time limit on entering into transaction passed in a BM
This query is : Resolved
05 November 2009
Hi
Is there any time limit for entering into any transaction that is already passed in a board meeting. Foe example, for granting loans, a board resolution is required u/s 292 suppose that the board resolution got passed in 2007 for granting loan to a particular entity named XYZ....but no transaction was entered into in 2007. Now if the company want to grant loan to same XYZ, can the company grant it based on the last board resolution or it is required to pass a fresh resolution for granting the loan ?
Is there any time limit for entering into any transaction that is already passed in a board meeting. Foe example, for granting loans, a board resolution is required u/s 292 suppose that the board resolution got passed in 2007 for granting loan to a particular entity named XYZ....but no transaction was entered into in 2007. Now if the company want to grant loan to same XYZ, can the company grant it based on the last board resolution or it is required to pass a fresh resolution for granting the loan ?
Ankur Garg
(Expert)
05 November 2009
There is nothing in the law which provide the expiry of any kind of resolution.
In my opinion you can rely on the resolution passed in 2007.
Views of other experts solicited.
In my opinion you can rely on the resolution passed in 2007.
Views of other experts solicited.
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