Special resolution format for borrowing limits under Section 180(1)(c), letting the Board borrow beyond paid-up capital, free reserves and securities premium.
To consider and, if thought fit, to pass, with or without modification(s), the following resolution as a Special Resolution:
“RESOLVED THAT [in supersession of the special resolution passed by the members on [●], and] pursuant to the provisions of Section 180(1)(c) and other applicable provisions, if any, of the Companies Act, 2013 and the rules made thereunder, consent of the members of the Company be and is hereby accorded to the Board of Directors of the Company (the “Board”) to borrow from time to time any sum or sums of money, notwithstanding that the monies to be borrowed together with the monies already borrowed by the Company (apart from temporary loans obtained from the Company’s bankers in the ordinary course of business) may exceed the aggregate of its paid-up share capital, free reserves and securities premium, provided that the total amount so borrowed and outstanding at any time shall not exceed ₹[●] (Rupees [●] only).
RESOLVED FURTHER THAT the Board be and is hereby authorised to determine the terms of each borrowing and to do all such acts, deeds and things as may be necessary for giving effect to this resolution.”
No rules under this Section yet.