Can a private limited company use it's cash credit limit sanctioned for business to purchase a land for industrial use?
3 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86461 Points)
Replied 03 February 2023
Yes, company is allowed to use CC for land purchase
MPR Sanjay Kumar
(3145 Points)
Replied 03 February 2023
@ honourable Rashmi Gandhi mam ,could you please explain me the section 6 of companies act what actually tells us
ACT TO OVER-RIDE MEMORANDUM, ARTICLES, ETC.(b) any provision contained in the memorandum, articles, agreement or resolution shall, to the extent to which it is repugnant to the provisions of this Act, become or be void, as the case may be.
ACT TO OVER-RIDE MEMORANDUM, ARTICLES, ETC.(b) any provision contained in the memorandum, articles, agreement or resolution shall, to the extent to which it is repugnant to the provisions of this Act, become or be void, as the case may be.
sabyasachi mukherjee
(27732 Points)
Replied 04 February 2023
All companies cannot purchase land subject to the conditions mentioned in memorandum of association and articles of association.
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