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TRANSFER OF ASSETS BY PVT. LTD. COMPANY

This query is : Resolved 
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(Querist)
06 April 2010 The Board of Directors of a private limited Company want to sell a part of property of the Company registered in the name of the Company. Kindly suggest can they do that by only passing a board meeting resolution or shareholder resolution is required.
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Rasesh

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Rasesh (Expert)
07 April 2010 If the part is as good as an substantially the whole of the undertaking then seperate approval of members is required under Section 293(1)(a).

The above is not applicable for a Private limited company which is not a subsidiary of a public limited company.
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