SEC 293 - BORROWING POWERS OF A COMPANY AND ULTRA VIRES
This query is : Resolved
Guest
Guest
(Querist)
03 July 2010
Hi,
I have been given a project in college on the topic "Borrowing powers and effects of ultra-vires of bowwowing" under Companies act, 1956.
My content for the project should contain atleat 15 pages. Can you please suggest links and resources where I can get enough information on this.
Thanks
Mohit
I have been given a project in college on the topic "Borrowing powers and effects of ultra-vires of bowwowing" under Companies act, 1956.
My content for the project should contain atleat 15 pages. Can you please suggest links and resources where I can get enough information on this.
Thanks
Mohit
Ankur Garg
(Expert)
04 July 2010
First search on google. Key word---borrowing power under companies act, 1956.
Connected sections in companies act are 292 and 293(1)(d).
A company can borrow by passing a board meeting resolution u/s 292.
However if proposed loan is in excess of the aggregate of paid up capital and free reserve of the company then before taking such loan approval of shareholders through AN ORDINARY resolution is required u/s 293(1)(d).
This is for your info and basic understanding.
Regards
Connected sections in companies act are 292 and 293(1)(d).
A company can borrow by passing a board meeting resolution u/s 292.
However if proposed loan is in excess of the aggregate of paid up capital and free reserve of the company then before taking such loan approval of shareholders through AN ORDINARY resolution is required u/s 293(1)(d).
This is for your info and basic understanding.
Regards
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