Section 180 of companies act, 2013

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 January 2014 Kindly tell me the meaning of "otherwise dispose of" under companies act. whether it includes mortgage of property as well.

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
Follow

08 January 2014 To dispose of means, to get rid of, finish, to deal with conclusively, to discard, to transfer or give away, as by gift or sale to, to do away with, to destroy, to pass over into the control of another; to alienate or direct the ownership of property; etc.
Disposition means the transfer of property by some act of its owner, e.g. by sale, gift, will, or exchange.

If a company mortgages the whole or substantially the whole of its undertaking for obtaining loans or other
financial assistance, it need not comply with the provision of section 180 of the Act,

Message likes : 1 times