Priyanka Goyal (AUDIT & TAX CONSULTANT) (117 Points)
02 December 2015Since Special resolution in not required to be passed if Borrowing exceeds the limit specified in case of private limited company.
then can the private company borrow in excess of limit and if yes which resolution to be passed and does it require to be filed in ROC.
RISHABH ARORA
(Company Secretary in Practice )
(194 Points)
Replied 02 December 2015
No need to pass any general meeting resolution, Board resolution will suffice.
Also there is no requirement of filing resolution with ROC for Borrowing Monies as the exemption has been granted to private limited companies to file board resolutions in form MGT-14 under section 117(3)(g) of the Companies Act, 2013.
Only Charge documents needs to file with ROC.
Vandana J Doshi
(Practising Company Secretary)
(12562 Points)
Replied 03 December 2015
Agree with Rishabh. Only BR is sufficient and no filing is to be done with ROC by private cos.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
CAclubindia
