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If the Board of Directors of the Company borrowed money and mortgaged its properties in excess of its paid up capital and free reserves, then can company subsequently in general meeting ratify the borrowing so made and properties so mortgaged before passing of special resolution u/s. 180 (1)(c) and 180 (1)(a) of the Companies Act, 2013 or is there any violation of the act.

Section 180- Restrictions on powers of Board.

Posted By: Vasant patel 10 year(s) ago

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Expert Ankit Singhi

Company before exercising the powers given u/s 180 required to pass special resolution. In the cited case company already exercised the power before passing the resolution and thus it is regarded as violation of section 180.

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