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.