Minutes of Meeting For Opening A Bank Account

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Sanatan Fabrics Private Limited

6/2, Havelock Road New Delhi – 110021

Minutes of the Meeting of the Board of Directors of M/s SANATAN FABRICS PRIVATE LIMITED held at its Registered Office at 6/2, Havelock Road New Delhi- 110021

 on Wednesday, the 19^th day of March, 2023 at 2.30 p.m.

P R E S E N T

1.      Shri. P.C. Kavediya

2.      Shri. I.K. Sengupta

CHAIRMAN:

By common consent Shri P.C. Kavediya took the chair.

LAST MINUTES:

Minutes of the last meeting of the Board of Directors were read and confirmed.

OPENING OF CURRENT ACCOUNT WITH BANDHAN BANK:

The Chairman informed the Board that a current banking account needs to be opened and Bandhan Bank, Bandra branch for its strategic location was unanimously decided to be the most favored bank branch. After a brief discussion on the subject the following resolutions were passed::-

Resolved 

a)      That a current account in the name of the Company be opened with Bandhan Bank Limited at Bandra Branch, Kolkata and that Mr. Prakash Chandra Kavedia and Mr. Indrajit Kumar Sengupta, Directors be and are hereby authorised to do so, singly, and sign the necessary forms and documents thereof.

b)      And that the Bank be instructed to honour all cheques, promissory notes and other instruments drawn by and all bills accepted on behalf of the Company whether such account be in credit or overdrawn, and to accept and credit to the account of the Company all monies deposited with or owing by the Bank on any account or accounts at any time or times kept or to be kept in the name of the Company and the amount of all cheques, notes, bills, other negotiable instruments, orders provided they are endorsed/signed by Mr. Prakash Chandra Kavedia, Director and Mr. Indrajit Kumar Sengupta, Director of the Company for the time being , severally on behalf of the Company and such signature shall be sufficient authority to bind the Company in all transactions between the Bank and the Company including those specifically rendered to herein, Kotak Mahindra Bank is authorised to accept and/or act upon the instructions issued by the said Mr.Prakash Chandra Kavedia, Director and Mr. Indrajit Kumar Sengupta, Director, severally.

c)      And that the Company avails of the Net Banking, Phone Banking and Debit Card offered by Kotak Mahindra Bank. That the Company has read the terms and conditions applicable to these services and accepts the same.

d)      And that the Company hereby authorizes Mr. Prakash Chandra Kavedia, Director and Mr. Indrajit Kumar Sengupta, Director of the Company to avail of the Net Banking , Phone Banking and Debit Card offered by the Bank as outlined in the form prescribed by the bank.

e)      And that the Company undertakes to inform the Bank 15 days in advance in case any of its authorised signatories Net Banking, Phone Banking and Debit Card excess needs to be revoked. That the Company will not hold the Bank responsible if it does not comply with the aforesaid term.

f)        That the Company hereby authorizes the Bank to mail/courier the Debit Card and other enabling access such as PIN, Password etc. to the attention of the person (s) authorised as above at the mailing address recorded with the Bank.

g)      And that the Company do accept the terms and conditions applicable to such Account and services relating thereto and shall always be bound by and abide with them and their amendments from time to time.

h)      And that the aforesaid terms and conditions be and is / are hereby approved and accepted and the said Mr. Prakash Chandra Kavedia, Director and Mr. Indrajit Kumar Sengupta, Director of the Company, severally, be and are hereby severally authorised to accept such modifications therein as may be suggested by the Bank.

i)        And that the stamp/Common Seal of the Company be affixed to the application form for the aforesaid opening of account and availing products and services as stated in the Memorandum and Articles of Association of the Company.

j)        And that a copy of any resolution of the Board if purporting to be certified as correct by any director of the Company or by the Secretary of the Company shall, as between the Bank and the Company, be conclusive evidence of the passing of the resolution so certified.

k)      And that this resolution be communicated to the Bank and shall remain in force until notice in writing of its withdrawal, or cancellation is given to the Bank by the Company.

GENERAL:

The Board discussed the financial position and general affairs of Company.

VOTE OF THANKS:

There being no other business to be transacted the meeting terminated with a vote of thanks to the Chair.

CHAIRMAN