Dear Sir,
We are Private Ltd. Co.& 100% subsidiary of the Japanese co. , I understand that restriction on borrowing powers of the Board has been removed vide notification dated 5th June 2015.
Now, while obtaining Credit Limits of the Bank ,we may require to create a charge on the current assets of the Company.
Now my query is if principally , Director has unlimited power to borrow the money , do we need to take separate shareholders permission to create a Charge on the Asset of the Company , or Charge Creation can be done without shareholders permission?
Regards,
Gargi A. Ranade
CAclubindia
