Delegation Of Powers
This query is : Resolved
sanjay srivastava
(Querist)
10 April 2010
Dear my querry is that
can the board delegate it borrowing powers to a single director in a public company?
Regards
sanjay srivastava
can the board delegate it borrowing powers to a single director in a public company?
Regards
sanjay srivastava
Jagruti (CS)
(Expert)
10 April 2010
Yes, Board can delegate.For that you need to pass Board resolution stating the same with maximum amount upto which he can borrow on behalf of Company.
CMA.Palani Arumugam
(Expert)
10 April 2010
The maximum limit should not exceed the limit specified u/s.293(1)(d). Otherwise members meeting (EOGM) is essential.
Ankur Garg
(Expert)
10 April 2010
Yes the delegation is valid as it is specifically allowed by proviso to section 292(1) subject to the conditions mentioned in section 292(2).
I would request you to go through section 292 of companies act, 1956 for removal of doubts.
Regards
I would request you to go through section 292 of companies act, 1956 for removal of doubts.
Regards
CA Ashok Kumar Sahu
(Expert)
10 April 2010
agree with expert
CA Ravi Sisodia
(Expert)
10 April 2010
Agreed
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