A Company has passed a resolution in the year 2010 authorizing the Managing Director with the substantial powers of Management, administrative functions. Since, the list of the shareholders includes the company incorporated in Australia and they have a stake in the company.
Now, the company is got the sanction of Loan from Bank which together with existing loans exceeds the limits specified under the act.
Now my query is that whether the resolution passed in 2010 is still valid, or not?
26 December 2015
Resolutions are valid perpetually unless revoked or altered by a subsequent resolution. However the resolution can NOT be ultra vires the Companies Act
26 December 2015
Answer to this query is based on the Resolution already passed and the purpose of the resolution you want to pass. Can you please tell us under which section you want old resolution to be effective now? If you want to pass Approval limit under section 180(1)(c), then it is always advisable to pass new resolution.
26 December 2015
Thanx sir for the prompt reply the resolution was under Articles 73 & 80of Articles. in that case whether the company has pass a new resolution and file the same with ROC
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