Sec 180 1 c
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 February 2015
I wanted to know that whether credit facilities on non-fund based i.e. cash credit, bank guarantees, letter of credit, working capital loan on demand is included or excluded U?S 180 1 C of Companies act, 2013?
10 February 2015
the section is covered and borrowings can be made upto 60% of the networth and 100% free reserve and if the limit exceeds then Special approval needs to be taken from the members of the company in EGM
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