Companies Act, 2013
Section - 180 - Restrictions on powers of Board
Restrictions on powers of Board.180.(1) The Board of Directors of a company shall exercise the following powers only with the consent of the company by a special resolution, namely:-
| (a) | - | to sell, lease or otherwise dispose of the whole or substantially the whole of the undertaking of the company or where the company owns more than one undertaking, of the whole or substantially the whole of any of such undertakings. |
| - | Explanation.-For the purposes of this clause,- |
| (i) | - | "undertaking" shall mean an undertaking in which the investment of the company exceeds twenty per cent of its net worth as per the audited balance sheet of the preceding financial year or an undertaking which generates twenty per cent of the total income of the company during the previous financial year; |
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