Dear All,
I have query regarding Section 180(1)(a). What does the word "dispose off" mean in relation to Section 180(1)(a)? I have been told by one professional that when a Company mortgages its property(ies) with bank against loan, then such mortgage falls under the purview of Section 180(1)(a) since the Company is disposing off its right to sell the property with bank. Hence, special resolution has to be passed each time any mortgage on property is executed by Company. I am not clear about this interpretation of Section 180(1)(a). Please help urgently.
CAclubindia
