Borrowings u/s 180(1)c
This query is : Resolved
01 December 2014
Is it necessary to pass Special Resolution under sec 180(1)c for Borrowings and file MGT-14 even if the Borrowings of the Company is much lesser than its Net worth and will not increase its net worth in future at anytime? My company is Unlisted Public company.
CS Mitesh Mehta
(Expert)
01 December 2014
it is not mandatory to pass special resolution u/s 180(1)(c).Only if company is intending to borrow monies in excess of their paid up share capital and free reserves special resolution u/s 180(1)(c) is required
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