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Re: new loan obtained during 2014-15

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 May 2015 Dear Sir, Whar are the formalities reqd.for fresh loan taken during 2014-15.
Is any spl.resolution reqd. and MGT-14 is to be filed.Kindly throw some light on this burning issues.As some CS are saying that permission by way of Spl.resolution is needed for fresh loans.Thnaks in advance.
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CS JAY GOHIL

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CS JAY GOHIL (Expert)
19 May 2015 u/s 180 of companies act 2013, company wanted to take loans (amount includes loan already taken earlier if any) above following limits , for that special resolution are required to tile via form MGT - 14

1. above 60% of its paid up capital or
2. above 100% of paid up capital + free reserves of company
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