Regarding Borrowing power
This query is : Resolved
PAWAN KUMAR
(Querist)
24 May 2008
According to companies act1956,Wheather a company can take loan from a body corporate?
24 May 2008
as per provisions of sec293, a company can take loan from any other body corporate, the board of directors can borrow upto aggregate of paid up capital and ree reserves if the amount exceeding then approval of shareholders shall be taken in general meeting.
24 May 2008
SEC 372A STIPULATES PROVISIONS OF INTER CORPORATE LOANS /INVESTMENTS / GUARANTEES.
R.V.RAO
R.V.RAO
S.Srinivasaraghavan
(Expert)
25 May 2008
One have to also see whether section 295 is also attracted.
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