Section 32 of EXIM Bank Act : Section 32: Arrangement With Exim Bank On Appointment Of Directors To Prevail
EXIM Bank Act
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Explanation using Example
Imagine a scenario where the Export-Import Bank of India (Exim Bank) extends a substantial loan to a company called XYZ Renewables Pvt. Ltd. to finance its expansion plans for green energy projects. As part of the loan agreement, Exim Bank includes a clause that allows them to appoint two directors to the board of XYZ Renewables to oversee the company's operations and ensure the funds are utilized appropriately.
Despite the Companies Act, 1956 stipulating certain qualificati...
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