C.A M.B.A
408 Points
Joined August 2009
@ Amit.... No my friend it's SEC 292 of companies act Regarding certain powers of the Board only to be exercised by passing a resolution in A Board Meeting ....The following are the points which indicates or favours it to fall in sec 292
1) under section 372 A co. is required to pass a unanimious resolution in case of "Inter corporate Loans'... it's just a regular borrowings from a bank
2) It's could be a case of sec 293 since borrowings >paid up cap+reserves ,, but We have no info regarding it's repayment whether it is payable with in 6 months or not So it may be or not be a long term loan since the amount is big so it could be considered as a long term loan so can be referred to sec 293.
Regards.........
Manish Arya