Certified True Copy of the Resolution Passed by the Board of Directors of the Company at their Board Meeting held on 25th September 2016 at 11.00 am at 3-13, NIBAN-CHO, CHIYODA-KU, TOKYO 102-8440, JAPAN the Registered Office of the Company
Approval of the application for waiver of comndition under Clause No-7 of the Permission letter for operating branch office of Sanyo Engineering & Comnstruction INC in Bangladesh.
The Chairman informred the Board that considering the expanding business apportunities the Company has established a branch in Banghladesh for Electrical Work, Civil Engineering & Painting Work after obtaining necessary approval / sanction/ permmission of the Bangladsh Investment Development Authority , Prime Minister Office , Bangladesh vide Ref. No.03.219.344.00.00.0000.551.27032016 dated 26 April 2016, a copy of which has been placed before the Board for its perusal. He further informed that the terms and conditions mentioned under Clause No-7of the said approval / sanction / permission letter states that all operational, functional and establishment costs including salaries of the expatriates and local employees in the branch office will be met on receipt of remittance from abroad. He then informed the Board that, as provided under condition No.9 of the said approval/ sanction/ permission letter, it has been decided to make necessary application with the Bangladesh Investment Development Authority , Prime Minister’s Office , Bangladesh seeking exemption from the condition mentioned under Clause No-7 of the said approval/ sanction / permission letter since the Company intends to meet all incidental expenditure of the Branch office out of the profits earned from its local business activities, He further placed the draft application before the Board for its perusal and approval.
Accordingly, the Board discussed the matter in detail and its careful consideration, the following Resolution was passed unanimously;
RESOLVAD THAT in accordance with the applicable laws in pursuance of condition No.9 of the Approval Letter issued by the Bangladesh Investment Development Authority , Bangladesh, Vide Ref. No 03.219.344.00.00.0000.551.27032016 dated 26 April 2016, , the company do make necessary application with the Bangladesh Investment Development Authority , Prime Minister’s office , Bangladesh , in such form and manner, seeking exemption from the condition mentioned under Clause No,7 of the said approval/ sanction. Permission letter dated 26 April 2016
RESOLVED FURTHER THAT Mr. Yuichi AKAGI Country Manager and Mr. Mosharf Hossain Bhuiya (Attorney) of the Company, be and are hereby, jointly and severally, authorized to give a certified copy of this resolution to the concerned authorities for their necessary action and records.
For Sanyo Engineering & Construction INC
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Nobutaka YAHATA
Director