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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?
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CS Mitesh Mehta

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CS Mitesh Mehta (Expert)
03 November 2017 Section 180 is not applicable to Private Company
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Charu Srivastava

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Charu Srivastava (Expert)
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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Querist : Anonymous (Querist)
03 November 2017 thanks you very much for the quick reply
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