https://www.taxtmi.com/circulars?id=10663 Section 293(1)(d) does not constrain the board's power to raise temporary loans as defined in Explanation II, which are not subject to the statutory ceiling. Non temporary borrowings must not make the aggregate borrowed exceed the company's paid up capital and free reserves unless authorised by general meeting; loans raised to finance capital expenditure are non temporary and fall within the ceiling. en-us Tue, 09 May 1961 00:00:00 +0530 Thu, 16 Jun 2011 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10663 Section 293(1)(d) does not constrain the board's power to raise temporary loans as defined in Explanation II, which are not subject to the statutory ceiling. Non temporary borrowings must not make the aggregate borrowed exceed the company's paid up capital and free reserves unless authorised by general meeting; loans raised to finance capital expenditure are non temporary and fall within the ceiling. Circulars Companies Law Tue, 09 May 1961 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10663