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If an unlisted public company wants to issue optionally convertible debentures then is it required to take approval of shareholders under section 180(1)(c) relating to borrowing money in excess of aggregate of paid up and free reserves. As far as my concern, an OCD is not a borrowing bcoz a borrowing is what we have to repay the same and an OCD is going to be converted into equity shares of the Company after such period so question of repayment doesnt arises.

Section 180- Restrictions on powers of Board.

Posted By: Focal coporate 10 year(s) ago

This question has been closed if you want to answer,you have to re-open.


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Pramod Prabhudesai
B D Jokhakar & Co

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