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A pvt co. has borrowed first time during 2014-15 upto its paid up & reserves as per then available audited balance sheet of 31.3.2014. MGT 14 was filed for Board resolution. No special resolution was passed in an EGM. As per audited financials of 2014-15, paid plus reserves are in negative due to losses. in my view special resolution is still not required to cover old borrowings ( of 2014-15). It may be required for any future borrowings but not for old borrowings. Is this view correct ?

Fund raising

Posted By: Manouj agrawaal, fca, partner 9 year(s) ago

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


Expert    Ankit Singhi

Yes, it may be considered for future borrowings

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