The combination mentioned by you is possible subject to the compliance of Quorum provision under section 287 and resolution by circulation provision under section 289.
25 September 2009
Your first case i.e. term loan is governed by section 292(1)(c) and as per the clear cut language of section 292 business covered by section 292 can be done only at a validly conducted board meeting and not by circulation.
Check the following language of section 292== “it shall do so only by means of resolution passed at meeting of the boardâ€.
CAclubindia
