Public Sector Company takes Overdraft (Short term) aganist Fixed Deposits with Banks (short term- for one year) for avoiding the penal charges for early closure of the Fixed Deposits.
Is the borrowing covered by 292 1 c and separate Board Resoultion is required under the Act.
yes it is in perview of 292 1 c and is borrowing for which underlying is FD hene pass board resolution
VIKAS VERMA & CO
New Delhi
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Jawahar and Associates Chartered Accountants
Hyderabad
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