07 September 2010
A listed company wants to sell an immovable property (land). Is shareholders approval required for the same? Or is it enough to get the board approval and execute the transfer?
07 September 2010
You are requested to refer section 293(1)(a)...if the property is a substantial one then you have to take shareholders approval through an ordinary resolution.
Being a Listed company it is mandatory to take the route of postal ballot process read with postal ballot rules, 2001.
CAclubindia
