deemed dissolution

This query is : Resolved

CA.Amit Revankar (Querist)
Follow

29 June 2010 Dear Frds,
There is a pvt company who like to sell its substantial fixed Asset and like to discontinue the operation without dissolving the company and the asset will be sold to firm in which director are interested and the consideration for the sale of asset will be paid in installment in future. Now my question is whether the management can do it simply by passing resolution in board meeting or will require to take permission from registrar alongwith any other compliance.

Rasesh

Rasesh (Expert)
Follow

02 July 2010 In case of private limited company, section 293(1)(a) is not applicable and hence by virtue of board resolution, the company can dispose off substantial part of its assets. Since transactions are with interested directors, there should be sufficient non-interested quorum for such resolutions. Do make proper disclosure in the board minutes and in the register under section 301.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

JACOB ABRAHAM KURIALANICKAL

Pritanu Chakraborty

Tax Expert Group

MAYANK

Devaraj B V

Subscribe Now

deemed dissolution

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

Manager- Finance and Compliance

Accountant

Senior Executive

GST CONSULTANT

CA Final