The provisions in respect of removal on ceiling on borrowing powers of the Board of a public limited company or subsidiary of a public limited company, are given in Section … of the Companies Act, 2013.

Borrowing powers of the Board are under section 180 of the Companies Act, 2013. Section 180 is applicable to all companies, i.e. public as well as private. So, w.e.f. 12th September, 2013 onwards, even private companies have to seek the approval of their members if they are intending to borrow monies in excess of their paid up share capital and free reserves.