Section 180 of companies act, 2013
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 January 2014
Sir/ madam,
According to Section 180(1)(c) of Companies Act, 2013, if the BOD takes any borrowing in excess of aggregate of its paid up capital & reserves, then a special resolution is required to be passed.
My query is whether the term "Borrowing" includes unsecured loans form Directors as well.
Kindly reply as soon as possible.
According to Section 180(1)(c) of Companies Act, 2013, if the BOD takes any borrowing in excess of aggregate of its paid up capital & reserves, then a special resolution is required to be passed.
My query is whether the term "Borrowing" includes unsecured loans form Directors as well.
Kindly reply as soon as possible.
04 January 2014
As per my understanding borrowing from director is very much a part of borrowing for the purpose of section 180.
Rest is dependent on the following factors:
1. Nature of loan, long term or short.
2. Disclosure in books of accounts
3. Purpose of loan.
Thanks
Rest is dependent on the following factors:
1. Nature of loan, long term or short.
2. Disclosure in books of accounts
3. Purpose of loan.
Thanks
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