Whether a private lmited company which has taken loans in excess of limits specified u/s 180 prior to the commence ment of the new companies act required to seek approval by a special resolution at the general meeting for the loans already taken or is it applicable only for loans taken after the new act.
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Ratification of excess borrowings prior to the new act
Replies (1)
It is applicable only for fresh loans under CA 2013. However, it would be advisable to pass special resolution under new Act to avoid litigation. You can also refer attached circular of MCA in which it has been advised to pass SR within one year.
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