Borrowing loan_urgent

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 May 2014 My company is a Pvt Ltd Company. It proposes to borrow money for such amount exceeding paid up capital and free reserves. Therefore, it has passed Special Resolution U/s 180(1)(c) of the CA, 2013 and has already registered this resolution with ROC. Thereafter, the Board moves to borrow money and borrowed money. My question is that whether it is required to pass another BR before borrowing such money ???

CA Deven

CA Deven (Expert)
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20 May 2014 Yes afcourse ..BR is require mentioning Application to Bank for Loan. .. That BR you can obtain from the Bank they will provide you with thair standard format.

Querist : Anonymous

Querist : Anonymous (Querist)

21 May 2014 If we are borrowing money otherthan from banks, then is it required to pass BR ????

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CA Deven

CA Deven (Expert)
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21 May 2014 YES that entity must want your BR know

CA Deven

CA Deven (Expert)
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21 May 2014 Also as per Companies Act board approval should be there approving the said entity