intercorporate loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 January 2011 Hello

Pls answer my query
Suppose A public company gives intercorporate loan on 18th september 2010 in excess of 60% of paidup share capital and free reserves.If date of EGM wrongly mentioned as 20th september in form 23 its like giving loan without the approval of shareholders.Whether can we file revised form 23 again to correct the date of EGM or what procedure we need to follow .

Urgent reply is anticipated

Jayashree S Iyer

Jayashree S Iyer (Expert)
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24 January 2011 If Form 23 shows the wrong date of EGM, but the attachments to Form 23 viz., EGM notice, resolution passed at AGM etc. show the correct date then there is no problem. It's a pure clerical mistake as the authentic documents shows the correct date of passing the resolution. You can ignore and no need for revised filing.

If the attachments also show a wrong date then you need to file a revised form. However the probability of showing wrong date in attachments is Nil. If they also show a wrong date, then it's not a mistake but an intentional change I suppose. Here even the authenticity of notice and resolution may be questioned.