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Leasing of undertaking
1. Whether Board resolution is required for let out of one of its undertaking?
2. Is there any difference if there is no activity in the said location?
3. Can a Managing Director authorise an employee to let out an undertaking which has no activity instead of passing Board Resolution?
Replies (1)
As per section 180 of the companies act 2013, the Board of directors shall
"sell, lease or otherwise dispose of the whole or substantially the whole of the undertaking of the company or where the company owns more than one undertaking, of the whole or substantially the whole of any of such undertakings"
with the consent of the company by a special resolution.
Hence, conclusion is special resolution is required to Lease any of the undertaking.
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