Procedure to increase borrowing power of directores

umaa's legal clinic (simple solutions for complex legal issues)   (165 Points)

01 January 2009  

Dear friends,

A Public Limited company listed in both stock exchanges wants to borrow money in excess to its aggregate of the paid up share capital and its free reserves.   Inorder to do that it is seeking shareholders consent to pass a resolution giving the authority to the Board of Directors.  What is the procedure to follow?