Sec. 12 - Formation agreement for incorporating a company - Board Resolution;

Sec. 12 - Formation agreement for incorporating a company - Board Resolution;

"WHEREAS Shri. X ofRaja Park Jaipur-302004, being one of the promoters and Shri. Z of 214, Rajauri Garden, New Delhi-110020 have agreed to form a private limited company for the purpose of carrying on the business of producing chemicals and exports therof;

NOW THEREFORE it is hereby agreed that Shri. X will forthwith take steps to incorporate a private limited company with its registered office at Raja Park, Jaipur-302004 with the name "Sareen Chemicals Pvt Ltd." or some such name made available by the Registrar of Companies, Rajasthan, at Jaipur;

AGREED further that parties hereinbefore mentioned shall make provisions in the Memorandum of Association for reimbursement of expenses for procuring the incorporation of the company including the cost and expenses for preparation of this agreement."