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        Companies Law

        Section 292 - Certain powers to be exercised by Board only at meeting.

        Companies Act, 1956
        Chapter VI
        MANAGEMENT AND ADMINISTRATION

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        Board meeting resolutions govern exercise of key corporate powers; delegation permitted with specified limits and conditions. The Board must exercise specified powers only by resolutions at Board meetings - notably calls on shareholders, issuance of debentures, borrowing (other than on debentures), investments and loans. The Board may delegate borrowing, investment and loan-making powers by meeting resolution, but each delegation must specify total monetary limits, the nature of investments or permissible loan purposes and maximum amounts per purpose. Banking company deposit-taking and certain interbank placements are not treated as borrowings or loans under this section. The general meeting may impose restrictions on the Board's exercise of these powers.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Board meeting resolutions govern exercise of key corporate powers; delegation permitted with specified limits and conditions.

                              The Board must exercise specified powers only by resolutions at Board meetings - notably calls on shareholders, issuance of debentures, borrowing (other than on debentures), investments and loans. The Board may delegate borrowing, investment and loan-making powers by meeting resolution, but each delegation must specify total monetary limits, the nature of investments or permissible loan purposes and maximum amounts per purpose. Banking company deposit-taking and certain interbank placements are not treated as borrowings or loans under this section. The general meeting may impose restrictions on the Board's exercise of these powers.


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