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borrowings by private company

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 December 2010 hella sir

I need to know whether a private company, having paid up share capital & Reserves amounting to Rs.6.45 crores, and secured loans amounting to Rs. 7.72 Crores

Now want to borrow money from eight lenders Sum of Rs. 25 Lakhs each.
Total Of Rs. 2 Crores

is this valid and allowed under provisions of act.
please hurry and say yes or no
with reasons
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
04 December 2010 yes, it is allowed
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Ajay Mishra

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Ajay Mishra (Expert)
04 December 2010 Yes.
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