Transfer of business

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Abhijit Rane (Querist)
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15 November 2011
Dear All,

One of our company has been allotted a lease property around 20 years back by the state govt. we are trying to dispose off that property as we hav'nt been carrying out any activities there. we are afraid that the govt will take back the property as we have kept it idle for several years. there are some industrialist who are interested in taking over this property provided we give 100% of our Equity to them. we do ot have plans to carry out any activities in future and are ready to dispose off the same. the difficulty we face here is:
1. 50% of the shareholding is held by the person who is not in good terms with the company and the other shareholder.
2. we are ready to give away our shares to him or take his shares (vice -versa) which is a difficult situation due to enimosity.

* whether there are any provisions in the company law to take back the shares.?

* whether application for request can be made to the CLB for disposing off the Company.?

CS Bijoy

CS Bijoy (Expert)
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18 November 2011 Please go thorough the clause of the lease agreement and if there is any condition mention in the agreement for transfer the lease than complied with that or make a sub lease if allowed or Contact with the Lessor for modification.

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