292
This query is : Resolved
25 September 2009
for a term loan is the board resolution be passed at a validily held board meeting only and not by circulation
and can a resolution for opening a letter of credit facility with bank be passed by circulation
urgent, please reply
and can a resolution for opening a letter of credit facility with bank be passed by circulation
urgent, please reply
25 September 2009
Hi,
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.
Regards
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.
Regards
25 September 2009
please clarrify that in 1st case
it can be carried out at the meeting of the baord only not by circulation
and in second case can it be done by circulation, if yes then why
it can be carried out at the meeting of the baord only not by circulation
and in second case can it be done by circulation, if yes then why
25 September 2009
any reference about the same in Companies Act, 1956
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€.
Regards
Check the following language of section 292== “it shall do so only by means of resolution passed at meeting of the boardâ€.
Regards
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