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Filing of form MGT-14

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

In a board meeting , the board of directors of a company have approved resolutions for borrowing loan from a Bank for purchase of vehicles. The borrowing is within the limit approved by the Members. ,therefore whether the company has to file MGT-14 with ROC along with the copy of board resolution within 30 days of board meeting date.

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4 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Yes it is necessary to file MGT-14 with ROC within 30 days from the date when resolution is passed in a BM (Board Meeting) following documents are filed with ROC :- copy of a resolution explanatory statement along with fees as prescribed

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Open uri20170510 32134 191jpz9?1494421696 answered

Dear Rohan, Please note when a resolution regarding borrowing loan is passed the company is required to comply as follows- 1. Borrowing loan is power given under Section 179(3) to the BOD. 2. As per rule 24 of Companies (mgmt & Admn) Rules,2014 the company is required to file with roc in form MGT 14 the following - 1. Copy of Resolution. 2. An Explanatory Statement. 3. Along with the fees as prescribed. within 30 days of passing resolution. Regards ! Lokesh

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

yes its necessary

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Yes, it is necessary for the company to file MGT-14 every time it borrows money , within a month of passing board resolution. Go through Sec 117 (3) (g) for more reference

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