Agreement Made Orally
This query is : Resolved
10 July 2007
Sir,
What Are The Likely Risk Implications when a Limited Company Transfers Assets of over Rs.1 Crore only on the basis oral
agreement between the two parties.
What Are The Likely Risk Implications when a Limited Company Transfers Assets of over Rs.1 Crore only on the basis oral
agreement between the two parties.
11 July 2007
Oral agreements can not be challenged in a court of law.
Board would generally not permit director to "execute transactions specially material and capital nature on a oral basis.
Auditor may also qualify the report in absence of any written agreement/contract
Board would generally not permit director to "execute transactions specially material and capital nature on a oral basis.
Auditor may also qualify the report in absence of any written agreement/contract
12 July 2007
What do you mena by transfer ? Is it sale ? If yes, then consider the following :
Are the party involved are related parties ?
Whether Rs 1 Crore is a material amount keeping in view the Asset base of the company ?
Such transaction should not be execute without proper documentation keeping in view the requirement of CARo and Corporate Governance.
Are the party involved are related parties ?
Whether Rs 1 Crore is a material amount keeping in view the Asset base of the company ?
Such transaction should not be execute without proper documentation keeping in view the requirement of CARo and Corporate Governance.
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