A private company wants to sell a business unit by way of slump sale to one of its group companies ( a pvt company ) in which the directors are common. Would this attract Sec 297 of Companies Act ? Would this sale be considered as sale of goods.
1 Replies
P C Agrawal
(Registered independent director Past Ch)
(8229 Points)
Replied 21 February 2014
No, business unit is not 'goods' and not covered u/s 297. There are court rulings confirming that VAT is not applicable in such cases since it is not sale of goods.
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