Borrowing power u/s 180 (1) (c)

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 November 2017 Query :

A Director of a small pvt company introduced a machinery amounting to 10 lacs where the net worth of the company is not more than 3 lacs. whether special resolution for increase in borrowing power should passed in the agm?

03 November 2017 Section 180 is not applicable to Private Company

03 November 2017 The MCA vide its notification dated 5-6-2015 have exempted section 180 for the private company.

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Querist : Anonymous

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03 November 2017 thanks you very much for the quick reply


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