Resolution required details to be given by company in application for approval

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..... ding the passing of special resolutions under the various sections of the Act. The said letter, inter alia, provided that in the case of resolutions to be passed under section 370 (as it stood then), an analysis containing the following details should be given : 1. The purposes for which the loans coming under the purview of this section were granted, i.e., whether for development or current expe .....

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..... en reviewed by the Department particularly in view of the Explanation below sub‑section (1) of the said section. It has not been decided that-- a. in case the loan is proposed to be given up to 20 per cent or 30 per cent, as the case may be, of the subscribed capital and free reserves of the lending company, it is not necessary for the lending company to set out the material terms of each .....

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