What is the procedure for sale of company owned assets under the Companies Act 1956? Wat are the restrctions on Directors/Board on selling of Company Assets.
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Companies act 1956
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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.
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