RBI UPDATE

External Commercial Borrowings (ECB) by Startups

Reserve Bank of India has allowed startups to raise upto $3 million or equivalent per financial year either in INR or any convertible foreign currency or a combination of both via the external commercial borrowings (ECB) route. 

The borrowing can be in the form of loans or non-convertible, optionally convertible or partially convertible preference shares

Minimum average maturity period will be 3 years.

Overseas branches/subsidiaries of Indian banks and overseas wholly owned subsidiary / joint venture of an Indian company will, however, not be considered as recognized lenders under this framework.

BOARD RESOLUTIONS

• Board Resolution - Borrowing Power of the Company
• Board Resolution - Cancellation and Re-classification of Authorized Share Capital
• Board Resolution - Change in Bank Authorized Signatories
• Board Resolution - Change in designation from WTD / MD to Non-Executive Director
• Board Resolution - Change of Name Clause of Memorandum of Association
• Board Resolution - Change of Object Clause of Memorandum of Association
• Board Resolution - Closure of Bank Account of the Company
• Board Resolution - Consent by Creditors to the Scheme of Amalgamation
• Board Resolution - Consent by Shareholder to the Scheme of Amalgamation
• Board Resolution - Constitution of Audit Committee and their Term of references
• Board Resolution - Constitution of Corporate Social Responsibility Comiittee
• Board Resolution - Constitution of Nomination and Remuneration Committee
• Board Resolution - Conversion of Loan / Debenture into Equity Shares
• Board Resolution - Conversion of One Person Company into Private Company
• Board Resolution - Conversion of Private Company into One Person Company
• Board Resolution - Conversion of Private Company into Public Company
• Board Resolution - Conversion of Public Company into Private Company
• Board Resolution - Conversion of Section 8 Company into Private Company
• Board Resolution - Creation of Charge
• Board Resolution - De-materialization of Equity Shares of the Company
• Board Resolution - Declaration of Interim Dividend
• Board Resolution - Dematerialization of Shares / Debentures of the Company
• Board Resolution - Engagement of Statutory Auditors for Additional Services
• Board Resolution - Execution of Escrow Agreement and Opening of Escrow Account for Business Transfer Agreement
• Board Resolution - Filing of Shelf Prospectus
• Board Resolution - Formation of Branch Office in India
• Board Resolution - General Authorization to KMP and / or Directors for day to day operation of the Company
• Board Resolution - Granting of authority for closing of transaction envisaged in the Business Transfer Agreement
• Board Resolution - Increase in Authorized Share Capital
• Board Resolution - Increase in Managerial Remuneration by the Board due to Annual Increment
• Board Resolution - Increase in Managerial Remuneration in case of inadequate or no profit
• Board Resolution - Issuance of Bonus Shares
• Board Resolution - Issuance of Compulsory Convertible Debentures
• Board Resolution - Issuance of Duplicate Share Certificate
• Board Resolution - Issuance of Equity Shares through Private Placement
• Board Resolution - Issuance of Notice for convening of General Meeting of the Company
• Board Resolution - Issuance of Optionally Convertible Debentures
• Board Resolution - Issuance of Power of Attorney
• Board Resolution - Issuance of Redeemable Preference Shares
• Board Resolution - Issuance of Sweat Equity Shares
• Board Resolution - Issuance of Unlisted Non-Convertible Debentures / Bonds
• Board Resolution - Keeping of Books of Accounts at a place other than registered office of the Company
• Board Resolution - Keeping of Foreign Register outside India
• Board Resolution - Keeping of Minutes Book at a place other than Registered Office of the Company
• Board Resolution - Keeping of Statutory Register and Records at a place other than the Registered Office of the Company