Section 293(1)(a)

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Pankaj Khodaskar (Querist)
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20 April 2010 A listed company A Limited intends to sale its undertaking to its 100% subsidiary company (sub co). For this purpose, as per section 293(1)(a) of the Act, the Board of Directors of A Limited will have to obtain approval of the shareholders through postal ballot. Whether necessary approval can be requested today to sale the undertaking with retrospective effect from 1 Oct 2009?

Rasesh

Rasesh (Expert)
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20 April 2010 No. In my view the transaction cannot be with retrospective effect.

Moreover, sale of undertaking will require various agreements between the buying and the selling company. If land is involved, then it will also have to be registered with the land registrar. All these cannot be backdated.

Pankaj Khodaskar

Pankaj Khodaskar (Querist)
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20 April 2010 Thanks

Pankaj Khodaskar

Pankaj Khodaskar (Querist)
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20 April 2010

Rasesh

Rasesh (Expert)
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20 April 2010 Already Replied

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Section 293(1)(a)

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