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Development Activities > Schemes in Operation > Schemes for Assisting Companies in the RPS Sector > Grant in lieu of Share Capital >
   


Grant in lieu of Share Capital

Title:

      These Rules shall be called the Rubber Board’s rules for providing grant in  lieu of share capital to RPS sector companies under the Tenth Plan Schemes viz. Processing, Quality upgradation and Product Diversification and Market Development.

Objective:

       The objective of the scheme is to provide grant in lieu of share capital to the RPS sector companies for improving / strengthening their activities in processing and marketing of rubber / rubberwood and distribution of estate inputs to the small holders.

Eligibility:

       All the RPS sector companies engaged in processing/marketing of rubber/ rubber wood are eligible for this grant.

Components / Activities:

      The grant can be utilized for the activities undertaken by the RPS sector companies for improving/strengthening the activities in processing / marketing of rubber / rubber wood and distribution of estate inputs to the small holders.

Terms & conditions:

  1. This scheme will be implemented during the 10th Five Year Plan period.
  2. The grant will be limited to the value of shares subscribed and paid up by the members of the company other than the Board during the 10th Five Year Plan period.
  3. The company proposing to avail the grant under these rules shall pass a resolution in its Board Meeting agreeing to abide by these rules, to execute an agreement in the prescribed form and authorizing the Managing Director to submit the application and execute the agreement .  Form of application is given in Annexure 1.   Form of Board resolution is given in Annexure 2 and form of agreement is given in Annexure 3.  (to be executed on stamp paper worth Rs.50/-)
  4. Along with the application, the company should submit the following details supported by the documents and Auditor’s Certificate for the previous years as on 31st March including 2001-02.
      a. Authorized share capital:
b. Shares subscribed and paid up. (for each category of members such as Rubber Board, RPSs, RPS companies, individuals etc.)
  1.  Not withstanding the fulfillment of any or all of the conditions under these Rules, the Chairman, Rubber Board has discretionary powers to grant or refuse the claim or to limit the grant  to a particular amount.
  2. The Chairman, Rubber Board will have the powers to alter/modify any of the provisions of these rules for the smooth operation of the scheme.

Annexure - I

APPLICATION  FOR GRANT IN LIEU OF SHARE CAPITAL TO COMPANIES.

1.  Name & address of the Company :

 


2.  Registration No. & Date :
3.  Activities :  

 

4.  Grant applied :
5.  Signature with date and seal of the applicant :

 


6.  Enclosures.
 
   (1)

   (2)

   (3)

Annexure 2

FORM OF RESOLUTION

(Please retype the form with applicable terms only)

 

True copy of the Resolution to be passed by the Board of Directors of RPS Company in connection with their application for grant in lieu of share capital.


Board Resolution No.……………………………..dt…………………………….


Resolved to apply to Rubber Board for grant   Rs……………(Rupees…………………………………………………………………….) in lieu of share capital  under Rubber Board’s Rules for grant  to RPS sector companies for the period from…………………. To ……………………….
 
Board Resolution  No.………………………………..dt…………………………


Resolved further to authorize the Chief Executive  Shri…………………………...
 (Name and designation)  of the    Company  to apply  for    grant from Rubber Board  and to   execute necessary agreements    prescribed by the Rubber Board, on behalf of the  Company .

Board Resolution  No.………………………………..dt…………………………


            Resolved to abide by the terms and conditions specified by the Rubber Board in the Rules for providing grant to RPS  sector companies, as amended from time to  time.

Annexure -  3

(On Rs.50/- stamp paper)

            THIS AGREEMENT made on  the ……..…….  day of ……………Two Thousand Two   and executed between M/s ……………………………….. a company /  under……………with registered office at……………(hereinafter referred to as the ‘company which expression where the context admits  shall also mean and include it’s successors and assigns) represented by its Managing Director  Shri…………………………………………………………aged ………………… son of Shri…………….…………………………………… residing at……………………….on the one part and the Rubber Board, a statutory body corporate constituted under the Rubber Act,  1947 (Central Act XXIV of 1947) and having its head office at Kottayam in Kottayam District, Kerala State (hereinafter called the ‘Board’ which expression where the context admits shall also mean and include its successors and assigns) on the other part.

WHEREAS the Company  requested the Board for grant of  Rs. ………….. (Rupees ………………….. only)   under the rules of  grant to RPS sector companies (hereinafter referred to as ‘Rules’).
         
 AND WHEREAS the Board has agreed to sanction a sum of Rs….………….. (Rupees ………………………….. only) as grant under the  rules, subject to the terms and conditions herein contained.

 NOW THEREFORE it is agreed between the parties as follows:

  1. That the Company hereby undertakes to carry out all instructions  issued from time to time by the Board and abide by the terms and conditions of the rules.
  2. That the Company hereby agrees to submit periodic reports to the Board as prescribed by the Board on the quantitative and qualitative benefits accrued  as a result of the implementation of the scheme.
  3. If the Company violates any of the terms and conditions herein contained or any provision of the rules or any of the instructions from the Board or in case of any misappropriation of  financial assistance granted by the Board or  any wrong claim mode the Board shall have the right to demand and enforce repayment forthwith of the entire amount of financial assistance granted by the Board along with penal interest as decided by the Board.

    4) For matters not specifically provided herein, the Company hereby agrees to abide by all the terms and conditions contained in the rules, as may be amended from time to time as if these rules are set out herein and form part of the agreement.


    Signed, Sealed and Delivered for and on behalf of ……………………. By (Authorised Signatory)

     


    In presence of Witnesses

    1) …………………………………..


    2) …………………………………..

    Signed and Sealed for and on behalf of the Rubber Board by the Chairman.
    In the presence of Witnesses

    1) ………………………….


    2) ………………………….

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