an agreement; Borrowing limits of a company under section 180(1) (c) of the Companies Act, 2013; Including the details of share capital -authorized, issued, subscribed and paid up and the actual borrowing; List of members of a company; Copies of resolutions passed at company meeting to be furnished to financial institutions. Many State Financial/Industrial Investment/Development Corporations have also agreed to accept the certificates issued by the Company Secretaries in Practice, in regard to all/some of the aforesaid matters.