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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Section 293(1)(d) empowers boards to take unlimited temporary loans; non-temporary loans need company consent if limits are exceeded.</h1> Section 293(1)(d) of the Companies Law allows a board to take temporary loans without limit, as defined in Explanation II. For non-temporary loans, the board can borrow only if the total amount, including existing loans, does not exceed the company's paid-up capital and free reserves. If this limit is exceeded, the board must obtain consent from the company in a general meeting. Loans intended for capital expenditure are subject to this ceiling, but since such loans are infrequent, they can be distinguished from temporary loans.
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