Can a listed company pass Section 293(1)(a) resolution i.e., sell, lease or otherwise dispose of the whole or substantially the whole of the undertaking, in the AGM/EGM of shareholders without going through postal ballot?
Is it postal ballot mandatory in case of list companies for 293(1) (a) resolution
regards
Joseph david
Hi,
Postal ballot is mandatory for a listed company only in case of sale of whole or substantially the whole of the undertaking of the company.
For lease or otherwise dispose of the whole or substantially the whole of the undertaking of the company Postal ballot is not mandatory for a listed company.
Reason behind my interpretation is == only “sale” word is covered by Postal Ballot Rules, 2001.
Best Regards
CAclubindia
