Companies act 1956

Companies  Act 1956 is no more applicable on this  issue now.  As per Companies  Act 2013:

a) If  your  case is covered u/s 180(1)(a), complete formalities under the Section

b) Otherwise assets can be sold as per  delegated authority in your company.  It will be a good practice to note sale of fixed assets in Board meeting.

You have  to also  keep in mind your contractual obligations, if any.  For example, restrictions imposed by the  lending banks/financial institutions or the Government (particularly if the company has availed of any incentives), EPCG licence etc. on sale of fixed assets.