29 September 2011
Sir, Borrowing from bankers in ordinary course of business is out of perview of sec 293, it is very well within sec 291 i.e. within powers of board and in that case both options are available either 1. Board approval or 2.the board can ratify all such acts and things and others, which the board could have done itself. Kindly let me know whether this solution has solved your query. Regards, CS Sumat Singhal
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