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The Companies act 2013 has introduced new provision called Dormant Company. This concept is also known by profession as Asset Shielding Concept.
Private Placement Company needs funds to run its activities/business smoothly. Initially, the money comes from the subscription of the members.
The appointment of directors is done in the General meeting of the Company by passing Ordinary Resolution.
Loans from Director may be secured as well as unsecured. Unsecured Loans from directors may have zero rate of interest.
Generally, the director is appointed in the General Meeting of the Company. But sometimes the situation may require to appoint a director on an urgent basis and and in that case, the Board cannot wait to convey the general meeting and appoint the director, as it requires lots of formality and hence, the decision may get delayed.
Section 163 of the Companies Act, 2013. Option to adopt Principle of Proportional Representation for Appointment of Directors in the General Meeting of the Company
A company may advance any loan including a book debt, or give any guarantee or provide any security in connection with any loan
SECTION 160 deals with the rights of a person other than retiring director under Section 152 of the Companies Act, 2013
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