Closure of unit URGENT

In case of sutdown:

1) Labour and industrial laws to be complied:

2) To be reported in the directors report;

3) May be displayed in the company's website;

4) Intimation to bankers, exicise authorities, sales tax authorities etc.

5) Intimation to stock exchanges, SEBI needs to be checked;

6) Since a major decision Boards approval;

7) Impairment on the value of assets needs to be assessed and the same has to be recognised in the books of account.

In case of sale / disposal:

1) The Companies Act, 1956: Approval of shareholders (restriction on board powers) as per Section 293 and postal ballot - section 192A.

2) The Income Tax Act, 1961: Capital gains, slump sale etc. computed and taxes if any needs to be paid in advance;

3) Agreement of sale;

4) Intimation to bankers, exicise authorities, sales tax authorities etc.