Board’s powers ‑ Restriction on - Whether purchase of machinery on deferred payment is covered by clause (d) of sub‑section (1) and sub‑section (5) of the section - Companies Law - Letter : No. 8/16(1)/61‑PR,

Letter : No. 8/16(1)/61 ‑ PR, dated 9 ‑ 5 ‑ 1961. Subject:- Board s powers ‑ Restriction on - Whether purchase of machinery on deferred payment is covered by clause (d) of sub ‑ section (1) and sub ‑ section (5) of the section Query : Whether transactions relating to purchase of machinery on deferred payment basis are covered by the expressions borrow and debt used, respectively, in clause (d) of sub‑section (1) and sub‑section (5) ? Answer : In the view of the Department, the term borrowings in clause (d) does not include debts on account of purchase of machinery on deferred payment.