Borrowing limit amendment: inclusion of securities premium expands the capital base relevant to statutory borrowing authority. Clause (c) in sub-section (1) is amended to replace the phrase paid-up share capital and free reserves with paid-up share capital, free reserves and ... Summary
Borrowing limit amendment: inclusion of securities premium expands the capital base relevant to statutory borrowing authority.
Clause (c) in sub-section (1) is amended to replace the phrase paid-up share capital and free reserves with paid-up share capital, free reserves and securities premium, thereby expanding the financial base referenced for the operation governed by that clause.
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