Board Resolution for Borrow Money???

[Ramesh]

Dear Members,

Can somebody share the Board resolution to Borrow Money Under section 179(3)(d)  

[K. Sankara Subramanian]

Dear Mr. Ramesh

PFA

On Thu, Feb 19, 2015 at 12:55 PM, Ramesh <huliha...@gmail.com> wrote:

Dear Members,

Can somebody share the Board resolution to Borrow Money Under section 179(3)(d)  

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[Ramesh]

Thanks Sankara

I have one question here... if in case a company has just 1 Lakh Capital and 1 lakh as free reserves.. So do I need mention 2 Lakh only

And If Incase I exceed loan for 2 Lakh Do I need file Spl resolution under 180??

Plz correct me if I am wrong

[Menaka]

Yes. Also please include the money already borrowed, if any.

Regards

menaka

On Thursday, February 19, 2015 at 12:55:03 PM UTC+5:30, Ramesh wrote:

[Ramesh]

In which resolution do I need mention it...

On Thursday, February 19, 2015 at 12:55:03 PM UTC+5:30, Ramesh wrote:

[K. Sankara Subramanian]

Dear Mr. Ramesh

If the Paid-up Capital and Reserves are Rs.2 Lakhs only and the amount of loan to be borrowed along with loans already borrowed would exceed Rs. 2 Lakhs, then obtain approval from shareholders through Special Resolution.

The Special Resolution shall be a blanket approval setting a limit upto which loans shall be borrowed and authorizing the Board to act in pursuant of the said Special Resolution.

Thereafter, whenever you borrow, in the Board Resolution - narration passage, mention about the limit authorized by the shareholders and a note that the present borrowing along with loans already borrowed is within the limit authorized.

[Menaka]

Well explained Mr Sankara. I agree with you.

On Thursday, February 19, 2015 at 12:55:03 PM UTC+5:30, Ramesh wrote:

[santhosh kumar]

Mr.Ramesh 

pls put the limit  at higher . so that there is no need for you to take shareholders again and again to that limit

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CS.M.Santhoshkumar
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