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Mortgage of property of pvt co.

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 July 2013 Hi,

My query is that, a Private Limited Company, is going to take loan against mortgaing its factory premises.

Which provisions to be complied with as per Companies Act, 1956?

Also do we need to take prior approval of shareholders for against mortgaging the property of the Company? or Board resolution will suffice the requirement?

Please note that my case is for Pvt Ltd Co...

Awaiting for your quick suggestions.
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Ajay Mishra

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Ajay Mishra (Expert)
18 July 2013 Hi

Yes, only Board resolution will be sufficient to mortgage the property against loan.

Section 293 is not applicable to private limited company.
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Querist : Anonymous

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Querist : Anonymous (Querist)
19 July 2013 Thank you So much for your reply Mr. Ajay Mishra..
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