The Board of Directors of M/s Greenfield Projects Limited, a company whose shares are listed on the Delhi Stock Exchange, propose to give loans to a sister company in excess of the limit prescribed under section 372A(1) of the Companies Act, 1956. The next annual general meeting of the company is due only after six months. Since the board is anxious to complete the formalities quickly without waiting for the date of next annual general meeting, advice the Board about the steps to be taken to comply with the legal requirements under the Companies Act, 1956.
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