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Experts on Insolvency & Bankruptcy Code
  • Co. law

    by Vivek on Friday, April 26, 2019 at 01:07 AM

    Dear Sir, As per Sec 188(5) of Co. Act,2013, Pls clarify that Unanimous Consent of Board of Directors along with Approval of Public Financial Institution will be required, if Loan given EXCEED 60% of (Paid up capital + Free Reserves+ Sec Premium) or 100% of (Free Reserves+ Sec Prem), whichever is more ? 2) X Ltd. will not enter into any contract with Reliance Ltd. One Director is holding shares of Reliance Ltd. Query- Whether disclosure of interest in MBP-1 required by director in this case ?

    Replied byV. S. Datey Saturday, April 27, 2019 at 09:22 AM

    1. yes - why doubt? 2. only if shareholdong exceeds 2% V S Datey

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