type of loan covered u/s 293(1)(d)

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CS VIRAL SANGHAVI (Querist)
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11 May 2010 Dear friends

As per sec 293(1)(d), we have to take member's permission in EGM, when the borrowings exceeds certain limits, as mentioned there.

now i want to know, that which all loans are to be considered here, secured and unsecured both, or just secured. or the loans from banks and financial institutions whether secured or not.??

I have read the bare section and other articles on this, but could not get the written matter on this.

Rasesh

Rasesh (Expert)
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13 May 2010 All loans i.e. secured / unsecured, be it from banks, FI, corporates etc would be covered.

CS VIRAL SANGHAVI

CS VIRAL SANGHAVI (Querist)
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14 May 2010

CS VIRAL SANGHAVI

CS VIRAL SANGHAVI (Querist)
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14 May 2010 ould you refer any documentary proof of it, bcoz i read many of the articles, but nowhere this bifurcation is made.

I am aware that that "Borrowings" would definately not include personal loans from directors, relatives and shareholders, but if asked for some documentary reference, i need to give an answer, that's why i am asking for some documentary reference....

Vikram Kothari

Vikram Kothari (Expert)
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16 May 2010 Even borrowing will include the loans from directors also.

Only one thing is excluded that is 'temporary loan' i.e. the loans which is payable in less than 6 months, so it would exclue the Bank O.D also.

Request you to refer the section again.

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