January 2025
Intermediate to advanced
540 pages
18h 10m
English
Content preview from Legal Aspects of Business
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CHAPTER 28
BORROWING POWERS AND DEBENTURES
Borrowing
With the object to run business effectively, capital is the most essential element required for the same. The Company initially arranges the capital by issuing share capital but if the company fails to arrange the capital from internal sources, the next option with the company is to opt for external sources, i.e., external commercial borrowings, loans from banks of financial institutions, public fixed deposits, debentures, etc. This borrowing mechanism can be exercised by companies only when memorandum of association authorizes except trading companies.1
Borrowing without express or implied provisions can lead to the following consequences. Firstly, any ultra-virus contract of borrowing is ...
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