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Section 293(1)(a) and (d) of companies act

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 August 2013 A private company who is applying for a loan of 60lakhs and whose authorized capital is 5 lakhs wants to know whether it is within the borrowing powers of the company and whether Section 293(1) (A) & (d) of the Companies Act, 1956 is applicable or not

What will be the scenario, if the company is a public limited with the same loan criteria & authorized capital? Kindly give suggesstion
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Ajay Mishra

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Ajay Mishra (Expert)
02 August 2013 The provisions of section 293 is not applicable on private limited company unless it is subsidiary of public company.

So, you can take loan without comply the provision of section 293.
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