Incorporation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 September 2012
what are the provisions to be drafted in Articles of Association of the Company regarding Debentures in a Private Company. And what are the rights available to the Directors of the Company with regard to the Debentures.
19 September 2012
Hi
Following clause should be in AOA of private company:
1. No invitation shall be issued to the public to subscribe for any shares in or
debentures of the Company.
2. Subject to section 58A and 292 of the Act, and the Regulations made thereunder and Directions issued by the R.B.I. the Directors shall have the power, from time to time and their discretion, to borrow, raise or to secure the payment of any sum of money for the purpose of the Company in such manner and upon such terms and conditions in all respects as they think fit and in particular by the issue of debentures or bonds of the Company or by mortgage charged upon all or any of the properties of the Company both present and future including its uncalled capital for the time being.
Following clause should be in AOA of private company:
1. No invitation shall be issued to the public to subscribe for any shares in or
debentures of the Company.
2. Subject to section 58A and 292 of the Act, and the Regulations made thereunder and Directions issued by the R.B.I. the Directors shall have the power, from time to time and their discretion, to borrow, raise or to secure the payment of any sum of money for the purpose of the Company in such manner and upon such terms and conditions in all respects as they think fit and in particular by the issue of debentures or bonds of the Company or by mortgage charged upon all or any of the properties of the Company both present and future including its uncalled capital for the time being.
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