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Need help under section 180(1)(c) of the companies act, 2013

ANKIT SHAH (CS) (66 Points)

21 February 2015

I have passed resolution on 04.02.2014 under section 180(1)(c) of the Companies Act, 2013. The limit approved by members was 10 cr. rupees.The aforesaid limit has not been exceeded during the year. My query is now it has been one year left, should I have to pass the same resolution with the same limit for further one year?

Your early response in this matter shall be highly appriciated.

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5 Replies

Raghuveer (Executive) (167 Points)
Replied 21 February 2015

There is no need for passing the same resolution again, if the limit is not to be exceeded.

However, it is assumed from the details provided that

-all borrowings have been properly considered for calculating the limit authorised; and

-the aforesaid resoluation was a special resolution passed under section 180(1)(c) of Companies Act, 2013; and not an ordinary resolution under the earlier section 293(1)(d) of the erstwhile Companies Act, 1956 (which can be continued with upto 11th September 2014).

In any other case, a new resolution would have to be passed.

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Geetha Gupta (Accountant) (325 Points)
Replied 23 February 2015

Hi all,

Does this mean there is no time limit for the validity of the special resolution u/s 180(1)(c) of CA2013, as long as the approved limit has not been exceeded ?

Regards,

Geetha

Sagar (AM) (123 Points)
Replied 24 February 2015

Hi,

As per my views , resolutions will stand valid till the limit is not breached.

Thanks

Geetha Gupta (Accountant) (325 Points)
Replied 26 February 2015

Thank you, Sagar ji.

Regards,

Geetha

sweta (Siliguri) (33 Points)
Replied 12 March 2015

I have a private limited company where the loan amount exceeds the free reserves and surplus and share capital as on 31.03.2014. I tried filing the MGT-14 with the event date 27.03.2014 on 11/03/2015 along with the attatchment of the special resolution. During the time of upload the site shows an prescrutiny error which says a SRN for INC-28 has to be fillled in the form as filing has been delayed . How to proceed in this respect?