Sale of property
This query is : Resolved
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?
Regards.
Regards.
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.
Revert if there is any doubt
Rgds
Being a Listed company it is mandatory to take the route of postal ballot process read with postal ballot rules, 2001.
Revert if there is any doubt
Rgds
08 September 2010
Ankur, thanks a lot for the response. however it is only a piece of land and is in no way 'substantial' part of the undertaking.
Does the need for Postal Ballot arise now?
Does the need for Postal Ballot arise now?
08 September 2010
Not REquired if the asset is not a substantial part of undertaking.
09 September 2010
Yes
Agree with expert Rasesh.
Agree with expert Rasesh.
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
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Sale of property furniture sale
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
