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17. The aforesaid charges in favour of KSIDC shall be a charge ranking paripassu with the following charges created and/or to be created by the Company as security in favour of-- 

   Kerala Financial Corporation       -            Rs. 60 lakhs
Union Bank of India                -            Rs. 28 lakhs

18. So the terms and conditions of the Agreement stipulate that the appellants had taken part. They are aware of the loan facilities and they have taken part in availing the loan facility, The resolution passed on 27.3.1987 at the Company shows that the term loan to be secured from KSIDC, KFC and Union Bank of India is Rs. 80 lakhs, Rs. 60 lakhs and Rs. 28 lakhs. It has further been resolved on that date that the consent of the Company be and is hereby accorded to the Buard of Directors under Section 293(1)(d) of the Companies Act, 1956 to borrow any sum or sums of moneys from lime-to-time notwithstanding that the money or moneys to be borrowed together with the moneys already borrowed by the Company (apart from temporary loans obtained from the Company's Bankers in the ordinary course of business) may exceed the aggregate of the paidup capital of the Company and its free reserves, that is to say, reserve not set apart for any specific purposes provided however, the total amount so borrowed shall not exceed Rs. 170 lakhs (Rupees one hundred and seventy lakhs only).