Sale of property
This query is : Resolved
07 September 2010
A listed company wants to sell an immovable property (land). Is shareholders approval required for the same? Or is it enough to get the board approval and execute the transfer?
Regards.
Regards.
07 September 2010
You are requested to refer section 293(1)(a)...if the property is a substantial one then you have to take shareholders approval through an ordinary resolution.
Being a Listed company it is mandatory to take the route of postal ballot process read with postal ballot rules, 2001.
Revert if there is any doubt
Rgds
Being a Listed company it is mandatory to take the route of postal ballot process read with postal ballot rules, 2001.
Revert if there is any doubt
Rgds
08 September 2010
Ankur, thanks a lot for the response. however it is only a piece of land and is in no way 'substantial' part of the undertaking.
Does the need for Postal Ballot arise now?
Does the need for Postal Ballot arise now?
08 September 2010
Not REquired if the asset is not a substantial part of undertaking.
09 September 2010
Yes
Agree with expert Rasesh.
Agree with expert Rasesh.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CLOSING STOCK QUERY
- Exiting partner in partnership firm in gst portal
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Traces submitting correction statement error
- NRI INSURANCE ADVISOR
- Missed TDS
- IT returns for fresh job holders
- F&O reporting in ITR
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- Gst on travel by air for business purposes
- DUE DATE FOR ITR FILING
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
