Board’s powers ‑ Restriction on - Whether purchase of machinery on deferred payment is covered by clause (d) of sub‑section (1) and sub‑section (5) of the section
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Borrowings definition clarified: deferred payment machinery purchases are not treated as borrowings for board power limits. The Departmental view holds that the term 'borrowings' in clause (d) does not include debts arising from purchase of machinery on deferred payment; accordingly such deferred payment purchase obligations are not to be treated as borrowings for applying the board powers restriction in clause (d) and the corresponding provision in sub section (5).
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Provisions expressly mentioned in the judgment/order text.
Borrowings definition clarified: deferred payment machinery purchases are not treated as borrowings for board power limits.
The Departmental view holds that the term "borrowings" in clause (d) does not include debts arising from purchase of machinery on deferred payment; accordingly such deferred payment purchase obligations are not to be treated as borrowings for applying the board powers restriction in clause (d) and the corresponding provision in sub section (5).
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