Section 293 (1) (d)
This query is : Resolved
SWAPNIL B PATOLE
(Querist)
03 February 2013
BOD of a Public Ltd. co, availed a loan of Rs. 4 cr, which is exceeded the limits specified u/s 293(1) (d)as Special Resolution in General Meeting was not passed for specifying the limits upto which BOD can borrow.
My question is whether we can make good of such default in upcoming AGM by taking requisite approvals of shareholders???
The date of Charge is 25th August and
The date of AGM is 28th September..
My question is whether we can make good of such default in upcoming AGM by taking requisite approvals of shareholders???
The date of Charge is 25th August and
The date of AGM is 28th September..
04 February 2013
In my view since BOD power in this regard is subject to ratification/approval of the members in the general meeting, you can still get the approval of the members. But consider calling EGM to pass the necessary resolution instead of waiting for AGM
Wait for other views
Wait for other views
SWAPNIL B PATOLE
(Querist)
04 February 2013
Thanks for your reply.Sir..
The AGM of the Co. was due in next month of the date of creation of charge.
So, instead calling EGM, the ratification can be done in AGM..
The AGM of the Co. was due in next month of the date of creation of charge.
So, instead calling EGM, the ratification can be done in AGM..
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