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Restriction on powers of board - Section 180



(Guest)

Hi All,

I am aware that Special resolution is required for selling the whole or substantially the whole of undertaking of the company. Also i read that undertaking includes an undertaking which generates twenty per cent of the total income of the company during the previous financial year.

Query : Previous FY total income is 180 Million and the undertaking had generated more than 20% of 180 Million. But for the current year the undertaking has not generated any income. Now if the company wants to dispose this undertaking, should SR be passed? Since for the current year there is no income from that undertaking and since the word used is "Generates" (present tense)

Thanks in advance

 

avater

Sagar Patel (Tax and Business Consultant)     12 August 2020

Sagar Patel
Tax and Business Consultant 
 804 likes  8814 points

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Yes, Special resolution u/s 180 required to be Passed by Company.

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