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    Is borrowing clause mandatory in MOA or AOA to get credit card

    Posted By : Gaurav / Published on : 09-Jun-2020 04:11 PM / View : 2266 / Comment : 0

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    Hi,

    One of my client (Private limited company) wanted to get a credit card from Axis bank. They have turned down the request saying the MOA/AOA do not have a borrowing clause. Help me with this:
    1. Is it required to have a borrowing clause both in AOA/MOA
    2. If it is not there, should we amend it?

    Thanks for your help
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