type of loan covered u/s 293(1)(d)
This query is : Resolved
11 May 2010
Dear friends
As per sec 293(1)(d), we have to take member's permission in EGM, when the borrowings exceeds certain limits, as mentioned there.
now i want to know, that which all loans are to be considered here, secured and unsecured both, or just secured. or the loans from banks and financial institutions whether secured or not.??
I have read the bare section and other articles on this, but could not get the written matter on this.
As per sec 293(1)(d), we have to take member's permission in EGM, when the borrowings exceeds certain limits, as mentioned there.
now i want to know, that which all loans are to be considered here, secured and unsecured both, or just secured. or the loans from banks and financial institutions whether secured or not.??
I have read the bare section and other articles on this, but could not get the written matter on this.
13 May 2010
All loans i.e. secured / unsecured, be it from banks, FI, corporates etc would be covered.
14 May 2010
14 May 2010
ould you refer any documentary proof of it, bcoz i read many of the articles, but nowhere this bifurcation is made.
I am aware that that "Borrowings" would definately not include personal loans from directors, relatives and shareholders, but if asked for some documentary reference, i need to give an answer, that's why i am asking for some documentary reference....
I am aware that that "Borrowings" would definately not include personal loans from directors, relatives and shareholders, but if asked for some documentary reference, i need to give an answer, that's why i am asking for some documentary reference....
16 May 2010
Even borrowing will include the loans from directors also.
Only one thing is excluded that is 'temporary loan' i.e. the loans which is payable in less than 6 months, so it would exclue the Bank O.D also.
Request you to refer the section again.
Only one thing is excluded that is 'temporary loan' i.e. the loans which is payable in less than 6 months, so it would exclue the Bank O.D also.
Request you to refer the section again.
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