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Sec 180 1 c

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Querist : Anonymous

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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?
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c.bakshi

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c.bakshi (Expert)
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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