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As per Sec. 179(3) it was necessary to file form MGT-14 to borrow money Now my questions (1) U/s. 180(1)(c) , I had passed resolution to borrow money upto Rs. 25 lacs, I had already borrowed Rs. 20 lacs and now want to borrow Rs. 5 Lacs, is it necessary to file fresh MGT-14 for remaining borrowing of Rs. 5 lacs (2) Whether borrow money cover unsecured and secured loan and also long term and short term borrowing

Section 179- Powers of Board.

Posted By: Revati sathe 9 year(s) ago

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Akansha

Company can borrow the money without filing MGT-14 provided it had already filed the same with registrar within 30 days of passing of Board Resolution in the meeting.

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