General Circular No. 04/2014, No. 1/32/2013- CL V (Pt. File),
dated 25th March, 2014
To,
All
Regional Directors,
All
Registrar of Companies,
All
Stakeholders
Clarification
with regard to Section 180 of the Companies Act, 2013
This Ministry has received many
representations regarding various difficulties arising out of implementation of
section 180 of the Companies Act, 2013 with reference to borrowings and/or
creation of security, based on the basis of ordinary resolution. The matter has
been examined in the Ministry and it is hereby clarified that the resolution passed under section 293 of the
Companies Act, 1956 prior to 12.09.2013 with reference to borrowings (subject
to the limits prescribed) and / or creation of security on assets of the
company will be regarded as sufficient compliance of the requirements of
section 180 of the Companies Act, 2013 for a period of one year from the date
of notification of section 180 of the Act.
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