section 372A

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Kamna Tiwari (Querist)
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25 June 2010 where the company is advancing loan and investing into the shares of other company within the limit of 100% of free reserves of the company

i) does a mere board resolution wud do it all?
ii)is there any requirment for unanomous resolution??
iii) in case the directors are interested in above transaction but quorum is formed excluding them can a resolution for the above be passed?
iv) and lastly where the non-interested directors vote for the above unanomously, will it be termed as unanomously passed?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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25 June 2010 1. Board resouliton would do
2. Unianomous resolution required
3. It can be passed
4. Yes as as per section 300 the director cannot vote on interested resolutions.

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