Shefali Gupta (104 Points)
13 December 2022refer 179(3). Company is required to pass BR where funds are to be borrowed.
Regarding BR, you can pass a BR once that loans upto so and so amount shall be obtained from Director over a period and that is sufficient instead of passing each time.
Declaration that Director himself hasnt borrowed it, is mandatory to be got everytime so that it comes under exempted deposit.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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