Quary under Sec. 180 (1) (c) of the Companies Act, 2013

[amit trivedi]

Dear Sir,

 

ABC Private Ltd., having Rs. 50 Lacs paid-up capital and Rs. 84 Lacs Reserves, Secured Loan of Rs. 1.75 Crores from Bank for working Capital. It is as per Last Balance Sheet as on 31^st March, 2013.

 

Sec. 293 (1) (d) of the Companies Act, 1956 was not applicable to the Private Limited Company. So, The Company had not passed any resolution under the same section.

 

Now, Under Sec. 180 (1) (c) of the Companies Act, 2013, It is required to pass Special Resolution for Borrow Monies from bank and any other financial institution, if it exceeds the limit of paid up capital and free reserve.

 

Is it required to pass the special resolution for the above mentioned ABC Pvt. Ltd.?

 

What to do?

 

Thanking you

 

A R Trivedi

[Mohit Mahana]

Yes

Regards,

CS Mohit Mahana

--
--
************************************************
Mail your comments, feedback and suggestions on CSMysore to Moderator: datta...@gmail.com and Manager: vivekhe...@gmail.com
---
You received this message because you are subscribed to the Google Groups "CSMysore" group.
To unsubscribe from this group and stop receiving emails from it, send an email to csmysore+u...@googlegroups.com.
For more options, visit https://groups.google.com/d/optout.

[amit trivedi]

Sir,

When the special resolution will pass?

Means what is the time limit?

Thanking you

[Mohit Mahana]

Please refer to General Circular no. 04 /2014 dated 25.03.2014.

Regards,

CS Mohit Mahana

[M. K. Dukia & Associates (Practising Company Secretary), New Delhi]

Please refer Rule 13 of Chapter 12

13. Special Resolution.- (1) Where the aggregate of the loans and investment so far made, the amount for which guarantee or security so far provided to or in all other bodies corporate along with the investment, loan, guarantee or security proposed to be made or given by the Board, exceed the limits specified under section 186 no investment or loan shall be made or guarantee shall be given or security shall be provided unless previously authorised by a special resolution passed in a general meeting.

Explanation.- For the purpose of this sub-rule, it is clarified that it would sufficient compliance if such special resolution is passed within one year from the date of notification of this section.

 P Please don't print this e-mail unless you really need to.

Thanks & Regards..
 
Mukesh Kumar Dukia
(CS, LLB, B.Com)

M. K. Dukia & Associates
Practicing Company Secretary

B-1619, 2nd Floor,

Near Gurudwara, 

Shastri Nagar, 
New Delhi-110052
Mobile- +91-9555-337815, +91-9868-410455

email - mukes...@gmail.com

PROFESSIONAL LIFE - ENDLESS POSSIBILITIES WITH BORDERLESS SUCCESSES

 

The information in this email and any attachments is privileged/confidential and unauthorised use of such information may call for legal action. It is intended solely for the attention and use of the named addressee(s). If you are not the intended recipient, please notify the sender immediately. We do not accept any liability or any errors or omissions in the contents of this message whether it is within the sender's control or not. The recipient should check this email or any attachments for the presence of viruses. We accept no liability whatsoever or for any damage caused by any virus if any transmitted by this email

[amit trivedi]

Dear M. K. Dukia & Associates,

Sir, Thanking you but my concerned with borrowing monies under sec. 180 of CA 2013.

So please give me answer in this regards. Thanking you

[amit trivedi]

Dear Mohit Sir,

I read that Circular. 

As per my understanding it is for company to which sec. 293 of CA 1956 was applicable and the company were complied under that section.

But Here the company is Pvt. Ltd. Company and Sec. 293 of CA 1956 is not applicable to it. 

But now under the companies Act, 2013, Sec. 180 applicable to it. 

Then what to do.

That is my Quary.

[GIRISH KUMAR]

Yes the Company has to hold general meeting for approval of shareholders as per section 180 (1) (c) of CA 2013.

[Deepti Jairaj]

Hi,

For loans existing as on 1st April, 2014 for private companies, there is no resolution passed u/s 293 of CA 1956 as that was not applicable to private companies.

But now since Section 180(1)(c) is applicable to private companies also, I want to know the time available for private companies to comply with this section, ie. the time within which the company has to pass special resolution for the unsecured loans already borrowed before commencement of CA 2013.

Please share your opinion on this.

Deepti H Ganatra

[CS Shainshad Aduvanni]

Dear Members,

It will be 12 sep 2014 as per MCA circular.

Regards

CS Shainshad Aduvanni
Company Secretary
Coimbatore

09841414439

[GIRISH KUMAR]

If the Borrowing limits cross the paid up and reserve before commencement of CA 2013, (i.e. 12.09.2013), no need to hold GM now. If borrowed loan after 12th Sep, 2013 and it was crossed the limit, then the Company should obtain approval of the shareholders in the GM.