Procedure to be followed by a listed company to sell its fix

The sale proposals in prescribed format would be considered and approved at 3 levels:- (A) General Manager - in cases where the loans outstanding (incl. Those of pari-passu charge holders) are upto Rs.100.00 lakhs and sale offer covers the valuation of assets. (B) Managing Director in cases where the loans outstanding are upto Rs.100.00 lahs and sale offer does not cover the valuation of assets. OR In cases where the loans outstanding are over Rs.100.00 lakhs and sale offer covers the valuation of assets. (C) Settlement Committee - in cases where the loans outstanding are over Rs.100.00 lakhs and sale offer does not cover the valuation of assets.

WHERE U READ OR SEE THIS PAHUJA?

Dear Vidhya,

Section 293 (1)(a) of Companies Act,1956  speaks of sell, lease or otherwise dispose off the whole or substantially the whole, of the undertaking of the company.Neither the Companies Act,1956 nor the listing agreement prescribes anything on sale of fixed assets. therfore board meeting would be sufficient unless the articles states otherwise.

 

 

Thanks & Regards :

Smriti Sharma

B. Samrish & Co.

Company Secretaries

www.bsamrishindia.com

 

Thank u Pahuja and Smriti for your updates