Section 180(1)(c) of the companies act, 2013
Nikhil Shand (Article) (25 Points)
27 March 2015Nikhil Shand (Article) (25 Points)
27 March 2015
Rahul Agarwal
(Chartered Accountant)
(213 Points)
Replied 27 March 2015
So what I feel is special resolution and related compliances will still need to be made as any new borrowing will mean that borrowing is more than the given condition in the section.
And if we generalize this, looking it from a control standpoint, seeking approval is a control one should execute as the company has already exceeded the limit.
We can wait for other anwers too. Tx
Rajesh Kumar
(Consultancy)
(93 Points)
Replied 27 March 2015
Hi Nikhil Shand,
Acording to my interpretation every time we borrow money plus already borrowed which is in the excess of paidup capital and free reserv, special resolution is required to be passed by the company in general meeting
Regards
Rajesh Kumar
Tejpal Sheth
(Practising company secretary-visiting fa)
(1933 Points)
Replied 27 March 2015
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