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    Giving of Loan or Advances

    Posted By : Sumit / Published on : 01-May-2018 02:19 AM / View : 814 / Comment : 0

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    Our Company has given loan or advances to some persons and body corporates. But before giving loan our company has not passed resolution under section 179(3) and 186 of companies Act, 2013. Can we ratify the transactions of giving of loan in next board meeting or we have to pass the resolution in a board meeting held before giving loan. Also specify whether Board resolution must specify the name of Parties for whom the loan is to be given as we have to give loan to many persons and bodies corporates. Also Company passed a Special Resolution in its AGM held on September 28, 2016 of approval giving of of loan upto 500 crores. Is there any validity of resolution in terms of time period or we should not pass any resolution till that limit is crossed
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