Transfer of business
This query is : Resolved
03 September 2013
Dear all,
One of the businesses of a section 25 company's is to act as business correspondents for banks. Now it has formed a new company to carry out this business solely.
Please tell me the provisions and procedures related to transfer of business from one company to another..
Thanks..
One of the businesses of a section 25 company's is to act as business correspondents for banks. Now it has formed a new company to carry out this business solely.
Please tell me the provisions and procedures related to transfer of business from one company to another..
Thanks..
03 September 2013
Hi
Generally the provision of transfer of business to section 25 companies will not apply unless the company going to be converted having the same object.
Section 25 companies may be amalgamated with another section 25 companies subject to the compliance with the provisions of the Act.
The other views are also solicited.
Generally the provision of transfer of business to section 25 companies will not apply unless the company going to be converted having the same object.
Section 25 companies may be amalgamated with another section 25 companies subject to the compliance with the provisions of the Act.
The other views are also solicited.
03 September 2013
Thank you sir for your reply..but my query is that from the few projects of the section 25 company, we need to transfer one of the project to a newly incorporated company within same group. Kindly let me know the legal formalities regarding the same.
03 September 2013
Whether such other incorporated company is section 25 company or not.
03 September 2013
No its a private limited company
03 September 2013
So, as per my view their may be some restriction on transfer of business. Please check Section 25 licence & MOA & AOA, whether it permit or not to transfer business.
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