'X' company created mortgage infavour of 'B' bank on its properties towards security for the loans availed by the company 'Y' where the director is common for both the companies. But 'X' company's Memorandum of Association doesn't have any specific clause permitting to mortgage the company's property for the loans availed by the other companies. Since it (the mortgage) is ultravirus to the MoA of the company how it is to be rectified. If we want amend the MoA and thereafter creates the fresh mortgage Sec.185(1) of the New Companies Act, 2013 will come into scene and the fresh mortgage will be void. Please guide me is there any soluation for this problem?
