Clarification with regard to section 180 of the Companies Act, 2013

Posted Date : 25-Mar-2014 , 09:56:04 pm | Posted By CASANSAAR print

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This.Ministry has received many representations regarding various difficultiesarising out of implementation of section 180 of the Companies Act, 2013 withreference to borrowings and/or creation of security, based on the basis of ordinaryresolution. The matter has been examined in the Ministry and it is hereby clarifiedthat the resolution passed under section 293 of the Companies Act, 1956 prior to12.09.2013 with reference to borrowings (subject to the limits prescribed) and / orcreation of security on assets of the company will be regarded as sufficientcompliance of the requirements of section 180 of the Companies Act, 2013 for aperiod of one year from the date of notification of section 180 of the Act.

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