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of <h1>MCA Clarifies Section 180 Compliance: Pre-2013 Resolutions Valid for One Year on Borrowings and Security Creation.</h1> The Ministry of Corporate Affairs addresses concerns regarding Section 180 of the Companies Act, 2013, specifically related to borrowings and the creation of security based on ordinary resolutions. It clarifies that resolutions passed under Section 293 of the Companies Act, 1956, before September 12, 2013, concerning borrowings and security creation, will be considered compliant with Section 180 requirements for one year from the notification date of Section 180. This clarification aims to resolve difficulties faced by stakeholders during the transition between the two legislative frameworks.
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