Form 15 — GFR

FORM 15 [ See Rule 253 (2)

(ii) ]

FORM OF WRITTEN UNDERTAKING TO BE EXECUTED BY AN UNDERTAKING / CORPORATION WHOLLY OWNED BY THE CENTRAL GOVERNMENT AT THE TIME OF SANCTIONING OF A LOAN Memorandum of written undertaking given on the ……………… day of…………………………...two thousand and ……………………… by a company incorporated under the Indian Companies Act, 1913 /the Companies Act, 1956,/ the Companies Act, 2013, having its registered office………………………….a body corporate incorporated under the same name and style and by under ……………… (Act No…………… of……………) having its office at ……………………a society registered under the Societies Registration Act (21 of 1860) having its office at………………(hereinafter called ‘the Company / Corporation’ which expression shall include its successors and assigns) to the President of India (hereinafter called ‘the President’ which expression shall include his successors and assigns). WHEREAS the said Company / Corporation, etc., applied to the President for a loan of Rs………………………… (Rupees………………………) only. AND WHEREAS the President has agreed to lend an amount of Rs………… (Rupees………………………… only) to the said Company / Corporation, etc., on the terms and conditions prescribed in the Government of India, Ministry of ……………………… (Department of…………………….. ……..) Letter / Office Memorandum No……………………, dated…………………. (annexed). Now IT IS HEREBY AGREED by the said Company / Corporation, etc., that, in consideration of the sum of Rs……………… (Rupees………………… only) lent by the President to the Company / Corporation etc., the Company / Corporation, etc., hereby agree in accordance with the said terms and conditions – (i)To repay the loan in…………………………..annual equal instalments the first instalment repayable from the …………………… anniversary of the date of drawal; (ii)To pay interest at the rate or ………….……% per annum on the principal payable on each anniversary; and (iii)In case of default in the payment of the instalment of the loan in accordance with

(i) above and / or interest in accordance with

(ii) above, pay interest at penal rate of……………………………...% per annum on such overdue payments. IT IS HEREBY FURTHER AGREED AND DECLARED that the said Company / Corporation, etc., shall not, without the written consent of the President, encumber or alienate, create, any mortgage lien or charge by way of hypothecation, pledge otherwise, or create other encumbrances of any kind whatsoever any part of its land or buildings or other structure, and / or plant, machinery or any other fixed assets owned by them. AND IT IS HEREBY AGREED that the said principal amount lent by the President as aforesaid shall be used by the Company / Corporation, etc., only for the purpose or purposes for which the aforesaid amount was sanctioned and for no other purpose whatsoever. IN WITNESS WHEREOF these presents have been executed by the said Company / Corporation the day and year first above written. THE PRESIDENT of India has agreed to bear the stamp duty, if any, chargeable on this document. Signed for and on behalf of…………….Company / Corporation, etc., by Shri…………………………………….(Name and Designation) in the presence of 1………………………………………..Seal of the Company / Corporation 2. ……….………………………………