Board Resolution for Take Over
This query is : Resolved
04 September 2008
Hi,
I need format of a Board Resolution for take over a partnership firm by a private limited company. The shares of the Partners shall become the unsecured loan to the company after take over. Befor take over, the partners have become the members of the private limited company.
regards
Sonika
I need format of a Board Resolution for take over a partnership firm by a private limited company. The shares of the Partners shall become the unsecured loan to the company after take over. Befor take over, the partners have become the members of the private limited company.
regards
Sonika
04 September 2008
In otherwords are you saying that the entire assets and liabilities of the partnership firm are taken over by the pvt ltd. company?
04 September 2008
Yes, but its not the case of conversion of a partnership firm into a private limited company, as the company already exists.
04 September 2008
I have understood that it is not a conversion. Assuming that it is a slump sale, it can attract section 299 of Companies Act. That has to be taken care of. It also means there must be other non-interested directors to take care of the quorum. Subject to this the draft resolution can be:
The proposal containing the slump sale of assets and liabilities of M/s XYZ a partnership firm, was placed before the Board. After going through the proposal, it was resolved to acquire the business of M/S XYZ a business unit with all its assets and liabilities through a slumpsale for a total consideration of Rs..........
M/s X Y and Z who are directors, who are also partners of the Partnership firm did not participate in the proceedings of the resolution.
The proposal containing the slump sale of assets and liabilities of M/s XYZ a partnership firm, was placed before the Board. After going through the proposal, it was resolved to acquire the business of M/S XYZ a business unit with all its assets and liabilities through a slumpsale for a total consideration of Rs..........
M/s X Y and Z who are directors, who are also partners of the Partnership firm did not participate in the proceedings of the resolution.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Errors in lTDS FORM 26 QB FILING FOR Last instalment payment FOR HOUSE PROPERTY PURCHASE
- Receive intere on capital
- Reg Correction Form 15CB & 15CA
- Regarding Capital gain of NRI
- Tax liabilty for a Indian person stay abroad earning salary in foreign country and paying tax as per
- TDS on Purchase of Property From NRI after 23.07.2024
- Address Proof Required Gst Registration in UP
- Regarding Insurance Charges of Vehicle owned by relative charged to P&L or Not?
- LATEST NOTIFICATION RCM ON RENT
- GST Input disallowed on account of e invoice not issued by supplier
- Gstr9 fy23-24
- How to re-claim and offset the ITC in 3B rtn.
- How to determine Holding period of shares in the case of ( Listed shares)
- How to capital Gain in the case sale of shares after after right issue (STCG and LTCG)
- Capital in the case of sale of shares after Merger or Demerger
- Adjusted from Capital account
- AMT PAYABLE UNDER VIVAAD SE VISHWASH SCHEME 2024
- Need SAC and HSN code and which under itis consider
- GSTR9 LIABILITY
- GSTR9C Turnover 1
Trending Online Classes
-
6 days Certification Course on GST Practical Return Filing Process
CA Pratibha Goyal16 December 2024
CAclubindia
