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Board of A Ltd exercised the power to remit (ignore) repayment of debt due from Director. The exercise of such power was through consent of the Company through ordinary resolution. Is the treatment correct?
No, as the Company shall be prohibited to remit such sums as per the Companies Act
No, as the Company shall be required to provide consent by Special Resolution as the same is stipulated in Companies Act
Yes, as the same is exempted from Special Resolution under the Companies Act 2013
No, as such a decision lies entirely with Company at GM and can’t be delegated to BOD in any form
180. Restrictions on powers of Board
(1) The Board of Directors of a company shall exercise the following powers only with the consent of the company by a special resolution, namely:—
(d) to remit, or give time for the repayment of, any debt due from a director.
By: Srishti Gupta ProfileResourcesReport error
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