Section 293(1)(d) - pls help in interpretation
Querist : Anonymous
(d) borrow moneys after the commencement of this Act, where the moneys to be borrowed, together with the moneys already borrowed by the company (apart from temporary loans obtained from the company' s bankers in the ordinary course of business), will exceed the aggregate of the paid- up capital of the company and its free reserves, that is to say, reserves not set apart for any specific purpose;
what does this mean that is to say, reserves not set apart for any specific purpose;
pls clarify...
Querist : Anonymous
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