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of <h1>Section 293(1)(d) limits company borrowing without shareholder approval; debenture rules ensure financial accountability.</h1> The Companies Act, 1956, outlines the financial structure and membership regarding debt capital for public companies. Section 293(1)(d) restricts the Board of Directors from borrowing beyond the company's paid-up share capital and free reserves without prior approval from a general meeting. Borrowings are categorized as long-term, medium-term, and short-term. Debentures, which do not carry voting rights, can be redeemable, perpetual, registered, bearer, secured, unsecured, or convertible. Companies must appoint debenture trustees before issuing a prospectus. A debenture redemption reserve is mandatory, and companies must maintain a register of debenture holders. Debentureholders have legal remedies if a company fails to redeem debentures.
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