Q.1. (a) Masot Limited (ML) is a newly incorporated company. ML has issued a prospectus inviting offers from the general public for subscription to its shares and is also intending to sign a finance facility agreement with City Bank Limited.
However, Mr. Baqir, who is the legal advisor of the company, is against the signing of finance facility agreement.
In view of the provisions of the Companies Act 2017, explain why ML should not sign the finance facility agreement. List the condition(s), if any, which ML must comply before exercising its borrowing powers. Also state the consequences if ML signs the finance facility without fulfilling the above condition(s).
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I don't really know what will be the answer.
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