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of <h1>Section 293 Limits Board Power: Requires Shareholder Approval for Major Decisions on Assets, Borrowing, and Contributions.</h1> Section 293 of the Companies Act, 1956, imposes restrictions on the powers of the Board of directors of a public company or a private company that is a subsidiary of a public company. The Board cannot, without consent from the company in a general meeting, undertake actions such as disposing of the company's substantial assets, remitting director debts, investing compensation from compulsory acquisitions, borrowing beyond the company's capital and reserves, or contributing excessively to non-business-related funds. Exceptions and conditions apply, including provisions for good faith transactions and specific exclusions for banking companies. Any debt incurred beyond set limits is invalid unless the lender acted in good faith.
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