11 July 2014
sir/madam according to section 117, resolutions passed in pursuance of sub-section (3) of section 179 need to be register with ROC. in case of NBFC which has business of lending and borrowing, is required to file MGT 14 every time..?? experts Please give your precious views in this regard. Thank you
11 July 2014
The Second proviso to section 179(3) along with both explanation is applicable only on Banking Company thus the section form a complete code. Hence any operation fall under clause (d) and / or (e) of section 179(3) by other than a banking company will suit in requirement under section 117(3)(g), so as to file every time the said resolution under form MGT-14 within 30 days from the date of meeting in which resolutions have been passed.
11 July 2014
Thanks for your valuable reply sir. Furhter if director delegate their power to md or committee or any principal officer in that case, filing of mgt 14 required for every transaction??
12 July 2014
As per my understanding if the power are delegated to a separate committee through passing a board resolution, only this resolution for delegation is to be filed in MGT.14.
Every resolution passed by the committee which otherwise comes under the preview of form MGT.14, is not to be filed with ROC through filing of form MGT.14. That’s the benefit of delegation. See in case of delegation passing authority is committee and not board as a whole as envisaged in CA, 2013 for MGT.14 purpose.
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