banner_ad

Sale of property

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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.
Profile Image

Ankur Garg

Profile Image

Ankur Garg (Expert)
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
Profile Image

Sneha

Profile Image

Sneha (Querist)
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?
Profile Image

Rasesh

Profile Image

Rasesh (Expert)
08 September 2010 Not REquired if the asset is not a substantial part of undertaking.
Profile Image

Sneha

Profile Image

Sneha (Querist)
09 September 2010 thanks :)
Profile Image

Ankur Garg

Profile Image

Ankur Garg (Expert)
09 September 2010 Yes

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


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
06 May 2026
Account Assistant / Article Clerk

V.K. Ranjan & Co(Chartered Accountants)

New Delhi

B.Com

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details