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Ca final may 2015
1) 3 board meeting r held in calendr yr ,4th board meeting not held for want of quorum n held in next yr whether section 173 is contravention??
solution - in practie mnual - no contravention & in bhandari - contravention
2) intercorporate loan sec 186
for determining overall limit for loans ,invstmnt - whether loan, invst. already made in wholly owned subsdiary co. will be included???
Replies (1)
For first query Practice manual is correct...as the meeting was called and could not be compltd due to lack of quorum as required...and it is adjournd and hence in next yr it will be a continuation of the 4th meeting and hence no contravention of section 173...for Ur second query i think it should not be included as for LGSI to 100% subsy section 186 requirememts not apply....
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