Borrowings under section 180(1)(c)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 March 2015
Earlier Sec 180(1)(c) was not applicable to the pvt. cos. but now it is applicable. One of my pvt. co. is already having borrowing exceeding aggregate of its paid up capital and free reserves.
What would be the remedy for this situation?
What would be the remedy for this situation?
11 March 2015
1. Section 180(1) (C)
Applicability- Public as well as Private companies.
Condition- If borrowings [Present + Proposed] > [Paid up capital + Free reserves]
Special Resolution in the General Meeting.
Conclusion- It is recommended-
To bring down the borrowing under the limit by paying then off,
Or:
To pass a special resolution in the general meeting.
Applicability- Public as well as Private companies.
Condition- If borrowings [Present + Proposed] > [Paid up capital + Free reserves]
Special Resolution in the General Meeting.
Conclusion- It is recommended-
To bring down the borrowing under the limit by paying then off,
Or:
To pass a special resolution in the general meeting.
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 March 2015
Sir, thamks for reply. If the pvt. co. is having a status of NBFC or FI, than also Section 180(1)(c) is applicable?
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