"RESOLVED that consent of the Board of Directors be and is hereby given to an application being made to the Company Law Board seeking their approval to relieve the company from the consequences of the default committed by the company inadvertently by approving transfer/allotment of shares resulting increase in the number of its members beyond fifty and the consequent cessation of the company as a private company.
RESOLVED further that the Managing Director/Secretary of the company be and is hereby authorized to take all necessary steps as may be required for filing a petition before the Company Law Board."
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