banner_ad

With respect to borowing of company

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
17 September 2013 The Board of directors of XYZ Ltd. intends to borrow a sum of RS.100 crore from a financial institution. The borrowing was duly approved at a Board meeting. One of the directors had opposed the said borrowing being not in the interest of the company and had raised an issue that the said borrowing was beyond the powers of the Board of directors. The company seeks your advice about the borrowing limits and compliances required with the provisions of the Companies Act, 1956.
Profile Image

Ankur Garg

Profile Image

Ankur Garg (Expert)
17 September 2013 If the proposed borrowing amount along with existing borrowing is in excess of paid up share capital and free reserve, then such borrowing should be approved by the shareholders in the general meeting.

Kindly refer section 293(1)(d) pf com[anies act 1956.

Thanks
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details