Section 293 (1)(d)

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Dolly Vilacha (Querist)
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20 February 2013 if a private company borrow money more than its paid up capital and free reserves and after some time it become the wholly owned subsidiary of public company and then treated as the public company, then what is the consequecnce of money borrowed at the time when it was a private co.

kindly advice.

Ajay Mishra

Ajay Mishra (Expert)
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20 February 2013 Hi

The status will be same.

You will pass shareholder resolution and comply the provisions.

The Charter (MOA & AOA) of the Company will be same.

Dolly Vilacha

Dolly Vilacha (Querist)
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20 February 2013 BUT WHAT SHOULD BE THE DATE FOR THE SHAREHOLDERS RESOLUTION AS WHEN THE MONEY WAS BORROWED THE COMPANY WAS A PRIVATE LTD CO

Ajay Mishra

Ajay Mishra (Expert)
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20 February 2013 The date will be decided you and it will be private in charter.

The date will be back before become subsidiary.

Dolly Vilacha

Dolly Vilacha (Querist)
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20 February 2013 BUT THAT TIME SECTION 293 (1) (D) WAS NOT APPLICABLE.THEN HOW CAN U PREPARE THE DOCUMENTS FOR BACK DATE AND IF U FILE FORM 23 FOR BACK DATE THEN ADDITIONAL FEE WILL BE PAID AND THAT TIME THE COMPANY WAS PRIVATE COMPANY THEN WHY WE PREPARE THE DOCUMENTS FOR BACK DATE

Dolly Vilacha

Dolly Vilacha (Querist)
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20 February 2013 KINDLY ADVICE

Ajay Mishra

Ajay Mishra (Expert)
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20 February 2013 Section 293 will be applicable to a private company which is subsidiary of public company also.

My intention on back date does not means that before become subsidiary.

If you don't want to follow section 293 then you can borrow money only through Board Approval. No need to take shareholders approval.

Dolly Vilacha

Dolly Vilacha (Querist)
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20 February 2013 IT MEANS THERE IS NO NEED TO SHAREHOLDERS APPROVAL AND IF NOW AFTER BECOMING SUBSIDIARY WE BORROW MONEY THEN WE REQUIRED SHAREHOLDERS APPROVAL?

PLZ CORRECT ME IF I M WRONG

Ajay Mishra

Ajay Mishra (Expert)
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20 February 2013 Yes..................

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