Borrowings under section 180(1)(c)
Querist : Anonymous
What would be the remedy for this situation?
Applicability- Public as well as Private companies.
Condition- If borrowings [Present + Proposed] > [Paid up capital + Free reserves]
Special Resolution in the General Meeting.
Conclusion- It is recommended-
To bring down the borrowing under the limit by paying then off,
Or:
To pass a special resolution in the general meeting.
Querist : Anonymous
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