Your Legal Eye:
Do you know that except as otherwise provided in the constitution of a company, the directors of a company with shares shall not, without the approval of an ordinary resolution of the company, exercise the powers of the company to borrow money or to charge any of the assets of the company where the monies to be borrowed will exceed the stated capital for the time being of the company? Section 189(9) of Companies Act, 2019 (Act 992).
Astute Legal Legends
(ALL Chambers)