A listed Company has a default with its Bankers. However their is no default in fixed deposit, debentures and interest their on so as such approval from Central Government is required for payment of salary to Managing Director / Whole time Director.
While filing the application for approval to Central Government in e- form 25 A, Companies (Central Government's) General Rules & Forms,1956. NOC from the Bank with whom default is made is required and the banks in question are not giving the NOC.
1) So what is the right course of action of the company ?
2) Whether the Central Government can approve the same without the NOC from Bank ?
