Borrowing by private limited company exceeding the limit
This query is : Resolved
02 December 2015
Hello,
Since Special resolution is not required to be pass in case of private limited company in case of 180(1)(c) Then Can the company borrow in excess of the limits.??
If yes , then what resolution reqd to be passed and is it required to be filed in MCA
Since Special resolution is not required to be pass in case of private limited company in case of 180(1)(c) Then Can the company borrow in excess of the limits.??
If yes , then what resolution reqd to be passed and is it required to be filed in MCA
07 December 2015
Obviously, it can borrow money in excess of limit specified in Section 180.
As you know, with effect from 5th June, 2015, MCA has given exemption to Pvt Co from compliance of Section 180.
However, as per Section 179(3), you need to pass board resolution for borrowing money. You do not need to file this resolution with MCA.
As you know, with effect from 5th June, 2015, MCA has given exemption to Pvt Co from compliance of Section 180.
However, as per Section 179(3), you need to pass board resolution for borrowing money. You do not need to file this resolution with MCA.
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