TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Companies Act Section 370: Special Resolution Loan Details Needed for Approval, Including Limits and Disclosure Requirements.</h1> The circular issued by the Department of Company Law Administration outlines the necessary details a company must include in its application for approval when passing special resolutions under section 370 of the Companies Act. It specifies the need to provide information on loan purposes, interest rates, loan amounts relative to paid-up capital, relationships between lending and borrowing entities, and historical lending practices. Following amendments to section 370 effective April 1, 1967, companies proposing loans up to 20% or 30% of subscribed capital and free reserves need not disclose individual loan terms in resolutions. However, loans exceeding these limits require detailed disclosures and Central Government approval.
TaxTMI 
TaxTMI 
