Applicability of sec 180 of companies bill,2013

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SHRUTI SHUKLA (Querist)
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16 April 2014 hi,
i would like to know that in my pvt ltd company , both of my directors give an unsecured loan to the company, which is excess the limit of paid up capital and free reserves, so i want to whether sec 160 ia applicable in our company and we have to pass a special resolutions or not?

SHAKTI JINDAL

SHAKTI JINDAL (Expert)
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17 April 2014 Section 180 is applicable to both public and private limited companies. So, for borrowings in excess of the paid-up capital and free reserves, approval via special resolution is required to be obtained.

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