"RESOLVED that the pursuant to the applicable provisions of the Companies Act, 1956 and to such other approvals, permission, grants and sanctions as may be necessary, the Board hereby accords its approval to the issue of………… convertible bonds of the value of not exceeding US Dollar………… each such bond of such value as the Board may think necessary in consultation with the Overseas Depository Bank………….. without warrant with option to holders thereof to convert such bonds into equity shares of Rs. 10/- each at the rate of…………. Fully paid equity shares for every US Dollar………… or for such value of the bonds depending upon the exercise of option for conversion on or before the dates as may be specified in said bonds.
RESOLVED further that Shri………….. Director and Shri………… Director be and are hereby authorized to issue to said bonds under their signatures and to fix the common seal of the company thereon in their presence."
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