Section 293(1)(d)
This query is : Resolved
KINNARI SHAH
(Querist)
30 August 2011
The authority to borrow money is given to Board Of Directors. Can it be further extended to single Director or Managing Director by passing a Board Resolution etc.?
means after this resolution, the Single director will decide about taking loans without passing it by Board Resolution?
means after this resolution, the Single director will decide about taking loans without passing it by Board Resolution?
Ankit Patniya
(Expert)
30 August 2011
In your case i would like to through light on Section 292 (1) and Provision there on there is specifiacally provided that board may delegate such power to other specified person or officer.
293(1) (d) is provide cealing up to which board or such autorised person U/S 292 can borrow .
293(1) (d) is provide cealing up to which board or such autorised person U/S 292 can borrow .
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KINNARI SHAH
(Querist)
30 August 2011
Thanks ankitji, Section 292 (2) will be made applicable. and i have to pass one resolution for fixing up the amount to the delegate thats all.
thanks.
thanks.
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