Hello Professionals,
Can an amalgamating Company take loan from a bank for expansion after it has already applied to the High Court??
1 Replies
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 19 February 2014
After the Appointed Date, amalgamating company has to act like a trustee for the transferee company. The scheme normally provides for consent of the transferee company in such cases. Loan can be taken if there is no restriction in the scheme.
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